European Stock Markets Affected by Decline on Wall Street, with Oil Companies Serving as a Bright Spot

The stock market is experiencing a decline due to concerns over central banks potentially keeping high interest rates for longer than anticipated. Energy companies are benefiting from a tightening oil market, with tensions in the oil market contributing to their positivity. On Tuesday, the key stock market indices, S&P 500, Dow Jones, and Nasdaq 100, all saw decreases. The decline was attributed to worries of slower rate decreases by the US Fed and European Central Bank.

As the bearish sentiment on Wall Street spread to European markets later in the day, there were some positives for energy and gas companies on Wall Street. Phillips 66, Occidental Petroleum, and ExxonMobil saw increases in stock prices. The rise can be attributed to tensions in the oil market, with Phillips 66 making headlines for its plans to produce renewable fuels.

However, there were also concerns about potential disruptions in oil supply chains due to escalations in the Middle East following Israel’s airstrike on the Iranian embassy in Syria. Additionally, Mexico’s state oil company Pemex signaled potential cuts in crude oil exports further fueling apprehensions about oil supply.

In terms of specific stock movements, companies in the health sector like Humana and CVS Health saw declines while technology companies such as AMD and Nvidia also experienced losses. Electric car manufacturer Tesla faced challenges as its first-quarter delivery volume fell short of market expectations marking its lowest delivery volume since the third quarter of 2022.

By Sophia Gonzalez

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