Here Are 3 Hot Things to Know About Stocks Right Now
- Stocks on Wall Street ended mixed Monday as oil prices rose following a move by the Trump administration to clamp down on Iranian oil exports.
- Kimberly-Clark KMB climbed after posting stronger-than-expected first-quarter earnings.
- Boeing (BA) - Get Report shares dipped following a report that focused on production and oversight at its South Carolina factory that produces its long-haul 787 Dreamliner.
Wall Street Overview
Stocks ended mixed Monday amid a surge in oil prices.
The Dow Jones Industrial Average, which fell 100 points at its lowest, ended down 48 points, or 0.18%, to 26,511, the S&P 500 rose 0.10%, and the Nasdaq advanced 0.22%.
President Donald Trump ended waivers issued to eight countries allowing them to buy Iranian oil without facing U.S. sanctions. The waivers, which were granted in November 2018, are set to expire on May 2. The White House said in a statement that "the decision is intended to bring Iran's oil exports to zero, denying the regime its principal source of revenue."
Brent crude contracts for June delivery, the global benchmark for oil prices, rose 3% from their Thursday close in New York and were changing hands at $74.10 per barrel while West Texas Intermediate crude contracts for the same month were up 2.6% to $65.73 per barrel.
Shares of major oil companies traded higher Monday. Dow component Exxon Mobil (XOM) - Get Report rose 2.2% to $82.91, while fellow Dow component Chevron (CVX) - Get Report advanced 1.7% to $121.87. BP (BP) - Get Report climbed 1.5% to $45.04.
Kimberly-Clark (KMB) - Get Report climbed after posting stronger-than-expected first-quarter earnings and confirming its full-year outlook as sales from its personal care division offset weaker tissue segment revenues. Shares were up 5.4% to $130.23.
Boeing (BA) - Get Report dipped 1.3% to $375.02 following a New York Times report focused on production and oversight at the planemaker's South Carolina factory that produces its long-haul 787 Dreamliner.
Halliburton (HAL) - Get Report posted stronger-than-expected first-quarter revenue as a surge in global oil prices helped boost international drilling activity and offset rising costs in North America. Shares fell slightly to $30.09.
Electric vehicle maker Tesla (TSLA) - Get Report displayed its autonomous driving capabilities at an Investor Day event on Monday. Shares tumbled 3.9% to $ 262.75 after reports that one of its Model S sedans spontaneously exploded in a Shanghai parking garage, and also after receiving a downgrade from analysts at research firm Evercore ISI.
In economic news, the National Association of Realtors said existing home sales dropped 4.9% to a seasonally adjusted annual rate of 5.21 million units in March. Economists had forecast existing home sales would fall 3.8% to a rate of 5.30 million units last month.
President Donald Trump said via Twitter Monday that Herman Cain has withdrawn from consideration for a seat on the Federal Reserve Board.