Wall Street Indexes Decline after Iran’s Attack on US Airbases

Guwahati, January 8, 2020:

Wall Street’s major indexes have fallen amid the dispute between the US and Iran. Energy shares declined while oil prices gave back some recent gains.

Reports suggest that Wall Street would witness losses as tensions escalate between Washington and Tehran.

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As on Tuesday, Exxon Mobil Corp and Chevron Corp declined with oil prices, post the US airstrike in Iran. Reportedly, chipmakers gained and helped to limit market losses, especially in the Nasdaq. The Philadelphia Semiconductor index rose 1.8 percent with Micron Technology Inc gaining 8.8 percent after brokerage Cowen & Co upgraded the chipmaker to outperform.

Major U.S. companies begin reporting fourth-quarter results next week, with S&P 500 earnings forecast as of Tuesday to have declined 0.6 percent in the quarter from a year ago, according to IBES data.

According to reports, the Dow Jones Industrial Average fell 119.7 points, or 0.42 percent, to 28,583.68, the S&P 500 lost 9.1 points, or 0.28 percent, to 3,237.18 and the Nasdaq Composite dropped 2.88 points or 0.03 percent to 9,068.58.

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Whereas, Boeing Co shares climbed 1.1 percent after it said it was recommending that airline pilots undergo simulator training before they resume flying the 737 MAX.

Also, Microchip Technology Inc rose 6.7 percent after raising the midpoint of its third-quarter sales forecast.

Apache Corp soared 26.8 percent after it made a major oil discovery, with France’s Total SA, off the coast of Suriname.

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