Oil Futures, Stocks Tumble as Saudi Arabia Slashes Prices
3 minutes ago
Oil futures plummeted Monday after Saudi Arabia cut prices for February shipments of crude oil as it contends with robust global supply.
West Texas Intermediate futures contracts fell 4% Monday to trade at less than $71 a barrel. Brent crude, the European benchmark, fell a little over 3% to trade around $76.
State-owned Saudi Aramco cut prices on its Arab Light Crude by $2 a barrel for Asian customers, its largest market. It also lowered prices for deliveries to Europe and North America. While analysts had expected prices to be lowered, Monday’s cuts were larger than expected.
The move comes as oil demand in Asia moderates and ample oil enters the market despite a series of production cuts by Saudi Arabia and its OPEC+ allies. In particular, U.S. oil, which was being pumped at record rates at the end of 2023, has helped keep a cap on oil prices even amid mounting geopolitical tensions that risk disrupting supply and trade.
Shares of some of the world’s largest oil companies were sharply lower Monday. ExxonMobil (XOM) lost about 2% while Chevron (CVX) dipped about 1%.
Apple Shares Climb After Vision Pro Launch Date Is Set for Feb. 2
47 minutes ago
Apple Inc. (AAPL) shares climbed during intraday trading on Monday after the iPhone maker announced a launch date early next month for its Vision Pro virtual reality (VR) headset.
The spatial computer headset will launch in the U.S. on Feb. 2, with preorders opening on Jan. 19. It will cost $3,499, with prescription lens add-ons costing $149.
The Vision Pro could allow Apple to compete with Meta’s (META) Quest 3 headset, which held 55% market share for VR headsets in the third quarter of 2023, according to IT market intelligence firm International Data Corp.
Jefferies Group securities analysts project that Apple will capture just 4% of VR headset market share, with around 400,000 units shipped in 2024. The firm noted that Vision Pro is to be sold at a higher price point than other comparable headsets like the Meta Quest 3, which starts at about $500.
Apple shares were up nearly 2% Monday afternoon.
Nvidia Stock Hits Record as It Unveils AI PC Chips
2 hours ago
Nvidia (NVDA) on Monday unveiled three new graphics processing units (GPU) designed to power artificial intelligence on personal computers, adding to its suite of market-leading AI chips.
The GeForce RTX 40 SUPER Series, announced today ahead of the 2024 Consumer Electronics Show in Las Vegas, “deliver up to 836 trillion operations per second, bringing transformative AI capabilities to gaming, creating and everyday productivity.”
The company also said major computer manufacturers, including Dell, HP, and Samsung, were releasing AI GPU-equipped laptops, “bringing a full set of generative AI capabilities to users right out of the box.”
The announcement comes as Nvidia, the leading supplier of AI chips to data centers, seeks to expand its AI offering and fend off competitors eager to grow their slice of the massive AI pie.
Advanced Micro Devices (AMD), one of Nvidia’s fiercest competitors, unveiled AI PC chips of its own on Monday. It said its Ryzen 8000G Series chips are the first PC processors to contain a dedicated AI neural processing unit. Intel (INTC) preempted both Nvidia and AMD when, in December, it launched its set of AI PC chips.
Chipmakers were among the S&P 500’s best-performing stocks Monday. Nvidia shares were more than 4.5% Monday afternoon, while AMD rose more than 5%. Intel shares traded more than 3.5% higher.
Boeing Shares Plummet After FAA Grounds 737 MAX 9 Fleet
3 hr 10 min ago
Boeing (BA) shares tumbled in early trading Monday after the Federal Aviation Administration (FAA) temporarily grounded certain Boeing 737 MAX 9 aircraft for inspections.
The FAA’s directive comes after an incident Friday in which an Alaska Airlines (ALK) Max 9 lost a panel mid-flight, forcing an emergency landing. About 171 Boeing aircraft in the U.S. or operated by U.S. airlines outside the U.S. are impacted by the FAA’s investigation to address potential door safety issues before resuming flights.
“We agree with and fully support the FAA’s decision to require immediate inspections of 737-9 airplanes with the same configuration as the affected airplane,” Boeing said in a statement.
Shares of Boeing were down 6.8% at $232 per share midday Monday but remained up about 13% in the last year.
Crocs Shares Jump on Record Sales Forecast
3 hr 58 min ago
Shares of Crocs (CROX) jumped 20% Monday morning after the casual shoemaker said full-year sales would exceed its prior guidance after a strong holiday season.
Tech Boosts Nasdaq as Stocks Rebound; Bitcoin Hits $47K
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