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Aug 27, 2024, 09:47 AM UTC

Dow Hits Another Record High As Tech Stocks Stumble

Newsletter Aug 27, 2024 Quick Six Dow hits record high as tech sector weighs down recovery The Dow Jones Industrial Average hit a record high Monday, while tech-sector losses weighed on the S&P 500

Newsletter Aug 27, 2024

Quick Six

Dow hits record high as tech sector weighs down recovery
The Dow Jones Industrial Average hit a record high Monday, while tech-sector losses weighed on the S&P 500 and Nasdaq Composite in another typically volatile day on Wall Street. The Dow gained a modest 0.16% to reach its 23rd record close of the year at 41,240 points. This one comes after a recent correction as the markets try to shift into recovery mode. But the Nasdaq Composite fell 0.85% and the S&P 500 dipped 0.32% as investors start to show confidence that the threat of a recession is fading.
SEE WHAT ANALYSTS ARE SAYING ABOUT STOCK RALLY

Oil prices increase sharply amid rising Middle East tensions
Rising tensions in the Middle East, including the recent airstrikes between Israel and Hezbollah, pushed oil prices up 3% and are expected to remain high. While markets are not currently forecasting escalation into a full-scale regional war, oil prices climbed after Israel launched airstrikes in Lebanon, prompting Hezbollah to fire rockets into Israel. Hezbollah claimed retaliation for Israel's assassination of its senior commander in Beirut.
BIG OIL FORECASTS FLAT GLOBAL OIL DEMAND THRU 2050

IBM to shutter Chinese research and development operation
IBM is shutting down its research and development operation in China, becoming the latest Big Tech firm to slash payrolls there amid growing Sino-US tensions. The closure of the company's China Development Lab and China Systems Lab means layoffs of more than 1,000 employees. The move followed similar cutbacks by global tech giants, including Amazon and Tesla, and reportedly left workers jobless in cities including Beijing and Shanghai.
WHAT THE LOSS OF R&D MEANS FOR CHINESE ECONOMY

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Markets

DJIA	41,240.52	0.16%
S&P 500	5,616.84	-0.32%
Nasdaq Composite	17,725.76	-0.85%
Japan: Nikkei 225	38,055.62	-0.14%
UK: FTSE 100	8,327.78	0.48%
Crude Oil Futures	77.16	-0.34%
Gold Futures	2,543.20	-0.47%
Yen	144.88	0.25%
Euro	1.12	0.05%
* As of market close

SpaceX prepares for first private spacewalk

SpaceX is poised to launch an all-civilian crew on a daring orbital expedition Tuesday, marking a new chapter in space exploration with a historic first spacewalk by private citizens. The Polaris Dawn mission, organized by billionaire entrepreneur Jared Isaacman, is targeting liftoff from NASA's Kennedy Space Center in Florida on Tuesday morning, with backup opportunities available later in the day and on Wednesday. Weather so far appears favorable, and SpaceX will carry a webcast.

CREW WILL TRAVEL HIGHER THAN ANY MISSION SINCE APOLLO

Campaigns argue Trump-Harris debate rules

A much-anticipated US presidential debate next month between Kamala Harris and Donald Trump was thrown into question Monday over the subject of muted mics, as the Republican threatened to pull out. Trump had already balked at debating in the Sept.10 showdown. In other news, Trump tied Harris to the chaotic US withdrawal from Afghanistan as he paid tribute to 13 troops killed in a suicide attack.

SEE THE GREAT DEBATE ABOUT THE TRUMP-HARRIS DEBATE

Global oil demand flat through 2050: Report

Global oil demand is unlikely to fall by 2050 despite progress on renewable energy, US oil and gas giant ExxonMobil said, pointing to rising population and demand for energy worldwide. In a report, Exxon-Mobil predicted oil demand "above 100 million barrels per day through 2050," in line with oil demand last year of 102.2 million barrels per day. The report contradicted recent reports of declining oil demand in future.

SEE WHY EXXON-MOBIL SAYS NO DECLINE IN GLOBAL OIL USE

Extra point

What years did the US consume the most oil, and produce the most oil?

Monday's answer: Boeing was founded in 1916 as a timber company.

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