Oil soars as Middle-East tensions spike

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Oil soars as Middle-East tensions spike

Traders work on the floor of the New York Stock Exchange during afternoon trading on April 09, 2024 in New York City. 

Michael M. Santiago | Getty Images

This report is from today’s CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Like what you see? You can subscribe here.

What you need to know today

Dow record, tech stocks lag The

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closed at a

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as investors rotated out of tech stocks. The 30-stock index rose 0.16%, while the

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and the

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dipped 0.32% and 0.85%, respectively.

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dived 2.25% ahead of its earnings report on Wednesday. Other chip stocks

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  and

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fell 4% and 3.8%, respectively. Meanwhile, the yield on the 10-year

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after Federal Reserve Chair Jerome Powell signaled plans to cut rates.

Apple new CFO

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announced that Chief Financial Officer

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on Jan. 1, to be succeeded by long-time Apple insider Kevan Parekh. Maestri, who has been CFO since 2014, will continue to lead IT, security and real estate development teams. Parekh, currently VP of financial planning and analysis, has been a key member of Apple’s finance leadership. Under Maestri’s tenure, Apple’s revenue more than doubled and the company’s stock surged over 800%. Separately, the company plans to

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at its headquarters, where it is expected to unveil new iPhones and Apple Watch models.

Oil soars

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rose 3.5% due to

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. Libya’s eastern government shutdown oil production and exports amid a political dispute over who should run the central bank, potentially impacting global markets. Simultaneously, ******* and Hezbollah exchanged heavy *****. The ongoing Middle East tensions, including recent assassinations of militant leaders, have kept the region on edge.

Bronfman drops bidEdgar Bronfman Jr. has

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 for

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, leaving Skydance Media as the likely contender to acquire Shari Redstone’s media empire. Bronfman’s group informed Paramount’s special committee of their decision, citing discomfort among high net worth investors about sharing personal financial information, according to Reuters. The Bronfman-led group had previously proposed a $6 billion bid to take control of Paramount through its controlling shareholder, National Amusements.

Asia stocks slipAsia-Pacific markets largely fell on Tuesday, tracking losses in the S&P 500 and the Nasdaq overnight. Hong Kong

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slid 0.27% and mainland China’s CSI 300 lost 0.61% even as

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year on year. Japan’s

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rose 0.21% in choppy trading, while South Korea’s

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fell 0.37%. Australia’s

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came close to hitting an all-time high, before declining 0.17%. 

[PRO] Nvidia hedgeBank of America is warning that “investors may be underpricing the risk of a disappointment” from Nvidia’s earnings, which could lead to a broader market sell-off. This is what the investment bank suggests to

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.  

The bottom line

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‘s space ambitions may be on the brink as speculation grows that the aerospace giant could sell off its struggling space business. This comes in the wake of problems with its Starliner spacecraft, which has left

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on the International Space Station.

According to Reuters, Boeing and

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are already in

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, ******* Launch Alliance, to Sierra Space for an estimated $2 billion to $3 billion. The potential ***** comes at a time when Boeing’s dominance in space exploration is increasingly challenged by younger, more nimble competitors.

Once the backbone of NASA’s Apollo missions, Boeing now finds itself overshadowed by Elon Musk’s SpaceX, which has rapidly become the

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. Boeing isn’t alone in facing these challenges. Like

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, which has

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to rivals such as

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,

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and

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, Boeing is grappling with the reality of being outpaced in an industry it once led.

“This incident could negatively affect Boeing’s reputation with NASA and it’s unclear if or when the company will have another opportunity to bring astronauts to Space,” Bank of America analyst Ronald Epstein said in a note. “We would not be surprised if Boeing were to

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.”

Epstein’s critique didn’t stop there. He pointed out gaps in Boeing’s technical workforce, suggesting that the company may have strayed from its engineering roots — a potential factor in its recent setbacks. 

These challenges are yet another issue for

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who is tasked with steering the company through numerous safety issues on its commercial planes. 

Boeing’s shares dipped 0.85% to $173, though Epstein maintains a 12-month price target of $200, which represents a 15% upside from Monday’s close.

As for the broader market, the Dow closed at a record high. And although there is a rotation out of tech stocks, the weight of the sector held down the S&P 500. 

While acknowledging the volatility that has recently hit tech stocks, UBS maintains that the long-term growth potential of AI will support the broader market. 

“We see room for US equities to rise further in a constructive environment driven by Fed rate cuts, the growth story around artificial intelligence and healthy earnings growth,” UBS wrote in a Monday note, reaffirming its year-end target for the S&P 500 at 5,900, which would represent a 5% increase from current levels.

— CNBC’s Pia Singh, Lisa Kailai Han, Spencer Kimball, Brian Evans, Kif Leswing and Lim Hui Jie contributed to this report.

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#Oil #soars #MiddleEast #tensions #spike

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