Market Updates
U.S. Movers: Airlines, Cruise Lines, Defense Stocks, Energy Stocks
Scott Peters
09 Oct, 2023
New York City
Stocks in New York declined after geo-political tensions rose and crude oil prices surged on the fears of a potential supply disruptions amid worries of a widening conflict in the Middle East.
The S&P 500 index decreased 0.4% to 4,290.76 and the Nasdaq Composite fell 0.9% to 13,306.32.
The bond market was closed to observe Columbus Day but in Friday's trading U.S. Treasury yields advanced.
The surge in crude oil prices lifted energy stocks higher but airlines fell on the worries of higher fuel costs.
Exxon Mobil, Chevron, Marathon Oil, Hess Corp and Occidental Petroleum jumped around 3%.
United Airlines, Delta Air Lines and American Airlines dropped 3% after crude oil prices surged.
Allied Pilots Association, the union of American Airlines' pilots issued a directive asking all its members to refuse to fly to Israel after the country declared war.
Cruise lines operators declined after crude oil pries surged.
Royal Caribbean Cruises Limited fell 4.2% to $87.05, Carnival Corp dropped 5.5% to $12.52 and Norwegian Cruise Line Holdings decreased 4.5% to $15.88.
Defense stocks advanced after the Israel and Hamas conflict escalated and at least 1,000 people have died in the recent attacks and counterattacks.
Lockheed Martin, Northrop Grumman Corp and RTX Corporation advanced about 4%.
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