Market Updates
U.S. Movers: Boeing, Energy Stocks, McDonald's, ON Semiconductor, Tech Stocks
Scott Peters
28 Oct, 2024
New York City
Energy stocks traded lower after Israel and Iran avoided escalating war after Israel struck Iran's military facilities and avoided oil and nuclear targets over the weekend.
ExxonMobil declined 1.6% to $116.36, Chevron decreased 2.2% to $147.47, and Marathon Oil dropped 3.3% to $25.58.
Tech stocks were in focus ahead of closely watched quarterly earnings from leading companies.
Apple increased 0.6% to $232.90, Alphabet advanced 2% to $168.56, Amazon.com Inc. gained 0.9% to $189.54, Meta Platforms jumped 1.8% to $581.30, and Microsoft inched higher 0.9% to $431.83.
Boeing declined 1.3% to $153.08 after the embattled aviation company launched an offering to raise as much as $19 billion.
The company is looking to sell 90 million shares and $5 billion of mandatory convertible securities.
The commercial plane maker and defense contractor has struggled to stem cash outflow after 33,000 workers struck in September, halting production, including popular 737 Max aircraft.
McDonald's Corp. decreased 2.7% to $299.0 after the company ruled out the outbreak of E. coli linked to the company's Quarter Pounders. The company said it plans to resume selling quarter pounders at impacted restaurants as early as this week.
ON Semiconductor Corp. decreased 0.4% to $70.94 despite the advanced chipmaker for automobile and industrial systems reporting higher sales and earnings in its latest quarter.
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