Fuel Demand Declines | January 22

by Luna Fuller
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Good Evening!

The DJIA fell 0.57%
The S&P 500 was down 0.57%
The Nasdaq Composite slipped 0.09%

Tech stocks led the market, as energy was among the biggest decliners.

General Market Review

Tech

IBM dropped about 10% after fourth quarter results showed revenue declines as its digital/cloud business had underperformed. Intel fell 9% due to wariness on Intel’s long term manufacturing plan. GameStop gained 51% after investors continued to buy the stock after the short squeeze.

Energy

Crude inventories rose for a draw of 1.16 million barrels, against expectations. Oil prices fell along with fuel demand due to the coronavirus pandemic.

Industrials

With tighter restrictions in Europe, many airlines stocks continue to have lower expectations for travel. United Airlines and Delta Air Lines fell about 1%.

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