Oil jumps as UAE exits OPEC, while world stocks swing
TL;DR Summary
Global markets were mixed as oil prices surged more than 3% after the UAE said it would exit OPEC, while U.S. stocks pulled back: the S&P 500 fell 0.5%, the Dow slipped 0.1%, and the Nasdaq dropped 0.9%. AI-related names led the declines, with Broadcom, Nvidia and Micron among those lower. Alphabet, Amazon, Microsoft and Meta are due to report earnings, and the dollar rose against the yen as traders eyed the session ahead.
Topics:business#note-extra-tag-optional-but-top5-requested#oil-prices#opec#stock-market#uae#world-markets#world-news
- Asian stocks mostly gain and oil rises after the UAE says it will exit OPEC AP News
- 'Take the money and run': Johns Hopkins economist Steve Hanke on why the UAE quit OPEC Fortune
- What's next for oil after the UAE's decision to quit OPEC Axios
- UAE Says It Will Leave OPEC as Iran War Strains Oil Markets The New York Times
- UAE to leave OPEC amid Hormuz oil crisis, a blow to Saudi Arabia The Washington Post
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