economy
Stocks shake off Tuesday's oil rise
Every weekday, the Investing Club releases the Homestretch; an actionable afternoon update just in time for the last hour of trading.
TL;DR
- Major stock benchmarks (S&P 500, Nasdaq, Dow) traded higher on Tuesday, a contrast to recent trends where oil prices drove market movements.
- Oil prices increased due to U.S. allies' reluctance to provide tanker escorts through the Strait of Hormuz.
- DuPont is divesting its Aramids business, including Kevlar, for approximately $1.8 billion, expected to close by April 1.
- The divestiture is seen as a strategic shift into faster-growing businesses, with potential use of proceeds for bolt-on deals or share repurchases.
- Amazon has launched new one-hour and three-hour delivery services in various U.S. cities for Prime and non-Prime members, with different pricing structures.
- Upcoming economic events include wholesale inflation data and the Federal Reserve's monetary policy meeting, where interest rates are expected to remain steady.
- Fed Chairman Jerome Powell's post-meeting press conference will be closely watched for his views on the war and high oil prices.