Stocks set for bounce as oil hits 7-year high

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WTI crude remains above $78 per barrel

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we store Futures pointed to a higher open on Tuesday as major averages struggle to stabilize at or near their lowest levels in months.

Dow Jones Industrial Average futures rose 170 points, or 0.5%, while S&P 500 futures and Nasdaq 100 futures rose 0.52% and 0.49%, respectively. The gains came a day after the Nasdaq fell more than 2%, down 7.3% from its September 3 high while closing at its lowest level since June 23.

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In stocks, energy-related names including Exxon Mobil Corp., Halliburton Co. and Kinder Morgan Inc. rose 76 cents to $78.38 a barrel on West Texas Intermediate crude oil’s seven-year high.

Facebook Inc. was in focus as a whistleblower was set on Capitol Hill to testify about the harmful effects of its platform, a day after the social media site and its Instagram and WhatsApp services were offline for several hours.

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Johnson & Johnson filed for emergency-use authorization of a booster shot of its COVID-19 vaccine for people 18 years and older with the US Food and Drug Administration.

Lordstown Motors Corp. was downgraded from “hold” to “sell” at Morgan Stanley and given a $2 price target of the company’s Ohio plant amid concerns over a planned sale of $230 million, or less than 20% of its value. .

In deals, Qualcomm Inc. and investment firm SSW Partners agreed to buy Swedish automotive technology conglomerate Veneer for $4.5 billion, an 18.4% premium to a July bid by Canadian mobility technology company Magna.

Foreign markets remained mostly higher.

European markets rallied across the board, with Germany’s DAX 30 up 0.33%, Britain’s FTSE 100 up 0.68% and France’s CAC 40 up 0.75%.

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In Asia, Hong Kong’s Hang Seng index rose 0.28% while Japan’s Nikkei 225 lost 2.19%. China’s Shanghai Composite remained closed for the holiday.


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