The energy sector is due for a rebound. As WTI crude prices strengthen, consider APA Corporation (APA). Shares gained 4.91% on Tuesday after TotalEnergies (TTE) and APA announced a positive investment decision on a project worth $10.5 billion.
The two firms will start development of an oil and gas project in Suriname. At the Sapakara and Krabdagu fields, the field will have up to 750 million barrels. The firms expect to start extracting oil in 2028.
In the technology sector, Nvidia (NVDA) failed to break out meaningfully above $120. Its run-up to around $125.50 on Sept. 26, 2024, did not last. With geopolitical tensions rising in the Middle East, bears may take profits in NVDA stock today. In addition, the port strike is a negative development. Dockworkers started their strike on Tuesday for the first time in almost 50 years. It will stop the flow of half the U.S.’s ocean shipping.
The US Maritime Alliance offered a 50% wage increase. However, the union wants more. This includes a $5 per hour raise annually in a six-year contract. JP Morgan analysts estimated that the port strike could cost the U.S. economy around $5 billion a day.
The disruption could hurt Walmart (WMT) and Costco’s (COST) daily business.
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