Midday Movers: Valero, Marathon Petroleum, and Others Advance on Higher Oil Prices - Investopedia

Key Takeaways

• U.S. equities were up at midday Monday, Dec.18, 2023 as oil industry stocks gained from a spike in oil prices amid supply concerns after an attack on a tanker in the Red Sea. 
• Shares of steel providers gained after Nippon Steel bought U.S. Steel in a deal worth $14.9 billion.
• VF Corporation warned a cyber attack will likely have a significant impact on its operations and shares fell.

U.S. equities started the last full week of trading in 2023 higher at midday, as oil company stocks advanced along with the price of crude amid supply concerns following an attack on a tanker in the Red Sea that led to rerouting of some shipments. The Dow, S&P 500, and Nasdaq were all higher.

Valero Energy (VLO) was among the top stocks leading gains on the S&P 500, along with Marathon Petroleum (MPC) and Diamondback Energy (FANG).

Shares of Nucor (NUE) and other steel producers also rose after Nippon Steel agreed to buy U.S. Steel (X) in a deal worth $14.9 billion. U.S. Steel shares skyrocketed.

Costco Wholesale (COST) shares rallied for a second-straight session after reporting better-than-expected results and announcing a special dividend.

Rising oil prices dragged down shares of United Airlines (UAL) and other carriers. VF Corporation (VFC) shares tumbled too as the owner of the Vans and North Face brands indicated a cyber attack was likely to have a “material impact” on its business operations.

It’s been a tough few days for investors of Exelon (EXC), as shares continued to slide after Morgan Stanley downgraded the stock and cut the price target after Illinois regulators last week rejected the utility’s plan to update the grid and boost rates to consumers. 

Gold futures were little changed. The yield on the 10-year Treasury note ended its recent decline and gained. The U.S. dollar climbed against the pound and yen, but fell to the euro. Most major cryptocurrencies traded lower.

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Midday Movers: Valero, Marathon Petroleum, and Others Advance on Higher Oil Prices - Investopedia
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