Today’s Stock Market

Rising oil prices weigh on New York exchanges

US stock markets closed in the red. The S&P 500 index fell 0.5 percent, while the tech-heavy Nasdaq dropped 0.2 percent. Defensive stocks fared the worst, which was reflected in the Dow Jones index—down 1.2 percent.

The price of Brent crude rose by just over 3 percent, contributing to the losses, reports the AP.

American Expressshares fell by more than 3 percent following news that the payments giant is reducing its global workforce by 5 percent to get a handle on rising costs.

Several AI-related companies, including Micron and Intel, finished in positive territory.

Regarding Thursday’s AI-related market jitters, Ed Yardeni of the research firm Yardeni Research describes the AI ​​craze as a “bubble,” though he does not believe it will lead to a prolonged decline in share prices.

“Letting some air out of the AI ​​bubble is a good thing,” he said, according to CNBC.

Market turns positive – Volvo Cars plunges 24 percent

The Stockholm Stock Exchange began Friday in the red but moved into positive territory during the day. At the close of trading, the figures were as follows:

· OMXS30: +0.4%
· OMXSPI: +0.2%

On Thursday, the Stockholm Stock Exchange experienced a sharp decline, with similar movements observed on Wall Street. This morning’s quarterly reports from giants such as AB Volvo, Volvo Cars and Saab presented a mixed picture: the defense company performed strongest—as expected—while the automotive sector fared the worst.

Volvo Cars swung to a larger-than-expected loss and plans to cut costs by 5 billion kronor, including the elimination of just over 2,000 positions in Sweden. The automaker’s shares plummeted 24 percent.

Volvo Group (trucks), by contrast, reported a quarter in line with expectations and forecasts an increase in sales for next year. Its stock fell 1 percent.

Defense group Saab is seeing such high demand that its order backlog has tripled over the past year. Overall, the quarter came in slightly above expectations, and the stock rose 1.8 percent.

Industrial group Lifco saw its shares tumble 12 percent—falling to the bottom of the OMXS30 large-cap index—after the company warned of a significant loss of business from a major client next year. Nevertheless, its profit exceeded expectations.

Among the morning’s top performers was Electrolux—a stock that had previously struggled. The latest report showed an adjusted profit that beat expectations; the share price surged at the opening but later settled to a gain of just over 2 percent.

Also among the companies that outperformed expectations was measurement technology firm Hexagon, which saw its organic revenue climb past the one-billion mark during the third quarter. Growth was higher than expected, and the stock rose by just over 3 percent.

The profitability of the IT group Addnode was significantly better than anticipated, and the stock was rewarded with a 13 percent gain. The investment company Röko delivered a stellar earnings report, posting a 57 percent increase in profit for the quarter. The stock rose 12 percent.