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European Stock Markets Affected by Decline on Wall Street, with Oil Companies Serving as a Bright Spot

Concerns over central banks potentially keeping high interest rates for longer than anticipated have caused a decline on Wall Street. The biggest rise was seen in energy companies, benefiting from a tightening oil market. Meanwhile, the bearish sentiment on Wall Street spread to European markets later in the day. Despite this, some positivity was seen among oil and gas companies like Phillips 66, Occidental Petroleum, and ExxonMobil.

On the other hand, concerns over potential escalations in the Middle East and disruptions in oil supply chains added to apprehensions about oil supply. Mexico’s state oil company, Pemex, signaling potential cuts in crude oil exports further fueled these fears. In terms of specific stock movements, companies in the health sector like Humana and CVS Health saw declines, while technology companies such as AMD and Nvidia also experienced losses. Additionally, electric car manufacturer Tesla faced challenges as its first-quarter delivery volume fell short of market expectations, marking its lowest delivery volume since the third quarter of 2022.

By Samantha Jones

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