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President Trump has posted a new announcement on Truth Social, the social media platform. He wrote:
“China can now continue to purchase Oil from Iran. Hopefully, they will be purchasing plenty from the U.S., also. It was my Great Honor to make this happen!”
How Will Trump’s Statement Affect the Stock Market?
This latest post has the potential to affect the stock market. That’s because Donald Trump’s statement about China potentially purchasing more oil from the U.S. could positively impact the stock prices of major American oil companies like Chevron, Conocophillips, and Exxon Mobil Corp., as increased demand may lead to higher revenues. Additionally, energy-focused ETFs such as the Energy Select Sector SPDR Fund, VanEck Oil Services ETF, and Vanguard Energy ETF might see an uptick due to their exposure to these oil giants. However, market reactions could vary based on geopolitical developments and actual trade volumes between China and the U.S.
Here are some of the stocks that might be affected:
Chevron ((CVX)),
Conocophillips ((COP)),
Exxon Mobil Corp. ((XOM)),
Energy Select Sector SPDR Fund ((XLE)),
VanEck Oil Services ETF ((OIH)),
Vanguard Energy ETF ((VDE)).