On Friday, U.S. stocks slumped with benchmarks moving towards a lower position for a second month, after data demonstrated U.S. economic growth premeditated sharply to a less-than-expected 2.6 percent in the fourth quarter. The Dow Jones Industrial Average dropped down 1.5 percent, while the S&P 500 declined 1.3 percent. The tech-heavy Nasdaq Composite shed 1 percent.
On Monday, copper prices edged lower, after data illustrated China’s manufacturing sector become smaller in January, highlighting concerns over a slowdown in demand. On Friday, copper nailed on 4.3 cents, or 1.75%, to close at $2.494 a pound.
Meanwhile, in the U.S., official data Friday represented that the economy stretched 2.6% in the fourth quarter, below expectations for a 3.0% gain and dawdling harshly from growth of 5.0% in the preceding quarter.
Later in the daylight hours the U.S. was to make a report on personal income and spending as investors look for further signals on the strength of the economy. The Institute of Supply Administration was also to publicize data on manufacturing activity.
Among basic material stocks, Exxon Mobil Corporation, (NYSE:XOM), dwindled 0.18% during its last trade on Friday, soon after the Board of Directors of corporation declared a cash dividend of 69 cents per share on the Ordinary Stock, payable on March 10, 2015 to shareholders of record of Ordinary Stock at the close of business on February 10, 2015. This first quarter dividend is at the same level as the dividend paid in the fourth quarter of 2014.
Exxon Mobil Corporation, (NYSE:XOM), explores and produces for crude oil and natural gas. As of December 31, 2013, the company had about 37,661 gross and 31,823 net operated wells.
Chevron Corporation, (NYSE:CVX), declined 0.46% to settle at $102.53, after the company declared a $35.0 billion capital and exploratory investment program for 2015. Comprised of in the 2015 program are $4.0 billion of planned expenditures by associates, which do not require cash outlays by Chevron. The 2015 budget is 13% lower than total investments for 2014.
Chevron Corporation, (NYSE:CVX), through its auxiliaries, is engaged in petroleum, chemicals, mining, power generation, and energy operations worldwide. The company operates in two segments, Upstream and Downstream.
Alcoa Inc. (NYSE:AA), plummeted 2.07% to close at $15.65, following the news that Lightweight, high-performance metals leader, officially opened its expanded wheels manufacturing plant in Hungary. The larger facility doubles Alcoa’s capacity to produce its Dura-Bright® EVO surface-treated wheels contrast to 2014 production levels. The expansion will enable Alcoa to meet growing European demand for its lightweight, durable, low-maintenance aluminum truck wheels.
Alcoa Inc. (NYSE:AA), produces and manages primary aluminum, fabricated aluminum, and alumina. The company operates in four segments: Alumina, Primary Metals, Global Rolled Products, and Engineered Products and Solutions.
Chesapeake Energy Corporation, (NYSE:CHK), plunged -0.16% to settle at $19.18, gaining volume of $15,389,895 as compared to average volume of $13,877,800. The company traded in a range of $18.75 - $19.48.
Chesapeake Energy Corporation, (NYSE:CHK), is engaged in the attainment, exploration, and development of properties for the production of natural gas, oil, and natural gas liquids (NGL) from underground reservoirs in the United States. The company operates in three segments: Exploration and Production; Marketing, Gathering, and Compression; and Oilfield Services. It holds interests in natural gas resource plays, counting the Haynesville/Bossier Shales in northwestern Louisiana and East Texas; the Marcellus Shale in the northern Appalachian Basin of West Virginia and Pennsylvania; and the Barnett Shale in the Fort Worth Basin of north-central Texas.
