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S&P 500 closes higher; chipmakers, small caps and other stocks jump
The S&P 500 ended higher on Monday. Gains in chipmakers, and companies that are related to artificial-intelligence, as well as smaller?companies, were largely responsible for the increase. Russell 2000 index has jumped. The small-cap index is outperforming the S&P 500, Nasdaq and S&P 500 so far in 2026. Alphabet, Amazon and other companies have all risen ahead of their quarterly results this week. This will provide investors with a new glimpse into the race for AI dominance. After the bell, AI-related data company Palantir rose ahead of its quarterly reports. SanDisk Advanced Micro Devices Micron Technology and other chipmakers that benefit from AI-related demand also saw a rise in their stock prices. The S&P 500 gained for the first time in three sessions, following recent concerns about high valuations of tech companies whose stocks have surged in recent years?on optimism regarding AI. The S&P 500 will be up 2% by 2026, lagging behind the Russell 2000 which is expected to rise more than 6%. Gains in small cap stocks are often viewed by investors as a sign of economic confidence. The fundamentals are strong and earnings are high. "We have had positive surprises for both revenues and earnings, almost across the board," Tim Ghriskey said, senior portfolio analyst at Ingalls & Snyder, New York. According to LSEG, analysts expect 'S&P 500 companies' to have increased their earnings by nearly 11% during the December quarter. This is up from an estimated 9% growth at the beginning of January. Most of this growth is driven by technology-related companies. Walt Disney's shares fell, despite its quarterly earnings exceeding Wall Street expectations. The company warned that international visitors were declining to its U.S. parks and earnings in its TV and Film division had fallen. The preliminary data shows that the S&P 500 rose?37.25, or 0.54 percent, to 6,976.28. Meanwhile, the Nasdaq Composite rose 129.69, or 0.55 percent, to 23,591.51. The Dow Jones Industrial Average grew by 519.80, or 1.06% to 49,412.27. The PMI data revealed that U.S. factory activity grew in January for the first time since a year. The CBOE VIX (also known as Wall Street's fear gauge) dropped 1.3 points, to 16.2, after hitting a high of nearly two weeks earlier in the day. Oil prices dropped, and the S&P 500 Energy Sector Index fell. Donald Trump, the U.S. president, said that Iran is "seriously speaking" with Washington. This comment hints at a de-escalation of tensions and eases fears about supply disruptions. Low energy prices have boosted airline stocks. United Airlines, JetBlue, Delta Air Lines, and Southwest Airlines all rose. The House of Representatives has taken up legislation to end a partial shutdown that was entered on Saturday. A final vote is expected on Tuesday. Due to the partial government shutdown, the Bureau of Labor Statistics announced that the highly anticipated employment report for January will not be released this Friday.
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Small caps surge as S&P 500 reaches record highs
S&P 500 reached a record high on Monday. Gains by chipmakers and companies involved in artificial intelligence were largely responsible for this, but smaller companies rose as well. The Russell 2000 index rose 1.6%. Small-cap indexes have outperformed the S&P 500, Nasdaq and S&P 500 so far in 2026. Alphabet, Amazon and Microsoft each gained more than 1% in advance of their quarterly results due later this week. These reports will provide investors with a new look at the race for AI dominance. Palantir, a company that deals with AI-related data, rose 1.6% after the bell to its quarterly report. The chipmakers that benefit from the AI-related demand of their components have also seen a rise. SanDisk soared 15% while Advanced Micro Devices, Micron Technology and Micron Technology all added around 5%. The S&P 500 gained for the first time in three sessions, following recent concerns about high valuations of tech companies whose stocks have soared on optimism over?AI. The S&P 500 will be up about 2% by 2026. This is less than the Russell 2000, which has risen nearly 7%. Gains in small-cap stock are often viewed by investors as a reflection of confidence in the economy. The fundamentals are good, and earnings are strong. "We have had positive surprises for both revenues and earnings in New York," said Tim Ghriskey. According to LSEG, analysts expect S&P companies to have increased their earnings by nearly 11% during the December quarter. This is up from a?estimate at the beginning of January of around 9%. The majority of this growth is driven by technology-related companies. Walt Disney dropped 5.3% Monday after it Postings The company reported quarterly earnings that were above Wall Street's expectations, but warned about a drop in international visitors at its U.S. parks and a slump of earnings in its TV and Film division. The S&P was up by 0.70% to 6,987.77, setting the stage for a new record close. The Nasdaq rose 0.91%, to 23,674.32 point. The Dow Jones Industrial Average gained 1.04% to 49,403.02 point. The PMI data revealed that U.S. manufacturing activity increased for the first time since a year ago in January. The CBOE VIX (also known as Wall Street's fear gauge) dropped 1.3 points, to 16.2, after hitting a high of nearly two weeks earlier in the session. Oil prices dropped and the S&P 500 Energy Sector Index fell 1.4%. U.S. president Donald Trump said Iran is "seriously speaking" with Washington. This comment hinted at a de-escalation, and eased concerns about supply disruptions. Low energy prices have boosted airline shares. United Airlines, JetBlue, Delta Air Lines, and Southwest each rose between 4% to 7%. House of Representatives has taken up legislation to end a partial shutdown of the government entered on Saturday. A final vote is expected on Tuesday. The Bureau of Labor Statistics announced that the "closely-watched employment report" for January will not be released this Friday because of the partial government shutdown. The S&P 500 has a ratio of 1.3 to one between the number of rising and falling issues. The S&P 500 recorded 28 new highs, and 8 new lowers. The Nasdaq registered 139 highs, and 186 lows.
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The Moroccan energy ministry has put the gas pipeline project on hold
The Moroccan energy ministry announced on Monday that it had suspended a tender launched last month to build a gas pipeline, but did not provide any details as to the reasons. The tender was for the construction of a pipeline connecting a future terminal at the Nador West Med Port on the Mediterranean?to an existing pipe that allows Morocco to import?LNG via Spanish terminals?and supply two power plants? The section would also connect the existing pipe to industrial zones on the Atlantic, in Mohammedia and Kenitra. The ministry issued a statement saying that "due to new parameters and assumptions relating to this project...the ministry of energy transformation and sustainable development has postponed the receipt of applications as well as the opening of the bids received today." Morocco wants to increase its use of natural gas in order to diversify its energy mix and move away from coal. It is also accelerating its renewable energy plan which will see renewables account for 52% by 2030. According to estimates by the ministry, the country's gas demand is expected to increase to 8 billion cubic meters in 2027. It currently stands at around 1 bcm. Ahmed Eljechtimi, Jan Harvey (Editing)
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BAE workers in Northern England are planning a strike over wages, the union claims
A union representing workers at the British defence group BAE Systems, located in north-west England, announced on Monday that they plan to strike from February 2 until at least 20. The dispute is over pay and working conditions. Unite, the union, took this action in response to what it called "bad faith" negotiations on pay and conditions. The?company imposed the 3.6% pay deal in 2025 against their will, arguing that this was below inflation and represented a real pay cut. It said that more than 1,200 members of the company planned to participate in walkouts. BAE's spokesperson stated that the company has enhanced its pay and pensions. They described it as a "market-leading reward and pay", and said it was aimed at balancing their need to be competitive and affordable to customers. "We are committed to working in partnership with all of our trade union groups." "Our production lines are still operational, and we expect them to be so throughout this period," said the spokesperson. BAE, who employs around 50,000 people across 50 sites in UK, said it expected 200 of its employees to take part in the strike action, while another 1,000 could possibly take industrial actions short of a complete stoppage of work without a strike, according to its spokesperson. (Reporting and writing by Sam Tabahriti; editing by Michael Holden).
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Air India grounded Boeing Dreamliner after possible fuel control switch defect
Air India announced on Monday that it has grounded a Boeing Dreamliner aircraft after one of its pilots reported an alleged defect in the fuel control switch of the aircraft, which is currently at center of an investigation into a fatal air crash last summer. The airline didn't specify the nature or flight details. Two sources claim that the pilot reported the problem after landing in Bengaluru, a southern Indian city after departing from London. Air India announced that "after receiving this initial information we have ground?the aircraft", adding that they were in contact with Boeing "on priority basis". Boeing stated that it was supporting Air India. According to Flightradar24, the airline owns 33 Dreamliners. Fuel switches were at the heart of last year's crash of an Air India Dreamliner in Gujarat, which resulted in the deaths of 260 people. This led to a tightening of scrutiny on the airline. Fuel switches control the flow of fuel into an aircraft's engine. The fuel switches are used by the pilots to shut down engines on the ground, or manually restart or shut down engines in case of an engine failure during flight. Report on preliminary findings On the crash of last year, it was reported that the fuel cutoff switches on the engines had been flipped almost simultaneously, depriving them of fuel. Air India, owned by Tata Group and Singapore Airlines said it had notified India's aviation regulator of the latest incident. A spokesperson from the regulator didn't immediately respond to an inquiry for comment. Air India confirmed that it had tested the fuel control switches of all Boeing 787s in its fleet following a directive by the regulator last summer and found no problems. (Reporting and editing by Louise Heavens, Gareth Jones and Abhijith Ganapavaram)
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Video shows that IS militants with guns roamed the airport tarmac freely during Niger attack
SITE Intelligence Group's footage, which tracks jihadist activities worldwide, shows that Islamic State militants blew up explosives and ran amok among passenger planes in an attack on Niger's international airport. Washington has ordered non-emergency employees of the government and their families to leave 'Niger due to safety concerns. Abdourahamane Tiani, the military leader of Niger, accused France and the presidents Benin and Ivory Coast of being the sponsors of the attack without providing any evidence. The Benin government denied the allegations, and Ivory Coast summoned Nigerien Ambassador Tiani to condemn his comments. Gunfire and loud blasts were heard throughout the airport on Wednesday night, before the calm returned to the area Thursday morning. UAV AND HELICOPTER? IN FLAMES SITE released footage on Sunday showing militants firing weapons from a motorbike and on foot near aircraft hangars and passenger planes. They also set off an explosive near an unmanned aerial system (UAV) or a helicopter, which were then shown in flames. The video "shows IS terrorists speaking Kanuri, which is a language that's more commonly spoken in the Lake Chad Basin," said Ladd serwat, senior Africa analyst at U.S. Crisis-monitoring Group?ACLED. The attack may have been carried out by more experienced drone operators of the Islamic State West Africa Province. ASKY Airlines, a pan-African airline, said that two of its aircraft suffered minor damage when parked on the tarmac. Air Cote d'Ivoire, the national airline of Ivory Coast, said that an Airbus A319 had been damaged on its right wing and fuselage. The incident took place outside of normal operating hours, and neither company reported any injuries to passengers or crew. Niger reported that it had killed 20 attackers including a French citizen, and injured 11 others. Islamic State has not provided any figures. Niger has, along with its Sahel neighbours Mali, Burkina Faso and Mali, struggled to contain the attacks of jihadists linked to al Qaeda or Islamic State, which have killed thousands in these three countries and displaced millions. (Written by Robbie Corey Boulet; edited by Bate Felix & Mark Heinrich)
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Venezuelan oil exports rose sharply under US control in January, according to data
Shipping data shows that Venezuelan oil exports increased to 800,000 barrels a day (bpd), from 498,000 in December. This was after the U.S. captured Nicolas Maduro, and the end of a blockade on oil, which allowed traders to carry the majority of exports. Washington imposed a crude oil embargo against the U.S. sanctioned country to put pressure on Maduro in December and seized 7 tankers. The blockade caused the accumulation of 40 million barrels crude oil and fuel in tanks and vessels onshore that couldn't be exported, forcing Venezuela's state energy company PDVSA (the Venezuelan government-owned energy company) to reduce output in early January. The data from tanker movements shows that since the U.S. Treasury Department granted the first licenses in January to traders Trafigura & Vitol to export the stocks, oil production and processing?and shipments have increased. The volume of crude oil and fuel exported in January was similar to the average of 847,000 barrels per day (bpd) last year. PDVSA and its partners would need to accelerate exports in order to remove millions of barrels from inventories. The data showed that January's exports were slightly less than the 867,000 Bpd shipped during the same month in 2025. Treasury Department issued a license last week authorizing businesses between U.S. firms and PDVSA for the export, storage, transport, and refinement of Venezuelan oil. This is another step in untangling exports. PDVSA partners including Chevron are still waiting on individual licenses for expansion. Chevron shipped 220,000 barrels per day (bpd) of Venezuelan crude to the United States, up from 99,000 barrels per day the month before. China, the number one destination for Venezuelan oil exports until December, receiving more than 70% of all exports, received 156,000 barrels per day last month. No oil was exported to Cuba, a political ally. The data shows that Vitol, Trafigura and other companies exported 12 million barrels (or 392,000 bpd) of Venezuelan crude oil and fuel under U.S. licensing in January. These were mainly shipped to storage terminals in the Caribbean from where they then began to export and market cargoes to clients in the U.S.A., Europe, and India. Caracas and Washington agreed to a $2 billion deal for the supply of oil, but between 18 and 38 million barrels are still to be shipped. The proceeds will go to a U.S. supervised fund. Venezuela exported its first cargo liquefied petrol gas (LPG), in nearly three years, on Sunday. The vessel Chrysopigi lady, chartered by Trafigura, left the Jose port. According to shipping data, the South American nation used to export small quantities of LPG into Cuba. In January, Chevron and Vitol delivered heavy naphtha to PDVSA as well as its joint ventures. These imports are crucial to dilute Venezuelan extra-heavy crude and ensure the production of exportable grades.
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Protesters block truck traffic at Cargill's facility in Northern Brazil
According to a statement released by Cargill in response to questions on Monday, protesters are blocking the entrance to its?Santarem terminal in northern Brazil. Cargill denies any occupation of their facilities by protesters identified by local media, as Indigenous groups. Cargill's terminal in?Santarem handles corn and soybeans. According to the news website G1, Indigenous people protested at the site in opposition to a decree that allowed dredging on the 'Tapajos river, which is a key export corridor for agricultural products. Cargill stated that the protest started on January 22. Cargill said in a statement that it had "no control" over what people were protesting. According to Cargill's website, most of the grain is transported by barge from the Santarem facility in Para?state before it is loaded onto ships for export. Cargill's site states that a smaller percentage of the?grain? that is delivered to the terminal by truck comes from the state of?Mato Grosso via the BR-163 or local farms. (Reporting and editing by Gabriel Araujo, Bill Berkrot and Ana Mano)
Tourists on remote Yemeni Island stranded following Saudi-UAE rift
Emirati clout turned Socotra into niche tourist destination
Tourists trapped on island after Saudi-UAE rift
UAE troops first arrived on the island in 2018 as part of a strategic push
Maha El Dahan Andrew Mills Ahmed Elimam
DUBAI, 6 January - The United Arab Emirates, under Saudi Arabia's deadline, withdrew their troops from Yemen, leaving behind the remote island of Socotra in Yemen and the 600 tourists that had flown into the country but were unable to leave.
The main airport on the island was closed as the crisis between the UAE and Saudi Arabia escalated. This led to new conflict in Yemen, where both Gulf countries are now supporting opposing factions in the civil war.
Aurelija Krikstaponiene is a Lithuanian, who traveled to Socotra on New Year's Eve.
She had planned to return to Abu Dhabi Sunday but may now have to travel via Jeddah, Saudi Arabia, instead as Emirati control of the island is waning.
A CARRIER FOR AIRCRAFT THAT IS UNSINKABLE
Socotra is located more than 300km (186 miles), south of Yemen, and was only accessible via air until recently. It has been a refuge of peace during the conflict on the mainland.
Tourists can enjoy its magical beaches, as well as unique flora such the renowned Socotra Dragon Blood Tree. It is located in the Gulf of Aden along a shipping route that leads to the Red Sea.
In 2018, the UAE took control of Socotra when Emirati transport planes landed for the first time on this island.
The UAE was pushing to expand its control over the waters of the region, including the Bab Al-Mandab Strait that connects the Horn of Africa with the Arabian Peninsula.
The UAE, a major oil producer and a business hub, has pursued a assertive foreign strategy in the last decade, carving out its own spheres of influence throughout the Middle East, and even beyond. It often uses its financial clout for its own interests.
Andreas Krieg is an associate professor at King's College London. He said: "Socotra?functions as an unsinkable air carrier, sitting in the heart of Bab al-Mandab, the trade corridor linking Europe, Asia, and Africa."
"Even if you don't fire a single shot, a reliable actor on the island has a lot of leverage. You can observe, intercept, and potentially project influence."
In less than eight years, this plan has been derailed by the most severe public rift that the UAE and its Gulf ally Saudi Arabia have ever had.
These two Gulf nations have had many disagreements in the past - from geopolitics to oil production - but the latest fallout brought them out into the open.
SAUDI AND EMIRATI REACH SOCOTRA FROM AWAY
Saudi Arabia has carried out airstrikes against the UAE-backed southern separatists who control Socotra, in order to assist Yemeni government forces.
The UAE troops initially were not welcomed when they first arrived in 2018. The Saudi-backed Yemeni Government accused Abu Dhabi of seizing island ports and airports.
The UAE controlled the Southern Transitional Council, a separatist group that now faces off against the Saudi-backed government on the mainland of Yemen. The STC wants autonomy for the southern Yemen and eventually independence from the north, which is more densely populated.
Two airport sources confirmed that the STC still controls the island, but the airport no longer belongs to the Emiratis. The facility is still closed.
Yemeni Airlines announced late Monday that it would be operating a flight from Jeddah to the airport on January 7. This is a clear sign of a change in control.
Krieg stated that "On an island, where air access is often the deciding gateway, influence on connectivity can translate into influence over other things, such as security presence, local government, and commercial activity."
The UAE did not respond immediately to a question about whether all its troops have left the island. A source with first-hand knowledge said that the troops had left the island last month.
The Saudi Arabian government's media office didn't immediately respond to an inquiry about the control of the airport.
Maciej is a Polish traveler who is part of an 100-strong group.
"There are no ATMs or payment terminals in this area, and the bank transfer system is also non-operational." Cash is the only currency accepted. We'll have to sleep rough and depend on food from the locals if we run out of cash," he said. He added that he wasn't warned about conflict when he booked the trip.
From a Sleepy Island to Niche Tourism
The Sheikh Khalifa Foundation, a humanitarian organisation run by the Emiratis, has invested money in infrastructure projects, bringing electricity, clean water, and cooking gas to Socotra.
The UAE renovated its main airport as well, adding two new hangars, a modern navigational system for control towers, and new buildings.
Travellers looking for a place off the beaten path could only book through Abu Dhabi in order to enjoy the island's wildlife and beaches.
Most people did not consider the danger of being near the turmoil in Yemen, which is one of the worst humanitarian disasters in the world.
Socotra is located closer to Somalia and Yemen than the mainland. It has been isolated so far from the civil conflict that has devastated the mainland over the past 10 years.
This latest outbreak may not spare the peace.
Bianca Cus, a Romanian, is still trying to enjoy her remaining time on the island before the flight arrives.
She said, "I enjoy each day of our stay on the island just as much as I did when we first found out we were staying longer." (Written by Michael Georgy and edited by William Maclean).
(source: Reuters)