S&P 500 ends lower for fourth straight session on recession fears
U.S. stocks ended sharply lower Tuesday, with the S&P 500 falling for a fourth straight day,...
U.S. stocks ended sharply lower Tuesday, with the S&P 500 falling for a fourth straight day, as investors sought safe-haven assets amid recession concerns and increased market volatility. The Dow Jones Industrial Average DJIA, -1.03% dropped around 350 points to close 1% lower, while the S&P 500 fell SPX, -1.44% 1.4% and the Nasdaq Composite COMP, -2.00% sank 2%, according to preliminary data from FactSet. Energy was the hardest hit sector of the S&P 500, followed by communication services, information technology and consumer-discretionary shares, FactSet data show. Utilities, a defensive area of the stock market, was the sole sector of the S&P 500 to finish with gains, rising around 0.7%. The yield on the 10-year Treasury note, a safe haven asset, fell 8.6 basis points to 3.512%, according to Dow Jones Market Data. Treasury yields and prices move in opposite directions.
California Gov. Gavin Newsom and some Democratic state lawmakers have proposed legislation that would...
California Gov. Gavin Newsom and some Democratic state lawmakers have proposed legislation that would impose penalties on excessive oil company profits to combat alleged price gouging and gas price spikes and give the proceeds back to the public. The specifics of the proposal will be released after negotiations with lawmakers.
Encouraged by new tax incentives for waste-to-energy projects, energy companies are making big bets on...
Encouraged by new tax incentives for waste-to-energy projects, energy companies are making big bets on producing biogas using methane from landfills as part of a wider push into low-carbon fuels. BP recently paid $4.1 billion for renewable natural gas producer Archaea Energy, which operates 50 landfill gas-to-energy facilities in the US, while Shell and NextEra Energy also unveiled similar deals in the past two months.
WTI and Brent crude oil futures extended their slide lower, falling...
WTI and Brent crude oil futures extended their slide lower, falling on a rise in economic uncertainty and continued strength in the greenback which offset the bullish impact of a price cap placed on Russian oil and the prospects of a demand boost in China. Futures yesterday recorded their biggest daily drop in two weeks after U.S. services industry data indicated a strong U.S. economy and drove expectations of higher interest rates than recently forecast. The U.S. dollar index edged lower this morning but was still buoyed by bets of higher interest rates, following the biggest rally in two weeks yesterday. In China, more cities are easing COVID-19-related curbs today and the country is set to announce even more relaxation tomorrow, prompting expectations of increased demand.
Natural gas futures continued to build on yesterday’s 11% decline, pressured by warmer weather forecasts in key consuming regions, and another delay in the Freeport LNG export facility.
Hess Inks $750 Million Carbon Credit Deal with Guyana
Hess Corp. announced a deal on Dec. 2 to acquire 37.5 million REDD+ jurisdictional carbon credits directly...
Hess Corp. announced a deal on Dec. 2 to acquire 37.5 million REDD+ jurisdictional carbon credits directly from the government of Guyana between 2022 and 2032 for a minimum of $750 million.
The credits will be on the Architecture for REDD+ Transactions (ART) registry and independently verified to represent permanent and additional emissions reductions under ART’s REDD+ Environmental Excellence Standard 2.0 (TREES), the U.S.-based independent announced in a press release.
The agreement supports government efforts to protect Guyana’s vast forests and will provide capital to improve the lives of Guyanese citizens through government investments as part of the country’s Low Carbon Development Strategy (LCDS) 2030, Hess said.
