Dow, S&P 500 end lower as Powell says back-to-back rate hikes aren't off table
U.S. stocks closed mostly lower on Wednesday after Federal Reserve...
U.S. stocks closed mostly lower on Wednesday after Federal Reserve Chairman Jerome Powell said he won’t rule out back-to-back rate hikes, in a meeting with other global central bankers. The Dow Jones Industrial AverageDJIA shed about 72 points, or 0.2%, ending near 33,853, based on preliminary FactSet figures. The S&P 500 indexSPX closed fractionally lower, down less than 0.1%, while the Nasdaq Composite Index COMP gained 0.3%. While powering gains for stocks in 2023, the S&P 500’s information technology segment took a breather Wednesday, ending flat. Also in tech, shares of Nvidia Corporation NVDA, -1.81% shed 1.7%, after reports of a potential new export restrictions on sales to China, while those of Advanced Micro Devices Inc. edged 0.3% lower.
The energy sector is set for a lower start, pressured by weakness...
The energy sector is set for a lower start, pressured by weakness in the crude complex and the broader markets. The major market futures are lower as investors await comments from Federal Reserve Chair Jerome Powell.
WTI and Brent crude oil futures are lower as concerns over the prospect of higher interest rates and slowing demand curb earlier gains. Lingering worries about tighter monetary policy outweighed the API’s weekly report which showed a larger-than-expected drop in crude oil inventories. The industry report showed crude stocks fell by 2.4 million barrels last week. The market will be keeping eyes on today's EIA report which is set to be released at 10:30 AM EST.
Natural gas futures are higher, ahead of the expiration of the front month July contract. Early-cycle data has LNG feedgas flows today rising to 12.60 Bcf, up +1.0 Bcf d/d as Sabine Pass volumes recover further to over 4.0 Bcf. The increase would be the highest since the end of May.
United CEO blasts the FAA as delays and cancellations mount
Tens of thousands of US flights have been delayed or canceled...
Tens of thousands of US flights have been delayed or canceled over the past several days, causing one of the worst stretches for air passengers this year. And while widespread thunderstorms have caused havoc, United CEO Scott Kirby also blamed the FAA for air-traffic controller shortages: “The FAA frankly failed us this weekend,” Kirby told staff on Monday. Airlines are biting their nails ahead of a Fourth of July air travel weekend that could top 2019 levels.
Earthstone Seeks $500 Million Through Debt Offering to Fund Novo Deal
Earthstone Energy Inc.’s subsidiary Earthstone Energy Holdings LLC is making a private offering of...
Earthstone Energy Inc.’s subsidiary Earthstone Energy Holdings LLC is making a private offering of $500 million in senior unsecured notes to help fund the purchase of Novo Oil & Gas Holdings announced on June 15.
The Woodlands, Texas-based E&P’s $1 billion deal to acquire Novo is expected to close in the third quarter and will add approximately 56,000 net acres to Earthstone’s position in the Delaware Basin.
