U.S. stock-market futures turn positive after April inflation data
U.S. stock futures advanced on Wednesday while Treasury yields declined as a monthly inflation report...
U.S. stock futures advanced on Wednesday while Treasury yields declined as a monthly inflation report showed the pace of inflation in the U.S. slowed last month by more than economists’ had expected. Futures for the S&P 500 ES00, 0.73% increased by 15 points, or 0.4%, to 4,148. Futures for the Nasdaq 100 NQ00, 0.86% gained 56 points, or 0.4%, to 13,319. Futures for the Dow Jones Industrial Average YM00, 0.47% gained 60 points, or 0.2%, to 33,695. The yield on the 10-year Treasury note fell by 5 basis points to 3.465%. Bond yields move inversely to prices. Headline inflation sunk to 4.9% in April on a year-over-year basis, marking its lowest level in two years, according to data released by the Bureau of Labor Statistics.
The American Petroleum Institute (API) on Tuesday reported a 3.618 million barrel build for the...
The American Petroleum Institute (API) on Tuesday reported a 3.618 million barrel build for the week ending May 5, 2023.
The petroleum industry group had reported a crude drawdown of 3.939M barrels in the prior week to April 28. On the fuel side, API reported a gasoline inventory build of 0.4M barrels and a distillate stock drop of 3.945M barrels.
The net build in crude stockpiles aside, the API noted a 1.316M barrel draw itself at the Cushing, Oklahoma delivery point for U.S. crude.
Crude oil prices recorded small gains on Tuesday. The...
Crude oil prices recorded small gains on Tuesday. The prices reversed a 2% drop earlier in the session to record minor gains after news that the Biden administration plans to refill the Strategic Petroleum Reserve.
West Texas Intermediate crude finished up 24 cents or 0.3% to settle at $73.39 a barrel on the New York Mercantile Exchange.
Brent crude, the global benchmark managed a 43-cent increase or 0.6% and finished at $77.44 a barrel on ICE Futures Europe
U.S. stocks finish lower ahead of April inflation data
U.S. stocks ended lower Tuesday as investors awaited a key inflation reading and fretted over...
U.S. stocks ended lower Tuesday as investors awaited a key inflation reading and fretted over the debt ceiling, while regional bank stocks saw renewed pressure. The April consumer-price index reading is due Wednesday morning, while a meeting between President Joe Biden and congressional leaders late Tuesday afternoon wasn’t expected to produce a breakthrough on the debt ceiling. The SPDR S&P Regional Banking ETFKRE fell 0.4%. The Dow Jones Industrial AverageDJIA fell around 57 points, or 0.2%, to end near 33,562, according to preliminary figures, while the S&P 500SPX declined 0.5% and the Nasdaq Composite COMP lost 0.6%.
No debt-limit breakthrough forecast as Biden hosts party leaders at White House
As President Joe Biden prepares to host a much-anticipated meeting on the U.S. debt ceiling with the...
As President Joe Biden prepares to host a much-anticipated meeting on the U.S. debt ceiling with the country’s four top lawmakers, analysts are predicting there won’t be a deal yet on this issue.
If the meeting at the White House, scheduled for around 4 p.m. Eastern time Tuesday, were to conclude with an agreement, that would be very surprising, said Chris Krueger, managing director at TD Cowen’s Washington Research Group, in a note on Tuesday.
The best-case outcome from the parley would be a “short-term punt,” Krueger said, referring to a limited suspension of the federal borrowing limit to provide the Biden administration and Congress with more time to come up with a long-term solution.
