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U.S. stocks closed mixed on Wednesday after the Federal Reserve's first interest-rate cut in about nine months, with the Dow Jones Industrial Average easing back to end with a modest gain after hitting an intraday record.
The Dow Jones Industrial Average gained 260.42 points, or 0.6%, closing at 46,018.22. It briefly touched a fresh intraday record high of 46,261.95.
The S&P 500 shed 6.41 points, or 0.1%, ending at 6,600.35.
The Nasdaq Composite fell 72.63 points, or 0.3%, finishing at 22,261.33.
The small-cap Russell 2000 ended 0.1% higher, after briefly surging 2.1% — a level that would have marked its first record close since 2021.
A tropical depression has erupted in the Atlantic and forecasters warn it could soon turn into the next named hurricane to threaten the US East Coast.
Officials announced that Tropical Depression Seven formed around 5am ET Wednesday morning, the first step before severe weather systems become a named storm. Depressions are the beginnings of a tropical cyclone, where a low-pressure area forms with thunderstorms and relatively low winds.
However, meteorologists said Seven is quickly building into a tropical storm, with sustained winds of 35 mph and growing stronger, and it could officially become Gabrielle by Wednesday night.
The National Hurricane Center (NHC) expects the storm to reach hurricane strength by this weekend, with winds exceeding 75 mph.
California Resources Corp. agreed on Sept. 15 to acquire Berry Corp. for about $717 million, including net debt, creating a larger California-focused producer while raising questions about Berry’s 100,000 net acres in Utah’s Uinta Basin. TD Cowen estimates CRC could divest the Uinta position in 2026 for $400 million to $500 million, and Jefferies also sees divestiture potential given CRC’s California focus. Uinta activity has accelerated, with more than $4.6 billion in 2024 transactions, including SM Energy and Northern Oil & Gas buying XCL Resources for $2.6 billion and Ovintiv selling to FourPoint Resources for $2 billion. Other Uinta operators include Crescent Energy, Scout Energy Partners, and Uinta Wax Operating. Berry, which retains 20,000 net acres in California, has advanced Uinta development via farm-ins. In the third quarter, four Uteland Butte horizontal wells came online at about 3,800 boe/d gross, 93% oil, with peak rates expected late September or early October. Second quarter Uinta output averaged 4,200 boe/d, and Berry added a 30% farm-in at Castle Peak.
Summary of an article from Hart Energy
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