Dow, S&P 500 end lower for sixth straight session on recession fears
The Dow and S&P 500 booked a sixth straight day of declines...
The Dow and S&P 500 booked a sixth straight day of declines on Tuesday, as bond yields rose and stocks gave up earlier gains. The Dow Jones Industrial Average DJIA, -0.43% fell about 123 points, or 0.4%, to end near 29,136, its lowest closing level since November 2020, according to Dow Jones Market Data. The S&P 500 index SPX, -0.21% shed 0.2% to record its longest losing streak since Feb. 28, 2020. The technology-heavy Nasdaq Composite Index COMP, +0.25% eked out a 0.3% gain, after flipping between modest gains and losses. Recent turbulence in stocks has been attributed to fears about the Federal Reserve potentially inducing a "hard landing" for the U.S. economy as it looks to tame high inflation through sharply higher interest rates and tighter monetary policy. The rate on the 10-year Treasury bond almost touched 4% on Tuesday, with the benchmark rate spotted at 3.963% at 3 p.m. Eastern, its highest since April 2010, according to Dow Jones Market Data. Investors also could pick up yields of 4.3% on Tuesday on 2-year Treasurys, another factor that has weighed on stocks.
Benchmark U.S. crude oil for November delivery rose $1.79 to $78.50 a barrel Tuesday. Brent crude for November delivery rose $2.21 to $86.27 a barrel.
Wholesale gasoline for October delivery rose 11 cents to $2.49 a gallon. October heating oilrose 13 cents to $3.26 a gallon. October natural gas fell 25 cents to $6.65 per 1,000 cubic feet.
Strike Halts Supplies from TotalEnergies’ French Refineries
Strike action is stopping refined products from leaving all five...
Strike action is stopping refined products from leaving all five of TotalEnergies SE’ refineries in France, and one of its fuel storage depots, a CGT union official told Reuters on Sept. 27.
No product is leaving TotalEnergies’ 240,000 bbl/d Gonfreville oil refinery, the 119,000 bbl/d Feyzin oil refinery, the 230,000 bbl/d Donges refinery and La Mede biorefinery, CGT union delegate Thierry Defresne said.
Very little product is currently leaving the 102,000 bbl/d Grandpuits refinery, and distribution will be halted on Sept. 28, a union official at Grandpuits told Reuters.
US, other nations pledge to increase hydrogen output
The US and other nations have agreed to a Japanese-led pledge...
The US and other nations have agreed to a Japanese-led pledge to increase low-emission hydrogen output to 90 million metric tons or more annually by 2030.More than 20 countries have joined the agreement, which Japan says helps participants reach "energy security, resilience and climate goals."
US petroleum product exports hit a first-half record
The US exported nearly 6 million barrels per day of petroleum...
The US exported nearly 6 million barrels per day of petroleum products in the first six months of 2022, a record for first-half-of-year exports and an 11% increase from the same period in 2021,according to the Energy Information Administration. Distillate fuel oil exports rose 19% from the first half of 2021, while propane and motor gasoline exports climbed by 6% and 11%, respectively, the agency reports.
