Nasdaq drops 2.3% as stocks end sharply lower after remarks by Fed's Brainard
Stocks fell sharply Tuesday, with the tech-heavy Nasdaq Composite leading the way among major...
Stocks fell sharply Tuesday, with the tech-heavy Nasdaq Composite leading the way among major indexes after remarks by Federal Reserve Gov. Lael Brainard sparked a jump in Treasury yields. The Dow Jones Industrial Average DJIA, -0.80% fell around 280 points, or 0.8%, to close near 34,642, according to preliminary figures, while the S&P 500 SPX, -1.26% dropped 57 points, or 1.3%, o finish near 4,525. The Nasdaq COMP, -2.26% gave up around 328 points, or 2.3%, finishing near 14,204. Brainard, in a speech, said the Fed will "continue tightening monetary policy methodically through a series of interest rate increases and by starting to reduce the balance sheet at a rapid pace as soon as our May meeting." The 10-year Treasury yield TMUBMUSD10Y, 2.560% jumped 14.5 basis points to 2.554. Yields and debt prices move opposite each other.
The energy sector is set to extend yesterday’s gains into today’s session, backed by further support...
The energy sector is set to extend yesterday’s gains into today’s session, backed by further support in the underlying commodities but sector news is thin and trading levels are again expected to be muted. Major equity futures meanwhile came under pressure as the prospect of fresh sanctions on Russia kept investors on edge, keeping a cap on the upside.
WTI and Brent crude oil futures are up over 1% in early trading, rising as the United States and Europe planned new sanctions to punish Russia over alleged war crimes in Ukraine, raising concerns over tighter global supply, while Iran's nuclear talks with world powers stalled. The end of the refinery maintenance period in Europe also lent some support to oil prices this morning. The West is planning new sanctions against Russia over civilian killings in Ukraine, with U.S President Joe Biden's national security adviser saying that new U.S. sanctions against Moscow would be announced this week. Despite stalled talks, the US still believes there is an opportunity to overcome the remaining differences with Iran in talks over its nuclear program.
Germany has seized control of a local unit of Russian natural-gas giant Gazprom, saying it will do 'what is necessary' to maintain energy supply in the country
Berlin has seized control of a Germany-based unit of Russian natural-gas giant Gazprom. Germany's economy...
Berlin has seized control of a Germany-based unit of Russian natural-gas giant Gazprom. Germany's economy ministry justified the takeover by saying it had not granted permission for the Gazprom Germania acquisition. Permission is required, the ministry said, if the investors are not from the European Union and "critical infrastructure" is involved.
"The Federal Government is doing what is necessary to uphold security of supply in Germany," economy minister Robert Habeck said in the statement. "This also includes not exposing energy infrastructures in Germany to arbitrary decisions by the Kremlin. The proper conduct of business in Germany must be ensured."
NextEra Sells Houston Natgas Pipeline to ARM Energy for $203 Million
ARM Energy Holdings LLC on April 4 acquired Monument Pipeline LP, a...
ARM Energy Holdings LLC on April 4 acquired Monument Pipeline LP, a Houston-based natural gas pipeline, from affiliates of NextEra Energy Partners LP for $203 million.
Monument is a natural gas transportation system with approximately 156 miles of pipeline originating at the Katy Hub, with connections to the Houston Ship Channel, La Porte and League City market areas. The pipeline also services several residential city gates in high-growth areas of the Greater Houston metroplex.
Through Monument’s extensive existing footprint and growth potential, ARM will expand its marketing reach to a diverse group of additional end-users, according to an ARM Energy company release.
