Dow falls over 600 points, S&P 500 closes below 4,000 as stocks tumble
U.S. stock indexes finished deeper in the red on Monday, with energy and technology stocks leading...
U.S. stock indexes finished deeper in the red on Monday, with energy and technology stocks leading a swoon ahead of the closing bell. The Dow Jones Industrial Average DJIA, -1.99% lost about 653 points, or 2%, to end near 32,245. Declines were even steeper for the S&P 500 index SPX, -3.20%, which tumbled 3.2% to close below the 4,000 mark for the first time since March 2021. The Nasdaq Composite Index COMP, -4.29% finished down 4.3%. But it was the S&P 500's energy sector, down 8.3%, that booked its worst one-day decline since June 11, 2020 when it fell 9.5%, according to Dow Jones Market Data. Crude oil futures CL00, -6.60% also tumbled Monday, leaving West Texas Intermediate crude for June delivery CLM22, -6.60% down 6.1% at $103.09 a barrel. Investors have been on edge as the Federal Reserve gears up to raise interest rates sharply over the next few months to help cool inflation at 40-year highs, but while also looking to avoid sending the economy into a recession.
The energy sector is off to a lower start pressured by weakness in the...
The energy sector is off to a lower start pressured by weakness in the underlying commodities and in the major market indices. U.S stock futures slid as rising U.S. Treasury yields and interest rates weighed down on growth stocks amid fears of a sharp economic slowdown in China.
WTI(-$4.50 trading at $105.27)and Brent crude oil futures (-$4.51 trading at $107.88) are both down in early trading as a strong dollar and demand concerns from China’s prolonged COVID-19 lockdowns weighed on prices. China's export growth slowed to single digits, the weakest in almost two years, while imports grew 7% in April regardless of tighter and wider COVID-19 curbs which halted factory production. Refinery throughput last month is estimated to have fallen about 6%. A decline of that size has not been seen since the early days of the COVID-19 pandemic.
Victory Day in Russia: Today Russia will celebrate its most important holiday, ...
Victory Day in Russia: Today Russia will celebrate its most important holiday, Victory Day, which commemorates the Soviet Union’s defeat of Nazi Germany in 1945. While much of the pageantry will be the same as ever (a huge military parade through Moscow’s Red Square, for example), there’s also a great deal of apprehension this year over whether President Vladimir Putin will announce an escalation of what Russia has called a “special military operation” in Ukraine into a full-scale war.
Inflation data: Wednesday’s Consumer Price Index report is expected to show a drop in inflation from last month’s blistering 8.5% pace, but not by much. The Fed hiked interest rates the most in 22 years last week to push prices down faster.
Earnings: Coinbase, Disney, Palantir, AMC, Rivian, and Wendy’s will share their Q1 financials as earnings season winds down.
Riverbend Energy Group Puts Shale Portfolios for Sale
Investment firm Riverbend Energy Group is exploring a sale of three portfolios of oil...
Investment firm Riverbend Energy Group is exploring a sale of three portfolios of oil and gas assets, seizing on a rally in commodity prices to seek in total around $2 billion, including debt, from potential buyers, people familiar with the matter said.
The assets across all three portfolios consist of minority stakes in individual oil and gas wells. Known in the energy industry as “nonop,” such positions are sold to investors by producers seeking funds to develop projects. In return, the investor gets a cut from the sale of the hydrocarbons extracted.
Slower growth in China can be felt all over the world. The globe's largest exporter...
Slower growth in China can be felt all over the world. The globe's largest exporter of goods may miss its growth targets for 2022 — which would bring repercussions to economies everywhere.
Meanwhile, an engine of the US economy may also be at risk. That's according to legendary investor Jeremy Grantham, who issued a warning on another threat to US economic growth: the impact of rising mortgage rates on the housing market.
Pandemic stimulus sent mortgage rates plummeting and home prices soaring. Now, as rates rise — but supply continues to fail to meet demand — an affordability crisis is brewing that could pop the bubble.
