The National Hurricane Center is tracking a broad area of low pressure in the Caribbean Sea that could become a tropical depression late this week or over the weekend. Patty and Rafael will be the next named storms of the 2024 Atlantic hurricane season.
AccuWeather weather forecasters have been warning since last week about the potential for a tropical depression or storm to develop in the western Caribbean and currently give the system a high chance for development between Oct. 31 and Nov.4.
Oil falls 6% on reduced risk of wider Middle East war
(Reuters) -Oil prices tumbled 6% on Monday, or...
(Reuters) -Oil prices tumbled 6% on Monday, or more than $4 a barrel, after Saturday's retaliatory strike by Israel against Iran's military bypassed oil and nuclear facilities, not disrupting energy supplies.
Brent futures settled at $71.42 a barrel, down $4.63 or 6.09%. WTI U.S. crude futures finished at $67.38 a barrel, down $4.40 or 6.13%.
Both Brent and U.S. West Texas Intermediate crude futures hit their lowest since Oct. 1 at the open.
"This is a perfect example of a headline-driven market," said Phil Flynn, senior analyst at Price Futures Group. "We still have a lot of geopolitical risk."
Analysts led by Max Layton said in a note that Citi lowered its Brent price target for the next three months to $70 a barrel from $74, factoring in a lower risk premium in the near term.
Dow ends up more than 270 points ahead of Big Tech earnings
U.S. stocks finished higher on Monday as Wall Street...
U.S. stocks finished higher on Monday as Wall Street geared up for a busy week packed with quarterly earnings from megacap technology companies.
The Dow Jones Industrial Averagerose 273.17 points, or 0.7%, to end at 42,387.57. It was the largest one-day point and percentage gain since Oct. 16.
The S&P 500 was up 15.40 points, or 0.3%, to finish at 5,823.52.
The Nasdaq Composite gained 48.58 points, or 0.3%, ending at 18,567.19.
Monday's stock market rally came as oil futures suffered their largest daily percentage decline in over two yearsafter widely anticipated Israeli airstrikes against Iran did not hit crucial oil facilities.
The S&P 500's energy sector was the worst performer on the large-cap benchmark index, off 0.7%, according to FactSet data.
Looking ahead, five of the so-called Magnificent Seven companies are scheduled to report their earnings results this week. Google parent Alphabet Inc. is scheduled to report on Tuesday, followed on Wednesday by Microsoft Corp. and Meta Platforms Inc. Apple Inc. and Amazon.com Inc. will report on Thursday.
Analysis: Iran faces tough choices in deciding how to respond to Israeli strikes
Iran faces strategic dilemmas following an Israeli aerial assault on...
Iran faces strategic dilemmas following an Israeli aerial assault on its territory, emphasizing the complexities of Middle Eastern geopolitics. Iran's options include military retaliation, which could demonstrate strength to its citizens and allies but also risk greater conflict with Israel. Analysts suggest Iran might opt for restraint to avoid exposing weaknesses and escalating tensions. The situation is further complicated by Iran's economic struggles and its attempts to renegotiate a nuclear deal with the U.S. amidst ongoing regional conflicts. The article highlights Iran's military vulnerabilities exposed by the strikes and the potential implications for regional stability and Iranian strategy.
Permian seismic activity eases, but more work needed
Tighter regulations and changes in water injection practices have helped...
Tighter regulations and changes in water injection practices have helped reduce the frequency of 3-magnitude earthquakes in the Permian Basin from as many as 40 per month in 2021-2022 to 20 per month this year, although earthquakes over 5 magnitude have increased in certain areas. Experts stressed the need for improved data collection, stronger collaboration and a comprehensive strategy that includes recycling, relocating injection wells and promoting beneficial water reuse to mitigate seismic risks.
