Stocks end higher as investors digest company earnings, Fed officials' comments
(Tuesday market close) U.S. equity indexes ended little...
(Tuesday market close) U.S. equity indexes ended little changed Tuesday as investors absorbed another heavy serving of corporate earnings reports and waited for speeches from two Federal Reserve leaders that may offer some clues to the path of interest rates.
Fed governors Adriana Kugler and Michelle Bowman are scheduled to speak at separate events Wednesday, just a few days after the central bank's Fed Chair Jerome Powell expressed caution over "moving too soon" on rate cuts in an interview on "60 Minutes." Treasury yields eased slightly from a sharp upswing Monday but remained near highs for the year, reflecting scaled-back expectations for Fed rate cuts.
A second atmospheric river in four days has brought record rains to southern California since it pushed inland late Sunday and Monday, knocking out power to over a million households and killing at least three people from downed trees. Some areas of the state saw more rain in one day than is seen in an average year (see map).
Many areas in the greater Los Angeles area received 4 to 6 inches yesterday—with some areas seeing over 10—and mandatory evacuations were called in Santa Barbara and Ventura counties for part of the day. The storm also disrupted ski resorts across the Sierra Nevada after dropping several feet of snow, where more precipitation is expected through midweek.Â
Winter atmospheric rivers historically bring close to half of the West Coast's annual precipitation (see explainer). Track the storm's forecast here.
More Than a Fifth of Hostages in Gaza Are Dead, Israel Finds
More than a fifth...
More than a fifth of the remaining hostages being held in Gaza are dead, according to an internal assessment conducted by the Israeli military.
Israeli intelligence officers have concluded that at least 32 of the remaining 136 hostages captured by Hamas and its allies on Oct. 7 have died since the start of the war, according to a confidential assessment that was reviewed by The New York Times. The families of 32 hostages, whose deaths are confirmed, have been informed, according to four military officials who spoke anonymously in order to discuss a sensitive matter.
Earthquake prompts disposal well shutdown order in Okla.
In response to a 5.1 magnitude earthquake felt in multiple states last...
In response to a 5.1 magnitude earthquake felt in multiple states last Friday, the Oklahoma Corporation Commission ordered all oil and natural gas wastewater disposal wells within 10 miles of the earthquake's epicenter to shut down by Feb. 17. New directives could follow if deemed necessary, the commission said.
All disposal wells that are permitted to dispose into the Arbuckle Formation and are in an area within 10 miles of the February 3, 2024, 5.1 magnitude earthquake are directed to begin the shutdown of operations, with a shutdown to be complete by February 17. The gradual shutdown process is necessary to avoid sudden pressure changes that could result in more seismic activity.
Vital Energy adds West Texas wells in $78 million acquisition
Tulsa’s Vital Energy, Inc. made another expansion...
Tulsa’s Vital Energy, Inc. made another expansion of its Permian Basin holdings with a $78 million acquisition of producing wells from Midland, Texas operator Henry Energy LP, Moriah Henry Partners LLC and Henry Resources LLC.
The purchase increases Vital Energy’s working interest in 54 producing, low-decline wells by an average of 67%, increasing the Company’s estimated 2024 production by approximately 1,850 BOE/d (51% oil) and estimated 2024 Free Cash Flow by approximately $25 million.
