Energy stocks are set to open around breakeven levels, though broader equities have taken a steep leg...
Energy stocks are set to open around breakeven levels, though broader equities have taken a steep leg lower following much higher than expected inflation data just released at 8:30 AM ET. Consumer prices in January surged 7.5%, well above expectations, and were the highest since 1982. Equities turned lower, Treasury yields spiked, with the 10-year rising to 1.986%, the US Dollar gained, and expectations for larger and quicker rate hikes from the Fed emerged.
Natural gas futures are lower by a nickel, trading around $3.95, ahead of weekly inventory data calling for a 222 bcf drawdown.
Dow and Nasdaq surge to 200-point gains early Wednesday; S&P 500 rises 1.1%
U.S. stock indexes kicked off higher Wednesday as investors pored over a fresh batch...
U.S. stock indexes kicked off higher Wednesday as investors pored over a fresh batch of corporate quarterly results. Investors are also awaiting an inflation report for January that will be released on Thursday morning.
Meanwhile, Atlanta Federal Reserve President Raphael Bostic told CNBC during an interview that he is forecasting three rate hikes for 2022 and could lean toward four increases of at least 0.25 percentage points, in order to combat inflationary pressures. He said that the data would help the central bank determine if more increases are necessary and if those hikes need to be more intense.
There were no important economic figures set for release on Wednesday.
The Dow Jones Industrial Average DJIA, 0.79% rose 282 points, or 0.8%,to 35,745.
The S&P 500 index SPX, 1.11% was up 1.1% at 4,571.
The Nasdaq Composite Index COMP, 1.16% advancd 1.4% to 14,389.
Natural gas futures are down this morning (down 20 cents at $4.04),...
Natural gas futures are down this morning (down 20 cents at $4.04), pressured by moderating weather forecasts in key consuming regions and less heating demand. Japan has decided to divert some of its gas reserves to Europe amid growing concern over possible disruptions of supplies due to the Ukraine crisis. The decision was made at the request of the United States and the European Union and is intended to help European countries cope with uncertainties about gas supplies given fears of a possible Russian invasion of Ukraine.
‘All Options Remain on the Table’ to Address High Oil Prices, White House Says
The Biden administration is in talks with both oil-producing and consuming countries to tackle high oil...
The Biden administration is in talks with both oil-producing and consuming countries to tackle high oil prices, White House spokeswoman Jen Psaki said on Feb. 8, adding that all options are on the table.
“With oil-producing countries, we’re talking about proposed production increases. With oil-consuming countries, we're talking about releases from strategic reserves,” Psaki told reporters.
In November, the U.S. announced plans to release 50 million barrels of crude from the U.S. Strategic Petroleum Reserve to help cool oil prices, but prices are at just below seven-year highs.
