Energy stocks opened higher, tracking broader index futures that are up nearly 1%, driven by strong earnings and the nearing the end of the Fed tightening period. Earnings continue to pour in across the sector, which has been fairly positive as operators continue to prioritize shareholder return measures while managing lower year-over-year realizations. The SPDR 500 Energy ETF is set to test 3-month highs in today’s session, while the Dow is aiming to close higher for a 14th consecutive day today, which last occurred in 1897.
Oil climbed by 1% on Thursday, recouping losses from the previous session, supported by supply tightness owing to OPEC+ production cuts and renewed optimism on the outlook for Chinese demand and global growth. Crude has posted four consecutive weekly gains on an expected tightening of supply because of output cuts by OPEC and its allies, known collectively as OPEC+, as well as some involuntary outages.
Natural gas futures are lower by 1% ahead of weekly inventory data.
Fracking activity will reach a nadir later this year before...
Fracking activity will reach a nadir later this year before making a comeback in 2024, but equipment shortages could keep US oil production growth in check, predicted oilfield servicer Nextier Oilfield Solutions. As a response to potential near-term demand weakness, the company is prepared to idle up to three fracking fleets by the end of the third quarter.
The US tied the Netherlands in yesterday’s Women’s World Cup match against the Netherlands, raising...
The US tied the Netherlands in yesterday’s Women’s World Cup match against the Netherlands, raising the stakes for both teams’ next game. The US will play Portugal and the Netherlands will take on Vietnam as each tries to emerge with the most goals.
Gap has poached the Mattel exec credited with reviving the Barbie brand, Richard Dickson, to be its new CEO. Another example of the power of Barbie in action.
OpenAI, Microsoft, Google, and Anthropic have joined forces to start the Frontier Model Forum, an industry group to promote keeping governments out of “safe and responsible” AI development.
Mitch McConnell froze up mid-sentence and briefly left a press conference he was holding, but the GOP Senate minority leader assured reporters that he was fine after he returned.
Kevin Spacey was acquitted of sexual assault charges by a jury in England. The movie star testified in his own defense.
Sinéad O’Connor, the politically outspoken Irish singer, has died at age 56.
The numbers: A resilient U.S. economy grew at a 2.4% annual pace in the second quarter,...
The numbers: A resilient U.S. economy grew at a 2.4% annual pace in the second quarter, propelled by steady consumer spending and a rebound in business investment.
Consumer spending, the main engine of U.S. growth, rose at a 1.6% pace from April to June, the government said Thursday. GDP also got a lift from corporate spending on equipment and structures such as oil rigs and new manufacturing plants.
S&P futures vs fair value: +33.00. Nasdaq futures vs fair value: +204.00. The S&P 500 futures...
S&P futures vs fair value: +33.00. Nasdaq futures vs fair value: +204.00.
The S&P 500 futures are up 33 points and are trading 0.7% above fair value. The Nasdaq 100 futures are up 204 points and are trading 1.3% above fair value. The Dow Jones Industrial Average futures are up 91 points and are trading 0.3% above fair value.
