U.S. stocks log best day in nearly 2 months amid Nvidia earnings optimism
U.S. stocks saw their biggest gain in nearly two months on Wednesday...
U.S. stocks saw their biggest gain in nearly two months on Wednesday as optimism about Nvidia Corp.’s quarterly earnings, due out after the bell, helped push the tech-heavy Nasdaq into the lead. The S&P 500 SPX gained 48.58 points, or 1.1%, to 4,436.13, according to preliminary closing data from FactSet. The gain marked the index’s best day since June 30, according to Dow Jones Market Data. The Nasdaq CompositeCOMP meanwhile, rose 215.16 points, or 1.6%, 13,721.03, capping off a three-day winning streak and its best session since July 28. The Dow Jones Industrial Average DJIA gained 185.34 points, or 0.5%, to 34,474.17. Also, the S&P 500 managed to snap a streak of 36 consecutive days without a 1% gain,its longest such streak since the 42 trading day streak from July 26, 2021, to Sept. 22, 2021,
Offshore Oil Workers Fall Ill as 115-Degree Heat Sears the US Gulf Coast
Heat-related illnesses are hitting workers on offshore oil and...
Heat-related illnesses are hitting workers on offshore oil and gas platforms as searing temperatures bake the US Gulf Coast.
A rare heat advisory from the Interior Department’s Bureau of Safety and Environmental Enforcement warned offshore oil companies on Tuesday to take extra precautions in the Gulf, including periodic breaks. In a few recent instances, affected workers have been taken to shore for further evaluation, the alert said.
Extreme heat has smothered Texas and Louisiana for weeks. For the nearby offshore production regions, the heat index — a measure of what temperatures feel like when combined with humidity — has reached 100F to 110F (38C to 43C) degrees, said Rich Otto, a forecaster with the US Weather Prediction Center. The water temperature in the Gulf of Mexico has hit 88F in many areas off the coast of Texas and Louisiana, according to the US National Data Buoy Center.
Iran Aims to Boost Oil Output, Complicating OPEC+ and US Efforts
Iran plans to keep raising oil production as back-door diplomatic efforts with the US appear to be easing...
Iran plans to keep raising oil production as back-door diplomatic efforts with the US appear to be easing pressure on the Middle Eastern nation.
The Islamic Republic expects to boost production to 3.4 million barrels a day by the end of summer,according to Oil Minister Javad Owji. That would put output near Iran’s capacity limit of 3.8 million barrels a day. The country has already boosted production by about 50% over the past two years, according to comments Owji made to the Iranian parliament’s energy committee reported by the ministry’s news service Shana.
Gas Strikes in Australia Loom If No Progress in Talks Wednesday
Talks to avoid strikes at Australia’s biggest liquefied natural gas export terminal began Wednesday...
Talks to avoid strikes at Australia’s biggest liquefied natural gas export terminal began Wednesday morning, as the threat to supply continues to rock global markets for the fuel.
Woodside Energy Group Ltd. and officials representing workers at its North West Shelf LNG facility have started discussions in Perth to negotiate pay and conditions, according to people with knowledge of the matter. Talks are expected to continue until the evening.
Oil Falls to Near One-Month Low on Bearish Signs in Euro Area
Oil fell for a third day as a hastening downturn in the euro area added to wider worries about economic...
Oil fell for a third day as a hastening downturn in the euro area added to wider worries about economic growth in top importer China.
West Texas Intermediate futuresfor October fell below $79 a barrel, hitting the lowest level intraday in almost a month as the contraction in euro-area private sector activity intensified in August. China’s stuttering economy also continues to threaten demand for global commodities. The dollar also climbed, making raw materials priced in the currency less appealing.
