Dow, S&P 500 squeak by with slight gains, avert third straight session of losses
U.S. stocks finished mostly higher on Wednesday, with the Dow Jones Industrial...
U.S. stocks finished mostly higher on Wednesday, with the Dow Jones Industrial Average and S&P 500 advancing within the final half-hour of trading. Still ahead on Wednesday are after-hours earnings results from Nvidia Corp.
The Dow Jones Industrial Averageclosed up by 48.44 points, or 0.1%, at 38,612.24, based on preliminary figures. It had been down by more than 200 points at its intraday session low.
The S&P 500ended higher by 6.29 points,or 0.1%, at 4,981.80.
The Nasdaq Compositefinished down by 49.91 points,or 0.3%, at 15,580.87. It was the Nasdaq's third consecutive trading day of losses.
Minutes of the Federal Reserve's most recent gathering in January, released on Wednesday, revealed lingering concerns about inflation.
"The Fed still has a few more meetings to see how the labor market and inflation are progressing to make any decisions, though expectations for a short-term bump in inflation in the next few months could make their job a bit more difficult," said Rob Swanke of Massachusetts-based Commonwealth Financial Network.
"Markets are still looking for the June meeting as the likely time for the first rate cut," Swanke wrote in an email.
The energy sector is off to a lower start, pressured by weakness in the...
The energy sector is off to a lower start, pressured by weakness in the crude complex and the major equity futures which are extending yesterday's declines ahead of the release of the FOMC minutes this afternoon.
WTI and Brent crude oil futures are edging lower as traders continue to focus on forecasts for weak demand and expectations U.S. interest rate cuts may take longer than expected to begin. The losses come despite supply disruptions in the Red Sea and increasing geopolitical tensions. Market participants will be keeping an eye out for any new resolution to the conflict abroad after the U.S vetoed a ceasefire draft, API numbers set to release later today, FOMC minutes and tomorrow's DOE Weekly Petroleum Status report.
Natural gas futures are higher by 12% with the boost coming from CHK's announcement to cut its 2024 capex guidance by 20%.
Chesapeake Energy plans to start slashing drilling activity next month...
Chesapeake Energy plans to start slashing drilling activity next month as natural gas markets remain oversupplied.
Oklahoma City-brd Chesapeake is currently operating nine drilling rigs, with five in the Louisiana Haynesville Shale and four in the Pennsylvania Marcellus Shale. The company also has two frac crews operating in each region.
But “given current market dynamics,” Chesapeake plans to defer placing wells on production and reduce drilling and completion activity, the E&P reported in fourth-quarter earnings after markets closed on Feb. 20.
Chesapeake is planning to drop a rig in the Haynesville in March and another rig in the Marcellus around mid-year. The company also said it would drop a frac crew in each play next month.
Those activity levels will be maintained through the end of 2024, Chesapeake said.
Benchmark Buys Revolution Resources’ Anadarko Assets in $145MM Deal
Benchmark Energy II is acquiring upstream assets from Revolution Resources to...
Benchmark Energy II is acquiring upstream assets from Revolution Resources to expand the E&P’s portfolio in the Midcontinent.
The deal comes a little over four years after Revolution Resources acquired Jones Energy Inc.’s assets in Texas and Oklahoma.
Austin, Texas-brd Benchmark Energy is adding approximately 140,000 net acres and 470 operated producing wells in the western Anadarko Basin through the acquisition, the company announced Feb. 20. The deal includes a low-decline, mature production br of around 6,000 net boe/d, the company said.
The FBI helped take down the world’s most infamous cybercriminal...
The FBI helped take down the world’s most infamous cybercriminal group. An international operation led by the FBI and the UK’s National Crime Agency dealt a major blow to the ransomware gang LockBit, arresting two people in the US and two others in Poland and Ukraine, while charging two more Russian nationals. LockBit has caused billions of dollars in damages by forcing its targets—many of them major companies—to pay ransoms to decrypt malicious software. The law enforcement agencies also seized LockBit websites on the dark web and obtained keys that will help victims decrypt their computers. “We have hacked the hackers,” NCA Director General Graeme Biggar told reporters.
Everyone’s suing: The FTC and several states reportedly plan to sue to block the merger of grocery giants Kroger and Albertsons. FuboTV is suing to prevent ESPN, Warner Bros. Discovery, and Fox from creating a combined sports streaming service. And disgraced former Congressman George Santos is suing comedian Jimmy Kimmel for duping him into making videos on Cameo.
The Russian pilot who defected to Ukraine and then moved to Spain is believed to have been murdered.
Sony Pictures is planning four new Beatles movies—one from the perspective of each band member—from Skyfall director Sam Mendes.
The Supreme Court declined to hear a challenge to a Virginia high school’s race-neutral admissions policy.
The US told allies that Russia plans to put a nuclear weapon into space that can knock out satellites as early as this year, Bloomberg reported.
