Energy stocks are opening in the green, with higher broader index futures set to offset slightly lower energy commodity prices. News flow and earnings are slowly beginning to wind down, with late August seasonal trends on the horizon. July inflation data came in as expected, with a 0.2% rise month-over-month and a 3.2% increase from 12 months ago. Probabilities for Fed rate increases at the upcoming meetings in September and November declined following the inflationary data.
Oil prices are marginally lower,consolidating near 2023 highs. Both benchmarks have been on a sustained rally since June, with WTI trading at its highest this year on Thursday and Brent hitting its highest price since January. Oil prices have been boosted in recent days by extensions to output cuts by Saudi Arabia and Russia, alongside supply fears driven by the potential for tensions between Russia and Ukraine in the Black Sea region to threaten Russian oil shipments.
Natural gas futures are down by a nickel, trading around $2.91, ahead of weekly inventory data.
U.S. consumer prices rose 3.2 percent in the year through July, a slight uptick in the inflation rate.
The Consumer Price Index climbed 3.2 percent in the year through...
The Consumer Price Index climbed 3.2 percent in the year through July, according to a report released on Thursday. That marked the first acceleration in 13 months and followed a 3 percent reading in June.
But that pickup required context. Inflation was rapid in June of last year and slightly slower the following month. That means that when this year’s numbers were measured against 2022 readings, June looked lower and July appeared higher than if the year-ago figures had been more stable.
Benchmark U.S. crude oil for September delivery...
Benchmark U.S. crudeoil for September delivery rose $1.48 to $84.40 a barrel Wednesday. Brent crudefor October delivery rose $1.38 to $87.55 a barrel.
Wholesale gasoline for September delivery rose 8 cents to $2.93 a gallon. September heating oilrose 12 cents to $3.21 a gallon. September natural gasrose 18 cents to $2.96 per 1,000 cubic feet.
At least 6 killed in devastating wildfires on Hawaiian island of Maui
KAHULUI, Hawaii — A wildfire tore through the heart of Maui...
KAHULUI, Hawaii — A wildfire tore through the heart of Maui on Wednesday with alarming speed and ferocity, destroying dozens of homes and businesses in a historic tourist town, killing at least six people and injuring at least two dozen others, and forcing panicked residents to jump into the ocean to flee the flames.
The fire was widespread in Lahaina Town, including on Front Street, a popular shopping and dining area, County of Maui spokesperson Mahina Martin said by phone early Wednesday. Traffic has been very heavy as people try to evacuate the area, and officials asked people who weren’t in an evacuation area to shelter in place to avoid adding to the traffic, she said.
Wildfire has engulfed businesses on Front Street in downtown Lahaina in West Maui, home to 12,000 people.
The Coast Guard is responding to people who were forced to go into the ocean due to the flames.
Dow, S&P 500 post back-to-back declines ahead of key inflation report
U.S. stocks finished lower for a second session in a row on Wednesday, in a selloff that intensified...
U.S. stocks finished lower for a second session in a row on Wednesday, in a selloff that intensified into the closing bell, ahead of Thursday’s release of the July consumer-price index. The Dow Jones Industrial AverageDJIA shed about 190 points, or 0.5%, ending near 35,123, according to preliminary FactSet data. The S&P 500 index SPX shed 0.7% and the Nasdaq Composite Index COMP fell 1.2%, with all three indexes posting back-to-back losses. August kicks off a notoriously volatile stretch of the year for Wall Street.Investors now also have the likely impact of the highest Fed interest rates in 22 years to consider. Higher rates already helped cool inflation, but it still remains above the central bank’s 2% annual target. A lack of continued progress on that front could prompt more rate hikes from the Fed, and increase the odds of a U.S. recession.
