Dow sheds 300 points as stocks see biggest drop in 3 weeks
U.S. stocks logged their biggest drop in three weeks on Thursday...
U.S. stocks logged their biggest drop in three weeks on Thursday with losses accelerating into the close as rising Treasury yields and a stronger U.S. dollar weighed on markets.All three major U.S. equity indexes logged their biggest declines since Aug. 2, with the Dow Jones Industrial AverageDJIA falling 373.07 points, or 1.1%, to 34,099.94, according to preliminary closing data from FactSet. The S&P 500SPX shed 59.75 points, or 1.4%, to 4,376.28. The Nasdaq Composite COMP finished lower by 257.06 points, or 1.9%, to 13,463.97. Stocks opened higher following the latest blockbuster earnings report from chipmaker and artificial intelligence darling Nvidia Corp. NVDA Wednesday night. But early gains faded as major technology names headed lower throughout the session.
An onboard explosion likely brought down a jet believed to be carrying Yevgeny Prigozhin
The U.S. and other Western officials said that...
The U.S. and other Western officials said that preliminary intelligence reports led them to believe that an explosion on board a plane linked to the Russian mercenary leader Yevgeny V. Prigozhin likely brought down the aircraft on Wednesday,killing all the passengers aboard.
Although there has been no official confirmation that Mr. Prigozhin was killed, President Vladimir V. Putin of Russia on Thursday, in his first comments on the crash, spoke obliquely of his death, referring to him in the past tense. “He made some serious mistakes in life, but he also achieved necessary results,” Mr. Putin said in a televised meeting.
Energy stocks are continuing their recent downtrend, as the rotation out of energy and back into tech,...
Energy stocks are continuing their recent downtrend, as the rotation out of energy and back into tech, growth and the Nasdaq progresses. The latest catalyst was Nvidia earnings results released after market close yesterday that shattered analyst expectations, which is adding further fuel to this cross-market rotation. Additional drivers include oil and natural gas prices trading in the red this morning.News flow is light in energy, with the current unequivocal focus on Fed Chair Jay Powell’s speech tomorrow at Jackson Hole regarding the state of the economy and the FOMC’s interest rate policy.
Oil prices trickled lower but are steadying after wider declines on Thursdaycaused by disappointing economic data from key economies, with investors awaiting a speech by U.S. Federal Reserve Chair Jerome Powell on Friday for clues on interest rate moves.
Natural gas futures are down nearly 3%, trading at 3-week lows, ahead of weekly inventory data.
OneRock Energy Buys 160,000 Acres in Powder River Basin
OneRock Energy Holdings LLC has completed the acquisition of Northwoods Management...
OneRock Energy Holdings LLC has completed the acquisition of Northwoods Management Co. and certain related entities in the Powder River Basin, according to this week's press release.
The acreage and assets, which average approximately 5,000 boe/d, are in predominantly contiguous leaseholds spanning 160,000 net acres across Converse, Campbell, and JohnsonCounties, Wyoming. The deal by private equity firm OneRock, an investment arm of Pan Management, was initially announced in June.
With backing from Apollo, Northwoods added more than 112,000 acres in the Powder River Basin through a $500 million acquisition from SM Energy Co. in 2018.
BASF has agreed to purchase around 881,000 short tons of liquefied natural gas per year from Cheniere...
BASF has agreed to purchase around 881,000 short tons of liquefied natural gas per year from Cheniere Energy starting mid-2026 until 2043 in a move aimed at reinforcing supply reliability as the chemical giant pursues net-zero emissions by 2050. The deal is expected to support Cheniere's 22-million-short-ton-per-year Sabine Pass LNG expansion in Louisiana.
