Stocks stumble after Fed minutes raise rate-hike fears as Nvidia earnings await
Stocks ended the day with losses, after falling in afternoon action in...
Stocks ended the day with losses, after falling in afternoon action in the wake of minutes from the Federal Reserve's April 30-May 1 meeting that showed "various" officials were willing to hike rates if deemed necessary.
"The investing world will have to wait at least another month to hear anything about rate cuts but the kicker in this report was the willingness of some participants to restrict policy further which apparently according to the markets action was quite the surprise," said Alex McGrath, chief investment officer at NorthEnd Private Wealth, in a note.
Attention now turns to what many anticipated to be the main market event of the week, earnings due after the bell from chip maker and standard bearer of the stock market's AI-fueled rally Nvidia Corp.
The Dow Jones Industrial Average ended with a loss of around 202 points, or 0.5%, near 39,672, according to preliminary figures.
The S&P 500 finished around 14 points lower, down 0.3%, near 5,307.
The Nasdaq Composite closed near 16,802, down around 31 points, or 0.2%.
Layoffs at Chesapeake Energy ahead of merger vote by shareholders
The same day that shareholders of Chesapeake Energy...
The same day that shareholders of Chesapeake Energy voted on whether to approve a proposed merger with Southwestern Energy, Chesapeake confirmed the layoffs of 80 workers.
The layoffs represented about 10% of the Oklahoma City company’s workforce, reported The Oklahoman. The company explained the layoffs came as a result of Chesapeake’s sale last year of its previous crude oil operations largely in the Eagle Play of south Texas. Chesapeake divested its oil production and exploration efforts in return for more emphasis on natural gas operations.
Mexico’s New Refinery Sees Another Delay. The pet project of Mexico’s outgoing president Andres Manuel Lopez Obrador, the 340,000 b/d Dos Bocas refinery, is unlikely to be commissioned before the country’s elections this week as Pemex is supplying only 5% of the plant’s total capacity.
Australia’s Power Woes Turn Ugly. Delays in installing transmission lines tied to wind and solar farms might trigger blackouts across Australia between 2024 and 2028 as the country continues to mothball gas- and diesel-powered generation capacity in southern states.
Zelensky issued a plea for more help from the West
In a series of interviews with Western outlets Tuesday, a frustrated...
In a series of interviews with Western outlets Tuesday, a frustrated Ukrainian President Volodymyr Zelensky urged the US and other NATO countries to shoot down Russian missiles in Ukrainian airspace and allow Ukraine to use Western weapons against targets inside Russia. The requests come as Ukraine’s forces are stretched thin, struggling to defend against mounting Russian incursions. The new package of US weapons is just now starting to arrive in Ukraine after months of delays.
