MarketWatch: Dow industrials down nearly 300 points as Tuesday comeback bid crumbles
U.S. stocks gave up early gains Tuesday, after data showed further strength in the labor market, leaving...
U.S. stocks gave up early gains Tuesday, after data showed further strength in the labor market, leaving major indexes on track to extend a run of losses to a third straight session in the aftermath of a hawkish speech from Federal Reserve Chair Jerome Powell at the end of last week.
What’s happening
The Dow Jones Industrial Average DJIA, -0.75% fell 283 points, or 0.9%, to 31,816, after falling more than 300 points at its session low.
The S&P 500 SPX, -0.90% was down 44 points, or 1.1%, to 3,987.
The Nasdaq Composite COMP, -1.05% declined 157 points, or 1.3%, to 11,860.
On Monday, the Dow fell 184 points, or 0.6%, while the S&P 500 shed 0.7% and the Nasdaq Composite lost 1%.
International: Oil Rally Pauses Seeking More Clarity on OPEC+ Cuts
London ~ Oil prices edged lower after a stellar rally on Tuesday, as...
London ~Oil prices edged lower after a stellar rally on Tuesday, as traders awaited more details from OPEC+ members on the scale of their signaled supply cuts.
London-traded Brent oil futures were largely unchanged at $102.68 a barrel, while U.S. West Texas Intermediate futures fell 0.2% to $96.77 a barrel by 20:16 ET (00:16 GMT).
Both contracts rallied nearly 4% each on Monday, as traders bet that the Organization of Petroleum Exporting Countries and its allies (OPEC+) will cut production to offset any major decline in crude rates
The energy sector is off to start lower, pressured by weakness in the...
The energy sector is off to start lower, pressured by weakness in the underlying commodities. U.S stocks are expected to rebound following two-consecutive sessions of losses, ahead of the consumer confidence and job openings data later today.
WTI and Brent crude oil futures dropped following yesterday’s rally on fears that a slower global economic outlook could soften energy demand and the potential arrival of more Iranian barrels to the market which outweighed political unrest in the Middle East. Global central banks are prepared to continue fighting record inflation that has not been seen in half century even as investors worry more rates hikes will lead to a recession. A series of attacks on a gas field in Iraq has sent U.S. contractors working on its expansion packing, damaging the hopes of Kurdish Region’s looking to boost their revenues. Despite ongoing fighting in Baghdad, state-owned marketer SOMO said the country’s oil exports are unaffected by the unrest, adding to the further downward pressure we are seeing this morning. Nigeria’s Q2 oil production dropped to 1.43M bpd, its lowest quarterly level since 2016, far below the country’s 1.799M bpd quota under the OPEC+ deal, amid rampant theft and vandalism.
Storms left thousands without electrical power in central Oklahoma
Monday afternoon thunderstorms that brought heavy rainfall to some areas of the state resulted...
Monday afternoon thunderstorms that brought heavy rainfall to some areas of the state resulted in at least 9,000 customers of Oklahoma Gas and Electric being without power late in the day.
OG&E reported late Monday that prior to the arrival of the downpours of rain and heavy lightning, the utility had about 500 customers still without power due to Sunday night’s severe weather.
The 9,000 customers were mostly those living in the Oklahoma City metro area. ~Story from OK Energy Today
Russia Oil Output Exceeds Expectation, But Pressure Looms, IEA Chief Says
Russia’s oil output has exceeded expectations in the wake of the war in Ukraine but Moscow will find...
Russia’s oil output has exceeded expectations in the wake of the war in Ukraine but Moscow will find it increasingly difficult to uphold production as Western sanctions begin to bite, the head of the International Energy Agency (IEA) said on Aug. 29.
“In the absence of [western] companies, in the absence of the technology providers, in the absence of service companies, it will be much harder for Russia to maintain the production,” IEA chief Fatih Birol told Reuters.
Russian domestic demand has so far remained robust, and the country also offers large discounts to non-European buyers, Birol said on the sidelines of a conference in Stavanger in southern Norway.
