Dow drops almost 900 points as U.S. stocks close sharply lower, S&P 500 ends in bear market
U.S. stocks closed sharply lower Monday, with the S&P 500 entering a bear market, amid heightened...
U.S. stocks closed sharply lower Monday, with the S&P 500 entering a bear market, amid heightened fears over high inflation ahead of the Federal Reserve's two-day policy meeting that kicks off Tuesday. The Dow Jones Industrial Average DJIA, -2.79% tumbled almost 900 points to close 2.8% lower, while the S&P 500 SPX, -3.88% dropped 3.9% and the Nasdaq Composite COMP, -4.68% plunged 4.7%, according to preliminary FactSet data. All 11 sectors of the S&P 500 closed lower, with investors increasingly concerned that a more aggressive Fed will push the U.S. economy into a recession.
Unit Corp. Ends Bid to Liquidate Properties Following Gulf Coast Asset Sale
Unit Corp. said it has agreed to sell its Gulf Coast oil and gas assets for $56 million but will end...
Unit Corp. said it has agreed to sell its Gulf Coast oil and gas assets for $56 million but will end its bid to sell its remaining assets and instead seize the opportunity from rising commodity prices to increase its share buyback program.
Based in Tulsa, Okla., Unit Corp. began a divestiture program in early 2021 to sell its non-core oil and gas assets. The company had engaged Tudor, Pickering, Holt & Co. (TPH) in January of this year to sell all of its oil and gas properties and reserves. However, in a June 10 release, Unit said it ended its agreement with TPH due to changes in the price of oil, natural gas, and NGL and “general volatility in the market.”
What’s Affecting Oil Prices This Week? (June 13, 2022)
Despite oil prices reaching 13-week highs last week, here are the factors that Stratas Advisors said...
Despite oil prices reaching 13-week highs last week, here are the factors that Stratas Advisors said in its latest forecast are currently putting downward pressure on oil demand.
The top 10 stocks in the S&P 500 have lost $1 trillion in market cap in 4 days
The S&P 500's ...
The S&P 500's SPX, -2.92% top 9 companies by market capitalization have lost a total of more than $1 trillion in value the past four days. The S&P 500 has lost 3.0% in afternoon trading Monday as surging inflation and interest rates fuel recession fears. The index has sunk 9.1% over the past four sessions, putting it on track for the lowest close since March 4, 2021. At recent stock prices, here's what the index's 10-most valuable companies have lost in market cap the past four days: Apple Inc. AAPL, -2.71% has lost $242.94 billion; Microsoft Corp. MSFT, -3.23% has shed $205.00 billion; Alphabet Inc. GOOGL, -3.41%GOOG, -3.02% has lost $124.72 billion; Amazon.com Inc. AMZN, -4.50% has lost $190.36 billion; Tesla Inc. TSLA, -6.22% has dropped $64.66 billion in market cap; Berkshire Hathaway Inc. has lost $62.97 billion; Meta Platforms Inc. META, -4.74% has lost $76.13 billion; Johnson & Johnson JNJ, -0.37% has lost $18.31 billion; UnitedHealth Group Inc. UNH, -1.80% has lost $22.56 billion; and Exxon Mobil Corp. XOM, -3.80% has lost $29.03 billion. The total loss in market cap for those 10 companies has been $1.04 trillion.
US Gulf gas production seen trending lower next year
The Energy Department expects natural gas production in...
The Energy Department expects natural gas production in the US Gulf of Mexico to fall from 2.2 billion cubic feet per day this year to 2.1 Bcf/d in 2023 due to the natural decline in associated gas volumes, which make up most of the region's gas supply. "In 2020, gross withdrawals of natural gas in the Gulf of Mexico that came from natural gas wells accounted for less than 30 percent of total Gulf natural gas production, compared with 80 percent in 2003," the department's analysis notes.
