U.S. Stock Market Sees Biggest Daily Drop in Nearly 2 Years
U.S. stocks tumbled after markets, rattled by reports of a slowing American...
U.S. stocks tumbled after markets, rattled by reports of a slowing American economy, recorded heavy declines in Asia and Europe.
Stocks fell sharply on Monday, with the Dow Jones Industrial Average posting its worst day in nearly two years, as worries over the health of the U.S. economy sparked a global market sell-off.
The Dow dropped 1,033.99 points, or 2.6%, to end at 38,703.27. The Nasdaq Composite lost 3.43% and closed at 16,200.08, while the S&P 500 slid 3% to end at 5,186.33. The blue-chip Dow and S&P 500 registered their biggest daily losses since September 2022.
Japan’s stock market posted its worst drop since Wall Street’s Black Monday in 1987, contributing to fears of global turmoil in the markets.
Benchmark U.S. crude oil for September delivery ...
Benchmark U.S. crude oil for September delivery fell 58 cents to $72.94 per barrel on Monday, and Brent crude for October delivery fell 51 cents to $76.30 per barrel.
Wholesale gasoline for September delivery rose 1 centto $2.33 a gallon. September heating oil fell 2 cents to $2.30 a gallon. September natural gasfell 3 cents to $1.94 per 1,000 cubic feet.
ExxonMobil's $63 billion acquisition of Pioneer Natural Resources drove its Permian Basin oil production to a record 1.2 million barrels of oil equivalent per day in the second quarter, while earnings came in at $2.14 per share, surpassing forecasts. Exxon expects to spend $28 billion this year, an increase of 12%, and produce an average total output of over 4 million barrels per day.
Enbridge to grow Texas oil, gas pipeline capacities
Enbridge will move forward with a project to expand its Gray Oak crude...
Enbridge will move forward with a project to expand its Gray Oak crude oil pipeline in Texas by 120,000 barrels per day, with completion set for 2026, after receiving sufficient shipper interest during a recent open season. The company also plans to build the 2.5-Bcf/d Blackcomb natural gas pipeline from the Permian Basin to the US Gulf Coast and increase storage capacity at its Corpus Christi export facility by 2 million barrels.
The S&P 500 tumbled toward correction territory early Monday as U.S. stocks built on last week's tumble. A correction is defined as a pullback of at least 10%, but not more than 20%, from a recent high (a drop of 20% marks the start of a bear market).
The S&P 500 was down 3.1%, nearly 5,183, after trading below 5,120 on early Monday. A close at or below 5,100.48 would mark a 10% fall from the large-cap benchmark's record finish of 5,667.20 seen on July 16, according to Dow Jones Market Data.
