Nasdaq, S&P 500 close at fresh record highs as U.S. stocks gain Friday
U.S. stocks finished higher Friday, with the S&P 500 and Nasdaq Composite...
U.S. stocks finished higher Friday, with the S&P 500 and Nasdaq Composite rising to records.
The Dow Jones Industrial Averagerose 90.99 points, or 0.2%, to close at 39,087.38.
The S&P 500climbed 40.81 points, or 0.8%, to finish at 5,137.08, notching its 15th record close of 2024.
The Nasdaq Compositegained 183.02 points, or 1.1%, to end at 16,274.94, scoring another record peak a day after it posted its first record close since November 2021.
For the week, the Dow slipped 0.1% while the S&P 500 rose 0.9% and the technology-heavy Nasdaq gained 1.7%, according to Dow Jones Market Data.
The energy sector is off to a higher start supported by strength in the crude complex, meanwhile, the major equity futures are mostly unchanged the day after the Nasdaq reached highs last touched since November 2021.
WTI and Brent crude oil futures are higher as market participants wait for OPEC’s decision on a supply agreement for the second quarter and digest Chinese economic data. According to Reuters, three OPEC+ sources said the organization is considering extending voluntary oil output cuts in the second quarter, which may take effect until the end of the year. China’s February manufacturing PMI was in line with expectations at 49.1, contracting for a fifth straight month.
Natural gas futures are modestly lower on forecasts for seasonally warmer weather and expectations for a lower-than-expected draw in storage. Preliminary estimates for EIA storage data week ending today has a draw of (35) to (45) Bcf vs the 5-year average of (93) Bcf.
China and Europe will fuel global liquefied natural gas demand growth...
China and Europe will fuel global liquefied natural gas demand growth in 2024, although potential constraints may sustain price pressure and volatility, according to TotalEnergies Senior Vice President Asia Pacific Exploration & Production Thomas Maurisse. Separately, Petronas Vice President of LNG Marketing and Trading Shamsairi Ibrahim warned that persistent market tightness could amplify the risk of price spikes in the event of supply disruptions.
Devon Energy will continue to prioritize oil operations in liquids-rich formations such as the Delaware Basin due to oil's higher profitability compared to natural gas, CEO Rick Muncrief said. Additionally, Devon plans to invest $100 million this year to expand Delaware Basin gas gathering and processing infrastructure amid expectations of sustained growth in gas and natural gas liquids volumes.
Putin threatened the West with nuclear war over Ukraine intervention
In his annual speech on Thursday, the Russian leader warned that if NATO...
In his annual speech on Thursday, the Russian leader warned that if NATO countries send their own troops to help Ukraine fend off Russia’s invasion, it could lead to a nuclear conflict. “All this truly threatens a conflict with the use of nuclear weapons, and therefore the destruction of civilization,” Putin warned. “We also have weapons that can strike targets on their territory. Do they not understand this?” His warning appeared to be in response to French President Emmanuel Macron earlier this week saying that the possibility of NATO countries sending troops to Ukraine should not be ruled out.
