US stock market edged higher early Thursday, as investors await fresh economic data...
US stock market edged higher early Thursday, as investors await fresh economic data and mull the prospect of a large interest rate hike by the Federal Reserve. Here are the latest market moves.
On the docket: Adobe Inc., Ryanair, and more all reporting. Plus, keep an eye out for the unemployment insurance weekly claims report, import and export price indexes, and the advance retail sales report, all due later this morning.
U.S. initial unemployment claims lower for a fifth straight week
The numbers: The labor market is still hot as layoffs continue to fall in the latest...
The numbers: The labor market is still hot as layoffs continue to fall in the latest week, despite fears of a slowdown in the U.S. economy.
New jobless claims fell by 5,000 to 213,000 in the week ended Sept. 10, the Labor Department said Thursday. This is the fifth week in a row that jobless claims fell. Jobless claims are at the lowest level in 15 weeks.
The number of people applying for jobless benefits is one of the best barometers of whether the economy is getting better, or worse.
Economists polled by The Wall Street Journal had estimated new claims would total 225,000.
The global fuel market will remain pressured by inadequate oil refining capacity until at least the middle...
The global fuel market will remain pressured by inadequate oil refining capacity until at least the middle of this decade, according to a new report from the International Energy Forum and S&P Global. Crude refining capacity has declined by as much as 3.8 million barrels per day between March 2020 and mid-2022 as oil demand increased by 5.6 million bpd, and delays are likely to stall completion of the roughly 2 million bpd of new capacity scheduled to come online by the end of 2023.
Oil Demand Set to Stop Growing in Q4 as Slowdown Bites, IEA Says
Growth in global oil demand is set to grind to a halt in...
Growth in global oil demand is set to grind to a halt in the fourth quarter of this yearas an economic slowdown deepens, the International Energy Agency (IEA) said on Sept. 14, but said it would resume strongly in 2023.
The outlook preserves a relatively bullish view for robust growth next year despite economic headwinds, built on the expectation that China's COVID lockdowns will ease while growth in air travel will boost jet fuel demand.
"Global oil demand remains under pressure from the faltering Chinese economy and an ongoing slowdown in OECD economies," the Paris-based energy watchdog said in its monthly oil report.
The IEA cut its forecast for demand growth this year by 110,000 bbl/d to 2 MMbbl/d while keeping its 2023 growth forecast of 2.1 MMbbl/d.
U.S. stocks finish slightly higher following Tuesday's deep selloff
U.S. stocks ended slightly higher Wednesday, bouncing from Tuesday's...
U.S. stocks ended slightly higher Wednesday, bouncing from Tuesday's selloff as investors parsed fresh data on wholesale prices. The Dow Jones Industrial Average DJIA, +0.10% edged up 0.1%, while the S&P 500 SPX, +0.34% gained 0.3% and the Nasdaq Composite COMP, 0.74% rose 0.7%, according to preliminary FactSet data. The producer price index showed that the cost of U.S. wholesale goods and services fell 0.1% in August largely because of cheaper gasoline, with the rise over the past year easing to 8.7% from 9.8% in July, according to a report Wednesday from the U.S. Bureau of Labor Statistics. But core PPI data, which excludes food and energy from wholesale prices, rose 0.2% in August, the report shows.
