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.
Anti-immigrant rioters tried to break into a Holiday Inn Express housing...
Anti-immigrant rioters tried to break into a Holiday Inn Express housing asylum-seekers in the English town of Rotherham as violence from far-right agitators expanded to multiple cities over the weekend. Prime Minister Keir Starmer condemned the “far-right thuggery” that has broken out following the stabbing deaths of three girls last month, spurred by false rumors that the 17-year-old suspect was a Muslim and an immigrant. A main figure rallying the activists is Stephen Yaxley-Lennon, better known as Tommy Robinson, who was banned by Twitter in 2018 but reinstated by Elon Musk after he acquired the company.
More countries tell their citizens to leave Lebanon. The...
More countries tell their citizens to leave Lebanon. The US, UK, Australia, France, and other nations urged their citizens to leave Lebanon over concerns that a wider regional war would break out in the Middle East following two assassinations, one in Tehran and one in Beirut, last week. Airlines, including Emirates, Air France-KLM Group, and Lufthansa Group, have suspended, rescheduled, or canceled flights to and from Beirut, home to Lebanon’s only commercial airport. Israel has confirmed it was behind the strike that killed a Hezbollah commander in Beirut, but it did not comment on the killing of Hamas’s political chief in Tehran. Iran has vowed “severe” retaliation.
Tropical Storm Debby is expected to make landfall as a hurricane today on Florida’s Big Bend, then bring “potentially historic” amounts of rain later in the week to southeast Georgia and the eastern Carolinas.
The latest on a potential debate between Kamala Harris and Donald Trump: Trump says he wants to have it on Fox News on Sept. 4; Harris’s spokesperson says Trump is “scared” and Harris still plans on attending the debate that was scheduled between Trump and Biden on ABC on Sept. 10.
At least 76 people were killed in ongoing anti-government protests in Bangladesh.
Google is pulling its AI-focused “Dear Sydney” ad from the Olympics after receiving backlash.
Aerosmith has retired from touring due to permanent vocal cord damage lead singer Steven Tyler sustained last year.
US drillers cut oil and gas rigs for first time in three weeks
According to energy services firm Baker Hughes, this week, U.S. energy...
According to energy services firm Baker Hughes, this week, U.S. energy firms reduced the number of active oil and natural gas rigs for the first time in three weeks. Oklahoma saw no change, with 35 rigs running.
The total rig count dropped by three to 586 for the week ending August 2. This is 73 rigs, or 11%, lower than the same period last year.
Oil rigs remained steady at 482, while gas rigs decreased by three to 98.
In regional updates:
The Denver-Julesburg (DJ)-Niobrara basin saw a reduction of one rig, bringing the total to 9, the lowest since June 2021.
The Marcellus Shale lost one rig, lowering the count to 24, the lowest since September 2020.
The Permian Shale saw a decrease of one rig, reducing the total to 303, the lowest since February 2022.
Benchmark U.S. crude oil for September delivery ...
Benchmark U.S. crude oil for September delivery fell $2.79to $73.52 per barrel Friday. Brent crude for October delivery fell $2.71to $76.81 per barrel.
Wholesale gasoline for September delivery fell 8 cents to $2.32 a gallon. September heating oil fell 9 cents to $2.32 a gallon. September natural gas was unchanged at $1.97 per 1,000 cubic feet.
