Stock futures inch higher, but Biden’s withdrawal adds to uncertainty
President Joe Biden has officially withdrawn from the presidential race, injecting even more uncertainty...
President Joe Biden has officially withdrawn from the presidential race, injecting even more uncertainty into the outlook for markets at an increasingly critical juncture.
The announcement landed shortly before 2 p.m. Eastern on Sunday, roughly four hours before U.S. equity futures opened at 6 p.m. Eastern. Biden’s decision followed days of mounting pressure from fellow Democrats, and reports late last week that he was considering stepping aside.
Initial reaction across markets Sunday night saw bitcoin prices BTCUSD, 0.36% dive before rebounding. The price of the pioneering cryptocurrency was up 1% at more than $68,000, its highest level in more than a month. Stock futures also opened slightly higher, with futures tied to the S&P 500 ES00, 0.18% up 0.1% at 5,560, while Nasdaq-100 futures NQ00, 0.34% were up 0.2% at 19,732 and Dow Jones Industrial Average futures YM00, 0.10% up 8 points, or less than 0.1%, at 40,586.
Occidental Clears FTC Scrutiny to Close $12B CrownRock Deal
Occidental Petroleum expects to close its acquisition...
Occidental Petroleum expects to close its acquisition of Permian producer CrownRock LP next month after clearing antitrust hurdles.
The waiting period for the company’s $12 billion acquisition of CrownRock LP under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 has expired, Occidental announced after markets closed on July 18.
"We look forward to closing our transaction with CrownRock in August and welcoming their high-performing team into our organization," Occidental President and CEO Vicki Hollub said. “We are progressing with the divestiture program that we believe will ultimately high-grade our portfolio and optimize returns for our shareholders.”
US Drillers Add Oil, Gas Rigs for Second Time in Three Weeks
U.S. energy firms added oil and natural gas rigs for the second time in three...
U.S. energy firms added oil and natural gas rigs for the second time in three weeks, according to Energy Services firm Baker Hughes, in its closely followed report on July 19.
The total number of oil and gas rigs, an early indicator of future output, rose by two to 586 in the week ending July 19, its highest level since late June.
Despite this week's rig increase, Baker Hughes said the total count was still down 83 rigs, or 12%, below this time last year.
Oil rigs fell by one to 477 this week, their lowest since December 2021, while gas rigs rose by three to 103, their highest since mid-May.
Benchmark U.S. crude oil for August delivery fell $2.69to $80.13 per barrel Friday. Brent crude for September delivery fell $2.48 to $82.63 per barrel.
Wholesale gasoline for August delivery fell 7 cents to $2.45 a gallon. August heating oilfell 7 centsto $2.42 a gallon. August natural gas was flat at $2.13 per 1,000 cubic feet.
U.S. stocks end lower Friday as S&P 500 logs worst week since April
The U.S. stock market finished down Friday, with the S&P 500’s...
The U.S. stock market finished down Friday, with the S&P 500’s information-technology sector under pressure this week.
The Dow Jones Industrial Average finished 0.9% lower, while the S&P 500 index fell 0.7% and the Nasdaq Composite dropped 0.8%, according to preliminary data from FactSet. The S&P 500’s tech sector fell a sharp 1.3%, increasing its weekly decline to more than 5%.
For the week, the S&P 500 dropped 2%, its worst performance since April, the preliminary data show. The Dow saw a weekly gain of 0.7%, while the tech-heavy Nasdaq fell around 3.7% for the week.
