U.S. Stock-Market Rebound Faces ‘Huge’ Jobs Reports After Labor Day Weekend
U.S. stock and bond investors face a big employment report...
U.S. stock and bond investors face a big employment report this week, after returning from the Labor Day weekend to kick off September trading.
The U.S. jobs report, scheduled to be released Friday, will be “huge” from a market’s perspective, said Victoria Fernandez, chief market strategist at Crossmark Global Investments, in an interview. She said the report on jobs growth and the unemployment rate in August, has the potential to move stocks and bonds.
July employment data, released in early August, had rocked the stock market as it was softer than Wall Street expected and showed the unemployment rate rose to 4.3%. However, U.S. stocks have bounced back from their recent slump, with the Dow Jones Industrial Average logging a fresh record high Friday while the S&P 500 ended 0.3% below its all-time peak notched July 16.
“The overall economy continues to look pretty strong,” said Bob Elliott, co-founder, chief executive officer, and chief investment officer of Unlimited Funds, by phone. But “the jury is still out on whether we’re going to get a ‘no landing,’ a soft landing, or a hard landing.”
Santos making progress on Alaska Pikka development
The Pikka oil project on Alaska's North Slope is nearly 60% complete...
The Pikka oil project on Alaska's North Slope is nearly 60% complete and on track to deliver 80,000 barrels of oil per day by early 2026, Santos CEO Kevin Gallagher has announced. He also highlighted the project's economic and community contributions, including creating over 2,200 jobs and investing $59 million in local infrastructure, as well as ongoing efforts to reduce emissions through carbon capture and storage initiatives.
NHL star Johnny Gaudreau and his brother killed by suspected...
NHL star Johnny Gaudreau and his brother killed by suspected drunken driver. The 31-year-old Columbus Blue Jacket known as “Johnny Hockey” and his 29-year-old brother, Matthew, were struck by an SUV while riding bicycles on a rural road in Oldmans Township, NJ, around 8:30pm on Thursday. Police said the driver, Sean M. Higgins, attempted to pass two vehicles and hit the brothers from behind. Higgins was charged with two counts of death by auto, reckless driving, possession of an open container, and consuming alcohol in a motor vehicle. The brothers were scheduled to be groomsmen in their sister’s wedding in Philadelphia yesterday.
California passed the US’ first ban on red dye No. 40 and five other chemical colorants in foods served in school lunches.
Ukrainian President Volodymyr Zelensky fired the head of the air force days after an F-16 warplane crashed and killed the pilot as the country continues to fight off Russia’s invasion.
Two NASA astronauts got bumped from the agency’s next SpaceX flight to make room for the craft to pick up the two astronauts stuck in space because of issues with Boeing’s vehicle, which is even worse than getting booted from your flight to Dallas and missing your connection.
Police are investigating the death of a Wells Fargo employee who clocked into work and was found dead in her cubicle four days later, though so far they say there are no signs of foul play.
Us Drillers Cut Oil and Gas Rigs for Third Week in a Row
According to Baker Hughes ' report on Friday, U.S. energy firms reduced...
According to Baker Hughes ' report on Friday, U.S. energy firms reduced the total number of operating oil and natural gas rigs for a third consecutive week, marking the first time since late June. The total rig count fell by two to 583 in the week ending August 30, the lowest since June, putting it 48 rigs, or 8%, below the same time last year. Oil rigs remained unchanged at 483, while gas rigs fell by two to 95, the lowest since April 2021.
For August, the overall rig count dropped by six after increasing by eight in the previous month. Oil rigs increased by one, but gas rigs declined by six. In the Marcellus Shale, the country's largest gas-producing basin, two rigs were cut, bringing the total down to 23, the lowest since August 2016. In Pennsylvania, three rigs were cut, reducing the total to 18, the lowest since December 2021.
The rig count declined by about 20% in 2023, following increases of 33% in 2022 and 67% in 2021. This was due to falling oil and gas prices, inflation-driven costs, and a focus on debt reduction and shareholder returns over production growth.
U.S. oil futures rose about 3% in 2024 after an 11% drop in 2023, while gas futures fell by 16% in 2024 after a 44% plunge in 2023. Despite higher oil prices, the continued decline in gas futures led many energy firms to cut capital spending in 2024, expecting to reduce gas production for the first time since 2020; according to TD Cowen, 26 independent exploration and production companies plan to cut spending by about 2% in 2024 compared to 2023, contrasting with spending increases of 27% in 2023, 40% in 2022, and 4% in 2021.
Oil settles $1 down as supply set to rise, uncertainty around Fed rate cuts
Oil prices retreated on Friday as investors weighed expectations...
Oil prices retreated on Friday as investors weighed expectations of a rise in OPEC+ supply starting in October, alongside dwindling hopes of a hefty U.S. interest rate cut next month, following data showing strong consumer spending.
Brent crude futures for October delivery, which expire on Friday, settled $1.14 lower, or 1.43%, at $78.80 a barrel, marking a decline of 0.3% for the week and 2.4% for the month.
U.S. West Texas Intermediate crude futures settled down $2.36, or 3.11%, to $73.55, a drop of 1.7% in the week and a 3.6% decline in August.
The Organization of the Petroleum Exporting Countries and allies, known as OPEC+, is set to proceed with a planned oil output hike from October, as the Libyan outages and pledged cuts by some members to compensate for overproduction counter the impact of sluggish demand, six sources from the producer group told Reuters.
