Dow finishes lower, S&P 500 ends flat after another round of corporate earnings
Stocks ended mostly lower on Wednesday, but not by much after the Federal Reserve’s latest Beige Book...
Stocks ended mostly lower on Wednesday, but not by much after the Federal Reserve’s latest Beige Book survey showed that little has changed in economic activity, even while banks pulled back on lending. The Dow Jones Industrial Average DJIA, -0.23% fell about 79 points, or 0.2%, ending near 33,897, while the S&P 500 index SPX, -0.01% shed less than a point, according to preliminary FactSet data. The Nasdaq Composite Index COMP, 0.03% was less than 0.1% higher. Stocks have been struggling for direction this week as the corporate quarterly earnings season gathered steam. The focus for months has been on how far the Fed might rate rates before pausing, and then for how long they might stay high as the central bank looks to bring high inflation lower. Stress in the banking system cropped up in March, with the failure of Silicon Valley Bank and Signature Bank. But the Fed is widely expected to raise its policy rate by another 25 basis points in May, after rapidly increasing the top end of its target range to 5% in slightly more than a year.
A bipartisan coalition of lawmakers, including Sens. Shelley Moore Capito, R-W.Va., Joe Manchin, D-W.Va.,...
A bipartisan coalition of lawmakers, including Sens. Shelley Moore Capito, R-W.Va., Joe Manchin, D-W.Va., and Rep. Scott Peters, D-Calif., is making progress on a deal to reform the federal permitting process for infrastructure projects, aiming to hold hearings in the coming months and pass legislation this year. Even though the issue of permitting delays has become more important for Democrats seeking to expand clean energy, the coalition faces a significant hurdle in securing enough support in the Senate to reach the 60-vote threshold required to pass the bill.
Survey offers insights into Permian oil boom's future
According to a Bloomberg survey of leading forecasters S&P...
According to a Bloomberg survey of leading forecasters S&P Global, Rystad Energy, Wood Mackenzie and Enverus, the final phase of the Permian Basin oil boom is expected to boost global production by an amount equal to Iran's total output. Permian oil output is forecast to grow by 40% before peaking at 7.86 million barrels per day in 2030, but investor discipline, labor and supply shortages and political risk will likely keep the pace of expansion in check.
Report: US shale set for job boom, wage growth until 2024
Strong production growth and increased operator spending are expected to trigger a job boom and drive...
Strong production growth and increased operator spending are expected to trigger a job boom and drive wage growth in the US shale patch through 2024, Rystad Energy predicts in a new report. Beyond 2024, the report forecasts a potential deceleration in labor demand and wage growth due to reduced operator spending, smaller production increases and the effects of the Federal Reserve's monetary policies.
The energy sector is off to a lower start, pressured by weakness...
The energy sector is off to a lower start, pressured by weakness in the crude complex and the major market futures. U.S equities are expected to open lower amid fears of further interest rate hikes by the Federal Reserve. As earnings season ramps up, Baker Hughes announced first-quarter earnings that beat Wall St expectations as strong oil prices continue to support demand for their services and equipment. UBS analyst Josh Silverstein initiated coverage across 19 oil & gas stocks and assumed coverage over CVX, SLB and XOM.
Oil futures are extending their weekly losses as traders remain focused on the possibility of another modest rate hike. Concerns over a slowing economy and fuel demand outweighed positive Chinese economic data and a draw in crude inventories according to the API. Markets are now pricing in an 86% chance of the Fed raising rates by 25 basis points at its May policy meeting. As anticipated, China's GDP grew by more than expected at 4.5%, for the first quarter and surpassed analyst expectations. Their refinery throughput also rose to record levels in March. Investors will be keeping an eye out for EIA data which will be released later as last night’s API data showed crude stocks fell by 2.68 million barrels last week.
Natural gas futures are lower amid forecasts for cooler temperatures and lower heating demand than previously expected.
