Dow books biggest drop in more than two weeks after report about Apple’s plans to slow hiring, spending
U.S. stocks gave up early gains to finish lower on Monday after Bloomberg reported that...
U.S. stocks gave up early gains to finish lower on Monday after Bloomberg reported that Apple Inc. plans to slow hiring and spending growth in some divisions next year in anticipation of a potential economic downturn.
Dow industrials posted their biggest drop in more than two weeks and, along with the S&P 500, are now down six of the past seven trading days.
The Dow Jones Industrial Average DJIA fell 215.65 points, or 0.7%, to close at 31,072.61, after rising as much as 356 points at its session high. That’s the largest one-day point and percentage drop since June 30, according to Dow Jones Market Data.
The S&P 500 SPX dropped 32.31 points, or 0.8%, to finish at 3,830.85.
The Nasdaq Composite COMP declined 92.37 points, or 0.8%, to end at 11,360.05.
Benchmark U.S. crude oil for August delivery rose $5.01 to $102.60 a barrel Monday....
Benchmark U.S. crude oil for August delivery rose $5.01 to $102.60 a barrel Monday. Brent crude for September delivery rose $5.11 to $106.27 a barrel.
Wholesale gasoline for August delivery rose 5 cents to $3.25 a gallon. August heating oil fell 4 cents to $3.66 a gallon. August natural gas rose 46 cents to $7.48 per 1,000 cubic feet.
Chevron is getting ready for the Gulf of Mexico hurricane season by maintaining its own fleet of 18 helicopters...
Chevron is getting ready for the Gulf of Mexico hurricane season by maintaining its own fleet of 18 helicopters and boosting safety training, which will enhance crew safety and minimize production hiccups, said the company. "With our own helicopters on standby, we have more flexibility in determining when to safely shut down the platform, and bring production back online days faster," said Chevron's Gulf of Mexico aircraft operations manager Jose Jaramillo.
Zeigler: How to unlock American oil's "full potential"
Unlocking the "full potential" of US oil requires the Biden administration to form a sound energy policy...
Unlocking the "full potential" of US oil requires the Biden administration to form a sound energy policy and reduce efforts to secure energy supplies from foreign countries, writes American Petroleum Institute of Ohio executive director Chris Zeigler. The administration needs to promote critical energy infrastructure development and end development restrictions on federal lands, Zeigler writes.
Chesapeake Energy pops 5% as Goldman assigns new Buy rating
Chesapeake Energy (NASDAQ:...
Chesapeake Energy (NASDAQ:CHK)+5.3% in Monday's trading as Goldman Sachs reinstated coverage with a Buy recommendation and $106 price target, citing its strong balance sheet after emerging from bankruptcy.
Goldman said Chesapeake (CHK) has increased its scale following the acquisition of Vine Energy in the Haynesville shale and Chief Oil & Gas in Appalachia with 15-plus years of attractive inventory, which the bank believes can support free cash flow yields of 26%, 24% and 15% in 2022, 2023 and 2024, respectively, vs. covered gas-focused E&Ps at 22%, 21% and 12%.
Combined with the strong balance sheet, Goldman says the acquisitions may allow Chesapeake (CHK) to deploy the bulk of its FCF towards a capital returns program comprised of fixed and variable dividends and share repurchases.
