MARKET WATCH: Microsoft surge powers early triple-digit Nasdaq gain as U.S. stocks rebound
U.S. stocks opened higher on Wednesday as a rally in Microsoft Corp. ...
U.S. stocks opened higher on Wednesday as a rally in Microsoft Corp. MSFT, 7.06% shares helped to boost the Nasdaq Composite. However, further declines in shares of First Republic Bank FRC, -18.46% following its Monday earnings report were seen as a cause for concern. The S&P 500 SPX, 0.20% gained 8.5 points, or 0.2%, to 4,080. The Nasdaq Composite COMP, 0.97% rose by 93 points, or 0.8%, to 11,892, after finishing Tuesday’s session at its lowest closing level in nearly a month. The Dow Jones Industrial Average DJIA, 0.16% gained 88 points, or 0.3%, to 33,618.
The energy sector is off to a mixed-to-higher start amid a rally in equity futures, which has outweighed a fall in crude oil contracts. U.S. equities are higher in the pre-market as investors react to positive Q1 earnings from Microsoft, while they await to digest more corporate data which will provide clues on the Fed’s interest rate path. As earnings season continues to heat up, Hess Corp reported first-quarter earnings, beating Wall St estimates, and disclosed a new discovery offshore Guyana by a consortium led by Exxon Mobil.
WTI and Brent crude oil are slightly lower as falling U.S. inventories failed to eclipse weak economic data and concerns over a hard landing. According to API figures, U.S crude stockpiles fell by about 6.1 million barrels last week, outpacing a 1.9-million-barrel decrease in gasoline inventories. Additionally, WTI Midland is set to be added to the S&P Global Platts and is the first crude from outside the region to be added to the traditionally European-based basket. The amount of Midland crude arriving in Europe has climbed in the past year, following the sanctions on Russia which have only strengthened the importance of WTI across the Atlantic.
Natural gas futures are lower on the last day before the expiration of the front-month contract on forecasts for milder weather in the next two weeks.
US stock futures rise early Wednesday after both Alphabet and Microsoft beat analysts'...
US stock futures rise early Wednesday after both Alphabet and Microsoft beat analysts' expectations for the last quarter. Here are the latest market moves.
On the docket: Boeing, Goldman Sachs, and more, all reporting.
The US is in the midst of a "freight recession," meaning there are fewer trucks delivering...
The US is in the midst of a "freight recession," meaning there are fewer trucks delivering goods around the country.
That slowdown, in turn, has dragged diesel prices down by almost half since last May, with the Wall Street Journal reporting wholesale diesel falling from $5.34 to $2.65.
The key industrial fuel, which is used to power machines and vehicles in countless sectors, began to dip first during the warmer-than-expected winter. Diminishing factory output and weaker demand for trucks has dragged prices down further.
The bank is teetering, with the stock down 93% in 2023. It had won wealthy clients with the offer of...
The bank is teetering, with the stock down 93% in 2023. It had won wealthy clients with the offer of jumbo mortgage loans that required no principal payments for a decade. Now, First Republic is reversing course. More here.
