Credit rating agency Fitch warned yesterday that the fight over the debt ceiling could force it to question the US’ perfect credit rating. It said it had put the nation’s triple-A credit rating on “rating watch negative,” meaning it’s poised for a downgrade if lawmakers can’t work things out. Even negotiations that drag on too long before a deal is reached could trigger a downgrade: That’s what happened in 2011, when S&P dinged the US’ credit over default fears. S&P still hasn’t returned the nation’s score to its highest rating.
US stock futures are trading mixed early Thursday. Investors will be watching for the...
US stock futures are trading mixed early Thursday. Investors will be watching for the second reading on the gross domestic product in the first quarter, as well as the latest weekly jobless claims data. Check out the latest market moves.
Earnings on deck: Costco, McDonald's, and Best Buy, all reporting.
Benchmark U.S. crudeoil for July delivery rose $1.43 to $74.34 a barrel Wednesday. Brent crude for July delivery rose $1.52 to $78.36 a barrel.
Wholesale gasoline for June delivery rose 6 cents to $2.72 a gallon. June heating oilrose 5 cents to $2.41 a gallon. June natural gasrose 8 cents to $2.40 per 1,000 cubic feet.
Dow extends losing streak to fourth day as debt-ceiling talks continue
U.S. stocks finished lower on Wednesday, with the Dow posting...
U.S. stocks finished lower on Wednesday, with the Dow posting a four-session skid, as the White House and House Republicans continued debt-ceiling talks ahead of a fast-approaching deadline. The Dow Jones Industrial AverageDJIA fell about 255 points, or 0.8%, ending near 32,800, booking a fourth session in a row of declines, its longest stretch of losses in about two weeks, according to Dow Jones Market Data. The S&P 500 index SPX shed 0.7% and the Nasdaq Composite IndexCOMP closed down 0.6%, according to preliminary FactSet figures. Treasury Secretary Janet Yellen said on Wednesday that it’s “almost certain” that the federal government won’t be able to meet all of its obligations in early June if Congress doesn’t strike a deal on the U.S. debt limit, and that she’s worried about “substantial financial-market distress” even when there’s an agreement to avoid a default.
The energy sector is off to a higher start, supported...
The energy sector is off to a higher start, supported by strength in oil futures, while U.S. futures are lower as negotiations between the White House and the Republican representatives continue, with no clear compromise in sight.
WTI and Brent crude oil futures are higher on concerns over tight supply and as investors digest a warning from the Saudi Energy minister who raised the prospect of further OPEC+ cuts. According to the API, crude inventories fell about 6.8 million barrels last week, in line with gasoline inventories which dropped 6.4 million barrels. The market will be keeping an eye on EIA data to confirm these inventory levels which would mark a third-consecutive week of falling gasoline inventories.
Natural gas futures are higher, attempting to end a 3-day losing streak driven by bearish weather forecasts and higher production. The consensus for EIA weekly storage data due tomorrow has a build of +102 Bcf vs the 5-year average of +96 Bcf.
