Nasdaq, S&P 500 post worst days since 2022 after brutal Big Tech stock selloff
U.S. stocks finished sharply lower on Wednesday, led by a 3.6% drop in...
U.S. stocks finished sharply lower on Wednesday, led by a 3.6% drop in the Nasdaq Composite, after disappointing earnings from megacap technology companies triggered a flight to safety by investors.
Based on preliminary data, the Dow Jones Industrial Average finished by 504.22 points, or 1.3%, at 39,853.87. It closed lower for the fourth time in the past five sessions.
The S&P 500 closed down by 128.61 points, or 2.3%, at 5,427.13. It had its worst day on a percentage basis since Dec. 15, 2022.
The Nasdaq Composite ended down by 654.94 points, or 3.6%, at 17,342.41. On a percentage basis, the index had its worst day since Oct. 7, 2022.
Wednesday's market moves were "very much a continuation of the rotational activity we were seeing last week, but it hasn’t turned into an outright derisking yet," said Michael Reinking, a senior market strategist for the New York Stock Exchange.
Nonetheless, Reinking wrote in a note that "as volatility increases and fast trends begin to break, that does trigger a systematic reduction of risk, and we could enter into that feedback loop."
Settlement clears path for Golden Pass LNG completion
The stalled $11 billion Golden Pass LNG export project in Texas could...
The stalled $11 billion Golden Pass LNG export project in Texas could move forward after a settlement with bankrupt original contractor Zachry Holdings enables owners QatarEnergy and ExxonMobil to appoint Chiyoda International as the new lead contractor. The agreement puts the facility on track to begin LNG production in 2025, a delay from the initially planned end of 2024.
Just one day after enduring a bipartisan grilling on Capitol Hill over...
Just one day after enduring a bipartisan grilling on Capitol Hill over the security failures that allowed for the assassination attempt on former President Trump, Cheatle stepped down, writing in an email to Secret Service employees that she didn’t want the chorus of criticism to be a distraction. She admitted that the agency “fell short” of its mission to protect US leaders when a gunman managed to fire several shots at Trump and spectators from a nearby roof at a July 13 rally in Butler, Pennsylvania. Democrats and Republicans in Congress are now launching a bipartisan task force to investigate the assassination attempt.
Tesla continued to ride the struggle bus. Profit at...
Tesla continued to ride the struggle bus. Profit at Elon Musk’s automaker failed to meet Wall Street’s expectations and fell for the second straight quarter as it tries to power through a period of weaker demand. The company also said 2024 growth will be “notably slower” than before, in part due to increased competition from rivals like China’s BYD. Meanwhile, Tesla plans to move ahead with a number of new ventures, including artificial intelligence, a robotaxi, and humanoid robots.
Sen. Bob Menendez of New Jersey is reportedly expected to resign next month after he was convicted on all 16 counts in his federal corruption trial.
General Motors announced that it’s restarting its Cruise driverless taxi operations, which it had suspended last year after one of the vehicles hit a pedestrian in San Francisco.
Google’s proposed $23 billion takeover of cybersecurity company Wiz reportedly fell apart. The startup is now planning an IPO.
Philip Morris raised its annual profit forecast after it said sales of its ridiculously popular Zyn nicotine pouches could hit 580 million cans this year.
Best Buy refreshed its brand with a new color palette and a holographic spokesperson named Gram.
Crude oil inventories in the United States fell again this week, this time by 3.9 million barrels...
Crude oil inventories in the United States fell again this week, this time by 3.9 million barrels for the week ending July 19, according to The American Petroleum Institute (API). The reality was far from analyst predictions that pegged the inventory move at a 700,000-barrel build for the week.
This week marks the fourth week in a row of API-estimated crude oil inventory draws, with a total loss of 19.4 million barrels.
On Monday, the Department of Energy (DoE) reported that crude oil inventories in the Strategic Petroleum Reserve (SPR) rose by 0.7 million barrels as of July 19. Inventories are now at 374.4 million barrels—the highest level since December 2022, but still well below the 656 million barrels in inventory in June 2020.
Cushing inventories rounded out this week’s losses, losing 1.6 million barrels, according to API data, on to pof the 746,000 barrel drop in the previous week.
