S&P 500 ends above 4,500 level for first time in 15 months
Stocks rose for a fourth day in a row on Thursday, a day ahead...
Stocks rose for a fourth day in a row on Thursday, a day ahead of second-quarter earnings from America’s biggest lenders.
The Dow Jones Industrial AverageDJIA rose about 46 points, or 0.1%, ending near 34,394, according to preliminary data from FactSet. But the S&P 500 indexSPX gained 0.9% to end at 4,509, clearing the 4,500 mark for the first time since April 5, 2022 when it ended at 4,545.86, according to Dow Jones Market Data. The Nasdaq Composite IndexCOMP scored another blockbuster day, up 1.6%. Investors have been optimistic as inflation pressures ease and as perhaps the best-telegraphed U.S. economic recession in recent history has yet to materialize. The S&P 500 and Nasdaq have been charging higher on buzz about AI technology, with much of this year’s stock-market gains fueled by a small group of stocks.
SandRidge Energy Grows Ownership Interest in Midcontinent Play
Midcontinent E&P SandRidge...
Midcontinent E&P SandRidge Energy Inc. is expanding its portfolio of operated interests in the northwest STACK play.
SandRidge closed an acquisition to increase its interest in 26 producing wells operated by the company in the northwest STACK for $11.25 million, the Oklahoma City-based E&Pannounced July 12.
The average production associated with the acquired interests was about 500 boe/d (~30% oil) during the first quarter.
The Energy Information Administration has lowered its forecast for US crude oil production this year...
The Energy Information Administration has lowered its forecast for US crude oil production this year by 50,000 barrels per day, following the decision by members of the Organization of the Petroleum Exporting Countries and other leading oil producers to reduce output through to next year. These cuts are projected to weigh on global oil stocks into 2024 and support higher crude prices against the backdrop of higher global demand for oil.
Energy stocks are continuing their ascent and July outperformance,...
Energy stocks are continuing their ascent and July outperformance, tracking positive broader index futures and oil prices, which are trading near two-month highs. Companies are entering blackout periods ahead of earnings, so news flow is light.
Meanwhile, global oil benchmark Brent hovered above $80 a barrel on Thursday after U.S. inflation data implied interest rates in the world's biggest economy are close to their peak. Data released on Wednesday showed U.S. consumer prices rose modestly in June and registered their smallest annual increase in more than two years as inflation continued to subside. Markets expect one more interest rate rise before the U.S. rate-hiking cycle peaks. Higher rates can slow economic growth and reduce oil demand. Oil prices have rallied by around 12% in two weeks, primarily in response to supply cuts from top producers Saudi Arabia and Russia, said Craig Erlam, senior market analyst at OANDA. "Some profit-taking at these levels wouldn't be hugely surprising and may have come sooner if not for the U.S. consumer price inflation data," he said.
Natural gas futures are higher by 2 cents ahead of weekly inventory data.
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