MarketWatch: Dow ends down 350 points as major stock indexes skid to weekly losses
Stocks closed lower on Friday to end the week in the red after ...
Stocks closed lower on Friday to end the week in the red after a strong May jobs report rattled investors already nervous about the Federal Reserve's planned pace of aggressive interest rate hikes. The Dow Jones Industrial Average DJIA, -1.05% shed about 349 points, or 1.1%, ending near 32,898 while booking a near 1% weekly drop. The S&P 500 SPX, -1.63% fell 1.6% Friday and 1.2% for the week. The Nasdaq Composite Index COMP, -2.47% shed 2.5% to book a 1% weekly drop, after earlier gains in the holiday-shortened week fizzled. Investors have been closely monitoring economics for hints as to how it could alter the Fed's planned rate hikes this summer, as well as its balance sheet reduction effort.
U.S. economy gained a greater-than-forecast 390,000 jobs in May
The U.S. added a higher-than-expected 390,000 new jobs in May, signaling the labor market...
The U.S. added a higher-than-expected 390,000 new jobs in May, signaling the labor market is still going strong despite some fraying around the edges.
Economists polled by The Wall Street Journal had forecast a smaller increase of 328,000 new jobs after some reports leading up the government’s employment survey had hinted at slower hiring last month.
The increase in hiring was the smallest in 13 months and breaks a string of 12 straight gains of at least 400,000 or more. Yet economists say employment growth was bound to slow as the U.S. recovered most of the jobs lost during the pandemic.
The unemployment rate was unchanged at 3.6%, the government said Friday, and was just a tick above the pre-pandemic low.
Another oil company backs out of leases in Alaska's Arctic National Wildlife Refuge
The only oil company that bought a single lease in the Arctic National Wildlife Refuge early last year...
The only oil company that bought a single lease in the Arctic National Wildlife Refuge early last year has canceled its lease, according to the U.S. Interior Department.
The move by Regenerate Alaska is the latest example of the industry stepping away from possible oil and gas development in the 19-million-acre refuge.
Hilcorp and Chevron have also canceled their interest in separate, older leases, on a small tract of Alaska Native corporation-owned land within the refuge's boundaries. Those oil companies spent $10 million to exit their deal with Arctic Slope Regional Corp.
OPEC+ announced a big boost to oil output Thursday - but it may not be enough
Even though it was larger than expected, the 648,000 barrel-per-day increase ...
Even though it was larger than expected, the 648,000 barrel-per-day increase may not be enough to offset missing Russian barrels in the global market, according to the CEO of Hess.
The release comes as US crude inventories have slipped, with EIA data showing that current stockpiles are some 15% below the five-year average for this time of year.
Still, the OPEC+ announcement clears the way for Saudi Arabia to ramp up oil production to try and fill in for Russia's absence from the market. As concerns mount over a dire supply squeeze, sources told the Financial Times that the Kingdom is prepared to pump more crude.
Saudi Arabia is aware of the risks in oil markets, and "that it is not in their interests to lose control of oil prices," a source told the FT. With China potentially easing COVID lockdowns, questionable Russian output, and soaring gas prices in the US, the White House faces a complex task. And, closer to home, consumers are still wondering why gas prices keep rising even in times when crude oil falls from record highs.
Permian Output to Continue Growing Despite Supply Chain Constraints
As demand for oil continues to surge on historically tight supply, Norwegian research firm Rystad Energy...
As demand for oil continues to surge on historically tight supply, Norwegian research firm Rystad Energy expects oil production in the Permian Basin to grow by almost 1 million bbl/d this year despite inflation worries, labor shortages and supply chain constraints.
