U.S. stocks finish mostly lower as bank shares slide
U.S. stocks finished mostly lower on Tuesday,...
U.S. stocks finished mostly lower on Tuesday, with only the tech-heavy Nasdaq Composite clinging to gains, as poor retailer earnings, rising Treasury yields, and a slew of bank downgrades weighed on stocks. The S&P 500 SPX fell by 12.13 points, or 0.3%, to 4,387.63, according to preliminary closing data from FactSet. The Nasdaq CompositeCOMP gained 8.28 points, or 0.1%, to 13,505.87. The Dow Jones Industrial AverageDJIA fell by 174.72 points, or 0.5%, to 34,288.97. A gauge of bank stocks also finished lower as S&P Global downgraded several midsize U.S. banks.
The energy sector is off to a mixed to lower start,...
The energy sector is off to a mixed to lower start,pressured by further declines in the underlying commodities but supported by another bout of strength in the major equity futures which look to build on yesterday’s gains ahead of several key economic data points. Sector news is thin today.
WTI and Brent crude oil futures carried over yesterday’s pullback into this morning’s session, slipping as investors continue to weigh economic concerns in China against the impact of supply cuts. China is seen as key to shoring up oil demand over the rest of the year but the country's sluggish economic activity has frustrated markets after a post-COVID reopening boost. Attention will now shift to the next round of inventory data which market participants expect to show crude oil and gasoline inventories fell last week.
Natural gas futures turned lower this morning, pressured by forecasts for slower-than-expected gas demand over the next two weeks and as traders continue to eye output data.
The U.S. crude futures front-month contract for September delivery that expires this afternoon slips 0.3% to $80.45 a barrel, while the soon-to-be-front-month October contract slides below the $80 mark, down 0.4% at $79.83. Brent crude also slips, down 0.5% at $84.04.
A retreat today would mark the second straight loss for WTI.
The price declines come as some analysts are expecting this week's EIA inventory data, due tomorrow, will show a bearish, week-on-week increase in US crude-oil inventories as China slows down its imports just as US refineries move toward fall maintenance season and thus slow down their crude intake rate.
Could Permian Resources Shop Midland Assets After $4.5B Earthstone Deal?
Near term, Permian Resources plans to let the Midland Basin asset decline...
Near term, Permian Resources plans to let the Midland Basin asset decline under a one-rig program. Free cash flow generated from the Midland Basin will be reinvested into projects in the Delaware with higher returns.
But over time, there could be opportunities for Permian Resources to explore strategic alternatives for the Midland Basin asset.
“This is a Delaware Basin company,” Permian Resources co-CEO James Walter said on the call. “That’s how we think about the focus going forward.”
“That’s not something we’re doing at the present time or plan to do so immediately,” Walter said. “But I think over time, we’d obviously explore if there are ways to extract additional value from the Midland Basin.”
The National Hurricane Center announced it is tracking ...
The National Hurricane Center announced it is tracking multiple tropical systems, with three of the storms—dubbed Franklin, Emily, and Gert—forming within a 24-hour period.
Experts have warned of an above-normal Atlantic hurricane season, which peaks in September and runs through Nov. 30. The news comes as Tropical Storm Hilary hit Southern California over the weekend, bringing flash floods, mudslides, and power outages. See the aftermath of the storm here.
