PCE index shows annual U.S. inflation rate of 6.8% in June
The numbers: A key gauge of U.S. inflation rose a sharp 1% in June, led by higher fuel...
The numbers: A key gauge of U.S. inflation rose a sharp 1% in June, led by higher fuel prices, in a sign that price pressures in the economy are still intense and unlikely to relent quickly.
The increase in the so-called personal-consumption price index exceeded Wall Street’s forecast. Economists had predicted a 0.9% advance.
A narrower measure of inflation that omits volatile food and energy costs, known as the core PCE, rose by 0.6% . That was above Wall Street’s 0.5% forecast. The rate of inflation over the past year climbed to 6.8% from 6.3% in the prior month — the highest rate since January 1982.
The core rate of inflation edged up to 4.8% from 4.7% in the 12 months ended in June. It had touched a 40-year high of 5.3% in February.
Exxon Mobil shares jump after earnings and revenue blow past consensus estimates
Exxon Mobil Corp. shares ...
Exxon Mobil Corp. shares XOM, +1.17% surged 2.5% in premarket trade Friday after the oil giant blew past earnings estimates for the second quarter amid high oil prices and higher production. The company posted a record net income of $17.850 billion, or $4.21 a share, for the quarter, more than three times the $4.690 billion, or $1.10, posted in the year-earlier period. The previous record net income came in the second quarter of 2012 at $15.91 billion. Adjusted per-share earnings came to $4.14, ahead of the $3.94 FactSet consensus. Revenue soared to $115.681 billion from $67.742 billion a year ago, also well ahead of the $111.302 billion FactSet consensus. The company said it increased Permian oil and gas production by about 130,000 oil-equivalent barrels a day and refining throughput by 180,000 barrels per day compared with the first half of 2021 to address a recovery in demand. Capex totaled $9.5 billion for the first half, on track with full-year guidance. Shares have gained 51% in the year to date, while the Dow Jones Industrial Average DJIA, +1.03% has fallen 10%.
EIA reports a smaller-than-expected weekly rise in U.S. supplies
The U.S. Energy...
The U.S. Energy Information Administration reported on Thursday that domestic natural-gas supplies rose by 15 billion cubic feet for the week ended July 22. That compared to an average forecast for an increase of 25 billion cubic feet from analysts polled by S&P Global Commodity Insights. Total working gas stocks in storage stand at 2.416 trillion cubic feet, down 293 billion cubic feet from a year ago and 345 billion cubic feet below the five-year average, the government said. Following the data, September natural gas NGU22, -4.33% was down 15.5 cents, or 1.8%, at $8.399 per million British thermal units.
MarketWatch: Dow, S&P 500 notch highest close 🔥 in about 7 weeks as earnings ramp up
U.S. stocks finished higher Thursday, extending a rally that lifted the S&P 500 and Dow to their...
U.S. stocks finished higher Thursday, extending a rally that lifted the S&P 500 and Dow to their highest close in roughly seven weeks, according to FactSet data. The Dow Jones Industrial Average DJIA, 1.03% climbed roughly 330 points, or 1%, ending near 32,526. The S&P 500 index SPX, 1.21% gained 1.2% to book its highest finish since June 8, according to FactSet. The Nasdaq Composite Index COMP, 1.08% ended 1.1% higher. Stocks have been advancing since the Federal Reserve on Wednesday fired off a second, extra-large interest rate increase of 75 basis points as it works to tame inflation at its highest in 41 years. Fed Chair Jerome Powell also the pace of hikes could slow "at some point," while playing up the potential to avoid a U.S. recession despite weaker economic data.
