Dow ekes out gain, Nasdaq and S&P 500 end lower as Fed frets over inflation
Stocks finished mixed on Wednesday, with the Dow Jones...
Stocks finished mixed on Wednesday, with the Dow Jones Industrial Average securing a back-to-back gain and the S&P 500 dropping for a fourth consecutive day, after the Federal Reserve's most recent meeting minutes revealed concerns about near-term tariff-driven inflation.
Meanwhile, investors rotated out of big-name technology companies — putting the Nasdaq Composite on track for its worst two-day performance in months during much of Wednesday's session.
“The Fed is worried about inflation accelerating as companies pass tariffs on to consumers," said David Russell, global head of market strategy for the online trading platform TradeStation.
"Several policymakers also see risk of higher prices getting entrenched because inflation has been above the Fed’s target for so long. ... The bulls might get some cold water splashed in their faces at Jackson Hole,” he added in an email, referring to the central bank's annual symposium in Wyoming being held this week.
The Dow rose 16.04 points, or less than 0.1%, to finish at 44,938.31 after choppy trading, based on preliminary data.
The S&P 500 fell 15.59 points, or 0.2%, to end at 6,395.78 for a fourth straight session of declines.
The Nasdaq Composite dropped 142.10 points, or 0.7%, to close at 21,172.86.
Double Eagle V Buying Leasehold in Oily Barnett Permian Play
Activity around the Barnett formation...
Activity around the Barnett formation on the Permian’s Central Basin Platform is accelerating, with Double Eagle V, led by Cody Campbell and John Sellers, actively leasing acreage. Continental Resources has already produced nearly 2 MMbbl from six Barnett wells in its new West Texas play beneath Ector County’s airport, with permits in hand for 18 additional wells. Continental’s early results show strong oil-rich performance, including wells drilled beneath runways and commercial facilities. Neighboring operators include Epsilon Energy and Ares Energy, who hold 16,500 gross acres with a 25% working interest, and estimate 30 to 40 potential two-mile laterals. Epsilon reports consistent early results with type curves of 112 boe per foot, 86% oil, and first-year production averaging 200,000 boe, although drilling costs remain elevated at roughly $900 per foot.
Competition is heating up, with Occidental, Diamondback, ConocoPhillips, and Elevation Resources also active nearby. Leasing costs have doubled or tripled in the past three years, underscoring rising interest in this oily Barnett pocket, which also shows Woodford potential. With operators demonstrating economic wells in unconventional settings such as beneath airports and urban infrastructure, the Permian Barnett is reemerging as an active and competitive development play.
Russia launched missile and drone attacks against Ukrainian cities on August 19, hours after President Volodymyr Zelensky concluded peace talks with U.S. President Donald Trump at the White House. Explosions were reported in Kremenchuk as ballistic missiles struck Ukraine's central region.
The assault targeted energy infrastructure using multiple ballistic missiles and dozens of drones, local media reported. Cities near the front line, including Kharkiv and Poltava, also faced missile strike threats. Air raid alerts were issued across several Ukrainian regions, including Kyiv.
The attack occurred amid intensified U.S. efforts to broker peace between Moscow and Kyiv. Trump recently met Putin in Alaska and plans to host bilateral talks between Zelensky and Putin, followed by trilateral meetings involving all three leaders. Zelensky’s gift to Trump, here.
The Air Canada strike is over. Flights resumed last...
The Air Canada strike is over. Flights resumed last night after the airline reached a deal with the union representing its flight attendants to end a three-day work stoppage that had grounded Canada’s flag carrier. Nearly 3,000 flights were canceled after more than 10,500 flight attendants walked off the job last week following months of unsuccessful contract negotiations, arguing they were not compensated fairly. The two sides did not divulge the details of their agreement, but Air Canada CEO Michael Rousseau said the company’s offer attempted to satisfy the union’s demands over unpaid work. It’s likely to take a few days before the airline’s operations return to normal.
Israel said it will respond by Friday to a Gaza ceasefire plan that Hamas reportedly agreed to earlier this week.
OpenAI CEO Sam Altman said he believes AI is in a bubble and that investors are “overexcited” about the technology.
Chamath Palihapitiya, the former Facebook executive once known as the “SPAC King,” is returning after three years with a new blank-check vehicle.
Robinhood is launching prediction markets for college football and the NFL “in the coming days.”
YouTube is making a pitch to host the Oscars once the ceremony’s contract with ABC expires in 2028, Bloomberg reported.
The Duffer Brothers, who created Stranger Things, are parting ways with Netflix and signing an exclusive deal to make projects for Paramount.
