Stocks finish with back-to-back losses as investors digest Fed’s vows not to waver in inflation fight
MARKETWATCH: U.S. stocks finished with...
MARKETWATCH:U.S. stocks finished with back-to-back losses on Monday, handing Dow industrials an almost 1,193-point loss in the past two trading days, as investors continued reacting to remarks by Federal Reserve Chairman Jerome Powell, who underscored policy makers’ resolve to squeeze out inflation even if it creates economic pain.
The Dow Jones Industrial Average DJIA, -0.57% ended down by 184.41 points, or 0.6%, at 32,098.99 after dropping almost 321 points earlier in the session. Dow industrial also turned periodically positive in the afternoon.
The S&P 500 SPX, -0.67% finished lower by 27.05 points, or 0.7%, at 4,030.61.
The Nasdaq Composite COMP, -1.02% closed down by 124.04 points, or 1%, at 12,017.67.
Stocks had recorded their worst day in months on Friday, when the Dow industrials tumbled 1,008.38 points, or 3%, to close at 32,283.40; that was the biggest percentage decline since May 18. The S&P 500 slid 3.4%, its biggest drop since June 13, and the Nasdaq Composite COMP, -1.02% tumbled 3.9%, the largest drop since June 16.
Deloitte: US shale's debt pile could vanish by 2024
The US shale industry could see profits climb to a record of nearly $200 billion this year, freeing...
The US shale industry could see profits climb to a record of nearly $200 billion this year, freeing up enough cash for operators to repay all debt by 2024, reward shareholders and boost investments in natural gas production and low-carbon fuels, according to a Deloitte analysis. The tide is also turning for US liquefied natural gas operators, which are expected to see their profits double from last year to $59 billion, recouping the $45 billion in losses incurred between 2013 and 2020, the report notes.
Flywheel Energy to acquire shale gas assets from Exxon
ExxonMobil has agreed to sell some assets in Arkansas' Fayetteville Shale...
ExxonMobil has agreed to sell some assets in Arkansas' Fayetteville Shale to Oklahoma City-based Flywheel Energy for an undisclosed amount, part of the oil major's plan to divest $15 billion worth of non-core properties. The asset package includes about 5,000 natural gas wells and pipeline and processing infrastructure spread over around 381,000 acres.
U.S. stocks open lower as Wall Street selloff continues
U.S. stocks opened lower on Monday as the selloff on Wall Street continued following Friday's 1,000-point...
U.S. stocks opened lower on Monday as the selloff on Wall Street continued following Friday's 1,000-point drop in the Dow Jones Industrial Average. The Dow Jones Industrial Average DJIA, -0.58% pulled back 255 points, or 0.8%, to 32,027. The S&P 500 SPX, -0.47% dropped 32 points, or 0.8%, to 4,026. The Nasdaq Composite COMP, -0.50% fell 93 points, or 0.8%, to 12,042. The Dow saw its biggest daily drop since May 18 on Friday, while the S&P 500 and the Nasdaq each recorded their worst days since mid-June. All three benchmarks also finished in the red for the second straight week. Stocks plunged on Friday after Federal Reserve Chairman Jerome Powell said the Fed would continue its battle against inflation even if tighter monetary policy causes financial harm to U.S. households and businesses.
Oil prices buoyed on prospect of OPEC production cut
Oil futures moved higher early Monday, building on the previous week’s gains as investors...
Oil futures moved higher early Monday, building on the previous week’s gains as investors weighed the prospect of a cut in production by the Organization of the Petroleum Exporting Countries.
West Texas Intermediate crude for October delivery CL00, rose 69 cents, or 0.7%, to $93.75 a barrel on the New York Mercantile Exchange, building on a gain of 2.9% last week.
October Brent crudeBRNV22, the global benchmark, was up 40 cents, or 0.4%, at $101.39 a barrel on ICE Futures Europe. The most actively traded November contract BRNX22, rose 55 cents, or 0.6%, to $93.61 a barrel.
September gasoline RBU22, was down 1.6% at $2.805 a gallon, while September heating oilHOU22, hed 1.6% to $3.945 a gallon.
September natural-gas futures NGU22, advanced 1.6% to $9.445 per million British thermal units.
