Dow scores longest win streak since 1987 after Fed decision
The Dow Jones Industrial Average ended slightly higher Wednesday...
The Dow Jones Industrial Average ended slightly higher Wednesday to book its longest win streak since 1987 after the Federal Reserve announced its decision to raise interest rates. The Dow DJIA, rose 0.2% Wednesday, while the S&P 500 SPX, closed about flat, and the Nasdaq Composite COMP dipped 0.1%, according to preliminary FactSet data. As expected by the market, the Fed said Wednesday that it raised its benchmark rate a quarter percentage point to a targeted range of 5.25% to 5.5% in a bid to bring down elevated inflation.
Federal Reserve Chair Jerome Powell is scheduled to hold a press conference at 2.30 p.m. (You'll be able to watch it live here.) Investors will watch for clues about whether this is the last hike of the cycle and when policymakers might start cutting rates.
Strong international activity propelled oilfield services giant SLB's second-quarter earnings to $1.03...
Strong international activity propelled oilfield services giant SLB's second-quarter earnings to $1.03 billion, an increase of 11% from the first quarter, while revenue climbed 5% sequentially to $8.1 billion. Despite declining rig activity, North American revenue continued to grow, though at a notably slower pace.
Rebound in sight for Henry Hub gas prices after weak H1
A mix of factors such as record production, elevated inventories and mild temperatures caused average...
A mix of factors such as record production, elevated inventories and mild temperatures caused average monthly spot natural gas prices at the Henry Hub to decline by 34% to $2.18 per million British thermal units in the first six months of 2023, the Energy Information Administration reported, citing Refinitiv Eikon data. However, prices are projected to rise to an average of $2.83/MMBtu in the second half, as demand catches up to consistently high levels of dry natural gas production.
Profits for US refiners stay strong despite challenges
US refining profits are expected to remain strong despite a decline from last year's highs due to factors...
US refining profits are expected to remain strong despite a decline from last year's highs due to factors such as increased foreign competition, domestic outages, OPEC+ production cuts and improved distillate inventory levels. A healthy crack spread of around $37.50 per barrel bodes well for the industry's outlook, although new refining capacity in Asia and the Middle East and decreased diesel demand could affect future profitability.
