This week, oil prices slipped to four-month lows, copper plunged 30% from recent highs, and wheat has cratered 40%.
The S&P GSCI commodities index dropped to 664.15 on Wednesday — which is where it stood before Russia invaded Ukraine in February. However, it did rebound 5% Thursday to 694.34.
And traders are reacting accordingly. They forecasted inflation to average just 2.5% over the next five years, down from the 3.7% expectation reported in March.
U.S. economy exceeds consensus forecast in adding 372,000 jobs in June
The numbers: The U.S. created a robust 372,000 new jobs in June, confounding predictions...
The numbers: The U.S. created a robust 372,000 new jobs in June, confounding predictions of a big slowdown in hiring and signaling the economy has some zip left despite growing talk of recession. Economists polled by The Wall Street Journal had forecast 250,000 new jobs.
The unemployment rate was unchanged at 3.6%, the government said Friday, just a a tick above the pre-pandemic low.
The strong gain in employment in June is unlikely to last, however. For one thing, the biggest shortage of labor in decades is unlikely to ease soon, making it hard for companies that still want to hire to do so.
Benchmark U.S. crude oil for August delivery rose $4.20 to $102.73 a barrel Thursday....
Benchmark U.S. crude oil for August delivery rose $4.20 to $102.73 a barrel Thursday. Brent crude for September delivery rose $3.96 to $104.65 a barrel.
Wholesale gasoline for August delivery rose 18 cents to $3.42 a gallon. August heating oil rose 26 cents to $3.67 a gallon. August natural gas rose 79 cents to $6.30 per 1,000 cubic feet.
Shell Gets $1 Billion Refining Boost, Upgrades Oil and Gas Assets
Shell Plc said on July 7 that surging demand for oil products that had almost tripled refining...
Shell Plc said on July 7 that surging demand for oil products that had almost tripled refining profits in the second quarter would boost earnings by up to $1.2 billion.
In an update before second-quarter results on July 28, Shell also said it would reverse up to $4.5 billion in write-downs on oil and gas assets after it raised its energy prices outlook following Russia’s invasion of Ukraine.
Earnings from oil and refined products trading were expected to be strong in the quarter but lower than the first quarter of 2022, Shell said.
MarketWatch: Dow finishes up over 300 points as S&P 500 gains for fourth straight day
U.S. stocks closed higher on Thursday, with the S&P 500 and Nasdaq Composite clinching a fourth straight...
U.S. stocks closed higher on Thursday, with the S&P 500 and Nasdaq Composite clinching a fourth straight day of gains, as investors reacted to a recent drop in commodity prices. The S&P 500 SPX, +1.50% rose 57.54 points, or 1.5%, to close at 3,902.61. The Nasdaq Composite COMP, +2.28% gained 259.49 points, or 2.3%, to 11,621.35. The Dow Jones Industrial Average DJIA, 1.12% gained 346.87 points, or 1.1%, to 31,384.55. Investors are now looking ahead to June payrolls data, which is set to be released at 8:30 a.m. Eastern on Friday.
