Dow off 400 points after Powell warns of collateral damage from inflation battle
U.S. stocks tumbled Friday to session lows after Federal Reserve Chairman Jerome Powell delivered blunt...
U.S. stocks tumbled Friday to session lows after Federal Reserve Chairman Jerome Powell delivered blunt remarks on the pain the U.S. inflation fight likely will cause households and businesses at the annual Jackson Hole, Wyoming economic summit. The Dow Jones Industrial Average DJIA, -1.38% was down 406 points, or 1.2%, trading near 32,880, while the S&P 500 SPX, -1.72% was off 1.6% and the Nasdaq Composite Index COMP, -2.13% was off 1.9%. Powell said Friday that there will "very likely be some softening of labor market conditions," in his speech. "While higher interest rates, slower growth, and softer labor market conditions will bring down inflation, they will also bring some pain to households and businesses," he said. The 10-year Treasury note rose to 3.05% and the ICE US Dollar Dollar index edged down 0.3% to about 108 against a basket of rival currencies.
Fed Chair Jerome Powell’s speech in Jackson Hole, Wyoming—the one investors have been sweating over...
Fed Chair Jerome Powell’s speech in Jackson Hole, Wyoming—the one investors have been sweating over all week—will take place this morning.
You might be wondering…how did the country’s biggest central bank conference end up in Wyoming? The answer: fly-fishing. It’s always fly-fishing.
In 1982, when the Kansas City Fed was looking for a prominent speaker for its annual conference, organizers wanted to go big and have Fed Chair Paul Volcker come speak. They knew that Volcker was an avid fly fisherman, so they chose the fly-fishing mecca of Jackson Hole to convince him to attend. It worked, and the Fed has held its annual symposium there ever since.
Texas agencies may ban BlackRock over energy policies
Texas may prohibit state agencies, including pension funds, from doing business with BlackRock and nine...
Texas may prohibit state agencies, including pension funds, from doing business with BlackRock and nine other financial firms after Comptroller Glenn Hegar ruled that they are violating state law by boycotting the energy industry. Hegar has also identified almost 350 other funds that are allegedly violating the law.
Oil prices rise as traders await news about Iran deal, OPEC production cuts
Oil prices edged up on Friday as investors waited to hear more news about a potential...
Oil prices edged up on Friday as investors waited to hear more news about a potential nuclear deal with Iran as well as the possibility of production cuts out of Saudi Arabia.
West Texas Intermediate crude CLV22, 0.04% for October delivery climbed 82 cents, or 0.9%, to $93.32 per barrel
The front-month October Brent crude oil contract BRNV22, 0.26% gained 91 cents, or 0.9%, to $99.36 per barrel.
September gasoline RBU22, 0.14% gained 1 cent, or 0.4%, to $2.66 per gallon while September heating oil HOU22, +1.27% gained 3 cents, or 0.9%, to $3.92 per gallon.
Natural gas for September delivery NGU22, +1.80% gained 12 cents, or 1.3%, to $9.47 per million British thermal units.
The global energy crisis could drive a massive $42 billion boost in natural gas investment in the next 2 years
The global energy crisis could bring a massive investment in natural gas infrastructure, with new investment...
The global energy crisis could bring a massive investment in natural gas infrastructure, with new investment in the industry hitting as much as $42 billion in 2024, according to Rystad Energy.
Underinvestment in infrastructure has been a key component of the global energy crisis, which threatens to send Asia, Europe, and the US into a crisis this winter. Analysts have said OPEC+ has largely run out of spare capacity, which the cartel has blamed on chronic underinvestment throughout the entire industry.
Much of the investment so far has also taken place domestically. $10 billion has poured into Texas for Exxon Mobil's and Qatar Energy's Golden Pass LNG project. Another $13.2 billion has been directed to Louisiana to build Venture Global's Plaquemines LNG project.
