Energy Department rejects oil inventory restock bids
The Department of Energy has rejected bids from oil suppliers to restock the nation's Strategic Oil...
The Department of Energy has rejected bids from oil suppliers to restock the nation's Strategic Oil Reserve with as much as 3 million barrels of crude during February. "Following review of the initial submission, DOE will not be making any award selections for the February delivery window," the agency told Reuters.
Oil prices bounce back as China reopens to the world
Oil prices have rebounded by some 3% on the hope that China's decision to re-open its borders will prompt...
Oil prices have rebounded by some 3% on the hope that China's decision to re-open its borders will prompt a rise in demand and ease fears of the global economy tipping into recession. West Texas Intermediate crude rose $2.46 on $76.23 – a rise of 3.3% – while benchmark Brent crude rose $2.29 on $80.86 – up 2.9% – during trading today.
Companies will report (bad) earnings. In the upcoming earnings season, corporations...
Companies will report (bad) earnings. In the upcoming earnings season, corporations ailing from interest rate hikes are expected to post their first annual profit decline since the Covid recession. Big banks will kick off the fireworks at the end of this week.
Will inflation continue its decline? We’ll find out on Thursday, when the latest consumer price index report drops. Inflation had been on the comedown toward the end of 2022, but some Fed officials warn it’s too soon to declare victory—and that inflation remains far too high above typical levels.
The Mega Millions jackpot has ballooned to $1.1 billion—the third-largest prize in US history—ahead of Tuesday night’s drawing.
The college football championship game between UGA and TCU is tonight.
The troubled Golden Globe Awards return to TV on Tuesday night.
The biggest challenge for Congress to tackle in 2023 is raising the ...
The biggest challenge for Congress to tackle in 2023 is raising the debt ceiling.
What is the debt ceiling? It’s a limit on how much the US government can borrow to pay its bills. And since the government runs on budget deficits, it regularly needs to borrow more money to avoid a credit default, which would be a disastrous scenario. Should a potential default materialize due to congressional paralysis, it could crater global markets and plunge the US into a recession.
So, what’s the status? In 2021, Congress raised the debt ceiling by $2.5 trillion—but that will only get us to August, when Goldman Sachs predicts that lawmakers will need to raise the roof again to avert a default.
U.S. stocks rise to 3-week highs as traders build on Friday’s rally
U.S. stocks opened at their highest levels since mid-December on Monday as the main indexes built on...
U.S. stocks opened at their highest levels since mid-December on Monday as the main indexes built on gains that followed the release of monthly jobs data from the Department of Labor. The S&P 500 SPX, 0.88% gained 21 points, or 0.6%, to 3,916. The Dow Jones Industrial Average DJIA, 0.42% advanced 133 points, or 0.4%, to 33,764. The Nasdaq Composite COMP, 1.59% rose 105 points, or 1%, to 10,674. Stocks logged their biggest daily advance for the year so far on Friday after signs of slowing wage growth from the monthly jobs report added to the notion that inflation is slowing, while the pace of job creation — while slower than the prior month — remained relatively robust, suggesting the U.S. economy is taking the Federal Reserve’s rate hikes in stride.
