The energy sector is off to a lower start, pressured by weakness in the crude complex. Meanwhile, the major equity futures are muted as investors await key economic data due later this week.
WTI and Brent crude oil futures gave back earlier gains and are now in negative territory as traders weigh news that China’s Evergrande was ordered to liquidate by a Hong Kong court against escalating tensions in the Middle East.Over the weekend, property giant China Evergrande was ordered by a Hong Kong court to liquidate after failing to provide a concrete restructuring plan, which adds more uncertainty to China’s fragile housing market. A drone hit U.S. forces stationed in northeast Jordan near the Syrian border according to administration officials, which killed three American servicemen and injured over thirty. Several Republicans including Senator Lindsey Graham said Iran must be targeted directly for the incident. There were more attacks on ships in the Red Sea over the weekend including a tanker operated by Trafigura. A stronger dollar is also adding pressure to oil contracts.
Natural gas futures are lower on forecasts for warmer temperatures in the next two weeks which should limit demand.
Following FAA approval, Alaska Airlines and United sent the Boeing 737 Max 9 ...
Following FAA approval, Alaska Airlines and United sent the Boeing 737 Max 9 back into the sky over the weekend, less than three weeks after one had to make an emergency landing when a door plug flew off the aircraft. Alaska COO Constance von Muehlen sat in the seat next to the door plug on the airline’s first 737 Max 9 flight following the incident, a show of confidence that the aircraft would no longer provide Apple with a way of demonstrating the durability of its iPhones. United, the only other US carrier that uses the Max 9 and the plane’s largest customer, resumed service on Saturday. Alaska said the groundings cost it $150 million, and it aims to present that bill to Boeing.
The Kansas City Chiefs will face the San Francisco 49ers in the Super Bowl on Feb. 11 after defeating...
The Kansas City Chiefs will face the San Francisco 49ers in the Super Bowl on Feb. 11 after defeating the Ravens and Lions, respectively, in Sunday’s NFL championship games. The Chiefs are aiming to become the first team since the 2004 Patriots to repeat as Super Bowl champs; it’s also their fourth Super Bowl appearance in the last five years. Pity Usher—the Super Bowl’s halftime performer will likely be upstaged by Taylor Swift, whose relationship with Travis Kelce will drive much of the hype over the next two weeks. American Airlines previewed what’s to come by unveiling new direct flights between Kansas City and host city Las Vegas for the game. One is numbered 1989, the other, 87.
Tech giants highlight the busiest earnings week of the season: Five...
Tech giants highlight the busiest earnings week of the season:Five of the Magnificent Seven—Apple, Microsoft, Amazon, Meta, and Alphabet—will deliver their Q4 results, and we advise you against taking a shot every time AI is mentioned. On Wednesday, Boeing is scheduled to give an update on how the 737 Max 9 debacle will impact its 2024 forecasts. In all, 106 S&P 500 companies will report this week, including Starbucks, Pfizer, GM, and Big Oil.
A Hong Kong court ordered the liquidation of Evergrande, once China’s largest real estate firm, which became saddled with more than $300 billion in debt.
Elon Musk announced X will open a “Trust and Safety center of excellence” in Austin to combat child sexual exploitation material. The timing is likely not a coincidence, as CEO Linda Yaccarino is scheduled to testify before the Senate Judiciary Committee on the subject this week.
French climate activists threw soup at the “Mona Lisa.” (It was not harmed by the splatter thanks to its protective glass case.)
The Biden administration will award billions of dollars in subsidies to chipmakers such as Intel and TSMC in the coming weeks to show progress on the $53 billion Chips Act, the WSJ reported.
Jannik Sinner and Aryna Sabalenka won the men’s and women’s titles, respectively, at the Australian Open. It’s Sinner’s first Grand Slam title…and probably not the Italian’s last.
MarketWatch: Oil prices jump after drone attack kills U.S. troops, escalating Mideast crisis
Oil futures popped higher Sunday evening, after a drone attack that killed three U.S. service members...
Oil futures popped higher Sunday evening, after a drone attack that killed three U.S. service members in northern Jordan, blamed by the White House on Iran-backed militants, marked a major escalation of tensions in the Middle East.
West Texas Intermediate crude for March delivery CL00 was up $1.09, or 1.4%, at $79.10 a barrel on the New York Mercantile Exchange. March Brent crudeBRN00 the global benchmark, gained $1.11, or 1.3%, to trade at $84.66 a barrel on ICE Futures Europe.
Much will ultimately depend on the U.S. response and whether Iran takes action aimed at shutting down the Strait of Hormuz, Tariq Zahir, managing member at Tyche Capital Advisors, told MarketWatch on Sunday afternoon.
“We are on the cusp of this escalating, which could seriously impact the flow of crude oil,” he said.
