Stocks finish lower, S&P 500 drops third straight day as Treasury yields jump
U.S. stocks closed lower Thursday, with the S&P...
U.S. stocks closed lower Thursday, with the S&P 500 falling for a third straight day as long-term Treasury yields jumped amid worries the Federal Reserve will keep interest rates higher for longer to tame inflation. The Dow Jones Industrial AverageDJIA fell 1.1%, while the S&P 500SPX slumped 1.6% and the Nasdaq Composite COMP dropped 1.8%, according to preliminary data from FactSet. The yield on the 10-year Treasury note climbed 13.3 basis points on Thursday to 4.479%, the highest rate since October 18, 2007, based on 3 p.m. Eastern Time levels
W&T Offshore is growing its shallow water footprint in the Gulf of Mexico through M&A. Houston-based W&T...
W&T Offshore is growing its shallow water footprint in the Gulf of Mexico through M&A.
Houston-based W&T Offshore Inc. closed an acquisition of working interests in eight shallow water oil and gas assets in the central and eastern shelf region of the Gulf of Mexico, the company announced on Sept. 21. The seller was not disclosed.
W&T had working interests in 46 fields in federal and state waters as of June 30. The company’s leasehold spans 419,000 net acres off the coasts of Louisiana, Texas, Mississippi and Alabama.
Energy stocks opened higher, led by a small rebound in oil prices, and despite fairly sizeable losses in the broader equity benchmark futures prices. Equities are set to continue yesterday’s sell-off, as a more hawkish than expected tone struck by Fed Chair Jerome Powell signaled that rates will remain higher for longer. News flow is beginning to slow as quarter-end nears and quiet periods ahead of earnings approach.
Oil prices fell on Thursday, after posting the largest decline in a month in the previous session, as the U.S. Federal Reserve held rates but signaled potential future hikes, offsetting the impact of drawdowns in U.S. crude stockpiles. Energy markets reacted little to data from the EIA on Wednesday showing crude inventories fell in line with expectations last week, with some analysts saying the 2.14 million barrel decline versus an expected 5.25 million barrel draw was smaller than they expected.
Natural gas futures are lower by 1% on cooler-than-expected season temperatures, while weekly inventory data is expected to show a build of 67 bcf.
From Twitter: Europe will suffer the most from oil shortages
🛢Low growth, high #inflation:...
🛢Low growth, high #inflation: Europe will suffer the most from oil shortages
The OECD in its new forecast increased US GDP growth, and for the Eurozone, on the contrary, reduced it to 0.6% this year and 1.1% next year, #Bloomberg notes. The situation on the fuel market will… pic.twitter.com/vrj465ykVL
