U.S. stocks open lower as Fed chief Powell’s words weigh on Wall Street
U.S. stocks opened lower Thursday, extending losses after the...
U.S. stocks opened lower Thursday, extending losses after the Federal Reserve's jumbo interest rate hike as investors weigh labor-market data.The Dow Jones Industrial Average DJIA, -0.71% was down 0.8% soon after the opening bell, while the S&P 500 SPX, -1.14% fell 1% and the Nasdaq Composite COMP, -1.39% dropped 1.2%, according to FactSet data, at last check. The Department of Labor said Thursday that initial jobless claims fell by 1,000 to 217,000 during the week ending Oct. 29. The dip is below the 220,000 new claims that economists polled by the Wall Street Journal had forecast. Investors are watching for signs of the labor market softening as the Fed hikes rates to cool the economy and bring down high inflation. Treasury yields were surging Thursday morning after the Fed on Wednesday announced that it was raising its benchmark rate by three-quarters of a percentage point to a targeted range of 3.75% to 4%, its fourth straight increase of that size. The 10-year Treasury rate was up 14 basis points at 4.20%.
The Houston Astros no-hit the Phillies to tie up the World Series...
The Houston Astros no-hit the Phillies to tie up the World Series at 2–2 last night,which means Mattress Mack is inching closer to making sports gambling history.
Jim “Mattress Mack” McIngvale, a Texas furniture mogul known for placing huge bets on sports, has wagered about $10 million on the Astros to win the World Series. If they do win, he’ll earn almost $75 million—the largest payout on a legal sports bet ever in the US. “I have a high tolerance for risk,” Mack says.
Nonprofits such as Well Done and Environmental Innovators of America are using money from donations by...
Nonprofits such as Well Done and Environmental Innovators of America are using money from donations by corporations and individuals to clean and plug some of the at least 1 million wells left behind by bankrupt oil and natural gas companies. The US's abandoned wells problem is so big that available funding sources fall short to address it, stressing the need for "a larger policy shift, a just transition because we are likely to see many more wells abandoned at a faster rate in the near future," says Scott Eustis with environmental advocacy group Healthy Gulf.
Oilfield servicers ProPetro, Silvertip merge in $150M deal
Midland, Texas-based ProPetro Holding and Silvertip Completion have announced a $150 million combination...
Midland, Texas-based ProPetro Holding and Silvertip Completion have announced a $150 million combination that will create a leading Permian-based, completions-oriented oilfield services company. "It's a marriage of the No. 1 hydraulic fracturing and completions company with the No. 1 wireline perforating and pumpdown service company," says ProPetro Chief Financial Officer David Schorlemer.
Bank of England’s interest-rate hike is its biggest in three decades
The Bank of England made its largest interest-rate increase in...
The Bank of England made its largest interest-rate increase in three decades in response to inflation that the central bank still expects to accelerate.
By a 7-to-2 vote, the U.K. central bank voted to lift rates by a three-quarters percentage point to 3%, as inflation hit a 40-year high in September. The central bank said inflation will further accelerate to 11% in the fourth quarter.
The pound dropped despite the central bank matching the Fed’s three-quarter point rate hike. That’s because of a comment found within the minutes of the meeting, that a majority felt rates would not have to go as high as the implied 5.25% path in financial markets.
