U.S. stocks open lower as Walmart profit warning spooks investors
U.S. stocks opened lower on Tuesday after Wal-Mart ...
U.S. stocks opened lower on Tuesday after Wal-Mart WMT, -7.77% cut its profit outlook and blamed food inflation for forcing American consumers to curtail spending on other items. The S&P 500 SPX, -0.56% retreated 16 points, or 0.4%, to 3,951. The Dow Jones Industrial Average DJIA, -0.29% shed 97 points, or 0.3%, to 3,189. The Nasdaq Composite COMP, -1.02% dropped 94 points, or 0.8%, to 11,685. Wal-Mart shares fell 8.3%, or $11, to $121.
U.S. home-price growth slips in May from record high: Case-Shiller
The numbers: The S&P CoreLogic Case-Shiller 20-city index decelerated to a 20.5%...
The numbers: The S&P CoreLogic Case-Shiller 20-city index decelerated to a 20.5% year-over-year gain in May down from 21.2% in the previous month.
In May, the 20-city index rose a seasonally adjusted 1.3%, down from 1.7% in April. S&P said that the year-over-year growth in May was the second highest for the 20-city index. April’s gain was the peak.
A separate report from the Federal Housing Finance Agency showed a 1.4% monthly gain. And over the last year, the FHFA index was up 18.3%.
Key details: Tampa, Miami, and Dallas reported the highest year-over-year gains among the 20 cities in May. Price growth was strongest in the South and Southeast, which saw 30.7% growth.
Minneapolis, Chicago, and D.C. reported the lowest year-over-year gains, though these cities still saw home prices grow.
Oil producers' revenues, costs rose in lockstep in Q1
An Energy Information Administration analysis found that a group of 53 public US oil and natural gas...
An Energy Information Administration analysis found that a group of 53 public US oil and natural gas producers collectively responsible for around 34% of domestic oil production saw combined cash flows jump 86% year over year to $25.7 billion during the first quarter, while capital spending nearly doubled from a year earlier to $14.6 billion amid higher material and labor costs. Production expenses for the group averaged $28.06 per barrel of oil equivalent during the quarter, marking a 59% increase from pre-pandemic levels and the highest quarterly average in the past five years.
Oil futures settled higher on Monday, with the U.S. benchmark remaining below the $100-a-barrel threshold...
Oil futures settled higher on Monday, with the U.S. benchmark remaining below the $100-a-barrel threshold ahead of this week’s Federal Reserve decision on interest rates that’ll likely provide clues to the energy demand outlook.
West Texas Intermediate crude for September delivery rose $2, or 2.1%, to settle at $96.70 a barrel on the New York Mercantile Exchange.
SeptemberBrent crude the global benchmark, rose $1.95, or 1.9%, to $105.15 a barrel on ICE Futures Europe. October Brent the most actively traded contract, added $1.81, or 1.8%, at $100.19 a barrel.
Back on Nymex, August gasolineRBQ22, -0.30% rose 4.9% to $3.382 a gallon, while August heating oil HOQ22, -0.13% gained 1.8% to $3.5166 a gallon.
August natural gasNGQ22, 1.11% gained 5.2% to $8.727 per million British thermal units, with front-month prices at their highest finish since June 10, according to Dow Jones Market Data.
Natural gas jumps 5% on U.S. heat wave, Europe's dire straits
U.S. natural gas futures ...
U.S. natural gas futures closed at their highest price since June 10, with the contract for August delivery (NG1:COM) settling +5.2% at $8.727/MMBtu on Monday to extend a ~60% rally this month, as some of the highest temperatures on record across the U.S. continued to boost power demand.
The rise in U.S. prices also follows a rally in European gas prices, with Dutch TTF benchmark futures up nearly 12% after Russia's Gazprom said natural gas exports through the Nord Stream pipeline to Germany would drop to just 20% of capacity, which could eventually boost demand for U.S. shipments of liquefied natural gas.
The European price, after conversion, would be ~$52/MMBtu, according to Avi Salzman of Barron's - an enormous premium to U.S. prices.
Without sufficient Russian supplies, Europe likely will need to ration power use and import more gas from elsewhere, which would place U.S. gas producers in a strong position to profit as importers turn to them for gas supplies.
