Stocks end higher Friday, Nasdaq scores best first half of a year since 1983
U.S. stocks closed higher Friday, ending the month strong and the first half of 2023...
U.S. stocks closed higher Friday, ending the month strong and the first half of 2023 with robust gains as a long-anticipated economic recession failed to materialize.
The Dow Jones Industrial AverageDJIA, +0.84% rose about 283 points Friday, up 0.8%, ending near 34,405. It gained 4.6% in June and 3.8% in the last six months, its best first half since 2021. The S&P 500 indexSPX, +1.23% rose 1.2% Friday, 2.3% in June and 15.9% in the first half, its best start to a year since 2019. But the Nasdaq Composite Index was the standout, gaining 1.5% on Friday and 31.7% in the first half of 2023, which was its best first half since 1983, according to Dow Jones Market Data.
Apple finishes the week as the first U.S. company valued at $3 trillion
Apple Inc. closed out the June quarter with a bang, clinching...
Apple Inc. closed out the June quarter with a bang, clinching a $3 trillion valuation for the first time, 719 trading days after it crossed the $2 trillion threshold.
Shares of Apple AAPL, +2.31% advanced 2.3% in Friday trading, given them a market capitalization above $3 trillion. The company previously hadn’t ended a trading session at the milestone mark, though it got close Jan. 3, 2022, when it traded intraday at levels that would have amounted to that valuation level but failed to close there.
Kodiak Gas Services secures $256M in lackluster IPO
Oilfield service provider Kodiak Gas Services has raised $256...
Oilfield service provider Kodiak Gas Services has raised $256 million at a $1.2 billion valuationin a subdued initial public offering of 16 million shares. The company aims to use the IPO proceeds to reduce debt and expand its compression capacity in the Permian Basin.
Frontier Receives Federal Funds to Develop Carbon Storage Hub
Frontier Carbon Solutions Holdings LLC announced it has received...
Frontier Carbon Solutions Holdings LLC announced it has received federal funds to help develop its Sweetwater Carbon Storage Hub (SCS Hub), which the company said will eventually hold more than 350 million metric tons of CO2, according to a June 29 press release.
The hub will be further developed with Frontier’s partner, the University of Wyoming’s School of Energy Resources. Frontier and the university received a $40.5 million award from the Department of Energy’s CarbonSAFE initiative. The funding will be used to drill class VI injection wells and expand reservoir characterization across the hub’s area.
Frontier, a portfolio company of Tailwater Capital LLC, said that the carbon storage hub will span over 45,000 acres in southwestern Wyoming.
The energy sector is off to a broadly higher start, supported by strength in the crude complex and in the major equity futures. U.S. stock index futures extended gains after data showed a closely watched measure of inflation cooled in May, offering fresh evidence of easing price pressures due to the Federal Reserve's aggressive interest rate hikes. A Commerce Department report showed the personal consumption expenditures price index rose 3.8% in May, on an annual basis from 4.3% last month.
WTI and Brent crude oil futures are trading higher but remain on course for a fourth consecutive quarter of lossesamid concerns over sluggish global economic activity and fuel demand. Inflationary pressure and rising interest rates in key economies and a slower-than-expected recovery in Chinese manufacturing and consumption have weighed on markets in recent months. However, signs of strengthening U.S. economic activity and sharp declines in U.S. oil inventories last week offered support.
Natural gas futures are trading lower as the NOAA's 6-10 day outlook shows a cooler trend across parts of the east-central US, with below-normal temps reaching into the Southeast and Central Gulf Coast regions, as well as the Northern and Central Rockies and Plains.
