For the first time in months, markets seem rattled. President Trump’s...
For the first time in months, markets seem rattled. President Trump’s tariff announcements and a potentially disturbing jobs report sent the S&P 500 to its worst week since May, while the Dow logged its worst week since April. One of the few bright spots in the economy is Big Tech: Alphabet, Apple, Meta, and Microsoft delighted investors with their earnings reports, and Microsoft has now gained for 10 straight weeks, its longest winning streak since 2023.
Over 3,200 Boeing fighter jet workers went on strike
For the first time since 1996, members of the International Association...
For the first time since 1996, members of the International Association of Machinists and Aerospace Workers working in St. Louis and Illinois stopped work after rejecting a second contract offer from Boeing on Sunday. They are responsible for assembling the F-15 and the F/A-18 defense aircraft, as well as building missiles. Boeing VP Dan Gillian said the company is “prepared for a strike and have fully implemented our contingency plan to ensure our non-striking workforce can continue supporting our customers.” Boeing CEO Kelly Ortberg said on the company’s Q2 earnings call last week that he was not overly concerned about the impending strike, given that it was much smaller than the one that occurred last fall, when about 30,000 machinists in Washington state went on strike, impacting the production of 737 and 777 commercial jets.
Earnings season marches forward: This week doesn’t...
Earnings season marches forward: This week doesn’t have the same Magnificent heft of the past two, but there are still plenty of companies to watch. Palantir reports earnings today, and Caterpillar, DuPont, and Pfizer report on Tuesday. McDonald’s and Disney will release their reports on Wednesday. Eli Lilly, Warner Bros. Discovery, and ConocoPhillips post earnings on Thursday, followed by Wendy’s on Friday.
The manhunt for the Montana bar shooting suspect entered its fourth day today.
Hamas released footage of emaciated Israeli hostage Evyatar David on Saturday, which drew widespread international criticism. Hamas said on Sunday it would work with the Red Cross to deliver aid to Israeli hostages in Gaza if its conditions were met. Also on Sunday, Israeli Prime Minister Benjamin Netanyahu said he was seeking a “military solution” to free the remaining hostages.
OPEC+ agreed to raise oil output in September by 547,000 barrels per day.
Delta Air Lines told US senators it would not use AI to personalize ticket prices.
Loni Anderson, who played receptionist Jennifer Marlowe on WKRP in Cincinnati, died at 79.
The total number of active drilling rigs for oil...
The total number of active drilling rigs for oil and gas in the United States fell this week, according to new data that Baker Hughes published on Friday as operators continue to scale back.
The total rig count in the US fell by 2 rigs for the second week in a row, landing at 540, according to Baker Hughes, down 46 from this same time last year.
The number of oil rigs fell by 5 to 410, down by 72 compared to this time last year. The number of gas rigs rose by 2 this week, coming in at 124 for a gain of 26 active gas rigs from this time last year. The miscellaneous rig count also gained a rig, for a total of 6.
Primary Vision’s Frac Spread Count, an estimate of the number of crews completing wells, fell by 6 during the week of July 25, to 168. It is the fewest number of active frac crews since 2021. The count is now 47 below where it was on March 21.
Drilling activity in the Permian basin saw another loss this week, losing 1 rig. The Permian now has 259 rigs—a figure that is 44 fewer than this same time last year. The count in the Eagle Ford saw stayed the same at 39 rigs, which is 11 fewer than this time last year.
Oil falls $2 a barrel on worries about OPEC+ supply, US jobs data
(Reuters) - Oil prices $2 a barrel on Friday because...
(Reuters) - Oil prices $2 a barrel on Friday because of jitters about a possible increase in production by OPEC and its allies, while a weaker-than-expected U.S. jobs report fed worries about demand.
Brent crude futures settled at $69.67 a barrel, down $2.03, or 2.83%. U.S. West Texas Intermediate crude finished at $67.33 a barrel, down $1.93, or 2.79%.
Brent finished the week with a gain near 6%, while WTI rose 6.29%.
Three people familiar with discussions among OPEC members and allied producers said the group may reach an agreement as early as Sunday to boost production by 548,000 barrels per day in September.
A fourth source familiar with OPEC+ talks said discussions on volume were ongoing and the hike could be smaller.
The U.S. Labor Department said the country added 73,000 jobs in July, lower than economists had forecast, raising the national unemployment rate to 4.2% from 4.1%.
