Wildfires continue to rage in Canada, and the wind keeps blowing...
Wildfires continue to rage in Canada, and the wind keeps blowing smoke into the US. Yesterday, smoke hovered over the Midwest while also heading east. All told, air quality alerts were in effect in 20 states and applied to almost a third of the US population, according to the Washington Post. In other unpleasant outdoor conditions, the heat wave in Texas shows no signs of letting up. It’s been blamed for at least nine deaths and is straining the state’s power grid. But solar power has helped stave off blackouts.
US stock futures rise early Thursday, as investors await Powell's comments from a conference in Madrid, where he will meet with Bank of Spain Governor Pablo Hernández de Cos. Meanwhile, the Fed said 23 of the biggest US banks weathered a severe recession scenario in a stress test. Check out the latest market moves.
Earnings on deck: Nike, Paychex, and more, all reporting.
Wave of overnight rage rocks France; police shooting will be investigated
French prosecutors on Thursday urged that a police...
French prosecutors on Thursday urged that a police officer be placed under investigation for voluntary homicide after the deadly shooting of a 17-year-old driver set off violent riots in more than a dozen cities overnight, with protesters burning cars, lighting buildings on fire and setting off fireworks for the second day in a row.
President Emmanuel Macron, convening a crisis meeting on Thursday morning, called the violent protests “absolutely unjustifiable” and appealed for calm after the death of the teenager, who has been identified only as Nahel M.
Dow, S&P 500 end lower as Powell says back-to-back rate hikes aren't off table
U.S. stocks closed mostly lower on Wednesday after Federal Reserve...
U.S. stocks closed mostly lower on Wednesday after Federal Reserve Chairman Jerome Powell said he won’t rule out back-to-back rate hikes, in a meeting with other global central bankers. The Dow Jones Industrial AverageDJIA shed about 72 points, or 0.2%, ending near 33,853, based on preliminary FactSet figures. The S&P 500 indexSPX closed fractionally lower, down less than 0.1%, while the Nasdaq Composite Index COMP gained 0.3%. While powering gains for stocks in 2023, the S&P 500’s information technology segment took a breather Wednesday, ending flat. Also in tech, shares of Nvidia Corporation NVDA, -1.81% shed 1.7%, after reports of a potential new export restrictions on sales to China, while those of Advanced Micro Devices Inc. edged 0.3% lower.
The energy sector is set for a lower start, pressured by weakness...
The energy sector is set for a lower start, pressured by weakness in the crude complex and the broader markets. The major market futures are lower as investors await comments from Federal Reserve Chair Jerome Powell.
WTI and Brent crude oil futures are lower as concerns over the prospect of higher interest rates and slowing demand curb earlier gains. Lingering worries about tighter monetary policy outweighed the API’s weekly report which showed a larger-than-expected drop in crude oil inventories. The industry report showed crude stocks fell by 2.4 million barrels last week. The market will be keeping eyes on today's EIA report which is set to be released at 10:30 AM EST.
Natural gas futures are higher, ahead of the expiration of the front month July contract. Early-cycle data has LNG feedgas flows today rising to 12.60 Bcf, up +1.0 Bcf d/d as Sabine Pass volumes recover further to over 4.0 Bcf. The increase would be the highest since the end of May.
