S&P 500, Nasdaq close higher after three straight weekly declines
The S&P 500 and Nasdaq Composite finished with their first...
The S&P 500 and Nasdaq Composite finished with their first gains of the past five sessions on Monday, despite another surge in long-dated Treasury yields and lingering concerns about China’s economy.
The Dow Jones Industrial AverageDJIA ended down by 36.97 points, or 0.1%, at 34,463.69 after dropping by as much as 252.2 points earlier in the day.
The S&P 500 SPX closed up by 30.06 points, or 0.7%, at 4,399.77.
The Nasdaq CompositeCOMP finished up by 206.81 points, or 1.6%, at 13,497.59.
“We’re seeing the bond-market selloff intensify here in advance of Fed Chairman Jerome Powell’s Jackson Hole speech, which shows you how the market wants to position ahead of that,” said Edward Moya, a senior market analyst for the Americas at OANDA Corp. “The Fed is likely to remain hawkish, suggest it will remain aggressive in fighting inflation, and signal more rate hikes are possible.”
Market Digests $1 Trillion Jump in T-Bill Supply Without Hiccup
The government has issued an eye-watering $1 trillion in Treasury...
The government has issued an eye-watering $1 trillion in Treasury bills since the debt ceiling was suspended in early June. So far, the market hasn’t batted an eye.
For all the concerns about whether the market would be able to take up the supply, investors faced with uncertainty over the economy and the Federal Reserve’s policy path have piled into short-term debt, earning more than 5% yield to mop up the issuance.
Spring construction may be possible for $700M power plant
Power providers believe they can start construction in the spring on a $700 million gas-fired power plant...
Power providers believe they can start construction in the spring on a $700 million gas-fired power plant in Superior, Wis. if ongoing environmental and legal challenges can be overcome. First proposed in 2017, the Nemadji Trail Energy Center made progress this week with a labor agreement between Minnesota Power and the Northern Wisconsin Building and Construction Trades Council.
The energy sector is off to a higher start, supported by strength...
The energy sector is off to a higher start, supported by strength in the underlying commodities and the major equity indices. The broader markets started the session higher ahead of the central bank policy meeting at Jackson Hole later this week.
WTI and Brent crude oil are kicking off the week higher, after snapping a seven-week winning streak on Friday. Oil futures on both sides of the Atlantic are up, for a third-consecutive day on signs of tighter oil supply and a weaker dollar. Fewer exports from Saudi Arabia and China as well as high heating oil prices are outweighing concerns over global demand growth. Customs data out yesterday showed China imports of Saudi crude last month fell to 5.65M MT or around 1.33M bpd, the lowest since June-2022.
Natural gas futures are higher as warmer weather continues to boost demand for air conditioning.The NOAA 6-10 day Sunday afternoon has parts of CA and the Northeast quarter of the L48 experiencing below-normal temperatures while everywhere else is seen above normal.
European Stocks Rise, Energy Stocks Gain as Oil Prices Climb
European stock markets were...
European stock markets were climbing on Monday, and energy companies were among the top gainers as oil prices were on the rise, with hurricane season in focus.
The Stoxx Europe 600 Index was up 0.6%. London’s FTSE 100 was up 0.3%, with oil majors Shelland BP among its top performers.
“This month, we upgrade the global energy sector to most preferred from neutral. The sector has lagged this year, but the improving economic backdrop, coupled with a tightening oil market, should support oil prices,” analysts at UBS wrote in a research note on Monday.
Brent crude, the global benchmark for oil prices, was up 1.1% West Texas Intermediate, the U.S. standard, gained 1.2%.
