U.S. stocks pull off huge comeback to reverse early post-CPI selloff
All three major stock indexes scored large intraday comebacks...
All three major stock indexes scored large intraday comebacks on Wednesday, helped by dip-buyers, overcoming earlier weakness seen following the release of the August consumer-price index.
Based on preliminary data, the Dow Jones Industrial Average finished up by 124.75 points, or 0.3%, at 40,861.71. It had been down by as much as 1.8% at its session low.
The S&P 500 closed up 58.61 points, or 1.1%, at 5,554.13 after falling as much as 1.6% during the day.
The Nasdaq Composite ended up by 369.65 points, or 2.2%, at 17,395.53. It had declined as much as 1.4% earlier on Wednesday.
According to Dow Jones Market Data, the Dow's and S&P 500's comebacks rank as the largest since Oct. 13, 2022. The small-cap Russell 2000, which finished up by 0.3% at around 2,104, also saw its biggest intraday comeback in almost two years.
The Nasdaq's comeback was the biggest since March 15, 2023, and Wednesday's rise represents the index's best CPI-day performance since Nov. 14.
Dow slides nearly 600 points as traders pare bets on large Fed rate cut
The Dow Jones Industrial Average was tumbling on Wednesday...
The Dow Jones Industrial Average was tumbling on Wednesday morning, down nearly 600 points, or 1.4% as investors digested a hotter-than-expected August core inflation reading that may derail the chance of a jumbo interest-rate cut by the Federal Reserve next week.
Fed-funds futures traders saw an 85% chance that the Fed will lower its rate by a quarter percentage point to a target range of 5% to 5.25% in September. The chance of a half percentage point move fell to 15% from 34% a day ago, according to the CME FedWatch Tool.
APA Divests $950 Million in Non-core Permian Basin Assets
APA Corp. has agreed to sell non-core producing Permian Basin assets...
APA Corp. has agreed to sell non-core producing Permian Basin assets to an undisclosed buyer for $950 million before customary closing adjustments.
APA said on Sept. 10 that it is selling Central Basin Platform, Texas and New Mexico Shelf, and Northwest Shelf assets, with estimated net production averaging 21,000 boe/d, of which approximately 57% is oil.
APA is engaged in a divestiture campaign after buying Callon Petroleum for $4.5 billion on April 1. As part of the deal, APA took out term loans totaling about $2 billion. According to the company, it owes an additional $4.8 billion in debt.
After nearly a monthlong lull in the named storm season that mystified...
After nearly a monthlong lull in the named storm season that mystified meteorologists, Tropical Storm Francine turned into a hurricane and is expected to make landfall in Louisiana this afternoon. Forecast as a Category 1 or 2 storm, Francine brings strong winds of up to 95 mph and heavy rain with a risk of flash flooding in large parts of Louisiana and Mississippi through tomorrow. A coastal flood warning has been in effect from east of Houston to the Mississippi–Alabama border. Francine comes as predictions of a super active 2024 hurricane season have failed to materialize, prompting weather scientists to revisit their computer models.
Planned Fed rules are a win for big banks. The likes...
Planned Fed rules are a win for big banks. The likes of JPMorgan and Bank of America celebrated the Fed walking back some of its proposals for tighter banking rules yesterday. The central bank is working with the Federal Deposit Insurance Corporation to raise requirements for the share of big banks’ assets that must be parked in easily sold securities to avert banking crises. The regulators have now loosened the proposal for big banks and exempted banks with under $250 billion in assets from parts of it after lenders complained that stricter rules would’ve made their operations more costly.
Wildfires in the Los Angeles area forced some schools to close and thousands of people to evacuate their homes.
Australia plans to set a minimum age for social media use, which experts warn could drive children to more dangerous apps instead.
Starbucks CEO Brian Niccol, aka “the Lebron James of the restaurant industry,” outlined his strategic vision for the coffee giant, which includes making cafes more welcoming.
Two Delta planes collided on the tarmac while taxiing at Atlanta’s airport, damaging one of them. No one was injured in the incident.
US household income rose last year for the first time since 2019, though it’s still slightly below the pre-Covid high.
Secretary of State Antony Blinken demanded Israel change how it operates in the West Bank after the Israeli military admitted that it likely “unintentionally” shot and killed a Turkish American citizen.
