The first sign: Sales of existing homes fell 2.4% in April to their ...
The first sign: Sales of existing homes fell 2.4% in April to their lowest level in almost two years. It’s the third straight month they’ve declined, showing how record prices and skyrocketing mortgage rates have made potential homebuyers close their Zillow tabs in frustration.
That surge isn’t over…yet. The median price of an existing home jumped to an all-time high of $391,200 in April, an increase of 14.8% from a year earlier. And an average home on the market stayed there for just 17 days before going under contract.
Bottom line: If the “housing market downturn” gives you nightmares about the 2008 financial crisis, experts say this cooling-off period will be more ceiling fan than a polar plunge. While the 2000s bubble was fueled by cheap credit, lax regulation, and rotten subprime mortgages, the boom over the last two years can be best explained by a sudden uptick in demand outpacing available supply.
Move Over, ExxonMobil: There's a New Energy Supermajor Emerging
For years, oil supermajors like ExxonMobil (NYSE: XOM) dominated the energy sector....
For years, oil supermajors like ExxonMobil (NYSE: XOM) dominated the energy sector. With globally diversified operations and strong balance sheets, they were well-designed to weather the sector's ups and downs. In its place, a new energy supermajor is emerging.
Dow ends down over 200 points as stocks extend previous day's selloff
Stocks couldn’t hang on to an afternoon rally Thursday that briefly pushed major indexes into...
Stocks couldn’t hang on to an afternoon rally Thursday that briefly pushed major indexes into the green.
The Dow Jones Industrial Average closed down 237 points, or 0.75%, on Thursday, one day after the index tumbled 3.6%, suffering its worst single-day decline since 2020. The Dow had been down 474 points at its morning lows but had rebounded to positive territory around 3 p.m.
The S&P 500 finished down 0.6% and the Nasdaq Composite slipped 0.3%, giving up an afternoon gain of 1.3%. The S&P 500 and Nasdaq dropped 4% and 4.7% on Wednesday, respectively.
U.S. initial jobless claims rise by 21,000 to 218,000 in latest week
The numbers: New U.S. jobless claims rose to a four-month high of 218,000 last week,...
The numbers: New U.S. jobless claims rose to a four-month high of 218,000 last week, but most of the increase appeared tied to just a few states such as Kentucky and California. The number of people applying for unemployment benefits was still extremely low.
Economists polled by the Wall Street Journal forecast initial jobless claims to total 200,000 in the seven days ended May 14. The figures are seasonally adjusted.
Applications for unemployment benefits fell to a 54-year low of 166,000 in March and have hovered around 200,000 since the beginning of the year.
Big picture: The labor market is still extremely strong. Job openings are at record highs and many companies complain they can’t find enough workers.
Seneca Resources Exits California in Deal for Cash, Fewer Emissions
After more than three decades in California, National Fuel Gas Co. said its E&P...
After more than three decades in California, National Fuel Gas Co. said its E&P segment will exit the state, noting the deal would add to its financial flexibility and offer a considerable reduction in emissions.
Under the terms of the deal, buyer Sentinel Peak Resources California LLC will pay $280 million in cash at closing and up to three annual contingent payments, potentially totaling $30 million, from 2023 to 2025. The assets produce about 40 MMcfe/d of which 92% is oil.
National Fuel noted that it will receive about $47,000 per boe/d for what it called “primarily higher cost, steam flood heavy oil production.”
