U.S. stocks post back-to-back drop as big tech shares tumble
U.S. stocks closed sharply lower Thursday, pulled down by tumbling shares of big technology firms, despite...
U.S. stocks closed sharply lower Thursday, pulled down by tumbling shares of big technology firms, despite a strong report on quarterly economic growth. The Dow Jones Industrial AverageDJIA shed about 251 points, or 0.8%, ending near 32,784, according to preliminary FactSet data. The S&P 500 IndexSPX closed down 1.2% and the Nasdaq Composite IndexCOMP dropped 1.8%, sinking the tech-heavy index deeper into correction territory.
Stocks continued to feel pressure from skittishness around third-quarter earnings and about the so-called Magnificent Seven stocks. Shares of Meta Platforms META Alphabet GOOG Microsoft MSFT Nvidia NVDA Tesla TSLA Apple AAPL and Amazon.com AMZN each ended lower Thursday.
Energy stocks opened the session in the red, with a confluence of headwinds...
Energy stocks opened the session in the red, with a confluence of headwinds weighing, including lower broader equity futures and weaker oil prices. Oil prices are trading around two-week lows. Earnings are continuing to stream in across the energy sector.
Oil prices fell on Thursday after a rise in U.S. crude stockpiles and a climb in the dollar index, giving up some ground gained a day earlier when prices jumped on fears of a broader conflict in the Middle East. "The movements of oil markets are primarily involved with the Hamas-Israel war," said Tina Teng, markets analyst at CMC.
Natural gas futures are higher by 2 centsin light trading as prices narrow around the $3 level. Weekly inventory data is expected to show a build of 83 Bcf.
Northern Oil and Gas A&D Gains Traction through Permian ‘Ground Game’
Non-op E&P Northern Oil and Gas (NOG) picked up its third-quarter...
Non-op E&P Northern Oil and Gas (NOG) picked up its third-quarter A&D ground game in the Permian Basin, snagging 5.7 net in-process or future drilling locations and approximately 514 net acres, the company said in a third-quarter activity update.
The majority of wells from the transactions were spud by the end of the third quarter and are expected to turn in line to sales in 2024, the company said in an Oct. 25 activity update.
So far this year, NOG’s ground game added an estimated 24.9 net in-process or future drilling locations and approximately 1,823 net acres through 31 transactions at what the company described as “attractive full-cycle returns.” The company is also aggressively adding acreage through larger M&A in 2023, including three deals valued at nearly $1 billion.
White House shares greener vision for Arctic region
The Biden administration's recently released 10-year National Strategy for the Arctic Region prioritizes...
The Biden administration's recently released 10-year National Strategy for the Arctic Region prioritizes climate action and conservation and calls for reducing the region's dependence on the oil and natural gas industry. The plan comprises more than 30 objectives and 200 actions, including decreasing emissions, enhancing oil spill readiness, mitigating oil and gas production impacts and advancing climate research.
US oil and natural gas companies announced 25 mergers and...
US oil and natural gas companies announced 25 mergers and acquisitions in the third quarter, totaling $14 billion in value, down from $24 billion in the previous quarter and $16 billion in the same period last year, according to Enverus. Looking ahead, consolidation among larger independents and smaller players is likely to pick up, spurred by Exxon's and Chevron's recent blockbuster takeovers, Enverus noted.
