U.S. stocks close sharply lower as investors question valuations and jobs market
The three major U.S. stock indexes ended lower on Thursday....
The three major U.S. stock indexes ended lower on Thursday.
With stocks still pretty close to all-time highs, investors used Thursday as a chance to take some risk out of their portfolios. A report from Challenger, Gray & Christmas had some observers worried about the state of the U.S. labor market, and even though corporate earnings have been mostly good, some investors have started to doubt that high valuations are justified.
The Dow Jones Industrial Average fell 0.8%, according to preliminary data from FactSet.
Mix of factors lifts Atlantic, Pacific LNG freight rates
Limited vessel availability, delivery delays to Egypt and rising winter...
Limited vessel availability, delivery delays to Egypt and rising winter demand have pushed liquefied natural gas shipping rates to multi-month highs in both the Atlantic and Pacific basins. Atlantic freight rates for two-stroke LNG carriers jumped more than 50% in a week to $61,750 a day on Monday, the highest since August 2024, while Pacific rates for similar vessels rose to $42,250 on Tuesday, their strongest since late June, according to Spark Commodities. Analysts said longer US-Asia voyages and sparse November tonnage could keep rates elevated into winter.
Fossil fuels regain ground as energy discourse evolves
At the ADIPEC conference in Abu Dhabi, energy leaders declared a marked...
At the ADIPEC conference in Abu Dhabi, energy leaders declared a marked pivot away from the strict "energy transition" discourse toward an "energy addition" strategy that involves developing renewable technologies alongside fossil fuels. The narrative shift reflects growing recognition that soaring electricity demand from AI, data centers and population growth requires every available energy source. American Petroleum Institute President and CEO Mike Sommers echoed the sentiment, saying the industry is "transitioning from the energy transition" as leaders confront the massive energy needs of the digital age.
Finally, some good news about the labor market. Private...
Finally, some good news about the labor market. Private companies added a stronger-than-expected 42,000 jobs last month, according to ADP. That breaks a two-month streak of declines and provides a glimmer of hope about the labor market, even as several big companies have recently announced large layoffs. It’s also likely to be the only data about jobs that the Fed has to go off of when deciding whether to cut interest rates again next month, as the ongoing government shutdown means there’s unlikely to be official numbers released.
The FAA will reduce flight capacity by 10% at 40 major airports—affecting roughly 3,500 to 4,000 flights daily—starting on Friday, as the government shutdown forces air traffic controllers to work without pay.
Unionized Starbucks baristas voted to authorize a strike, which would start on the popular Red Cup Day (Nov. 13), if a collective bargaining agreement is not reached.
California Republicans filed a federal lawsuit to try to block the new election map that California voters overwhelmingly approved at the ballot box on Tuesday.
Google Maps will now feature Gemini AI, in case you need a chatbot with your directions.
Lina Khan, who took aim at Big Tech as the former chair of the FTC under President Biden, will be one of the leaders of newly elected NYC Mayor Zohran Mamdani’s transition team.
Cuts to flight traffic coming Friday if there's no shutdown deal, Trump official says
Air travel is in for cutbacks if the shutdown continues,...
Air travel is in for cutbacks if the shutdown continues, a top Trump administration official said Wednesday.
Transportation Secretary Sean Duffy said the government would cut traffic by 10% at 40 airports starting Friday if there isn't a deal by then to end the shutdown.
Duffy warned earlier this week that if the shutdown continued, it could lead to "mass chaos." Air-traffic controllers and Transportation Security Administration officers have continued to work without pay during the shutdown, but Duffy discussed "staffing pressures" straining the system in comments on Wednesday.
