Dow ekes out gain, but S&P 500 sees weekly loss as Iran worries hang over market
U.S. stocks saw a mixed finish Friday, with the S&P...
U.S. stocks saw a mixed finish Friday, with the S&P 500 posting a small weekly decline, as investors tracked developments around the Iran-Israel conflict and the potential for direct U.S. involvement.
The Dow Jones Industrial Average finished with a gain of around 35 points, or 0.1%, near 42,207, according to preliminary data, leaving the blue-chip index marginally positive on the week.
The S&P 500 shed around 13 points, or 0.2%, to end near 5,968, for a weekly fall of 0.2%.
The Nasdaq Composite lost around 99 points, or 0.5%, to finish near 19,447, up 0.2% on the week.
U.S. markets were closed Thursday for the Juneteenth holiday, while so-called triple-witching — the simultaneous expiration of individual stock options, index-futures options and futures contracts — failed to produce a volatility spike in Friday's session.
The White House on Thursday said President Donald Trump would decide in two weeks whether to directly strike Iran. Oil futures pulled back, helping to calm fears around a potential energy price shock. However, strategists noted that investors are unlikely to shake those concerns as long as the Israel-Iran conflict continues.
Working natural gas in storage slowed its rise in the U.S. for the week...
Working natural gas in storage slowed its rise in the U.S. for the week ending June 13, resulting in a strong day on the Henry Hub for the commodity.
According to the U.S. Energy Information Administration’s (EIA) weekly storage report, U.S. stocks of working gas in the Lower 48 rose by 95 Bcf for the week—the first time in seven weeks the level did not increase by more than 100 Bcf. (The EIA released its report one day early because of the Juneteenth federal holiday.)
The deceleration, coupled with rising demand and the ongoing conflict between Israel and Iran, led to a bullish day on the market, according to a report from Natural Gas Intelligence.
Henry Hub front-month futures prices hit $4.08/MMBtu at 7:12 a.m. Central Time on June 20.
Since June 11, natural gas prices have trended upward as summer heat sets in.
According to EIA estimates, working gas in storage was 2.8 Tcf as of June 13. Stocks were 233 Bcf less than in the same period last year.
Chevron Enters US Lithium Sector with Smackover Acreage Deals
Chevron Corp. has entered the U.S. lithium...
Chevron Corp. has entered the U.S. lithium extraction sector by acquiring about 125,000 net acres in the Smackover Formation in two deals, the energy company said June 17.
One leasehold position was acquired from TerraVolta Resources, while the other was acquired from East Texas Natural Resources. Financial details of the transactions were not discussed. The acreage spans Northeast Texas and Southwest Arkansas, which has become a hotbed of activity for companies extracting lithium from brine.
Chevron joins peers Exxon Mobil Corp., Occidental Petroleum, and Equinor in the Smackover region. Here, oil and gas companies have been using their subsurface expertise to boost the domestic supply of the critical mineral used for electric vehicle batteries and energy storage systems, among other uses.
Chevron plans to use the direct lithium extraction (DLE) process to extract critical minerals from subsurface brines. Unlike traditional hard-rock mining or large-scale brine evaporation, the DLE method is considered more environmentally friendly as it takes up less land and requires less water. The process involves using adsorption, resin or membranes to extract lithium from brine. The emerging technology is also being used by several other companies, including Standard Lithium and its partner Equinor.
The conflict further intensified on its seventh day, with Israel hitting...
The conflict further intensified on its seventh day, with Israel hitting a nuclear facility in Iran, and Iran striking a major hospital in the south of Israel. Israel’s defense minister threatened Iran’s supreme leader Ayatollah Ali Khamenei, saying he “can no longer be allowed to exist.” Iran reportedly imposed a nationwide internet blackout to prevent Israeli cyberattacks, while several US-based airlines, including United and American, suspended flights to some parts of the Middle East as the conflict escalated. According to reports, President Trump has approved plans for an imminent US strike on Iran but has not yet given the final order.
X could soon offer stock trading on its app. “You’ll...
X could soon offer stock trading on its app. “You’ll be able to come to X and transact your whole financial life on the platform,” CEO Linda Yaccarino told the Financial Times, promising that users will have the ability to make investments and trades on the social media site. Owner Elon Musk has long dreamed of turning X into an “everything app” where users can do a lot more than just make fun of Jim Cramer’s financial advice. X already announced last year that it would soon partner with Visa to launch a digital wallet. As the FT noted, though, a deeper push into financial services would likely invite regulatory scrutiny for a company that’s already on thin ice with many advertisers.
Erick made landfall in southern Mexico as a Category 3 hurricane, becoming the earliest storm ever to hit the country at that strength.
Thai Prime Minister Paetongtarn Shinawatra is facing calls to step down after a leaked phone call apparently showed her acting deferential toward a Cambodian official.
Airbus is dominating this week’s Paris Air Show, earning ~$21 billion in sales while rival Boeing takes a backseat amid its ongoing safety struggles.
Honda successfully launched and landed an experimental reusable rocket, marking a major step toward being able to compete with SpaceX and Blue Origin.
A listeria outbreak tied to ready-to-eat chicken alfredo products at Walmart and Kroger stores has killed three people and sickened 17 others across more than a dozen states.
President Trump upped his personal insults of Federal Reserve Chair Jerome Powell, calling him “a real dummy” and an “American Disgrace” in a series of social media posts the day after the Fed held firm on interest rates.
