Fed’s Powell leaves investors with a cloud of uncertainty. Why the U.S. stock market faces a difficult week ahead.
The U.S. stock market recovered from a three-week losing streak this week, though the release of Nvidia’s...
The U.S. stock market recovered from a three-week losing streak this week, though the release of Nvidia’s earnings and a speech by Federal Reserve Chair Jerome Powell at the Jackson Hole Economic Symposium provided some volatility, the artificial intelligence boom offset rising bond yields.
Next week, the July personal consumption expenditure index, the Fed’s preferred measure of inflation, and the latest monthly employment report will offer another trial for the markets as investors assess whether stocks can defend their recent gains under the “cloudy skies” of uncertainty over the economic outlook.
With the second-quarter earnings reporting season coming to an end, major economic data in the coming days will provide some guidance on the resilience of the U.S. economy and whether the Fed will raise interest rates further at its September 19-20 policy meeting.
Hurricane watch issued for Florida’s Gulf Coast as Tropical Storm Idalia approaches
A hurricane watch has been issued for portions of Florida’s...
A hurricane watch has been issued for portions of Florida’s Gulf Coastas the state braces for Tropical Storm Idalia, which is expected to strengthen to a hurricane and make landfall this week.
The hurricane watch stretches from Englewood to Indian Pass, including Tampa Bay, according to the National Hurricane Center’s Sunday afternoon update. In addition to the hurricane watch, a tropical storm watch has been issued for the Gulf Coast of Florida from Englewood to Chokoloskee and the Dry Tortugas.
The storm is currently located about 100 miles east of Cozumel, Mexico, moving at around 3 mph with maximum sustained winds of 40 mph, the hurricane center said.
Oil Edges Higher as China Stimulus Moves Offset Demand Concern
Oil prices ticked higher overseas on Monday, along with equity markets, after China took steps to support...
Oil prices ticked higher overseas on Monday, along with equity markets, after China took steps to support its flagging economy, though investors remained worried about the pace of growth as well as further U.S. interest rate hikes that could dampen fuel demand.
Brent crude rose 22 cents, or 0.3%, to $84.70 a barrel by 0049 GMT while U.S. West Texas Intermediate crude was at $80.08 a barrel, up 25 cents, or 0.3%.
Large blaze at Louisiana oil refinery forces evacuations
A large fire that broke out in the storage tank of an oil refinery in Garyville, Louisiana, on Friday...
A large fire that broke out in the storage tank of an oil refinery in Garyville, Louisiana, on Friday forced nearby residents to temporarily evacuate their homes. There were no injuries in the fire and it did not spread outside the refinery.
U.S. energy firms in August cut the number of active oil rigs...
U.S. energy firms in August cut the number of active oil rigs for a ninth straight monthwhile the combined oil and natural gas rig count fell for the fourth month in a row, energy services firm Baker Hughes said in its closely followed report on August 25.
For the week to Aug. 25, the total oil and gas rig count,an early indicator of future output, fell by 10 to 632, the lowest since February 2022. In August, drillers cut 32 oil and gas rigs, their fourth monthly decline in a row, which puts the total rig count down 133, or 17%, below this time last year.
U.S. oil rigs fell eight to 512this week, their lowest since February 2022, while gas rigs slipped by two to 115, their lowest since January 2022.
