S&P 500 ends in correction, stocks post sharp weekly losses
U.S. stocks closed out a rough week mostly lower on Friday,...
U.S. stocks closed out a rough week mostly lower on Friday, leaving the S&P 500 and the Nasdaq Composite both in correction territory. The Dow Jones Industrial AverageDJIA shed about 366 points on Friday, or 1.1%, ending near 32,417, according to preliminary FactSet data. The S&P 500 index SPX shed 0.5% to finish around 4,117, a level that meets the widely accepted definition of a market correction, ending at least 10% below its prior peak set in July, according to Dow Jones Market Data. The Nasdaq Composite IndexCOMP rose 0.4%, but ended lower for a third straight week. It shed 2.6% for the week, while the S&P 500 lost 2.5% and the Dow fell 2.1% since Monday. Stocks have been under pressure from higher long-dated Treasury yields, with the 10-year TMUBMUSD10Y rate easing back from a brief high of 5% in recent sessions to about 4.846% Friday.
From Twitter: Oil Prices Move Higher After US Strikes In Syria
Oil prices are pushing higher after the...
Oil prices are pushing higher after the US conducted strikes on two Iran-linked facilities in Syria. This is now fueling fears that the Israel-Hamas war may spark a broader conflict with the potential of disrupting global crude supplies. We spoke with Jameed Ahmad from @GTC_fx. pic.twitter.com/pk2f377azB
Hess’ Bakken Production Nearing Peak of 200,000 boe/d
Hess Corp.’s net combined oil, gas and NGL production from onshore Bakken in this year’s third quarter...
Hess Corp.’s net combined oil, gas and NGL production from onshore Bakken in this year’s third quarter is close to reaching its peak.
Hess’ Bakken production is expected to average 200,000 boe/d by 2025 then flatline at that level for nearly a decade, company officials have said repeatedly during recent quarterly conference calls with analysts. Hess scrapped its third-quarter earnings call following after Chevron Corp. announced on Oct. 23 that it would acquire the company for $53 billion.
During third-quarter 2023, Hess drilled 28 wells, completed 41 wells, and brought 26 new wells online.
Exxon-Pioneer deal a double-edged sword for midstream
ExxonMobil's takeover of Pioneer Natural Resources paints a mixed picture for midstream companies operating...
ExxonMobil's takeover of Pioneer Natural Resources paints a mixed picture for midstream companies operating in the Permian Basin, according to analysts. The prospect of increased production generally bodes well for the industry, but Exxon's operational streamlining risks making some pipelines obsolete.
The mass shooter who killed at least 18 people in Maine remains at large. Authorities...
The mass shooter who killed at least 18 people in Maine remains at large. Authorities are hunting for 40-year-old firearms instructor Robert Card, who went on a deadly shooting rampage at a bowling alley and bar in Lewiston on Wednesday. The Coast Guard was searching the Kennebec River after the suspect, who owns a 15-foot motorboat, abandoned his car at a boat launch 10 miles from the crime scenes. Multiple Maine communities remain on lockdown, with several schools closed and residents urged not to leave their homes. The shooting prompted President Biden to renew his calls for Congress to pass an assault weapons ban and other gun control measures.
