S&P 500 logs worst day since early August selloff ahead of Powell speech Friday
U.S. stocks closed lower on Thursday as bond yields rose and investors waited to hear...
U.S. stocks closed lower on Thursday as bond yields rose and investors waited to hear from Federal Reserve Chair Jerome Powell at the Jackson Hole Economic Symposium on Friday.
The Dow Jones Industrial Average fell about 177 points, or 0.4%, closing near 40,713, according to preliminary data.
The S&P 500 shed about 50 points, or 0.9%, to close around 5,570, logging its worst daily decline since Aug. 5, when it tumbled 3%.
The Nasdaq Composite lost about 299 points, or 1.7%, closing near 17,619.
"Powell is expected to lay the groundwork for the Fed’s first rate cut in over four years," Adam Turnquist, chief technical strategist at LPL Financial, wrote in emailed comments Thursday. "Signs of reduced pricing pressures and cooling economic growth will likely be enough for policymakers to start reducing the target rate."
According to Dow Jones Market Data, the 10-year Treasury yield jumped 8.5 basis points to 3.862%, notching its biggest daily gain in a week.
Oversupply weighs on US oil producers' gas revenues
An oversaturated market and Permian Basin pipeline bottlenecks forced...
An oversaturated market and Permian Basin pipeline bottlenecks forced US oil operators to sell associated natural gas at rock-bottom prices in the second quarter and even scale back oil production to manage excess gas. Despite the gas price slump, strong crude sales kept oil companies' profits solid, while relief on the gas side is on the horizon as new pipelines prepare to enter service.
US oil exports on track for slowest growth since 2015
Slow domestic production growth and weakening global demand are putting...
Slow domestic production growth and weakening global demand are putting a lid on US crude oil export increases after years of rapid expansion. Government data show that US crude oil exports increased by 3.5% on an annual basis to average roughly 4.2 million barrels per day so far this year, marking the slowest growth since the US lifted its crude export ban in 2015.
What's at stake for O&G if Canadian rail workers strike
A potential rail strike by nearly 10,000 Canadian rail workers poses...
A potential rail strike by nearly 10,000 Canadian rail workers poses little threat to crude oil exports to the US thanks to greater reliance on pipelines, but analysts say it could wreak havoc on the natural gas liquids and refined products markets if it drags on. Extended rail disruptions could drive propane prices higher in the Northeast and western US and strain Canada's crude transport system.
Divers recovered five bodies from UK entrepreneur’s sunken...
Divers recovered five bodies from UK entrepreneur’s sunken yacht. After days of searching, rescue crews found the bodies of five of the six people missing since the Bayesian sank off the coast of Sicily on Monday during a celebration of Autonomy founder Mike Lynch beating fraud charges. Authorities did not immediately identify the bodies, but Lynch and his 18-year-old daughter, as well as his lawyer, Chris Morvillo, and his friend, Morgan Stanley International Chairman Jonathan Bloomer, and their wives were all missing after the shipwreck. Fifteen other people, including Lynch’s wife, were rescued in the aftermath, and the body of the yacht’s cook was found earlier.
Robert F. Kennedy Jr. reportedly plans to end his presidential bid and endorse Donald Trump. He’s scheduled to make an announcement tomorrow.
Shein slapped rival Chinese e-commerce company Temu with a copyright infringement lawsuit. The two have frequently squared off in court as they battle for the world’s bargain dollars.
Former FTX exec Ryan Salame has asked a court to void his guilty plea, saying the government reneged on a promise not to investigate his domestic partner for campaign finance violations. Salame is scheduled to begin his more than seven-year prison sentence in October.
Instagram is testing doing away with squares and making the images on profile pages vertical rectangles.
Lionsgate has pulled its most recent trailer for Francis Ford Coppola’s Megalopolis following reports that it included fabricated quotes from famous movie critics dissing the director’s iconic films.
