The numbers: The U.S. grew at a soft 1.1% annual pace in the first three months of...
The numbers: The U.S. grew at a soft 1.1% annual pace in the first three months of this year, as strong consumer spending was offset by declining business investment. Wall Street analysts had forecast a 2% increase in gross domestic product, the official scorecard for the economy.
Consumer spending, the main engine of U.S. growth, drove the economy forward in the first quarter. Outlays jumped 3.7%.
Households got little help from businesses, however, and probably can’t expect much in the near future. Companies cut spending and reduced production, shaving 2.3 percentage points off headline GDP.
For the second time in his career, Pioneer Natural Resources’ Scott D. Sheffield is...
For the second time in his career, Pioneer Natural Resources’ Scott D. Sheffield is retiring as CEO of one of the Permian Basin’s premier oil-producing E&Ps.
Sheffield is expected to continue to serve on the board following his retirement, the company said in an April 26 press release. Pioneer’s board named Richard “Rich” P. Dealy as the company’s next CEO, effective Jan. 1, 2024. Dealy has already been nominated for election to the board.
Sheffield previously stepped down from the CEO role in 2016 when the company was worth $28 billion. Pioneer’s founding CEO returned roughly two years later, and Sheffield has since led the company to a $52 billion market capitalization through increased production, a focus on the Permian’s Midland Basin and a series of multi-billion dollar acquisitions.
Stocks closed mixed as tech leads the Nasdaq higher, but Dow loses almost 230 points
U.S. stocks ended mostly lower on Wednesday as robust earnings from big tech companies boosted the Nasdaq...
U.S. stocks ended mostly lower on Wednesday as robust earnings from big tech companies boosted the Nasdaq Composite, but concerns about First Republic Bank weighed on the broader market after the San Francisco-based lender revealed an exodus of deposits in March in the aftermath of Silicon Valley Bank collapse.
The Dow Jones Industrial AverageDJIA, -0.68% was off 228.96 points, or 0.7%, to end at 33,301.87
The S&P 500SPX, -0.38% lost 15.64 points, or 0.4%, to finish at 4,055.99
The Nasdaq Composite COMP, 0.47% advanced 55.19 points, or 0.5%, ending at 11,854.35
Natural gas investors this year will be watching to see...
Natural gas investors this year will be watching to see which LNG projects in Mexico get greenlighted and monitoring permitting and pipeline delays The need for underground storage facilities in the US is also a concern: "The U.S simply hasn't added much incremental storage capacity in the last decade, and that second wave of LNG export facilities will likely add significant strain to the existing system," says Patrick Rau, National Gas Intelligence director of strategy and research.
MARKET WATCH: Microsoft surge powers early triple-digit Nasdaq gain as U.S. stocks rebound
U.S. stocks opened higher on Wednesday as a rally in Microsoft Corp. ...
U.S. stocks opened higher on Wednesday as a rally in Microsoft Corp. MSFT, 7.06% shares helped to boost the Nasdaq Composite. However, further declines in shares of First Republic Bank FRC, -18.46% following its Monday earnings report were seen as a cause for concern. The S&P 500 SPX, 0.20% gained 8.5 points, or 0.2%, to 4,080. The Nasdaq Composite COMP, 0.97% rose by 93 points, or 0.8%, to 11,892, after finishing Tuesday’s session at its lowest closing level in nearly a month. The Dow Jones Industrial Average DJIA, 0.16% gained 88 points, or 0.3%, to 33,618.
