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Chips Are Difficult to Make, and It's Even Harder During a Supply Crunch

  • Chips Are Difficult to Make, and It's Even Harder During a Supply Crunch Chips Are Difficult to Make, and It's Even Harder During a Supply Crunch 8:51
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5:47 a.m. Nov. 26, 2021 - By Mark Decambre
Dow's Black Friday plunge puts blue-chip stock gauge at risk of closing below 50-day moving averageU.S. stocks were facing their worst Black Friday trade in recent memory and the decline was putting the Dow Jones Industrial Average at risk of closing below its 50-day moving average for the first time since mid October, as markets wrestle with reports of a new coronavirus variant.The Dow was down 826 points, or 2.3%, to trade at 34,969, which is below its 50-day MA at 35,261.93. Scientists say the coronavirus strain has a high number of mutations that may make it more transmissible and allow it to evade some of the immune responses triggered by previous infection or vaccination. Meanwhile, the S&P 500 index , and the Nasdaq Composite Index were both trading sharply lower but holding above their short-term MAs. Moving averages are used by technical analysts to gauge short-term and long-term momentum in an asset.
2:42 a.m. Nov. 26, 2021 - By Mark Decambre
Wall Street's 'fear index' surges by most in 10 months as Dow and S&P 500 set to tumble on COVID variant worriesA measure of implied volatility on Wall Street on Black Friday touched the highest level since around September as futures for the Dow Jones Industrial Average [: DJIA] and the S&P 500 index , looked set to tumble amid concerns of a fast-spreading strain of coronavirus, which was identified in South Africa, Hong Kong and Israel and was already leading to travel restrictions. The CBOE Volatility Index jumped by about 40% Friday morning, trading around 25.4, which would mark the highest level for the index since around Sept. 20 and mark the biggest daily jump for the measure since late January, according to FactSet data. The index, also known as the VIX, for its ticker symbol, has become well known as Wall Street's "fear gauge," since it was created in the early 1990s. The VIX itself, which uses S&P 500 options to measure trader expectations for volatility over the coming 30-day period, tends to rise as stocks fall and is often therefore referred to as a guide to the level of investor fear. It had been trading below its historic average of around 19.5.
11:07 a.m. Nov. 24, 2021 - By Mark Decambre
S&P 500 ends just below record high above 4,700 on Thanksgiving's eve, as Nasdaq rises and Dow closes flatU.S. stocks finished mostly higher on the eve of Thanksiving as investors parsed a deluge of data, including minutes from the Federal Reserve's November meeting, which indicated that inflation pressures could take longer to subside than previously thought and that members of the central bank raised the possibility of ending bond purchases sooner than they planned if high prices persisted. The Dow Jones Industrial Average closed in negative territory but virtually unchanged at around 35,805, on a preliminary basis, the S&P 500 index advanced 0.2% to around 4,701, just below a Nov. 18 closing record high at 4,704.54, and the Nasdaq Composite Index gained 0.4% at roughly 15,845. U.S. markets will be closed on Thursday for Thanksgiving and will see an early finish on the following Friday session. An account of the Fed's Nov. 2-3 meeting showed that most senior officials at the central bank still expect price rises to slow next year, but they also acknowledged "inflation pressures could take longer to subside" than they previously believed due to continuing labor and supply shortages. Earlier investors digested U.S. economic data showing first-time claims for unemployment benefits plunged by 71,000 to 199,000 last week, the lowest levels since 1969. In other data Wednesday, the pace of economic growth in the third quarter was raised to a 2.1% annualized rate versus an initial estimate of 2%. The U.S. trade deficit in goods narrowed sharply in October. Data also highlighted historically elevated levels of inflation, with a measure of the cost of goods and services jumping 0.6% in October, based on the personal consumption expenditure index or PCE, and rose 5% over the past year from 4.4% in September. That's the highest level since December 1990. The PCE index is the Federal Reserve's favored inflation indicators. In corporate news, shares of Nordstrom Inc. slumped nearly 30% Wednesday after the department store chain reported third-quarter earnings short of analysts' expectations.
8:40 a.m. Nov. 24, 2021 - By Mark Decambre
Gold snaps 4-session skid and ends sightly higher on Thanksgiving's eveGold prices ended slightly higher on Wednesday, despite a rise in the U.S. dollar and a batch of mostly upbeat U.S. economic reports. Gold for December delivery finished up 50 cents, or less than 0.1%, at $1,784.30 an ounce, manaing to halt a four-session slump for the yellow metal. The modest gain came after the yellow metal on Tuesday marked the lowest finish since Nov. 3.
5:42 a.m. Nov. 24, 2021 - By William Watts
Oil futures little changed after rise in crude inventoriesOil futures were little changed Wednesday, with the U.S. benchmark flipping between small gains and losses after government data showed U.S. crude inventories rose by around 1 million barrels in the week ended Nov. 19. West Texas Intermediate crude for January delivery was down 4 cents, or 0.1%, at $75.46 a barrel on the New York Mercantile Exchange.
9:41 a.m. Nov. 23, 2021 - By William Watts
Oil ends with strong gains despite release of strategic reservesOil futures ended with strong gains Tuesday, as traders appeared to fade a long-anticipated decision by President Joe Biden to release crude from the Strategic Petroleum Reserve as part of coordinated U.S.-led effort by energy-consuming countries. West Texas Intermediate crude for January delivery rose $1.75, or 2.3%, to finish at $78.50 a barrel on the New York Mercantile Exchange.
8:37 a.m. Nov. 23, 2021 - By Mark Decambre
Gold's 4th straight decline matches longest skid in nearly 7 monthsGold futures settled lower Tuesday for a fourth straight session, with the precious metal falling to the lowest value in about three weeks, breaching the psychologically significant value at $1,800 again. December gold shed $22.50, or 1.2%, to settle at $1,783.80 an ounce, marking the lowest finish for a most-active contract since Nov. 3, FactSet data show. The four-day slide also matched the longest string of declines for the contract for the precious metal since the period ended April 30.
4:38 a.m. Nov. 23, 2021 - By Mark Decambre
Dow industrials trade under pressure and broader market slumps early Tuesday U.S. stock benchmarks traded mostly lower Tuesday morning, with pressure again seen on the technology sector as investors continue to consider what the reappointment of Federal Reserve Chair Jerome Powell may mean for monetary policy tightening. The Dow Jones Industrial Average declined 17 points, or less than 0.1%, to around 35,604, the S&P 500 index fell 0.2% to reach 4,674 and the Nasdaq Composite Index retreated 0.5% to 15,774, as a rise in Treasury yields continued, with the 10-year Treasury note yielding around 1.64%. In corporate news, shares of Zoom Video Communications were in focus after company executives detailed falling revenue on a conference call late Monday. U.S. markets will be closed on Thursday in observance of Thanksgiving and will end early on Friday.
4:18 a.m. Nov. 23, 2021 - By Tomi Kilgore
Oil stocks see broad rally as crude prices reverse higher after SPR release planShares of oil companies are enjoying a broad rally Tuesday, after crude oil prices bounces sharply to turn positive, shrugging off of a plan to release 50 million barrels of oil from the U.S. Strategic Petroleum Reserve (SPR) in an attempt to rein in prices. The SPDR Energy Select Sector ETF rose 1.1% in premarket trading, with all 21 components gaining ground ahead of the open. Among some of the more active components, shares of Exxon Mobil Corp. gained 0.8%, Chevron Corp. rose 1.3%, ConocoPhillips climbed 1.2%, Marathon Oil Corp. tacked on 1.6% and Occidental Petroleum Corp. advanced 1.9%. Continuous crude oil futures rose 1.2% to $77.66, reversing an earlier loss of about 1.8%, according to FactSet data. Meanwhile, futures for the S&P 500 were little changed.
2:33 a.m. Nov. 23, 2021 - By Mark Decambre
U.S. oil down early Tuesday as White House announces release of 50 million barrels from strategic reservesWest Texas Intermediate oil oil was down sharply on Tuesday as President Biden to release 50 million barrels of oil from the U.S. Strategic Petroleum Reserve, or SPR, in coordination with other countries, to help ease pricing pressures, supply-chain bottlenecks and surging demand that have emerged in the economic recovery phase of the COVID-19 pandemic. WTI crude for January delivery was trading 29 cents, or 0.4%, lower at $76.43 a barrel on the New York Mercantile Exchange, after rising 1.1% on Monday. "As we come out of an unprecedented global economic shutdown, oil supply has not kept up with demand, forcing working families and businesses to pay the price," wrote Secretary Granholm, U.S. Secretary of Energy, in a Tuesday statement. "This action underscores the President's commitment to using the tools available to bring down costs for working families and to continue our economic recovery," the energy secretary said. The White House said that the release will come in two parts: 32 million barrels will be an exchange over the next several months, releasing oil that will eventually return to the SPR in the years ahead; and "18 million barrels will be an acceleration into the next several months of a sale of oil that Congress had previously authorized." The statement from the White House said that the U.S. would be ready to take additional action as needed to relieve pricing pressures. The U.S.'s SPR is the world's largest emergency stockpile of crude oil. The SPR was established primarily to reduce the impact of disruptions in supplies of petroleum products and to carry out obligations of the United States under the international energy program, according to the Energy Department. The stocks in the reserve, which have an authorized capacity of 714 million barrels, are federally owned and are stored in underground salt caverns at four sites along the Gulf of Mexico coastline. As of Nov. 12, the SPR had a total of 606.1 million barrels of crude oil, following a drawdown of 11.6 million barrels in October. The Organization of the Petroleum Exporting Countries and its allies, including Russia, known as OPEC+, have rebuffed calls to increase production, amid concerns that the current prices will compromise the global economic recovery. Biden had previously asked China, Japan, India and South Korea to also release strategic oil along with the U.S. to help lower prices across the globe.
11:11 a.m. Nov. 22, 2021 - By Christine Idzelis
Dow clings to gains as U.S. stocks end mostly lower Monday after Biden picks Powell as Fed ChairThe Dow Jones Industrial Average closed slightly higher Monday, clinging to gains after President Joe Biden announced that he picked Federal Reserve Chair Jerome Powell to serve a second term. The Dow gained less than 0.1%, while the Nasdaq Composite , a technology-heavy index viewed as sensitive to moves in interest rates, closed about 1.3% lower, and the S&P 500 slipped about 0.3%, according to preliminary data from FactSet. Although the S&P 500 slipped slightly, the index's financial sector rose more than 1%, FactSet data show. Shares of Wall Street banks rallied Monday, with Wells Fargo & Co. rising about 3% and Goldman Sachs Group Inc. , JPMorgan Chase & Co. and Morgan Stanley all rising more than 2%, preliminary data from FactSet show. The yield on the 10-year Treasury note rose 9 basis points to 1.625%, according to Dow Jones Market Data.
10:46 a.m. Nov. 22, 2021 - By Christine Idzelis
U.S. stock indexes trade mixed late afternoon Monday after Biden picks Powell to lead FedU.S. stock indexes were trading mixed heading toward the closing bell Monday, with the S&P 500 and Dow Jones Industrial Average each climbing higher while the Nasdaq Composite was down, after the White House announced earlier in the day that Federal Reserve Chairman to serve a second term. The Dow was up 0.8%, the S&P 500 was 0.6% higher and the Nasdaq was off about 0.2%, according to FactSet data, at last check. President Joe Biden's nominations of Powell to lead the Fed as Chair and Fed Gov. Lael Brainard to fill the position of Vice Chair, must be confirmed by the Senate. A sharp rise in shares of Wall Street banks Goldman Sachs Group Inc. and JPMorgan Chase & Co. helped fuel the Dow's rise Monday afternoon. Meanwhile, the technology-laden Nasdaq, seen as sensitive to interest rates moves, slid as the yield on the 10-year Treasury note rose to around 1.62%.
8:44 a.m. Nov. 22, 2021 - By Mark Decambre
Gold books sharpest daily drop in over 3 months, settles at over 2-week low, as Treasury yields and dollar pop Gold futures on Monday skidded lower, suffering the steepest daily decline in more than three months, as a rally in yields and a strengthening of the U.S. dollar buffeted precious metals. December gold ended down $45.30, or 2.4%, to settle at $1,806.30 an ounce. The yellow metal booked a third straight decline, matching the longest such skid since the period ended Oct. 11. and finished at the lowest point since Nov. 4. Trading for the precious metal came as the dollar, as measured by the U.S. ICE Dollar Index DXY , was up less than 0.5%, hanging near the loftiest level since the summer of 2020. On top of that, the 10-year Treasury note yield was up around 1.62%, compared with a Friday afternoon level at 1.535%. Those moves came as the White House announced that Biden has nominated Jerome Powell to another four-year term as Fed Chairman, and has decided to nominate Fed Gov. Lael Brainard to serve as the central bank's vice chairwoman.
7:17 a.m. Nov. 22, 2021 - By Mark Decambre
Tech stocks turn solidly lower midday Monday as benchmark 10-year Treasury punches up to 1.60% to start Thanksgiving weekThe Nasdaq Composite on Monday pivoted into negative territory, and the broader stock market was off its best levels of the session, as Treasury rates rose, putting pressure on the yield-sensitive index. The Nasdaq was trading near the lows of the session, down 0.8% at around 15,930, after setting an intraday record earlier at 16,212.23. The downturn for the benchmark came as the 10-year Treasury yield rose to around 1.60%, from 1.535% on Friday afternoon. The rise in yields comes as Federal Reserve Chairman Jerome Powell was nominated by President Joe Biden for a second term as head of the U.S. central bank, as had been widely expected. Meanwhile, the other benchmarks were trading solidly higher . The S&P 500 index was trading off 0.3% at around 4,712, after establishing an intraday all-time high at 4,743.83, while the Dow Jones Industrial Average was trading 0.6% higher at roughly 35,825. U.S. markets will be closed Thursday and see an abbreviated session Friday.
11:13 a.m. Nov. 19, 2021 - By Mark Decambre
Nasdaq Composite posts 46th record close of 2021 but broader stock market limps lower in week before ThanksgivingThe Nasdaq Composite index finished at a record high amid an otherwise lackluster end of the week for the broader market, with the Dow Jones Industrial Average and the S&P 500 ending the session in negative territory, amid growing concerns over rising cases of COVID-19 in the U.S. and Europe. However, the technology-laden Nasdaq Composite showed gains outperformed as a retreat in bond yields, which move opposite to prices, helped to support further gains for large-capitalization technology stocks, including chip makers like Micron Technology Inc. , which helped to lead gains in the Nasdaq. The tech-heavy index booked its 46th record closing high of 2021. Meanwhile, the Dow Jones Industrial Average closed down nearly 270 points, or 0.8%, at 35,602, on a preliminary basis. The S&P 500 index ended the session down 0.1% at 4,698. For the week, the Dow closed down 1.4%, while the S&P 500 posted a weekly gain of 0.3% and the Nasdaq Composite's record run was aided by a 1.2% gain for the week. Nov. 26 marks Thanksiving in the U.S. and markets will be closed, while early closures will occur on the Friday after the holiday, known as Black Friday.
9:44 a.m. Nov. 19, 2021 - By Myra P. Saefong
Oil settles at a 7-week low, with prices down a 4th straight week Oil futures to their lowest settlement in about seven weeks, with prices posting a loss for a fourth consecutive week. "There have certainly been multiple bearish fundamental developments for the energy market over the last two weeks, including the discussion of coordinated oil reserve releases among major oil consumers around the globe and the uptick in COVID fears centered in Europe," said Tyler Richey, co-editor at Sevens Report Research. Still, it may be too early to declare a top in the oil market as the latest pullback has "so far resembled a healthy, corrective pullback in an otherwise still upward trending oil market," he said. December West Texas Intermediate oil fell $2.91, or 3.7%, to settle at $76.10 a barrel on the New York Mercantile Exchange. Based on the front-month contract, which expired at the end of the session, prices logged their lowest finish since Oct. 1 and lost about 5.8% for the week, down a fourth week in a row, according to FactSet data. January WTI crude , the new front month, settled at $75.94, down $2.47, or nearly 3.2%.
8:43 a.m. Nov. 19, 2021 - By Myra P. Saefong
Gold futures settle at lowest in more than a weekGold futures on Friday marked their . The "huge spike move" in the U.S. dollar affected gold prices on Friday, said Adam Koos, president at Libertas Wealth Management. The ICE U.S. Dollar index traded as high as 96.239, the highest since July 2020, putting pressure on dollar-denominated prices for gold. December gold fell $9.80, or 0.5%, to settle at $1,851.60 an ounce. Based on the most-active contract, prices settled at their lowest since Nov. 10 and lost roughly 0.9% for the week, FactSet data show.
8:28 a.m. Nov. 19, 2021 - By Mark Decambre
Kyle Rittenhouse found not guilty on all counts in homicide trialA 12-person jury on Friday found, Kyle Rittenhouse, the teenager who killed two people and shot another during unrest in Kenosha, Wisc., last summer, not guilty on all counts in a closely watched homicide trial. Rittenhouse shot and killed Joseph Rosenbaum and Anthony Huber and wounded Gaige Grosskreutz during protests in the summer of 2020 following the shooting by law enforcement of Jacob Blake, a Black man. The case has drawn national attention amid concerns about race relations in the U.S. Rittenhouse, who is white, said he went to Kenosha to participate in rallies during the civil unrest that ensued after Blake's killing. Rittenhouse, who brought an AR-15 rifle to protests, made the case that he acted in self-defense.
8:07 a.m. Nov. 19, 2021 - By Myra P. Saefong
Baker Hughes reports a 4th weekly rise in a row for U.S. oil-drilling rigsBaker Hughes on Friday reported that the rose by seven to 461 this week. That followed increases in each of the previous three weeks, including a climb of four oil rigs last week, Baker Hughes data show. The total active U.S. rig count, which includes those drilling for natural gas, also climbed by seven to stand at 563, according to Baker Hughes. on concerns that Europe's rise in COVID cases will hurt energy demand. December West Texas Intermediate crude was down $2.77, or 3.5%, at $76.24 a barrel on the New York Mercantile Exchange.
7:34 a.m. Nov. 19, 2021 - By Tomi Kilgore
Oil stocks take a broad beating as crude prices sinkThe energy sector took a broad beating Friday, and was the weakest of the S&P 500's 11 key sectors, after by fears that will drive down demand. The SPDR Energy Select Sector ETF dropped 3.5%, with all 21 equity components losing ground, and has lost 5.5% amid a three-day losing streak. The biggest loser was Devon Energy Corp.'s stock , which slid 5.6%. Among other more active components, shares of Exxon Mobil Corp. slumped 4.3%, Marathon Oil Corp. gave up 4.3%, Occidental Petroleum Corp. lost 4.9%, Schlumberger Ltd. fell 5.1% and Chevron Corp. declined 2.2%. Meanwhile, crude oil futures shed 3.7% toward a seven-week low. The energy sector ETF has still run up 19.8% over the past three months, while crude oil futures have climbed 18.9% and the S&P 500 has gained 7.0%.
4:35 a.m. Nov. 19, 2021 - By Mark Decambre
Dow, S&P 500 slump Friday but Nasdaq Composite edges higher in early Friday actionU.S. stock benchmarks headed lower Friday morning, amid growing concerns over rising cases of COVID-19 in the U.S. and a national lockdown in Austria, with Germany threatening similar action to mitigate the spread of the infectious disease COVID-19 that has plagued the globe for two years. The Dow Jones Industrial Average was down 0.5%, the S&P 500 index was off less than 0.1%, while the Nasdaq Composite Index gained 0.2%. Friday marks the final full week of trading in November before the Thanksgiving holiday in the U.S., with the markets closed on Thursday and ending early in the following session.
9:43 a.m. Nov. 18, 2021 - By Myra P. Saefong
Oil futures rebound from their lowest levels in about 6 weeksOil futures , rebounding after settling Wednesday at their lowest levels since early October. U.S. benchmark crude futures have dropped from their recent highs as energy traders appear to have mostly "priced in" the impact of a potential coordinated strategic petroleum reserve release between the U.S. and China, said Edward Moya, senior market analyst at Oanda. Still, the oil market deficit will remain even if the reserves are tapped, and "the next big move for prices will most likely depend on the weather." December West Texas Intermediate oil rose 65 cents, or 0.8%, to settle at $79.01 a barrel on the New York Mercantile Exchange. Prices for the front-month contract, which expires at the end of Friday's session, at the lowest since Oct. 7, according to FactSet data.
8:35 a.m. Nov. 18, 2021 - By Myra P. Saefong
Gold futures end lower, a day after settling at their highest since JuneGold futures to lose more than half of what they gained a day earlier, when prices settled at their highest since June. "Gold has struggled to sustain its breakout from last week, with prices coming under pressure due to the rallying U.S. dollar and [Treasury] yields on the front foot for most of the week," said Fawad Razaqzada, market analyst at ThinkMarkets. "The downside should be limited for as long as inflation concerns remain the main focal point," he said, adding that he expects "dip buyers to step in on any short-term weakness." December gold fell $8.80, or 0.5%, to settle at $1,861.40 an ounce. rose 0.9% to see the most-active contract finish at the highest since June 11, FactSet data show.
5:38 a.m. Nov. 18, 2021 - By Myra P. Saefong
EIA reports a 26-billion-cubic-foot weekly climb in natural-gas suppliesThe U.S. on Thursday that domestic supplies of natural gas rose by 26 billion cubic feet for the week ended Nov. 12. IHS Markit had forecast an increase of 24 billion cubic feet. Total stocks now stand at 3.644 trillion cubic feet, down 310 billion cubic feet from a year ago and 81 billion cubic feet below the five-year average, the government said. Following the data, December natural gas traded up by 13.4 cents, or 2.8%, at $4.95 per million British thermal units. Prices were at $4.961 shortly .
4:34 a.m. Nov. 18, 2021 - By Mark Decambre
Dow trades flat but S&P 500 briefly retakes 4,700 near Thursday's open as Nvidia's stock rallies nearly 9%U.S. stock indexes opened modestly higher on Thursday, with the bulls finding some support on the heels of an upbeat report from semiconductor maker Nvidia Corp. , which reported a 50% jump in revenue late Wednesday. Meanwhile, economic data on the day was strong, despite worries about higher inflation and supply-chain bottlenecks, which have dogged investors. New filings for jobless benefits slipped by 1,000 to 268,000 in the seven days ended Nov. 13, the government said. Economists polled by The Wall Street Journal had estimated initial jobless claims would total a seasonally adjusted 260,000. And the Philadelphia Federal Reserve Bank's manufacturing index jumped in November to 39 from 23.8. Against that backdrop, stocks were tilting higher. The Dow Jones Industrial Average [: DJIA] traded flat at 35,921, near the open, the S&P 500 index advanced 0.2% to 4,697 and briefly retook 4,700, and the Nasdaq Composite Index advanced 0.3% to around 15,965. Outperformance by chip maker Nvidia was helping to bolster gains in the broader S&P 500.
9:38 a.m. Nov. 17, 2021 - By Myra P. Saefong
Oil futures settle at lowest since early OctoberOil futures , settling at their lowest level since early October. Prices fell sharply following a that said the U.S. and China discussed the possible release of oil from their reserves to help lower international oil prices, during a summit between U.S. President Joe Biden and Chinese leader Xi Jinping earlier this week. Biden, meanwhile asked the possible illegal practices that are contributing to rising gasoline prices. Oil failed to find support even as data from the a weekly decline of 2.1 million barrels in U.S. crude inventories, the first weekly decline in four weeks. December West Texas Intermediate oil dropped $2.40, or 3%, to settle at $78.36 a barrel on the New York Mercantile Exchange, the lowest front-month finish since Oct. 7, FactSet data show.
8:40 a.m. Nov. 17, 2021 - By Myra P. Saefong
Gold futures post highest finish since JuneGold futures settled at their , rebounding from two consecutive session declines, with surging inflation continuing to provide support for prices of the precious metal. at a seasonally adjusted annual rate of 1.52 million in October, down 0.7% from the previous month, the U.S. Census Bureau reported Wednesday. The decline was "partially blamed on rising inflation for materials into the construction of houses," said Jeff Wright, chief investment officer at Wolfpack Capital. "Inflation is all around us and gold is benefitting." December gold rose $16.10, or 0.9%, to settle at $1,870.20 an ounce. That was the highest most-active contract finish since June 11, FactSet data show.
6:05 a.m. Nov. 17, 2021 - By Myra P. Saefong
Oil futures extend losses as EIA reports a weekly decline in U.S. crude suppliesThe on Wednesday that U.S. crude inventories fell by 2.1 million barrels for the week ended Nov. 12. That was smaller than the average 2.5 million-barrel decrease expected by analysts polled by S&P Global Platts. The reported a 655,000-barrel rise, according to sources. The EIA also reported weekly inventory declines of 700,000 barrels for gasoline and 800,000 barrels for distillates. The S&P Global Platts survey expected supplies to decrease by 100,000 barrels for gasoline and 1.3 million barrels for distillates. The EIA data showed crude stocks at the Cushing, Okla., Nymex delivery hub edged down by 200,000 barrels for the week. was down $1.47, or 1.8%, at $79.29 a barrel on the New York Mercantile Exchange. It traded at $79.84 before the supply data.
11:52 a.m. Nov. 16, 2021 - By Myra P. Saefong
API data reportedly show a weekly climb in U.S. crude suppliesThe American Petroleum Institute reported late Tuesday that U.S. crude supplies rose by 655,000 barrels for the week ended Nov. 12, according to sources. The API also reportedly showed a weekly inventory decline of 2.8 million barrels for gasoline, but distillate stockpiles edged up by 107,000 barrels. Crude stocks at the Cushing, Okla., storage hub, meanwhile, fell by 491,000 barrels for the week, sources said. Inventory data from the Energy Information Administration will be released Wednesday. On average, the EIA is expected to show crude inventories down by 2.5 million barrels, according to a survey of analysts conducted by S&P Global Platts. The survey also calls for supply declines of 100,000 barrels for gasoline and 1.3 million barrels for distillates. Oil prices was little changed in the electronic trading session after the API data. December West Texas Intermediate crude was at $80.74 a barrel in electronic trading, after on the New York Mercantile Exchange.
11:09 a.m. Nov. 16, 2021 - By Mark Decambre
S&P 500 narrowly miss 66th record close of 2021 amid gains in Home Depot and chip-maker stocksThe S&P 500 on Tuesday barely missed finishing in record territory for the 66th time thus far this year, as stocks in consumer discretionary and information technology supported a broad-market advance. The climb for the session came as retail sales jumped 1.7% in October, the government said, surpassing forecasts for a 1.5% rise and logging the biggest gain since March when households received billions in federal stimulus money. Excluding autos, sales rose 1.4%. There were some questions about the impact of inflation on the data because the report does not account for inflation. The Dow Jones Industrial Average rose 0.2% at 36,142, the S&P 500 index climbed 0.4% to around 4,700 and the Nasdaq Composite Index closed 0.8% at 15,974, on the back of gains of semiconductor manufacturers Qualcomm Inc. and Advanced Micro Devices Inc. . Meanwhile, Home Depot Inc rose 5.8% after the home-improvement retailer reported fiscal third-quarter profit, net sales and same-store sales that beat expectations.
9:44 a.m. Nov. 16, 2021 - By Mark Decambre
VanEck's 'lowest-cost' bitcoin linked ETF is down Tuesday but it's outperforming ProShares and Valkyrie funds down 5%The VanEck Bitcoin Strategy Fund on Tuesday is seeing its first day of trading, with the bitcoin futures-pegged exchange-traded fund, which bills itself as the "lowest-cost" option, compared against rivals, outperforming "spot" bitcoin values . VanEck's ETF was down less 1%, at last check, on Tuesday afternoon, in its first day of trading on Cboe Global Markets Inc.'s Cboe BZX exchange. By comparison, spot bitcoin was down more than 5%, in line with the ProShares Bitcoin Strategy ETF and Valkyrie Bitcoin Strategy ETF , which also are pegged to bitcoin futures traded on the CME Group's Chicago Mercantile Exchange . The VanEck offering has billed itself as a cheaper option to ProShares and Valkyrie funds, which came out before it. The VanEck's expense ratio is 0.65%, which translates to an annual cost of $6.50 for every $1,000 invested, compared with 0.95% for its two rivals. VanEck also claims that its ETF can be more tax-efficient than its rivals due to its C-corp structure. The outperformance of XBTF on Tuesday may provide some modest solace to the folks at VanEck who saw a spot bitcoin ETF rejected last week by the Securities and Exchange Commission on the grounds that it doesn't properly prevent fraud and market manipulation. However, first-mover advantage on bitcoin futures may ultimately carry the day, with ProShares boasting assets of around $1.4 billion, Valkyrie's bitcoin futures market looking after $60 million and VanEck likely to end Tuesday's session well below that, even considering its outperformance.
9:38 a.m. Nov. 16, 2021 - By Myra P. Saefong
U.S. oil futures finish slightly lower as IEA forecasts a rise in global outputU.S. oil futures pressured as the growth in crude-oil production to help ease tight global supplies. Prices had briefly traded higher after U.S. House Majority Leader Steny Hoyer said he does not agree with Senate Majority Leader Chuck Schumer's recent call to tap the U.S. Strategic Petroleum Reserve to lower gasoline prices, according to a . That eased expectations over a potential release of oil from the reserve, for now, analysts said. December West Texas Intermediate oil shed 12 cents, or nearly 0.2%, to settle at $80.76 a barrel on the New York Mercantile Exchange.
8:39 a.m. Nov. 16, 2021 - By Myra P. Saefong
Gold futures post a second straight session declineGold futures , down a second consecutive session, after touching their highest intraday level since June. "Investment flows are what drive gold prices, and after gold smashed through downtrend resistance as well as this summer's highs on last week's inflation shock data, it's no surprise to see some of the hot money closing out their gains," said Adrian Ash, director of research at BullionVault. Tuesday's strong U.S. economic data, including a , prompted some profit taking, he said. December gold fell $12.50, or 0.7%, to settle at $1,854.10 an ounce.
4:33 a.m. Nov. 16, 2021 - By Mark Decambre
Dow opens slightly higher early Tuesday on back of Home Depot's gains but broader stock market under pressureU.S. stock benchmarks traded mixed early Tuesday, with the Dow industrial's gains supported by a rise in shares of home-improvement retailer Home Depot Inc. , as investors parsed a stronger-than-expected rise in October retail sales. The Dow Jones Industrial Average rose 0.2% at 36,157, the S&P 500 index was flat at 4,685, while the Nasdaq Composite Index was off around 0.1% at 15,835. Retail sales jumped 1.7% in October, the government said, surpassing forecasts for a 1.5% rise and logging the biggest gain March when households received billions in federal stimulus money.
9:39 a.m. Nov. 15, 2021 - By Myra P. Saefong
U.S. oil futures shake off early declines to finish higher U.S. oil futures shook off earlier losses from concerns over a potential release of oil from the U.S. Strategic Petroleum Reserve to finish with a slight . "While the Biden administration has been mulling an SPR release to force oil prices lower, it would appear the virus may well be doing the job for him in Europe, with Austria ordering a lockdown of the unvaccinated and Ireland urging people to work from home again," said Michael Hewson, chief market analyst at CMC Markets UK. Still, many analysts have said that a to provide a short-term pullback in oil and gasoline prices. December West Texas Intermediate oil tacked on 9 cents, or 0.1%, to settle at $80.88 a barrel on the New York Mercantile Exchange. Prices traded as low as $79.30, the lowest intraday level for a front-month contract since Nov. 5, FactSet data show.
8:47 a.m. Nov. 15, 2021 - By Myra P. Saefong
Gold futures mark first loss in 8 sessions Gold futures , following seven session gains in a row, the longest streak of price climbs since late July. Some analysts attributed the decline to profit taking in the wake of the recent gains that came on the back of concerns over surging inflation. December gold fell $1.90, or 0.1%, to settle at $1,866.60 an ounce.
5:36 a.m. Nov. 15, 2021 - By Tomi Kilgore
Chevron stock gets a boost after UBS upgrades to buy, saying share price doesn't reflect rising oil price trendShares of Chevron Corp. rose 0.9% in morning trading Monday, after UBS analyst Jon Rigby turned bullish on the oil and gas giant for the first time in 1 1/2 years, saying the oil upcycle is not yet reflected in the share price. Rigby raised his rating to buy, after being at neutral since May 2020, while boosting the stock price target to $125 from $110. Chevron's stock hasn't traded as high as $125 since September 2019. The company comes as crude oil futures have run up 16.4% over the past three months and 64.2% year to date, amid concerns over rising demand at a time of tight supplies. "Within the universe of Integrated Majors, [Chevron] has one of the highest relative oil price sensitivities by virtue of its business mix," Rigby wrote in a note to clients. "The central theme of our updated forecasts is tight oil markets as post-COVID demand recovers but supply is constrained by a multi-year shortfall in investment and continuing industry caution in responding to price signals." Chevron's stock has hiked up 36.5% year to date while the SPDR Energy Select Sector ETF has rallied 51.7% and the Dow Jones Industrial Average has gained 18.3%.
9:40 a.m. Nov. 12, 2021 - By Myra P. Saefong
Oil futures extend losses to third weekOil futures , suffering a third-straight weekly decline as traders continued to weigh the likelihood of a U.S. release of oil from the Strategic Petroleum Reserve or a ban on oil exports to combat high oil and gasoline prices. During a White House press conference Friday, Press Secretary Jen Psaki said that all options remain on the table, but no decisions have been made. "What this tells us is that behind the scenes in the White House, they're not quite sure what to do," said Phil Flynn, senior market analyst at The Price Futures Group. Some say that a ban on U.S. oil exports would only reduce U.S. production and put domestic oil workers out of work, with little impact on gasoline prices, while an SPR release may only have a short-term impact, he said. December West Texas Intermediate oil fell 80 cents, or 1%, to settle at $80.79 a barrel on the New York Mercantile Exchange. Prices based on the front-month contract ended the week with a 0.6% loss, FactSet data show.
8:40 a.m. Nov. 12, 2021 - By Myra P. Saefong
Gold futures end higher for 7th session on inflation fears Gold futures for their seventh straight session and second consecutive weekly gain. "Inflation is a very real fear, and the price of gold is reflecting this," said Adam Koos, president at Libertas Wealth Management Group. Still, gold prices may "fluctuate with headlines related to economic reports and the real threat of inflation" through the end of the year. December gold rose $4.60, or nearly 0.3%, to settle at $1,868.50 an ounce, the highest most-active contract finish since June 11, with prices up about 2.8% for the week, according to FactSet data.
8:05 a.m. Nov. 12, 2021 - By Myra P. Saefong
Baker Hughes reports a third-straight weekly rise in U.S. oil-drilling rigsBaker Hughes on Friday reported that the rose by four to 454 this week. That followed increases in each of the previous two weeks, including a climb of six oil rigs last week, Baker Hughes data show. The total active U.S. rig count, which includes those drilling for natural gas, climbed by six to stand at 556, according to Baker Hughes. December West Texas Intermediate crude , down 89 cents, or 1.1%, at $80.70 a barrel on the New York Mercantile Exchange.
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