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Schwab's Dollar Outlook

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    Supply Shortages & Rising Demand Supply Shortages & Rising Demand 8:58
    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
    Inflation Is Hitting Diapers. Here's Why Inflation Is Hitting Diapers. Here's Why 6:44
9:39 a.m. Dec. 8, 2021 - By Myra P. Saefong
U.S. oil futures settle at a 2-week highOil futures , with U.S. prices marking their highest settlement in two weeks. The Energy Information Administration on Wednesday reported a of 200,000 barrels in U.S. crude supplies, along with bigger-than-expected increases in gasoline and distillate stockpiles. Oil prices, however, rose despite the soft data, indicating that the post-Thanksgiving selloff in energy markets amid omicron concerns was "overdone," said Tyler Richey, co-editor at Sevens Report Research. The also introduced an "OPEC+ put" in the market, with speculators "hesitant to sell this market short knowing that OPEC+ could act at any time to support prices" in coming weeks. January West Texas Intermediate crude rose 31 cents, or 0.4%, to settle at $72.36 a barrel on the New York Mercantile Exchange, the highest front-month contract finish since Nov. 24, FactSet data show.
8:46 a.m. Dec. 8, 2021 - By Myra P. Saefong
Gold futures end with a modest gain after tapping their highest intraday level in a weekGold futures , though prices for the most-active contract ended below their highest intraday level in a week. "Gold seems to be finding difficulty in achieving any momentum in either direction," and prices around the $1,780 level looked like a "magnet" in Wednesday dealings, said Ross Norman, chief executive officer at Metals Daily. "Being early December, markets are quite thin and it does follow that we get moves that are counter-intuitive and this relates to some book-squaring ahead of year end." February gold rose 80 cents, or less than 0.1%, to settle at $1,785.50 an ounce, after trading as high as $1,794.30, the highest intraday level for a most-active contract since Dec. 1, FactSet data show.
5:45 a.m. Dec. 8, 2021 - By Myra P. Saefong
EIA reports a modest weekly decline in U.S. crude supplies, as product stocks rise more than expectedThe on Wednesday that U.S. crude inventories fell by 200,000 barrels for the week ended Dec. 3. On average, analysts had forecast a 1.2 million-barrel decline, according to a poll conducted by S&P Global Platts. The reported a 3.1 million-barrel decrease, according to sources. The EIA also reported weekly inventory increases of 3.9 million barrels for gasoline and 2.7 million barrels for distillates. The S&P Global Platts expected supply climbs of 1.4 million barrels for gasoline and 900,000 barrels for distillates. The EIA data showed crude stocks at the Cushing, Okla., Nymex delivery hub edged up by 2.4 million barrels for the week. January West Texas Intermediate crude was down 20 cents, or 0.3%, at $71.86 a barrel on the New York Mercantile Exchange. It traded at $72.02 .
4:38 a.m. Dec. 8, 2021 - By Tomi Kilgore
ConocoPhillips announces 2 deals, a $1.36 billion sales of assets and an up to $1.65 purchaseShares of ConocoPhillips edged up 0.2% in morning trading, after the announced two deals Wednesday related to its Asia-Pacific portfolio of assets, one for the sale of assets for $1.36 billion and the other to increase and investment by up to $1.65 billion. The oil and gas company said it has agreed to sell its subsidiary that indirectly owns it 54% stake in the Indonesia Corridor Block Production Sharing Contract and a 35% interest in the Transasia Pipeline Company to MedcoEnergi for $1.355 billion. The Indonesia assets being sold had produced 50,000 barrels of oil equivalent per day (MBOED) during the nine months ended Sept. 30. The company also said it is exercising its right to buy up to an additional 10% stake in Australia Pacific LNG for up to $1.645 billion from Origin Energy, with the deal expected to close in the first quarter of 2022. ConocoPhillips stock has shot up 35.2% over the past three months, while the SPDR Energy Select Sector ETF has rallied 20.4% and the S&P 500 has gained 3.8%.
11:52 a.m. Dec. 7, 2021 - By Myra P. Saefong
API data reportedly show a weekly fall of more than 3 million barrels in U.S. crude suppliesThe American Petroleum Institute reported late Tuesday that U.S. crude supplies fell by 3.1 million barrels for the week ended Dec. 3, according to sources. The API also reportedly showed weekly inventory increases of 3.7 million barrels for gasoline and 1.2 million barrels for distillates. Crude stocks at the Cushing, Okla., delivery hub, meanwhile, climbed by 2.4 million barrels last 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 1.2 million barrels, according to a survey of analysts conducted by S&P Global Platts. The survey also calls for supply increases of 1.4 million barrels for gasoline and 900,000 barrels for distillates. Oil prices held the bulk of the day's gains in the electronic trading session after the API data. January West Texas Intermediate crude was at $71.71 a barrel in electronic trading, after on the New York Mercantile Exchange.
9:38 a.m. Dec. 7, 2021 - By Myra P. Saefong
Oil futures settle higher, with U.S. prices at their highest in nearly 2 weeksOil futures , with U.S. prices settling at their highest in almost two weeks. "Traders view the omicron variant of COVID as a less virulent threat, and expect global economic growth to be only marginally impacted," said Marshall Steeves, energy markets analyst at IHS Markit. "Traders also anticipate a robust holiday season for driving in the U.S. and other OECD economies," he said. January West Texas Intermediate crude rose $2.56, or 3.7%, to settle at $72.05 a barrel on the New York Mercantile Exchange, the highest front-month contract finish since Nov. 24, FactSet data show.
8:51 a.m. Dec. 7, 2021 - By Myra P. Saefong
Gold futures mark highest finish in over a weekGold futures , with prices for the most-active contract at their highest since Nov. 26. Recent spikes in gold and silver prices "invited a little profit-taking among existing owners," said Adrian Ash, director of research at BullionVault, but "new buyers continue to enter the precious metals markets, taking a position in physical bullion ahead of the New Year." The long-term appeal of precious metals "as a portfolio and currency hedge looks solid on the financial risks building as 2022 approaches," he said. February gold rose $5.20, or 0.3%, to settle at $1,784.70 an ounce.
8:46 a.m. Dec. 7, 2021 - By Mark Decambre
Amazon Web Services seeing widespread outages with online applications on Tuesday: DowndetectorAmazon.com Inc.'s massive cloud-computing operation on Tuesday was seeing widespread outages on its key data-streaming platform, as online applications suffered in parts of the U.S. The data website , which tracks online services, indicated reports of problems on Amazon Web Services, with some online users reporting issues on Twitter with downloading books and using other web-linked services.
7:26 a.m. Dec. 7, 2021 - By Myra P. Saefong
EIA lowers 2021 and 2022 WTI, Brent oil-price forecasts The U.S. Energy Information Administration lowered its 2021 and 2022 forecasts for U.S. and global benchmark oil prices, . The EIA forecast this year's West Texas Intermediate crude prices at an average $67.87 a barrel, down 1.7% from the November forecast. Brent crude is expected to average $70.60 this year, down 1.4% from the previous forecast. The EIA also cut its oil forecasts for 2022 by 2.7% to $66.42 for WTI and by 2.6% to $70.05 for Brent. U.S. oil production is expected to average 11.18 million barrels per day this year, up 0.5% from November's forecast, the EIA said. The omicron variant of the coronavirus has "introduced additional uncertainty into oil markets for the coming months," with that uncertainty reflected in the recent increase in price volatility, the EIA said. . January WTI crude was up $3.23, or 4.7%, to $72.72 a barrel on the New York Mercantile Exchange. February Brent crude rose $3.01, or 4.1%, to $76.09 a barrel on ICE Futures Europe.
9:47 a.m. Dec. 6, 2021 - By Myra P. Saefong
Oil ends higher as concerns over the omicron variant ease, Saudis raises prices for some buyersOil futures climbed on Monday, with news that the omicron variant may not lead to severe cases of COVID-19 and Saudi Arabia's move to lift crude prices for some buyers providing support. The Saudi move "portrays confidence in the markets but it doesn't alter the uncertain outlook in any way," said Craig Erlam, senior market analyst at Oanda. The most bullish thing for oil prices is that omicron is "reportedly less severe and if more good news follows, we can all relax a little and the downside risks to the economy will abate." January West Texas Intermediate crude rose $3.23, or 4.9%, to settle at $69.49 a barrel on the New York Mercantile Exchange.
8:44 a.m. Dec. 6, 2021 - By Myra P. Saefong
Gold futures end lower, give back some of Friday's gains Gold futures , with prices giving back a portion of the more than 1% gain seen on Friday. Gold's Friday move higher was "tempered" as "risk aversion cooled off and the U.S. dollar caught a bid," said Stephen Flood, director of bullion services at GoldCore. "All eyes are on Friday's U.S. CPI release to gauge how inflation is trending, expect fireworks if a deterioration occurs," he said. "Investors are also keenly eying the Fed's meeting on December 14 & 15th to see how interest rate policy will adjust to inflation." February gold fell $4.40, or nearly 0.3%, to settle at $1,779.50 an ounce.
5:43 a.m. Dec. 6, 2021 - By Mark Decambre
Digital World Acuisition Corp., tied to Donald Trump, falls 5% as publicly traded entity says it is facing a regulatory probeDigital World Acquisition ---more informally known as the special-purpose acquisition corp. tied to former president Donald Trump---said in a public filing on Monday that the Financial Industry Regulatory Authority and the Securities and Exchange Commission had requested information from it about its trading and communications with Trump entities before the announcement of a prospective SPAC deal two months ago. So-called DWAC, referring to its ticker symbol, "has received certain preliminary, fact-finding inquiries from regulatory authorities, with which it is cooperating," the entity wrote in a public filing. Shares of the SPAC, which plans to merge with ex-president Trump's new social media business, surged more than 90% on Oct. 22 on reports of its plans, after rising more than fourfold on the Thursday before. Shares of DWAC hit a peak at $175 in late-October on heavy volume but has since tumbled 76% from that peak, FactSet data show. DWAC's plan had been to merge with Trump's start-up Trump Media & Technology Group. So-called SPACs, also known as blank-check companies, raise money from investors to take private businesses public and have been a buzzy investment vehicle over the past two years at least.
9:44 a.m. Dec. 3, 2021 - By Myra P. Saefong
U.S. oil futures post a sixth consecutive weekly decline U.S. oil futures with a loss, suffering a sixth weekly decline in a row. While the decision by the to "formally keep their meeting 'in session' means that they are watching developments closely and could reconvene at any time to begin to renegotiate the deal, this just speaks to the current uncertainty in the market when it comes to the ultimate impact the omicron variant will have on demand," said Troy Vincent, senior market analyst at DTN. "It's simply too early to tell." January West Texas Intermediate crude fell 24 cents, or 0.4%, to settle at $66.26 a barrel on the New York Mercantile Exchange, after trading as high as $69.22. For the week, prices based on the front-month contract, lost 2.8%, according to FactSet data.
8:40 a.m. Dec. 3, 2021 - By Myra P. Saefong
Gold futures climb, end slightly lower for the week Gold futures getting a boost from disappointing , but prices still posted a slight loss for the week after settling Thursday at their lowest in more than seven weeks. "Gold has not performed well this week, as we are concerned about the potential of deflation," said James Hatzigiannis, chief market strategist at Ploutus Capital Advisors. The Federal Reserve is set to be more aggressive and with inflation rising, that could "result in the central bank ending asset purchases sooner than we have expected for the next year," he said. "That is why you have not seen that haven appeal gold typically shows." February gold rose $21.20, or 1.2%, to settle at $1,783.90 an ounce. A week ago, the most-active contract settled at $1,785.50.
6:59 a.m. Dec. 3, 2021 - By Mark Decambre
Nasdaq Composite loses perch at 15,000 as stock-market benchmark falls to 7-week lowThe Nasdaq Composite was facing a fresh selloff Friday, capping a tumultuous week for the benchmark, as investors sold technology and technology-related shares, amid growing concerns that higher borrowing costs are in store for the U.S. economy. The Nasdaq Composite was trading 2.6% lower at 14,979, falling below 15,000 for the first time since Oct. 15, FactSet data show. The decline for the index comes amid a broader decline in the S&P 500 index and the Dow Jones Industrial Average , after a weaker-than-expected November jobs report was seen as unlikely to stay the hand of a Federal Reserve that seems intent on tamping down inflation.
9:42 a.m. Dec. 2, 2021 - By Myra P. Saefong
Oil futures settle higher after OPEC+ decides to keep gradual production increase for January Oil futures after the Organization of the Petroleum Exporting Countries and their allies by 400,000 barrels per day in place for January. The group of producers, which is known as OPEC+, also left the door open for any adjustments to production, depending on new developments in the market. January West Texas Intermediate crude rose 93 cents, or 1.4%, to settle at $66.50 a barrel on the New York Mercantile Exchange, after trading as low as $62.43.
8:53 a.m. Dec. 2, 2021 - By Myra P. Saefong
Gold futures drop to lowest settlement in over 7 weeksGold futures to mark their lowest settlement since mid-October. The precious metal failed to find support from uncertainty surrounding the omicron variant of the coronavirus, as . February gold fell $21.60, or 1.2%, to settle at $1,762.70 an ounce. That marked the lowest finish for a most-active contract since Oct. 12, according to FactSet data.
5:40 a.m. Dec. 2, 2021 - By Myra P. Saefong
EIA reports a weekly decline in natural-gas suppliesThe U.S. on Thursday that domestic supplies of natural gas fell by 59 billion cubic feet for the week ended Nov. 26. That matched the average decline forecast by analysts polled by S&P Global Platts, and compared with a five-year average decrease of 31 billion cubic feet for the period. Total stocks now stand at 3.564 trillion cubic feet, down 375 billion cubic feet from a year ago and 86 billion cubic feet below the five-year average, the government said. Following the data, January natural gas traded up by 2.3 cents, or 0.5%, at $4.281 per million British thermal units. Prices were at $4.268 .
4:47 a.m. Dec. 2, 2021 - By Myra P. Saefong
OPEC+ agrees to rollover existing policy, lift output by 400,000 barrels per day in JanuaryThe Organization of the Petroleum Exporting Countries and their allies, together known as OPEC+, decided to rollover their current policy and by 400,000 barrels per day in January. "Demand concerns were already on the rise and the was another rollover of the current policy from the OPEC+ group," said Fawad Razaqzada, market analyst at ThinkMarkets. "Yet contrary to some expectations for only a moderate hike or no hike at all for January, that's exactly what happened. So OPEC+ will be "adding more oil to the global supply and thus completely removing the threat of supply shortages at a time when demand is expected to fall," said Razaqzada. , January West Texas Intermediate crude fell 79 cents, or 1.2%, to trade at $64.78 a barrel on the New York Mercantile Exchange, following a loss of 0.9% on Wednesday. February Brent crude declined by 73 cents, or 1.1%, at $68.14 a barrel.
4:37 a.m. Dec. 2, 2021 - By Mark Decambre
Dow opens slightly higher Thursday but stock market struggles to recover from omicron-led sellingU.S. stocks traded mixed Thursday morning, in what has become an increasingly volatile market resulting in uncertainty over the spread of coronavirus and a fuzzy path for monetary policy and the U.S. economy. The Dow Jones Industrial Average was up 0.4% at 34,161, the S&P 500 index added 0.1% to 4,518, while the Nasdaq Composite Index declined 0.1% at 15,241. In ecoonomic reports, the number of people who applied for unemployment benefits around Thanksgiving surged above 200,000, partly reversing a big plunge in the prior week that had knocked jobless claims down to 52-year low. New filings for benefits jumped by 28,000 to 222,000 in the seven days ended Nov. 27, the Labor Department said Thursday. Markets have been under pressure as a result of the emergence of concerns related to the omicron variant of the coronavirus that causes COVID-19.
9:39 a.m. Dec. 1, 2021 - By Myra P. Saefong
Oil futures finish lower as U.S. identifies its first case of the omicron variant of coronavirus Oil futures , giving up earlier gains following news that . The turn lower for prices late in the session was linked to growing concerns over COVID-19, and the potential for the new variant to disrupt economic activity and oil demand, said Tariq Zahir, managing member at Tyche Capital Advisors. Traders await Thursday's decision by the Organization of the Petroleum Exporting Countries and their allies on production levels. Some analysts said the group, known as OPEC+, may decide to pause their current deal to boost monthly output by 400,000 barrels per day, given the recent plunge in oil prices following the discovery of the new variant of coronavirus. January West Texas Intermediate crude fell 61 cents, or 0.9%, to settle at $65.57 a barrel on the New York Mercantile Exchange, after touching an intraday high of $69.49. Prices lost 5.4% on Tuesday.
8:38 a.m. Dec. 1, 2021 - By Myra P. Saefong
Gold futures end higher, buoyed by omicron-fueled uncertaintyGold futures , recouping most of the 0.5% loss suffered in the previous session. Gold is really struggling for direction "having repeatedly failed to generate any momentum above $1,800," said Craig Erlam, senior market analyst at Oanda, in a market update. "The dollar easing in recent days and the huge amount of uncertainty in the markets should be giving it a lift, but then we have seen near-term [Treasury] yields rising as the Fed has accepted more action may be necessary." In testimony to the House Financial Services panel Wednesday, the central bank's plan to slow and end its asset purchases shouldn't disrupt financial markets. February gold rose $7.80, or 0.4%, to settle at $1,784.30 an ounce.
5:38 a.m. Dec. 1, 2021 - By Myra P. Saefong
Oil futures pare some gains after EIA reports a smaller-than-expected weekly fall in U.S. crude suppliesThe Energy Information Administration reported on Wednesday that U.S. crude inventories fell by 900,000 barrels for the week ended Nov. 26. On average, analysts had forecast a 2.7 million-barrel decline, according to a poll conducted by S&P Global Platts. The American Petroleum Institute on Tuesday reported a 747,000-barrel decrease, according to sources. The EIA also reported weekly inventory increases of 4 million barrels for gasoline and 2.2 million barrels for distillates. The S&P Global Platts survey expected supply climbs of 900,000 barrels gasoline and 1 million barrels for distillates. The EIA data showed crude stocks at the Cushing, Okla., Nymex delivery hub edged up by 1.1 million barrels for the week. January West Texas Intermediate crude was up $2.07, or 3.1%, at $68.25 a barrel on the New York Mercantile Exchange. It traded at $68.60 before the supply data.
2:31 a.m. Dec. 1, 2021 - By Tomi Kilgore
Exxon Mobil to boost spending on greenhouse gas reduction projects to $15 billion through 2027Exxon Mobil Corp. said Wednesday that it has finalized its corporate plans to 2027, including increased spending on greenhouse gas emission-reduction projects to $15 billion over the next six years. The company said it also plans to maintain "disciplined capital investments," keeping that in the range of $20 billion to $25 billion per year through 2027. "The support the corporate strategy of continued structural cost savings, investment in low-cost-of-supply and lower-emission products, and further portfolio high-grading, positioning the company to double earnings and cash flow by 2027 versus 2019," the oil giant stated. The stock rose 2.1% in premarket trading, and crude oil futures bounced 4.7% off Tuesday's 3-month closing low. Exxon Mobil's stock has rallied 45.2% year to date through Tuesday, while the SPDR Energy Select Sector ETF has run up 44.0% and the S&P 500 has advanced 21.6%.
12:04 p.m. Nov. 30, 2021 - By Myra P. Saefong
API data reportedly show a weekly decline in U.S. crude supplies, but product stocks riseThe American Petroleum Institute reported late Tuesday that U.S. crude supplies fell by 747,000 barrels for the week ended Nov. 26, according to sources. The API also reportedly showed weekly inventory increases of 2.2 million barrels for gasoline and 800,000 barrels for distillates. Crude stocks at the Cushing, Okla., delivery hub, meanwhile, rose by 1 million barrels last 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 2.7 million barrels, according to a survey of analysts conducted by S&P Global Platts. The survey also calls for supply increases of 900,000 barrels for gasoline and 1 million barrels for distillates. Oil prices moved up in the electronic trading session after the API data. January West Texas Intermediate crude was at $66.90 a barrel in electronic trading, at $66.18 on the New York Mercantile Exchange.
11:10 a.m. Nov. 30, 2021 - By Mark Decambre
How the Dow tumbled 650 points and ended more than halfway to correction Tuesday as omicron, Powell rattle Wall StreetU.S. stock benchmarks rang up another solid session of losses, sparked by growing concerns about the omicron variant of the coronavirus that causes COVID-19 and comments from Federal Reserve Chairman Jerome Powell. The Dow Jones Industrial Average ended the session off 1.9% to about 34,484, bringing the blue-chip index about 5.3% below its Nov. 8 closing record and dragging the index nearer a correction, defined by chart technicians as a 10% drop from a recent peak. The S&P 500 index closed down 1.9% to 4,567 nearly 3% below its Nov. 18 record peak and the Nasdaq Composite Index declined 1.6% to 15,537. The small-capitalization Russell 2000 index appeared to narrowly avoid a correction, which would stand at around 2,198 for the small-capitalization index. Equities were already feeling pressure after Moderna Inc.'s chief executive officer predicted that current vaccines would be less effective against the new omicron variant of the coronavirus that causes COVID-19. Losses deepened after Federal Reserve Chairman Jerome Powell told lawmakers that it would be appropriate for policy makers to consider winding down monthly asset purchases more quickly than planned.
9:53 a.m. Nov. 30, 2021 - By Myra P. Saefong
Oil futures suffer largest monthly loss since March 2020Oil futures , with prices posting their largest monthly loss since the pandemic officially began in March of 2020. "Crude prices got hit with a one-two punch" from the Moderna CEO's concern over the current MRNA vaccines' effectiveness with the omicron variant of the coronavirus, and after the Federal Reserve briefly sent the dollar higher and brought forward rate hike expectations, said Edward Moya, senior market analyst at Oanda. January West Texas Intermediate crude lost $3.77, or 5.4%, to settle at $66.18 a barrel on the New York Mercantile Exchange, with prices for the most-active contract down nearly 21% for the month, according to Dow Jones Market Data.
8:54 a.m. Nov. 30, 2021 - By Myra P. Saefong
Gold futures settle lower for the session and month Gold futures , giving up earlier gains, as comments from Federal Reserve Chairman Jerome Powell suggested that the central bank might speed up tapering its monthly asset purchases when it meets next month. Prices for the metal shook off earlier gains that came after Moderna's CEO Stéphane Bancel predicted that current vaccines would struggle against the omicron variant of the coronavirus. Comments from Powell, as well as Bancel, prompted steep declines in U.S. benchmark stock indexes, likely prompting investors to sell gold to cover margin calls. February gold fell $8.70, or 0.5%, to settle at $1,776.50 an ounce. Based on the most-active contract, prices ended the month down 0.4%, according Dow Jones Market Data.
7:25 a.m. Nov. 30, 2021 - By Mark Decambre
Panic-like selling signs emerge in NYSE as Dow tumbles more than 600 points Tuesday amid omicron fearsTrading in New York Stock Exchange-listed stocks on Tuesday were exhibiting panic-like-selling behavior as stocks faced selling pressure attributed to the emergence of the omicron variant and commments from the Federal Reserve Chairman Jerome Powell about the pace of tapering. The NYSE Arms Index, a volume-weighted breadth measure that tracks the ratio of advancing stock to declining stocks over the ratio of advancing volume over declining volume, was showing a reading of 2.517 for NYSE-listed shares. Many technicians say a rise to at least 2.000 suggests panic-like selling behavior. Losses for U.S. stocks deepened late-morning Tuesday after Powell told Senate lawmakers it would be appropriate for central-bank policy makers to consider speeding up the wind-down of the central bank's monthly asset purchases when the meet next month. Stock benchmarks were already under renewed pressure after Moderna Inc.'s chief executive officer predicted that current vaccines would be less effective against the new omicron variant of the coronavirus that causes COVID-19. The Dow Jones Industrial Average was down 600 points, or 1.7%, at 34,525, the S&P 500 index was down 1.7% at 4,576, while the Nasdaq Composite Index was down 1.9% at 15,491.
9:46 a.m. Nov. 29, 2021 - By Myra P. Saefong
Oil prices mark a slight rebound from late last week Oil futures , with U.S. prices marking a modest rebound from the more than 13% decline seen on Friday as traders eye developments tied to the omicron coronavirus variant and how it might hurt economic activity and demand for oil. Price-wise for oil, "it's possible that the kneejerk reaction to omicron is overdone," said Ipek Ozkardeskaya, senior analyst at Swissquote, in an earlier note. "If, however the news gets worse, we shall see a further slide below the $70 mark, but the downside should be limited as the worsening omicron news would also revive the expectation of tighter OPEC supply." On the New York Mercantile Exchange, January West Texas Intermediate crude settled at $69.95 a barrel, up $1.80, or 2.6%, on Monday, following Friday's loss of 13.1%.
8:55 a.m. Nov. 29, 2021 - By Myra P. Saefong
Gold futures settle below $1,800 mark for fourth time in a rowGold futures , with prices ending below the key $1,800 mark for a fourth session in a row. The big question for the market is the "interest rate outlook of key central banks for next year" in light of the new omicron coronavirus variant, said Chintan Karnani, director of research at Insignia Consultants. A delayed interest rate hike expectation for 2022 "will cause stock prices and inflation to rise," he said. February gold fell $2.90, or 0.2%, to settle at $1,785.20 an ounce. Prices posted gains last Wednesday and Friday, with trading closed Thursday for the Thanksgiving holiday. Gold hasn't settled above $1,800 since Nov. 22.
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.
9:31 a.m. Nov. 23, 2021 - Barrons.com
Schwab's Dollar OutlookKathy Jones, Schwab Center for Financial Research chief fixed income Strategist, discusses her firm's outlook for the greenback.
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.
4:18 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.
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.
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