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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.
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.
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.
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.
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.
7:06 a.m. Nov. 10, 2021 - By Myra P. Saefong
EIA reports a small weekly climb in natural-gas suppliesThe U.S. on Wednesday that domestic supplies of natural gas rose by 7 billion cubic feet for the week ended Nov. 5. That was less than half the average increase of 15 billion cubic feet forecast by analysts polled by S&P Global Platts. The EIA released its report a day early because of Thursday's Veterans Day holiday. Total stocks now stand at 3.618 trillion cubic feet, down 308 billion cubic feet from a year ago and 119 billion cubic feet below the five-year average, the government said. Following the data, December natural gas traded down by 15.3 cents, or 3.1%, at $4.826 per million British thermal units. Prices were at $4.916 .
5:40 a.m. Nov. 10, 2021 - By Myra P. Saefong
Oil futures pare losses as EIA reports a weekly rise in U.S. crude supplies, but product stocks declineThe that U.S. crude inventories rose by 1 million barrels for the week ended Nov. 5. That matched the average increase expected by analysts polled by S&P Global Platts. The reported a 2.5 million-barrel decline, according to sources. The EIA also reported weekly inventory declines of 1.6 million barrels for gasoline and 2.6 million barrels for distillates. The S&P Global Platts survey expected supplies to decrease by 1.6 million barrels for gasoline, but distillate stockpiles were expected to show no change for the week. The EIA data showed crude stocks at the Cushing, Okla., Nymex delivery hub unchanged for the week. Oil prices pared some of its earlier losses after the EIA data. December West Texas Intermediate crude contract was down 43 cents, or 0.5%, at $83.72 a barrel on the New York Mercantile Exchange. It traded at $83.70 .
12:24 p.m. Nov. 9, 2021 - By Myra P. Saefong
API data reportedly show a more than 2 million-barrel weekly fall in U.S. crude suppliesThe American Petroleum Institute reported late Tuesday that U.S. crude supplies fell by 2.5 million barrels for the week ended Nov. 5, according to several sources. The API also showed inventory declines of 4.5 million barrels for gasoline and 3.3 million barrels for distillate stockpiles, two sources told MarketWatch. Crude stocks at the Cushing, Okla., storage hub, meanwhile, rose by 234,000 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 up by 1 million barrels, according to a survey of analysts conducted by S&P Global Platts. The survey also calls for a supply decline of 1.6 million barrels for gasoline, while distillate stockpiles are expected to show no change for the week. Oil prices moved up in the electronic trading session after the API data. December West Texas Intermediate crude was at $84.61 a barrel in electronic trading, after on the New York Mercantile Exchange.
11:11 a.m. Nov. 9, 2021 - By Mark Decambre
S&P 500 skids lower Tuesday and misses longest streak of record closes in 66 years as Tesla's stock tumbles 12% U.S. stock benchmarks headed solidly lower Tuesday, with the S&P 500 and Nasdaq Composite halting lengthy win streaks that had been a feature of a stock market that appeared to levitate off optimism around third-quarter earnings, despite lingering concerns about out-of-control inflation that have been amplified by supply-chain bottlenecks heading into the holiday season. The Dow Jones Industrial Average closed down 112 points, or 0.3%, to 36,320, while the S&P 500 index ended down 0.4% at 4,685, marking its first decline in nine sessions and narrowly missing its longest string of record closes, nine straight all-time highs, since 1955. On Monday, the S&P 500 marked its longest string of record closes, eight straight, since 1997. Meanwhile, the Nasdaq Composite Index closed lower, down 0.6%, to reach 15,887, for the first time in 12 sessions. A drop in electric-vehicle maker Tesla Inc. , down 12% on the session, helped weigh on the broader market. The company's shares have been under pressure since Tesla CEO Elon Musk signaled that he might sell a sizable slug of his shares. In U.S. economic data, the October producer-price index rose 0.6%, in line with expectations, with the pace of wholesale inflation over the past 12 months flat at 8.6%; but still marking the highest level since the index was reconfigured in 2009, and likely one of the highest readings since the early 1980s. The move for stocks also came as yields for the 10-year Treasury note headed lower to yield 1.431%, down from 1.496% on Monday at 3 p.m. ET.
7:41 a.m. Nov. 9, 2021 - By Myra P. Saefong
Corn futures eye first gain in 6 sessionsCorn futures climbed on Tuesday, on track to post their first gain in six sessions. , the U.S. Department of Agriculture lowered its forecast for U.S. corn ending stocks for the 2021/2022 marketing year by 7 million bushels from the October estimate, to 1.49 billion bushels. It also lifted its forecast for corn used for ethanol by 50 million bushels to 5.25 billion bushels. The most-active December corn contract was up 6 1/4 cents, or 1.1%, at $5.57 3/4 a bushel after posting five straight session declines.
5:33 a.m. Nov. 4, 2021 - By Myra P. Saefong
EIA reports a weekly climb of 63 billion cubic feet in natural-gas suppliesThe on Thursday that domestic supplies of natural gas rose by 63 billion cubic feet for the week ended Oct. 29. That was below the average increase of 70 billion cubic feet forecast by analysts polled by S&P Global Platts. Total stocks now stand at 3.611 trillion cubic feet, down 313 billion cubic feet from a year ago and 101 billion cubic feet below the five-year average, the government said. Following the data, December natural gas traded up by 5 cents, or 0.9%, at $5.72 per million British thermal units. Prices were at $5.756 .
9:36 a.m. Nov. 3, 2021 - By Myra P. Saefong
U.S. oil futures log lowest finish since mid-October, with domestic crude supplies up a second week Oil futures fell Wednesday, with since mid-October, after the Energy Information Administration reported that U.S. crude inventories , up a second week in a row. Crude stocks at the Cushing, Okla., Nymex delivery hub, however, edged down by 900,000 barrels for the week, according to the EIA data. Phil Flynn, senior market analyst at The Price Futures Group, said the market should start to see overall oil inventories "start to draw down, and probably fairly significantly, in the coming weeks," adding that the build in crude inventories is exaggerated because of maintenance season for refineries. As the refiners come out of maintenance, the market will better balance with the situation at Cushing and that's "definitely something that will support the market." West Texas Intermediate crude for December delivery fell $3.05, or 3.6%, to settle at $80.86 a barrel on the New York Mercantile Exchange. That was the lowest finish for a front-month contract since Oct. 13, FactSet data show.
5:36 a.m. Nov. 3, 2021 - By Myra P. Saefong
EIA reports a bigger-than-expected weekly climb in U.S. crude suppliesThe on Wednesday that U.S. crude inventories rose by 3.3 million barrels for the week ended Oct. 29. On average, analysts polled by S&P Global Platts expected a 300,000-barrel climb. The reported a 3.6 million-barrel increase, according to sources. The EIA also reported a weekly inventory decline of 1.5 million barrels for gasoline, but distillate stockpiles edged up by 2.2 million barrels. The S&P Global Platts survey expected supplies to decrease by 900,000 barrels for gasoline and 1.5 million barrels for distillates. The EIA data showed crude stocks at the Cushing, Okla., Nymex delivery hub down by 900,000 barrels for the week. Oil prices extended their decline after the EIA data. December West Texas Intermediate crude contract fell $2.42, or 2.9%, at $81.49 a barrel on the New York Mercantile Exchange. It traded at $81.82 .
11:43 a.m. Nov. 2, 2021 - By Myra P. Saefong
Oil prices extend losses as 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 3.6 million barrels for the week ended Oct. 29, according to sources. The API also reportedly showed an inventory decline of 552,000 barrels for gasoline, but distillate stockpiles edged up by 573,000 barrels. Crude stocks at the Cushing, Okla., storage hub, meanwhile, fell by 882,000 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 up by 300,000 barrels, according to a survey of analysts conducted by S&P Global Platts. The survey also calls for supply declines of 900,000 barrels for gasoline and 1.5 million barrels for distillates. Oil prices extended losses into the electronic trading session after the API data. December West Texas Intermediate crude was at $83.27 a barrel in electronic trading, after on the New York Mercantile Exchange.
5:34 a.m. Oct. 28, 2021 - By Myra P. Saefong
EIA reports a weekly climb of 87 billion cubic feet in natural-gas suppliesThe on Thursday that domestic supplies of natural gas rose by 87 billion cubic feet for the week ended Oct. 22. That was a bit less than the average increase of 90 billion cubic feet forecast by analysts polled by S&P Global Platts. Total stocks now stand at 3.548 trillion cubic feet, down 403 billion cubic feet from a year ago and 126 billion cubic feet below the five-year average, the government said. Following the data, December natural gas traded down 25.7 cents, or 4.1%, at $5.941 per million British thermal units. Prices were at $5.884 shortly .
5:39 a.m. Oct. 27, 2021 - By Myra P. Saefong
EIA reports a weekly climb in U.S. crude supplies, but stocks at a key delivery hub declineThe on Wednesday that U.S. crude inventories rose by 4.3 million barrels for the week ended Oct. 22. On average, analysts polled by S&P Global Platts expected a 100,000-barrel decline, but the reported a 2.3 million-barrel climb, according to sources. The EIA also reported weekly inventory declines of 2 million barrels for gasoline and 400,000 barrels for distillates. The S&P Global Platts survey expected supplies to decrease by 2.7 million barrels for gasoline and 2 million barrels for distillates. The EIA data showed crude stocks at the Cushing, Okla., storage hub fell by 3.9 million barrels for the week. after the EIA data. December West Texas Intermediate crude contract fell 83 cents, or 1%, at $83.82 a barrel on the New York Mercantile Exchange, little changed from $83.81 before the supply data.
11:52 a.m. Oct. 26, 2021 - By Myra P. Saefong
API data reportedly show a more than 2 million-barrel weekly climb in U.S. crude suppliesThe American Petroleum Institute reported late Tuesday that U.S. crude supplies rose by 2.3 million barrels for the week ended Oct. 22, according to sources. The API also reportedly showed inventory increases of 530,000 barrels for gasoline and 986,000 barrels for distillates. Crude stocks at the Cushing, Okla., storage hub, meanwhile, fell by 3.7 million 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 100,000 barrels, according to a survey of analysts conducted by S&P Global Platts. The survey also calls for supply declines of 2.7 million barrels for gasoline and 2 million barrels for distillates. December West Texas Intermediate crude was at $84.49 a barrel in electronic trading, after at $84.65 on the New York Mercantile Exchange.
5:33 a.m. Oct. 21, 2021 - By Myra P. Saefong
EIA reports a weekly climb of 92 billion cubic feet in natural-gas suppliesThe on Thursday that domestic supplies of natural gas rose by 92 billion cubic feet for the week ended Oct. 15. That was a bit larger than the average increase of 88 billion cubic feet forecast by analysts polled by S&P Global Platts. Total stocks now stand at 3.461 trillion cubic feet, down 458 billion cubic feet from a year ago and 151 billion cubic feet below the five-year average, the government said. Following the data, November natural gas extended its decline, trading down 11.5 cents, or 2.2%, at $5.062 per million British thermal units. Prices were at $5.107 shortly .
5:40 a.m. Oct. 20, 2021 - By Myra P. Saefong
EIA reports an unexpected weekly decline in U.S. crude suppliesThe on Wednesday that U.S. crude inventories fell for the first time in four weeks, down by 400,000 barrels for the week ended Oct. 15. That compared with an average 2 million-barrel climb expected by analysts polled by S&P Global Platts. The reported a 3.3 million-barrel increase, according to sources. The EIA also reported weekly inventory declines of 5.4 million barrels for gasoline and 3.9 million barrels for distillates. The S&P Global Platts survey had forecast supply declines of 2.2 million barrels for gasoline and 2.4 million barrels for distillates. The EIA data also showed crude stocks at the Cushing, Okla., storage hub edged down by 2.4 million barrels for the week. Oil prices pared some gains following the EIA data. Ahead of its expiration at the end of , the November West Texas Intermediate crude contract turned higher, up 3 cents, or 0.04%, at $82.99 a barrel on the New York Mercantile Exchange. Futures were trading at $82.45 before the supply data.
11:52 a.m. Oct. 19, 2021 - By Myra P. Saefong
API data reportedly show a more than 3 million-barrel weekly climb in U.S. crude suppliesThe American Petroleum Institute reported late Tuesday that U.S. crude supplies rose by 3.3 million barrels for the week ended Oct. 15, according to sources. The API reportedly showed inventory declines of 3.5 million barrels for gasoline and 3 million barrels for distillates. Crude stocks at the Cushing, Okla., storage hub, meanwhile, edged down by 2.5 million 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 up by 2 million barrels, according to a survey of analysts conducted by S&P Global Platts. The survey also calls for supply declines of 2.2 million barrels for gasoline and 2.4 million barrels for distillates. November West Texas Intermediate crude was at $83.01 a barrel in electronic trading, after on the New York Mercantile Exchange.
6:27 a.m. Oct. 14, 2021 - By Myra P. Saefong
EIA reports a third straight weekly climb in U.S. crude suppliesThe that U.S. crude inventories rose by 6.1 million barrels for the week ended Oct. 8. That defied expectations for an average 500,000 barrel decline expected by analysts polled by S&P Global Platts. The reported a 5.2 million-barrel climb, according to sources. Supply data were released a day later than usual this week due to Monday's Columbus Day holiday. The EIA also reported a weekly inventory decline of 2 million barrels for gasoline, but said distillate supplies were "virtually unchanged" last week. The S&P Global Platts survey had forecast supply declines of 400,000 barrels for gasoline and 800,000 barrels for distillates. The EIA data also showed crude stocks at the Cushing, Okla., storage hub edged down by 1.9 million barrels for the week. . November West Texas Intermediate crude was up 57 cents, or 0.7%, at $81.01 a barrel on the New York Mercantile Exchange. Futures were trading at $81.23 before the supply data.
5:35 a.m. Oct. 14, 2021 - By Myra P. Saefong
EIA reports a weekly climb in natural-gas supplies below some market forecastsThe that domestic supplies of natural gas rose by 81 billion cubic feet for the week ended Oct. 8. That was a bit lower than the average increase of 89 billion cubic feet forecast by analysts polled by S&P Global Platts. Total stocks now stand at 3.369 trillion cubic feet, down 501 billion cubic feet from a year ago and 174 billion cubic feet below the five-year average, the government said. Following the data, November natural gas , trading up 33 cents, or 5.9%, at $5.92 per million British thermal units. Prices were at $5.809 shortly before the data.
11:38 a.m. Oct. 13, 2021 - By Myra P. Saefong
API data reportedly show a more than 5 million-barrel weekly climb in U.S. crude suppliesThe American Petroleum Institute reported late Wednesday that U.S. crude supplies rose by 5.2 million barrels for the week ended Oct. 8, according to sources. The API, which released its report a day later than usual because of Monday's Columbus Day holiday, also reportedly showed inventory declines of 4.6 million barrels for gasoline and 2.7 million barrels for distillates. Crude stocks at the Cushing, Okla., storage hub, meanwhile, edged down by 2.3 million barrels for the week, sources said. Inventory data from the Energy Information Administration will be released Thursday. On average, the EIA is expected to show crude inventories down by 500,000 barrels, according to a survey of analysts conducted by S&P Global Platts. The survey also calls for supply declines of 400,000 barrels for gasoline and 800,000 barrels for distillates. November West Texas Intermediate crude was at $80.56 a barrel in electronic trading, at $80.44 on the New York Mercantile Exchange.
7:43 a.m. Oct. 12, 2021 - By Myra P. Saefong
Soybean futures eye lowest settlement of the year as USDA lifts U.S. production forecastSoybean futures fell on Tuesday after the its 2021/2022 U.S. soybean production forecast by 74 million bushels to 4.4 billion bushels. The USDA also forecast U.S. soybean supplies for 2021/2022 marketing year at 4.7 billion bushels, up 145 million. Soybean ending stocks were forecast at 320 million bushels, up 135 million from last month's forecast. Soybeans surprised with an "upward revision in ending stocks, even higher than what had been anticipated," said Sal Gilbertie, president and chief investment officer at Teucrium Trading, adding that soybean prices had been trading lower before the report. November soybeans fell 19 1/2 cents, or 1.6%, to $12.08 3/4 a bushel. A settlement around this level would mark the lowest for a most-active contract since mid-December 2020, FactSet data show. December corn also fell 7 1/2 cents, or 1.4%, to $5.25 1/4 a bushel. The USDA raised its 2021/2022 U.S. corn production forecast by 23 million bushels to 15.02 billion bushels. Meanwhile, December wheat moved up by 10 cents, or 1.4%, at $7.41 3/4 a bushel after the USDA forecast global ending stocks at a five-year low and U.S. ending stocks at a 14-year low, said Gilbertie.
5:35 a.m. Oct. 7, 2021 - By Myra P. Saefong
EIA reports a weekly natural-gas supply climb of 118 billion cubic feetThe U.S. on Thursday that domestic supplies of natural gas rose by 118 billion cubic feet for the week ended Oct. 1. That was larger than the average increase of 111 billion cubic feet forecast by analysts polled by S&P Global Platts. Total stocks now stand at 3.288 trillion cubic feet, down 532 billion cubic feet from a year ago and 176 billion cubic feet below the five-year average, the government said. Following the data, November natural gas was down 13.4 cents, or 2.4%, at $5.541 per million British thermal units. Prices were at $5.511 .
11:11 a.m. Oct. 6, 2021 - By Mark Decambre
Dow stages 560-point U-turn to end positive as McConnell says he'll allow Dems to pass short-term debt-limit extensionU.S. stocks on Wednesday staged a powerful intraday turnabout that resulted in all three indexes finishing in positive territory after sharp early losses. Stock-market investors have been buffeted lately by a surge in energy prices, notably natural-gas futures , heightening fears about a surge in inflation that might prompt the Federal Reserve to act sooner to end market-accommodative policies. The Dow Jones Industrial Average [: DJIA] closed over 100 points higher, or 0.3%, to reach about 34,417, and had been down by as many as 459 points, or 1.3%, while the S&P 500 index climbed 0.4% to 4,364, and the Nasdaq Composite Index advanced 0.5% to reach 14,501 but had seen an intraday low at 14,259.07, putting the technology-laden index down by as many as 1.2% on the session. For the Nasdaq Composite it was the biggest intraday turnaround since March 25, while it was the biggest intraday comeback for the Dow since Dec. 21, 2020, according to Dow Jones Market Data. A rise in yields, with the benchmark 10-year Treasury note reaching 1.57%, initially weighing on markets, but those rate moves subsided somewhat later in the session and reports about a possible detente between the GOP and Democrats set the stage for a mini comeback. Senate Minority Leader Mitch McConnell of Kentucky proposed allowing Democrats to "use normal procedures to pass an emergency debt limit extension at a fixed dollar amount to cover current spending levels into December." In economic data, a report from Automatic Data Processing Inc. showed that 568,000 private-sector jobs were created in September, outpacing estimates from The Wall Street Journal for 425,000. However, a reading for August was reduced to 340,000 from 374,000.
5:39 a.m. Oct. 6, 2021 - By Myra P. Saefong
EIA reports a weekly climb of more than 2 million barrels in U.S. crude suppliesThe on Wednesday that U.S. crude inventories rose by 2.3 million barrels for the week ended Oct. 1. That was above the average 200,000 barrel increase expected by analysts polled by S&P Global Platts. The reported a 951,000-barrel climb, according to sources. The EIA also reported a weekly inventory increase of 3.3 million barrels for gasoline, while distillate stockpiles edged down by 400,000 barrels. The S&P Global Platts survey had forecast supply declines of 700,000 barrels for gasoline and 1.7 million barrels for distillates. The EIA data also showed crude stocks at the Cushing, Okla., storage hub edged up by 1.5 million barrels for the week. Oil prices extended their losses following the EIA data. November West Texas Intermediate crude was down $1.38, or 1.8%, at $77.55 a barrel on the New York Mercantile Exchange. Futures were trading at $77.70 .
12:00 p.m. Oct. 5, 2021 - By Myra P. Saefong
API data reportedly show a nearly 1 million-barrel weekly climb in U.S. crude suppliesThe American Petroleum Institute reported late Tuesday that U.S. crude supplies rose by 951,000 barrels for the week ended Oct. 1, according to sources. The API also reportedly showed inventory increases of 3.7 million barrels for gasoline and 345,000 barrels for distillates. Crude stocks at the Cushing, Okla., storage hub, meanwhile, edged up by about 2 million 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 up by 200,000 barrels, according to a survey of analysts conducted by S&P Global Platts. The survey also calls for supply declines of 700,000 barrels for gasoline and 1.7 million-barrel decline for distillates. November West Texas Intermediate crude was at $79.13 a barrel in electronic trading, after at a nearly seven-year high of $78.93 on the New York Mercantile Exchange.
11:17 a.m. Sept. 30, 2021 - By Mark Decambre
Dow sinks nearly 550 points to end ugly September even as Congress passes bill to temporarily avoid government shutdown U.S. stocks closed out the month and quarter on a sour note Thursday as investors shed equities and losses accelerated within the final hour of trading, continuing a trend of weakness on Wall Street that has played out over the past several weeks. The declines for stocks came even as Congress passed a bill extending government funding through Dec. 3, sending the legislation to President Joe Biden's desk hours before current funding expires and completing one of several pressing measures before lawmakers. The Dow Jones Industrial Avergae closed off 547 points, or 1.6%, to reach 33,843, the S&P 500 index closed off 1.2% at 4,308, finishing down around 5% from its Sept. 2 peak. The Nasdaq Composite Index ended 0.4% lower to around 14,449. For the month, the Dow closed down 4.3% for its worst monthly loss since October of 2020, the S&P 500 index closed down 4.8%, while the Nasdaq Composite finished September off 5.3%. For the quarter, the Dow booked a quarterly decline of 1.9%, the S&P 500 finished the quarter up 0.2%, while the Nasdaq Composite booked a quarterly loss of 0.4%. It was the first quarerly loss for the Dow and Nasdaq since March 2020, according to Dow Jones Market Data.
5:40 a.m. Sept. 30, 2021 - By Myra P. Saefong
EIA reports a weekly natural-gas supply climb of 88 billion cubic feetNatural-gas futures extended early gains on Thursday after the U.S. that domestic supplies of natural gas rose by 88 billion cubic feet for the week ended Sept. 24. That was nearly the same as the average increase of 87 billion cubic feet forecast by analysts polled by S&P Global Platts. Total stocks now stand at 3.170 trillion cubic feet, down 575 billion cubic feet from a year ago and 213 billion cubic feet below the five-year average, the government said. Following the data, November natural gas was up 11.9 cents, or 2.2%, at $5.596 per million British thermal units. Prices were at $5.545 shortly .
4:35 a.m. Sept. 30, 2021 - By Mark Decambre
U.S. stock market gains early Thursday as investors aim to close out downbeat SeptemberU.S. stocks rise Thursday, as Wall Street aims to wrap up the last trading day of September and the quarter, as investors await another appearance by Federal Reserve Chairman Jerome Powell Treasury Secretary Janet Yellen, who will appear before the House Financial Services Committee. The Dow Jones Industrial Average was up 164 points, or 0.5%, at 34,554, the S&P 500 index was climbing 0.5% to 4,381, while the Nasdaq Composite Index was up 0.7% early in the session. For the month, the Dow was headed for a 2.4% decline, the S&P 500 was down 3.2% and the Nasdaq Composite was off 4.3%. For the quarter, the Dow was flat, the S&P 500 was up 1.9% and the Nasdaq Composite was up 0.8%.
5:37 a.m. Sept. 29, 2021 - By Myra P. Saefong
Oil futures extend losses as EIA reports increases in U.S. crude, gasoline and distillate suppliesThe on Wednesday that U.S. crude inventories rose by 4.6 million barrels for the week ended Sept. 24. That defied expectations for an average decline of 4.5 million barrels expected by analysts polled by S&P Global Platts. The reported a 4.1 million-barrel increase, according to sources. The EIA also reported weekly inventory increases of 200,000 barrels for gasoline supplies and 400,000 barrels for distillates. The S&P Global Platts survey had forecast a supply increase of 700,000 barrels for gasoline and an inventory decline of 2.2 million barrels for distillates. The EIA data also showed crude stocks at the Cushing, Okla., storage hub edged up by 200,000 barrels for the week. Oil prices extended earlier declines following the EIA data. November West Texas Intermediate crude was down 44 cents, or 0.6%, at $74.85 a barrel on the New York Mercantile Exchange. Futures were trading at $75.08 .
11:44 a.m. Sept. 28, 2021 - By Myra P. Saefong
API data reportedly show an unexpected weekly climb in U.S. crude suppliesThe American Petroleum Institute reported late Tuesday that U.S. crude supplies rose by 4.1 million barrels for the week ended Sept. 24, defying most expectations for a decline, according to sources. The API also reportedly showed inventory increases of nearly 3.6 million barrels for gasoline and 2.5 million barrels for distillates. Crude stocks at the Cushing, Okla., storage hub, meanwhile, edged up by 359,000 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 4.5 million barrels, according to a survey of analysts conducted by S&P Global Platts. The survey also calls for a supply climb of 700,000 barrels for gasoline and 2.2 million-barrel decline for distillates. November West Texas Intermediate crude was at $74.40 a barrel in electronic trading, after on the New York Mercantile Exchange.
5:36 a.m. Sept. 23, 2021 - By Myra P. Saefong
EIA reports a weekly supply climb of 76 billion cubic feetNatural-gas futures held onto the bulk of their gains on Thursday after the U.S. that domestic supplies of natural gas rose by 76 billion cubic feet for the week ended Sept. 17. That was larger than the average increase of 70 billion cubic feet forecast by analysts polled by S&P Global Platts. Total stocks now stand at 3.082 trillion cubic feet, down 589 billion cubic feet from a year ago and 229 billion cubic feet below the five-year average, the government said. Following the data, October natural gas was up 7.1 cents, or 1.5%, at $4.876 per million British thermal units. Prices were at $4.902 shortly .
9:37 a.m. Sept. 22, 2021 - By Myra P. Saefong
Oil prices settle higher after EIA data show a decline in U.S. crude suppliesOil futures , buoyed by a weekly decline in U.S. crude supplies, even as gasoline stockpiles edged higher. While much of the data, like the rise in crude production, is "still reflective of temporary hurricane impacts, this week's [Energy Information Administration] report did offer a glimpse into what is likely to come in the weeks ahead" with the reported 1.5 million barrel drop in crude stocks at the Cushing, Okla., storage hub, said Troy Vincent, market analyst at DTN. West Texas Intermediate crude for November delivery rose $1.74, or 2.5%, to settle at $72.23 a barrel on the New York Mercantile Exchange. That was the highest front-month contract finish since Thursday, FactSet data show.
5:40 a.m. Sept. 22, 2021 - By Myra P. Saefong
EIA reports a weekly decline in U.S. crude supplies, but gasoline stockpiles riseThe on Wednesday that U.S. crude inventories fell by 3.5 million barrels for the week ended Sept. 17. That was slightly less than the average decline of 3.8 million barrels expected by analysts polled by S&P Global Platts forecast. The reported a 6.1 million-barrel decrease, according to sources. The EIA, however, also reported a weekly inventory increase of 3.5 million barrels for gasoline supplies, while distillate stockpiles were down by 2.6 million barrels. The S&P Global Platts survey had forecast supply decreases of about 900,000 barrels for gasoline and 1.4 million barrels for distillates. The EIA data also showed crude stocks at the Cushing, Okla., storage hub edged down by 1.5 million barrels for the week. following the EIA data. November West Texas Intermediate crude was up $1.06, or 1.5%, at $71.55 a barrel on the New York Mercantile Exchange. Futures were trading at $71.80 before the supply data.
11:38 a.m. Sept. 21, 2021 - By Myra P. Saefong
API data reportedly show a weekly decline of more than 6 million barrels in U.S. crude suppliesThe American Petroleum Institute reported late Tuesday that U.S. crude supplies fell by 6.1 million barrels for the week ended Sept. 17, according to sources. The API also reportedly showed inventory declines of 432,000 barrels for gasoline and 2.7 million barrels for distillates. Crude stocks at the Cushing, Okla., storage hub, meanwhile, edged down by 1.7 million 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 3.8 million barrels, according to a survey of analysts conducted by S&P Global Platts. The survey also calls for supply declines of about 900,000 barrels for gasoline and 1.4 million barrels for distillates. November West Texas Intermediate crude was at $70.78 a barrel in electronic trading, after on the New York Mercantile Exchange.
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