U.S. stocks finish higher after weak job-openings data boosts rate-cut hopes
U.S. stocks ended higher in choppy trading on Tuesday after softer-than-expected...
U.S. stocks ended higher in choppy trading on Tuesday after softer-than-expected labor-market data reinforced bets the Federal Reserve will still be able to cut interest rates later this year.
According to preliminary data from FactSet, the Dow Jones Industrial Average was up 0.4% to end at around 38,711.
The S&P 500 was up 0.2%, to finish near 5,291. The large-cap index was up for three consecutive sessions.
The Nasdaq Composite edged up 0.2%, ending at around 16,857.
U.S. job openings in April fell to a more than three-year low of around 8.1 million, below the median forecast of 8.4 million among economists polled by the Wall Street Journal. April’s level was the lowest in over three years, a sign that the labor market is cooling as the economy slows.
According to FactSet data, the weak jobs data also sent U.S. Treasury yields lower, with the 10-year Treasury rate down 6.6 basis points to 4.335%.
US Rep. August Pfluger, R-Texas, has introduced a Congressional Review Act resolution to overturn the recent endangered species listing of the dunes sagebrush lizard inhabiting the Permian Basin. The resolution has received strong support from industry groups, which argue that the listing ignores existing conservation efforts and jeopardizes thousands of jobs.
O&G ops become safer, more efficient with automation
Oil States Energy Services Business Development Manager Patrick McKeever...
Oil States Energy Services Business Development Manager Patrick McKeever writes that wellsite automation is transforming oil and natural gas operations by enabling automatic, real-time operational adjustments that improve efficiency, safety, and speed. Additionally, the reduced need for manual intervention boosts job safety and allows workers to focus on higher-value tasks, thereby improving job satisfaction and workforce development.
More than 25 million people across the western US are under heat alerts, as a heat wave is expected to bring dangerously high temperatures from Arizona to the Pacific Northwest this week. Temperatures are expected to reach triple digits in several areas as the intense heat moves northward from drought-stricken Mexico.
The extreme heat is being driven by a heat dome—a high-pressure system trapping hot air in place while preventing precipitation. Temperatures in California could reach up to 20 degrees above normal in many areas, with Death Valley predicting temperatures near 120 degrees. By Thursday, Phoenix and Las Vegas could hit 110 degrees for the first time this year. See a heat risk map here.
Regulators to hold special meeting on ONG’s $32 million request
A special meeting of Oklahoma regulators will be held Tuesday morning...
A special meeting of Oklahoma regulators will be held Tuesday morning regarding a request for a $32 million increase in charges for Oklahoma Natural Gas customers. This would amount to another $29 more a year for most customers.
Oklahoma Corporation Commissioners anticipate no vote at the 10 a.m. hearing on rate case PUD2024-000010, which will be before an Administrative Law Judge.
If approved, the average residential service charge would increase by $2.45 per month, while the residential low-income customer charge would be 81 cents more monthly. However, with credits, ONG said the net monthly impact would be an increase of $1.37 for average residential customers and 49 cents for low-income residential customers.
