S&P 500 snaps 7-day win streak, stocks fall ahead of Thanksgiving
Major U.S. indexes slid ahead of tomorrow's holiday...
Major U.S. indexes slid ahead of tomorrow's holiday closure, hurt again by rotation out of info tech that put mega caps back on defense. By late in the day, the majority of S&P 500® index (SPX) stocks posted gains, but mega-cap weakness pushed the actual index lower.
Today's pullback followed inflation data that lacked a surprise punch but didn't show progress toward the Federal Reserve's 2% annual goal either. Personal Consumption Expenditure (PCE) prices climbed 0.2% monthly and 2.3% annually. Core PCE excluding food and energy increased 0.3% and 2.8% for the month and the year, respectively. Those figures matched analysts' expectations but were flat to slightly above September's tallies.
"The PCE report came in as expected across the board," said Collin Martin, director of fixed income strategy at the Schwab Center for Financial Research. "The 0.3% monthly increase in core PCE suggests inflation is still a bit sticky." Here's where the major benchmarks ended:
The SPXfell 22.89 points (–0.38%) to 5,998.74; the Dow Jones Industrial Average®($DJI) lost 138.25 points(–0.31%) to 44,722.06; and the Nasdaq Composite®($COMP) dropped 115.10 points(–0.60%) to 19,060.48.
The 10-year Treasury note yield dropped six basis points to 4.24%, a one-month low close.
The CBOE Volatility Index®(VIX)was close to flat at 14.14.
LandBridge Closes Deal for 5,800 Acres in New Mexico's Delaware Basin
LandBridge Co. announced that it has closed its acquisition of approximately...
LandBridge Co. announced that it has closed its acquisition of approximately 5,800 largely contiguous surface acres in Lea County, New Mexico, expanding into a new area of the Delaware Basin.
LandBridge said the land supports existing water infrastructure with the potential to distribute water supply into New Mexico by WaterBridge, LandBridge’s midstream water management affiliate.
The company recently announced its acquisition of approximately 46,000 largely contiguous surface acres in the Southern Delaware’s Wolf Bone Ranch for $245 million in cash.
Proposed Colo. rules target ozone pollution from O&G ops
The Colorado Air Quality Control Commission will weigh tighter controls...
The Colorado Air Quality Control Commission will weigh tighter controls on ozone precursors from oil and natural gas operations at a February hearing. The proposed rules would mandate the use of zero-emission pneumatic controllers and expand requirements for leak detection technology and data collection during early production.
Emerging basins attract smaller E&Ps as Permian fills up
As big players take hold of the Permian Basin's prime acreage, smaller...
As big players take hold of the Permian Basin's prime acreage, smaller E&P companies are chasing new opportunities in underexplored US oil plays such as Utah's Uinta Basin and Oklahoma's Cherokee oil window, according to Jefferies' Pete Bowden. At the same time, advanced drilling techniques are unlocking resources in underdeveloped Permian formations such as the Wolfcamp D, Barnett Shale and Woodford intervals.
As part of a deeply interconnected trading system among North American...
As part of a deeply interconnected trading system among North American countries, 83% of Mexico’s exports went to the US last year, and 75% of Canada’s exports did, per Business Insider. Here are just some goods getting shipped across the US border that would face steep tariffs, costs that American businesses would incur and likely pass along to American consumers.
Autos: Cars make up a big chunk of the $920 billion worth of goods the US buys yearly from Mexico and Canada, accounting for 26% and 12% of their US exports, respectively.
Gas: The stuff that fuels cars might also get pricier since Canada is the largest foreign supplier of oil to the US.
Fruits and veggies: Much produce in American supermarkets comes with a grown-in-Mexico sticker. The country is the No. 1 exporter of raspberries, tomatoes, strawberries, and avocados to the US, according to the University of California, Davis.
Meat and dairy: Canada sends millions of cows for dairy and beef and hogs across its southern border every year.
The negotiations begin now: Trump has a history of using tough tariff talk as leverage to wring concessions from other countries. In response to the threats, Mexican President Claudia Sheinbaum wrote a letter to Trump suggesting she would retaliate with tariffs of her own, while Canadian Prime Minister Justin Trudeau called Trump to discuss cooperation. China argued that “no one will win a trade war.”
