Dow falls nearly 500 points as recession fears reemerge
Spooked by lackluster economic data ahead of key earnings and a benchmark...
Spooked by lackluster economic data ahead of key earnings and a benchmark U.S. jobs report, major indexes plunged Thursday and yields on the 10-year Treasury note (TNX) dropped below 4% for the first time in six months.
Here's where the major benchmarks ended:
The S&P 500® (SPX) index fell 75.62 points (–1.4%) to 5,446.68; the Dow Jones Industrial Average® ($DJI) dropped 494.82 points (–1.2%) to 40,347.97; the Nasdaq Composite®($COMP) plunged 405.26 points (–2.3%) to 17,194.15.
The 10-year Treasury note yield dropped sharply to just below 3.98%, the lowest close since February 2.
The Cboe Volatility Index® (VIX) climbed to 18.59, the highest close since April.
Benchmark U.S. crude oil for September delivery ...
Benchmark U.S. crude oil for September delivery fell $1.60 to $76.31 per barrel Thursday. Brent crude for October delivery fell $1.32to $79.52 per barrel.
Wholesale gasoline for September delivery fell 4 cents to $2.40 a gallon. September heating oil fell 3 cents to $2.41 a gallon. September natural gas fell 7 cents to $1.97 per 1,000 cubic feet.
According to data from the US Energy Information Administration, US crude...
According to data from the US Energy Information Administration, US crude oil inventories for the week ended July 26, excluding the Strategic Petroleum Reserve, decreased by 3.4 million bbl from the previous week.
The EIA report indicated that US crude oil inventories are about 4% below the 5-year average for this time of year at 433.0 million bbl.
Chevron's $53B Hess Deal Delayed Until At Least Summer 2025
A pivotal arbitration hearing concerning Chevron’s acquisition of Hess...
A pivotal arbitration hearing concerning Chevron’s acquisition of Hess Corp.’s position offshore Guyana is set for May 2025.
A decision regarding the arbitration is expected in the following three months after the hearing, Chevron said in a July 31 filing with the Securities and Exchange Commission.
“Chevron and Hess had expected and requested that this hearing be held earlier, but the arbitrators’ common schedules did not make this possible,” Chevron wrote in the filing.
U.S. supermajor Chevron Corp. has been working through the regulatory process to close the $53 billion Hess acquisition since the deal was announced in October 2023.
Israel Says It Killed Leader of Hamas’s Armed Wing Last Month
The Israeli military said Thursday that it had succeeded in killing Muhammad...
The Israeli military said Thursday that it had succeeded in killing Muhammad Deif, the leader of Hamas’s armed wing who is believed to have been a main planner of the Oct. 7 attacks, in Gaza in mid-July. Its announcement followed back-to-back strikes that killed two major foes of Israel in Iran and Lebanon, amplifying fears of a wider war in the Middle East and endangering negotiations for a cease-fire in Gaza.
