Dow futures surge after inflation data — and ahead of Fed interest-rate decision →
U.S. stock-index futures rose on Wednesday morning after the May CPI...
U.S. stock-index futures rose on Wednesday morning after the May CPI report showed consumer prices remained flat last month.
The S&P 500futures were rising 0.8%, to around 5,428.
The Dow Jones Industrial Averagefutures were up 0.7%, to around 39,045.
The Nasdaq-100 futures were jumping nearly 1%, to 19,430, according to FactSet data.
The U.S. consumer-price index was unchanged in May, below 0.1% forecast polled by the Wall Street Journal. Core CPI, which excludes volatile food and energy prices, increased 0.2% last month, below forecast.
Benchmark U.S. crude oil for July delivery rose 16 centsto $77.90 per barrel Tuesday. Brent crude for August delivery rose 29 centsto $81.92 per barrel.
Wholesale gasoline for July delivery was unchanged at $2.41 a gallon. July heating oil rose 1 cent to $2.42 a gallon. July natural gas rose 22 cents to $3.13 per 1,000 cubic feet.
Dow retreats while Apple buoys S&P 500, Nasdaq ahead of CPI report, Fed decision
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U.S. stocks finished mostly higher on Tuesday, buoyed by shares of Apple Inc. as the iPhone maker surged to a new record.
Investors looked ahead to Wednesday's release of the May consumer-price index and the Federal Reserve’s policy announcement in the afternoon.
The S&P 500 was up 14.53 points, or 0.3%, to end at 5,375.32. It was the 27th all-time closing high for the large-cap benchmark index thus far in 2024, according to Dow Jones Market Data.
The Nasdaq Composite advanced 151.02 points, or 0.9%, to finish at 17,343.55, its 15th record close this year.
The Dow Jones Industrial Average was off 120.62 points, or 0.3%, ending at 38,747.42. It was the largest one-day point and percentage decline for the blue-chip index since May 30.
Technology stocks led gains in equities on Tuesday as Apple jumped 7.3% to score its first record close since December. It was also the largest daily percentage increase since November 2022, according to Dow Jones Market Data.
The Federal Reserve began its two-day policy meeting on Tuesday. While policymakers are widely expected to hold interest rates at a two-decade high when they conclude their meeting on Wednesday afternoon, investors will be watching closely for any clues on the timing of the first rate cut in four years.
Calif. AG steps up legal battle against oil majors
California Attorney General...
California Attorney General Rob Bonta has updated a 2023 lawsuit against the oil industry to compel major oil companies to forfeit profits obtained through alleged consumer deception about their role in climate change. American Petroleum Institute General Counsel Ryan Meyers criticized the lawsuit as meritless and "nothing more than a distraction from important national conversations and an enormous waste of taxpayer resources."
US Oil Output To Fall Next Year Unless Rig Counts Rise, Key Energy Investor Says
A key energy investor said US oil production will decline by about 1...
A key energy investor said US oil production will decline by about 1 million barrels per day by the second half of 2025 unless rig counts rise.
Adam Rich, deputy chief investment officer at Vaughan Nelson, a Houston-based investment manager, said more rigs will be needed to offset declining productivity from existing wells.
“We could probably keep the 12-13 million barrel-per-day level for six to nine more months, but if we don’t see rig counts start moving up here, that’s going to be a big problem,” he said in an interview.
