The US crude market is signaling oversupply, with the prompt spread trading...
The US crude market is signaling oversupply, with the prompt spread trading in negative territory, marking a contango structure for the first time since February. This shift suggests near-term supply is ample and could lead to inventory increases if OPEC and allies boost production in 2025. Rising US crude production and reduced Chinese demand are key factors contributing to the looming global surplus.
$1.2B deal expands DT Midstream's Midwest gas network
DT Midstream is adding 1,300...
DT Midstream is adding 1,300 miles of natural gas pipelines across seven Midwest states to its portfolio through a $1.2 billion acquisition of Guardian Pipeline, Midwestern Gas Transmission and Viking Gas Transmission systems from Oneok. The deal increases DT's gas transmission capacity by more than 3.7 Bcf/d.
Elon Musk and Vivek Ramaswamy want federal workers back in the...
Elon Musk and Vivek Ramaswamy want federal workers back in the office. In a WSJ opinion piece outlining their plan to curb government waste, the co-heads of the newly created Department of Government Efficiency (DOGE) wrote that they want to bar federal employees from working from home and compel them to come into the office five days a week. “American taxpayers shouldn’t pay them for the Covid-era privilege of staying home,” Musk and Ramaswamy wrote, and if workers don’t comply, it “would result in a wave of voluntary terminations that we welcome.” If adopted by the incoming Trump administration, mandating fully in-person attendance for the country’s largest workforce could set off fierce battles with federal worker unions.
The DOJ asked a judge to force Google to sell its Chrome browser, following his ruling that Google maintained an illegal monopoly in search.
Ford said it is cutting 4,000 jobs in Europe, about 14% of its workforce on the continent, citing weak demand for EVs and competition from Chinese cars.
Alec Baldwin’s Rustpremiered at a film festival in Poland and included a dedication to Halyna Hutchins, the cinematographer who was fatally shot on the set in 2021.
The McRib is coming back to McDonald’s locations nationwide on Dec. 3.
Coachella announced the lineup for its 2025 music festival. Lady Gaga, Post Malone, Green Day, and Travis Scott will headline.
A case of Nvidia (NVDA) nerves combined with an off-Target (TGT)...
A case of Nvidia (NVDA) nerves combined with an off-Target (TGT) earnings report kept Wall Street subdued. Most major indexes spent the day lower but rebounded to almost unchanged by the closing bell.
Nvidia's earnings, revenue, and guidance, out just after the close, easily beat consensus, but the quarterly outlook didn't meet the most bullish levels investors might have wanted. Shares slipped 3% in post-market trading immediately after the report then quickly bounced back. They then dipped again as trading remained volatile.
Another pressure point today, at least for stocks, was Target. Shares lost about a fifth of their value following earnings and guidance that disappointed investors. Target's sneeze gave the retail sector a cold, with even yesterday's leader Walmart (WMT) falling at one point. Weakness in discretionary demand at Target sends a message that consumers, at least there, aren't loading their shopping carts beyond the essentials, perhaps a warning shot ahead of holiday season.Here's where the major benchmarks ended:
The S&P 500® index (SPX) stayed mostly flat, up 0.13 points (0.0%) to 5,917.11; the Dow Jones Industrial Average® ($DJI) rose 139.53 points (0.32%) to 43,408.47; and the Nasdaq Composite®($COMP) fell 21.32 points (0.11%) to 18,966.14.
The 10-year Treasury note yield added four basis points to 4.41%.
The CBOE Volatility Index® (VIX) climbed to 17.26, near recent highs.
Deadly bomb cyclone cuts power for thousands in US north-west
A storm off the coast of the northwestern US and western...
A storm off the coast of the northwestern US and western Canada is pummelling the region, bringing high winds, flooding, and snow to over seven million residents living in states along the Pacific Ocean.
The storm has caused widespread power outages for hundreds of thousands of Americans, and its strong winds have downed trees.
At least one person - a woman near Seattle - has died.
The "bomb cyclone" - as forecasters call it - has been caused by air pressure quickly dropping off the coast, which has rapidly intensified the weather system.
