Dow ends up 1.1% to score best session since day after U.S. election
Big banks, retailers, and heavy equipment makers helped Wall Street...
Big banks, retailers, and heavy equipment makers helped Wall Street to substantial gains Thursday, putting tech in the back seat despite semiconductors' decent outing after Nvidia's (NVDA) earnings. The S&P 500® index (SPX) is now up four days in a row.
Though one session isn't a trend, it felt like the market reclaimed some of the cyclical strength that dominated right after the election and, to some extent, earlier this fall. Cyclical sectors like financials and industrials, which often do best when the U.S. economy warms up, led the way both then and today. Here's where the major benchmarks ended:
The SPX buoyed 31.60 points (0.53%) to 5,948.71; the Dow Jones Industrial Average® ($DJI) rose 461.88 points (1.06%) to 43,870.35; and the Nasdaq Composite®($COMP) stayed relatively flat, up 6.28 points (0.03%) to 18,972.42.
The 10-year Treasury note yield added two basis points to 4.42%, staying rangebound.
The CBOE Volatility Index® (VIX) slipped to 16.87, still above last week's levels.
Energy Sector Sees Dramatic Increase in Private Equity Funding
During the last ten days of October, almost $20 billion worth of private...
During the last ten days of October, almost $20 billion worth of private equity funding—most of it targeting oil, gas, and midstream development—was announced, a sum that dramatically dwarfs the totals raised in previous post-pandemic years.
Indeed, the industry’s ability to access capital of any kind took a walloping from the demand decimation of COVID-19, combined with years of poor returns and a global anti-fossil fuel sentiment.
According to Quantum Capital Group founder and CEO Wil VanLoh, between 2010 and 2019, some $21 billion in private equity was raised annually; since 2020, the annual figure has been closer to $3 billion.
New Mexico's November oil and gas lease sale generated $5.5 million...
New Mexico's November oil and gas lease sale generated $5.5 million in high bids, outperforming earlier 2024 auctions despite trailing October and September totals, State Land Office records show. Dudley Land made the top bid at $2.4 million, while Federal Abstract was the most active participant, winning six leases valued at $1.5 million.
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.
