Dow retreats from record high, Nasdaq tumbles 1% as chip stocks dip
U.S. stocks finished lower on Tuesday, with the tech-heavy...
U.S. stocks finished lower on Tuesday, with the tech-heavy Nasdaq Composite leading declines. Semiconductor shares tumbled on concerns of continued pressures in the broader chip market.
The Nasdaq Composite slumped 187.10 points, or over 1%, ending at 18,315.59, according to FactSet data. It was the largest one-day point and percentage decline since Oct. 7, according to Dow Jones Market Data.
The S&P 500 lost 44.59 points, or 0.8%, to finish at 5,815.26. The large-cap benchmark index also snapped a two-day winning streak.
The Dow Jones Industrial Average was off 324.80 points, or nearly 0.8%, ending at 42,740.42.
Oil prices fell by 3% during Asian trading, driven by weakening demand...
Oil prices fell by 3% during Asian trading, driven by weakening demand and a media report indicating that Israel may avoid targeting Iranian oil infrastructure, easing supply disruption fears. The drop followed a 2% decline on Monday, nearly erasing last week’s gains, which had been fueled by concerns over geopolitical tensions.
While OPEC lowered its global oil demand growth forecast for 2024, citing weaker Chinese demand, oil prices remain supported by ongoing geopolitical risks. The easing of immediate geopolitical threats might provide temporary relief for oil and natural gas prices, but demand outlook remains a key driver for both commodities.
As of 08:59 AM ET - Brent Crude is trading at $75.09, up slightly by 0.03%, but facing resistance ahead. The key pivot point stands at $75.54, and the immediate resistance sits at $76.85, with further targets at $78.06 and $79.47.
Mosman Oil and Gas Limited has announced the acquisition of a 75% stake...
Mosman Oil and Gas Limited has announced the acquisition of a 75% stake and operatorship in EP-145 from Greenvale Energy, making it the sole owner and operator. This move is part of Mosman’s strategy to expand its helium business amidst a market with strong demand and rising prices, particularly in the USA where it already holds interests. The company aims to capitalize on the significant hydrocarbon, helium, and hydrogen potential of EP-145, bolstered by a favorable political climate and high gas prices in the Northern Territory.
National Hurricane Center tracking 2 systems. Will Invest 94L become Nadine, impact Florida?
Cooler temperatures may have arrived in Florida this week, but storm-weary...
Cooler temperatures may have arrived in Florida this week, but storm-weary residents need to remain alert when it comes to the the tropics, especially since there are a couple of disturbances out there showing potential for development, according to the latest advisory from the National Hurricane Center.
AccuWeather meteorologists said there are "two main areas that are most likely to spur tropical development in the next few days to a week or so, and one or both features could still find a way to impact Florida."
Exxon signs land deal for offshore CO2 storage project
ExxonMobil has secured more than 271,000 acres in the US Gulf of Mexico...
ExxonMobil has secured more than 271,000 acres in the US Gulf of Mexico for an offshore carbon storage development in what marks the nation's largest CO2 lease. The company has already signed agreements with CF Industries, New Generation Gas Gathering, Linde and Nucor Steel to store their carbon, with more contracts in the pipeline, according to ExxonMobil Low Carbon Solutions President Dan Ammann.
