All three major stock indexes post second day of declines amid valuation concerns
U.S. stocks finished lower on Wednesday for a second...
U.S. stocks finished lower on Wednesday for a second straight session due to a variety of factors, including lingering investor concerns about the valuations of equities.
Other factors mentioned as possible catalysts during the session were the impacts of a rising U.S. dollar and higher oil prices, and potential profit-taking by investors after all three major stock indexes finished at record closing highs on Monday. A day ago, Federal Reserve Chair Jerome Powell caused a stir when he said that stocks were "fairly highly valued."
The Dow Jones Industrial Average fell 171.50 points, or 0.4%, to close at 46,121.28, based on preliminary data.
The S&P 500 dropped 18.95 points, or almost 0.3%, to finish at 6,637.97.
The Nasdaq Composite Index declined 75.62 points, or 0.3%, to end at 22,497.86
Murphy’s Eagle Ford Infills ‘Best in the Company’s History’
Murphy Oil’s newest Eagle Ford wells...
Murphy Oil’s newest Eagle Ford wells are producing “some of the best wells in the company’s history,” according to a J.P. Morgan Securities analyst, and that’s despite being infill wells.
“The company stated that its ongoing efforts to optimize completion design and operating efficiency have resulted in improved well performance despite declining productivity in the Eagle Ford [among operators] overall,” analyst Arun Jayaram reported in a review of the results.
After a South Texas turn-in-line (TIL) hiatus in the first quarter, the operator brought 24 gross Eagle Ford wells on in the second and expects to have 10 more gross TIL’ed in this quarter.
The 24 new wells are in Karnes (18), McMullen (3) and Dimmit (3) counties, including two U-turn laterals in McMullen.
The wells in Karnes had 24-hour IPs averaging 2,123 boe/d “with two-month cumulative oil production exceeding legacy performance by some 30%,” Jayaram wrote, citing Enverus data.
There, where Murphy has 10,155 net acres, it added five wells in its Turner pad: four, Lower Eagle Ford; one, Upper Eagle Ford.
N.D. may sue S.D. over eminent domain ban for CO2 pipelines
North Dakota Attorney General Drew Wrigley said his office is evaluating...
North Dakota Attorney General Drew Wrigley said his office is evaluating legal options against South Dakota's ban on using eminent domain for carbon dioxide pipelines, calling the law a "hostile act" that restricts interstate commerce. The measure threatens Summit Carbon Solutions' proposed five-state pipeline network to move carbon emissions from ethanol plants to underground storage in North Dakota. South Dakota leaders defended the law as a defense of private property rights.
Soaring U.S. electricity demand from AI data centers and onshored manufacturing will stimulate development and lead to faster approvals of natural gas infrastructure, positioning gas to capture much of the $700 billion in grid investment Goldman Sachs projects through 2030. EQT CEO Toby Rice sees gas as the "clear winner right now" for its ability to scale faster than nuclear or renewables and expects US gas demand to rise 20% to 40%. Rice added that carbon capture investments could make gas the first affordable zero-carbon energy solution.
JPow sees a “challenging situation.” Jerome Powell...
JPow sees a “challenging situation.” Jerome Powell is not mad, he’s just frazzled. At a conference in Rhode Island yesterday, the Federal Reserve chair said the central bank’s decision to cut interest rates last week was driven by the weakening labor market, which outweighed concerns over inflation. “Two-sided risks mean that there is no risk-free path,” Powell added. Low employment and high inflation present an ongoing challenge to the Fed’s ability to determine monetary policy, though Powell said it’s still “well positioned” to respond to economic developments, like tariffs. Markets did not love what JPow had to say, as all three major indexes fell as he spoke.
President Trump canceled a meeting with top Democratic lawmakers this week ahead of a looming government shutdown on Oct. 1 if a funding bill is not passed.
Disney will raise the price of an ad-free Disney+ subscription to $19 per month (from $16) and the cost of Disney+ with ads to $12 (from $10) as of Oct. 21.
Ryan Wesley Routh was found guilty by a Florida jury of attempting to assassinate President Trump on a golf course last year.
Errol Musk, Elon Musk’s father, was accused of sexually abusing five of his children and stepchildren since 1993, according to a New York Times investigation.
Amazon is closing all 19 of its Amazon Fresh stores in the UK and converting some of them into Whole Foods, the company said.
Chick-fil-A is opening a beverage concept shop with specialty coffees and smoothies (but no chicken).
