🎃Stock market suffers a Halloween selloff as tech investors get the chills
It was more trick than treat for investors on Halloween,...
It was more trick than treat for investors on Halloween, with a tech-led selloff pushing the S&P 500 down Thursday and leaving the Nasdaq Composite with its biggest one-day fall since early September. The Invesco QQQ Trust SeriesQQQ, which tracks the Nasdaq-100, fell 2.5%
Investors and analysts blamed a confluence of frightful factors, including guidance from Big Tech behemoths and perhaps a round of pre-election jitters.
The Dow Jones Industrial Average shed 378.08 points, or 0.9%, ending at 41,763.46.
The S&P 500 fell 108.22 points, or 1.9%, closing at 5,705.45.
The Nasdaq Composite shed 512.78 points, or 2.8%, finishing at 18,095.15.
For October:
The Dow and S&P 500 shed 1.3% and 1%, respectively, booking their first monthly losses since April, according to Dow Jones Market Data.
U.S. initial unemployment claims retreat to lowest level since May
Initial jobless claims in...
Initial jobless claims in the week ended October 26 showed a significant decline, dropping by 12,000 to 216,000, according to the Labor Department. This marks the third consecutive weekly decrease, bringing claims to their lowest level since May. Economists who were polled by The Wall Street Journal had expected claims to rise by 3,000, but instead witnessed a decline, with the number of new claims based on actual filings falling to 200,132.
The labor market appears robust, with the number of people collecting unemployment benefits in the week of Oct. 19 falling by 26,000 to 1.86 million. Economists noted that after a spike to 260,000 in early October due to Hurricane Helene, jobless claims have now returned to low levels that suggest no significant strain in the labor markets. This trend indicates continued stability in employment despite potential disruptions.
Panama Canal takes measures to win back LNG shippers
As part of efforts to reclaim traffic lost to drought-related restrictions,...
As part of efforts to reclaim traffic lost to drought-related restrictions, the Panama Canal will debut a new long-term reservation system in January that allows LNG shippers to book slots up to a year in advance. The canal's administration is also planning for dry-season challenges and taking steps to better accommodate LNG carriers without reservations.
Oxy taps Enterprise for CO2 pipeline network in Texas
Enterprise Products Partners has agreed to build a network of CO2 pipelines...
Enterprise Products Partners has agreed to build a network of CO2 pipelines in southeast Texas to transport captured CO2 to a carbon sequestration hub developed by Occidental Petroleum subsidiary 1PointFive. The project, supported by $500 million from the Energy Department, aims to capture and store 551,000 short tons of CO2 annually.
Producers revisit Central Basin Platform's oil riches
Once overshadowed by the...
Once overshadowed by the Permian's Midland and Delaware basins, the Central Basin Platform is catching the eye of producers seeking new drilling locations and sources of cash flow. Traditionally tapped through vertical wells, the region is now drawing interest from operators such as Ring Energy and Riley Exploration Permian for its horizontal drilling potential.
