Oil prices rose on Thursday as robust U.S. fuel consumption data and expected falls in Russian supply later in the year offset concerns that a possible recession in developed economies could undercut demand. Brent crude futures climbed $1.27, or 1.4 percent, to $94.92 a barrel by 1117 GMT. U.S. crude futures gained 93 cents, or…
Oil Rises on US Crude Stocks Data, Tight Supply Outlook
August 18, 2022
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Global Stocks Lower After Fed Says US Inflation Too High
August 18, 2022
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BEIJING—Global stock markets and Wall Street futures mostly declined Thursday after the Federal Reserve said U.S. inflation is too high despite aggressive rate hikes, suggesting support for more increases. London, Shanghai, Tokyo, and Hong Kong declined. Frankfurt opened higher. Oil prices edged up. Notes released Wednesday from the Fed’s July 26–27 board meeting said inflation…
Investor Mood No Longer ‘Apocalyptically Bearish’: Bank of America Survey
August 17, 2022
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Investors are “no longer apocalyptically bearish,” says Bank of America’s (BofA) Chief Investment Strategist, Michael Hartnett, in the monthly survey of global fund managers on Aug. 17. BofA polled 284 investors overseeing $836 billion in assets between Aug. 5–11, who said they had cut back a net underweight position in equities to minus 26 percent, a…
How Major US Stock Indexes Fared Wednesday Aug. 17, 2022
August 17, 2022
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Stocks closed lower on Wall Street, led by drops in big technology companies and erasing the S&P 500′s gains for the week. The S&P 500 fell 0.7 percent Wednesday, while the Dow Jones Industrial Average and the Nasdaq also fell. Small-company stocks fell more than the rest of the market. Wall Street was absorbing a…
Target Profit Crumbles as Inflation-Weary Consumers Shun Discretionary Spending
Target Corp. reported a bigger-than-expected 90 percent fall in quarterly earnings on Wednesday and missed estimates for comparable sales as it struggled to lure inflation-hit shoppers with steep discounts on apparel, electronics, and home goods. A host of U.S. retailers have issued profit warnings in recent weeks as consumers squeezed by higher prices for everything…
Wall Street Opens Lower as Tech, Growth Stocks Weigh
Wall Street’s main indexes opened lower on Wednesday with growth stocks under renewed pressure as bond yields climbed ahead of minutes from the Federal Reserve’s July meeting, while weak results from Target weighed on the retail sector. The Dow Jones Industrial Average fell 122.46 points, or 0.36 percent, at the open to 34,029.55. The S&P…
US Dollar Holds Gains Ahead of Fed Minutes
LONDON—The dollar held onto gains against other major currencies on Wednesday, ahead of the release of minutes of the U.S. Federal Reserve’s July meeting that could give further clues about the pace of further interest rate hikes. The greenback has recovered the ground it lost since softer-than-expected inflation data last week led to investor bets…
Oil Slips to Six-Month Low as Recession Fears Weigh
August 17, 2022
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LONDON—Oil hit a six-month low on Wednesday after a brief rally as concerns about the prospect of a global recession that would weaken demand overshadowed a report showing lower U.S. crude and gasoline stocks. Figures on Wednesday did little to improve the economic backdrop, showing British consumer price inflation jumped to 10.1 percent in July,…
World Shares Edge Up Even as Inflation and Policy Concerns Linger
August 17, 2022
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World shares edged up on Wednesday taking comfort from strong U.S. retail earnings even though the UK’s highest inflation since 1982 and a rate hike in New Zealand reminded investors of the challenges facing the global economy. MSCI’s benchmark for global stocks was up 0.1 percent by 0829 GMT, extending its July recovery, although concerns…
Buffett’s Firm Buys More Apple, Amazon While Betting on Oil
OMAHA, Neb.—Warren Buffett’s company bet more on high-tech darling Apple during the second quarter, while also investing billions in old-school oil producers Occidental Petroleum and Chevron. Berkshire Hathaway detailed all its second-quarter investments Monday in a new filing with the Securities and Exchange Commission. Wall Street follows Berkshire’s investments closely because of Buffett’s remarkably successful…
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