DETROIT—Rising factory output led to strong U.S. sales at the end of last year, pushing General Motors’ fourth-quarter net income up 16 percent over the same period a year ago. The Detroit automaker made $1.99 billion from October through December, or an adjusted $2.12 per share, easily beating Wall Street per-share projections for $1.69, according…
Latest Market Rally ‘Bear Market Trap,’ S&P 500 Predicted to Decline 25 Percent: Morgan Stanley Strategist
Michael Wilson, Morgan Stanley’s chief U.S. equity strategist, is warning investors not to get caught in the “bear market trap” after seeing the stock market rally during the initial weeks of 2023, and estimated that the market might make a low by spring. According to Wilson, 2023 is off to a “much better start” compared…
Marathon Petroleum Beats Profit Estimates on High Demand, Tight Supplies
Marathon Petroleum Corp. on Tuesday beat Wall Street expectations for quarterly profit as refining margins soared amid tight supplies and higher demand for its products. The top U.S. refiner also approved an additional $5 billion share repurchase plan, joining rival Phillips 66 in increasing shareholder returns. Phillips 66 raised its quarterly dividend on Tuesday by…
Exxon Smashes Western Oil Majors’ Earnings Record With $56 Billion Profit for 2022
HOUSTON—Exxon Mobil Corp. posted a $56 billion profit for 2022, the company said on Tuesday, taking home about $6.3 million per hour last year, and setting not only a company record but a historic high for the Western oil industry. Oil majors are expected to break their own annual records on high prices and soaring…
Pfizer Forecasts Weak 2023 Sales of COVID-19 Products
Pfizer Inc. on Tuesday forecast a steeper-than-expected drop in sales of its COVID-19 vaccine and pills in 2023, intensifying investor concerns over demand for the products as governments reduce orders. The company’s shares fell 3.1 percent to $42.22 before the bell. The forecast casts some uncertainty over future sales of Pfizer’s biggest selling products this…
Dollar Rises Ahead of Fed, but Set for 4th Monthly Drop
LONDON/SINGAPORE—The dollar ticked higher on Tuesday ahead of a raft of central bank decisions but remained on track for its fourth consecutive monthly loss. The Federal Reserve will set interest rates on Wednesday, followed by the European Central Bank (ECB) and Bank of England (BoE) on Thursday. Currencies struggled for direction overnight, with the euro…
Oil Falls on Rate Hike Worries, Russian Export Flows
January 31, 2023
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LONDON—Oil prices fell on Tuesday as the prospect of further interest rate increases and ample Russian crude flows outweighed demand recovery expectations from China. March Brent crude futures fell by $1.01, or 1.19 percent, to $83.89 per barrel by 0920 GMT. The March contract expires on Tuesday and the more heavily traded April contract fell…
Global Shares Fall in Muted Trading Ahead of Fed Meeting
January 31, 2023
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Business & MarketsCompanieseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsrecessionstocks
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TOKYO—Global shares declined in muted trading on Tuesday as investors awaited decisions on interest rates and updates on corporate earnings reports from around the world. The Federal Reserve’s next decision on interest rates, expected Wednesday, will provide insight into whether the U.S. central bank will further ease its aggressive stance on fighting inflation. France’s CAC…
Stocks Sink as Markets Brace for Big Week With Fed, Earnings
NEW YORK—Stocks sank Monday as Wall Street prepped for a week full of potentially market-moving events, from decisions on interest rates around the world to earnings reports from the biggest U.S. companies. The S&P 500 dropped 1.3 percent, giving back some of the gains that had carried it last week to its highest level since…
Closing Prices for Crude Oil, Gold and Other Commodities (Jan. 30)
January 30, 2023
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Benchmark U.S. crude oil for March delivery fell $1.78 to $77.90 a barrel Monday. Brent crude for March delivery fell $1.76 to $84.90 a barrel. Wholesale gasoline for February delivery fell 9 cents to $2.50 a gallon. February heating oil fell 16 cents $3.11 a gallon. March natural gas fell 17 cents to $2.68 per…
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