Friday, February 3, 2023

Inventories are falling, oil prices are rising despite the release of oil

On Wall Street, stocks fell on Tuesday amid volatile trading as losses from communications and technology companies held back gains in other market participants.

The S&P 500 is down 0.3% as of 2:36 pm ET. The benchmark index has fallen for the third time in a row since last Thursday’s all-time high. The Dow Jones Industrial Average rose 85 points, or 0.2%, to 35,705, while the Nasdaq fell 1.3%.

The bond yields are up. The yield on the 10-year Treasury bond rose to 1.66% from 1.63% on Monday night. This helped to send the cans higher. JPMorgan Chase up 2.2%

The price of crude oil in the United States rose 2.5% and wholesale gasoline sales rose 3.5%, despite President Joe Biden ordered to free 50 million barrels of oil from the country’s strategic reserves to help lower energy costs. This step was taken together with other major oil-consuming countries.

Oil and gas companies have made significant strides amid rising energy prices. Devon Energy shares rose 4.9%.

Several travel companies have moved forward as people prepare for the Thanksgiving trip. Hilton Worldwide shares rose 0.9% and Booking Holdings rose 1.6%.

Retailers were mixed ahead of the official start of a key holiday shopping season. Discount retailer Dollar Tree jumped 10.6%, the largest gain in the S&P 500. Starbucks rose 1.4%. Best Buy shares fell 12.9% as concerns over lower margins outweighed solid earnings.

Technology and communications companies have also had an impact on the broader market. Chipmaker Nvidia dropped 2.2% and Microsoft fell 1.3%.

The day after the video conferencing company reported its third-quarter revenues slowed, Zoom Video’s revenue growth fell 17.5%, the largest single-day drop.

Investors face a week cut to the weekend. Markets are closed on Thanksgiving Thursday and close early Friday.

Wall Street will receive some economic data on Wednesday that could give investors a better idea of ​​the pace and scale of the economic recovery. The Labor Department is to publish a weekly report on unemployment benefits. The Commerce Department releases third-quarter gross domestic product data and October new home sales.

Also on Wednesday, the Federal Reserve is to release minutes from its October interest rate meeting, potentially giving investors more details on the central bank’s plan to cut bond purchases that helped keep interest rates low.

Investors watched to see if rising inflation pressures would push the Fed to accelerate its plans to cut bond purchases and raise its base interest rate.

Nation World News Desk
Nation World News Desk
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