A view of the pipelines at Zueitina oil terminal, in west of Benghazi, Libya February 3, 2020. Picture taken February 3, 2020. Esam Omran Al-fetori | ReutersU.S. crude oil fell 1% on Wednesday, tumbling below $70 per barrel and raising speculation that OPEC+ could delay production increases scheduled to begin next month.The U.S. benchmark hit a low of $69.19 earlier in the session, the lowest level since Dec. 13, after plunging more than 4% on Tuesday. U.S. crude and global benchmark Brent have erased all gains for 2024.”With demand growth uncertain and significant supply outages looking unlikely, all eyes are again…
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Vertigo3d | iStock | Getty ImagesBitcoin slid back toward $55,000 overnight as it caught up with Tuesday’s broader market sell-off.On Wednesday, the price of the flagship cryptocurrency was lower by more than 2% at $56,481.90, according to Coin Metrics. It fell sharply Tuesday night — to as low as $55,673.80 — with the start of Asia-Pacific trading but has stabilized since then.Coinbase and MicroStrategy fell 3% and 2%, respectively. Tech stocks struggled in U.S. trading Tuesday – the sector is coming off worst day since September 2022 – while two readings of manufacturing production showed signs of weakness, rekindling fears about…
Check out the companies making headlines in premarket trading. Nvidia — Shares of the artificial intelligence darling pulled back nearly 2% following a report from Bloomberg that the U.S. Department of Justice subpoenaed the chip company in concert with a broader antitrust investigation. Dick’s Sporting Goods — Stock in the retailer fell about 1% despite its second-quarter results surpassing Wall Street estimates. Dick’s raised the top end of its full-year earnings forecast, predicting earnings in the range $13.55 to $13.90 per share, compared with a prior estimate of $13.35 to $13.75. Analysts polled by FactSet forecast $13.80 per share. Dollar…
As tech goes, so goes the broader stock market. That’s not a good thing right now. The S & P 500 and Nasdaq Composite tumbled 2.1% and 3.3%, respectively, on Tuesday. That marked each benchmark’s’ worst day since the Aug. 5 sell-off. The losses were led by declines in tech. Nvidia dropped more than 9%, its biggest one-day decline since mid-April. ON Semiconductor dropped 8.8% and Advanced Micro Devices lost 7.8%. Apple retreated 2.7%, while Alphabet sank 3.7%. Tech has been the market stalwart all year, with enthusiasm around artificial intelligence driving stocks to record levels. Near term, however, the…
An Airbus SE A350 aircraft operated by Cathay Pacific Airways Ltd. on the tarmac at Hong Kong International Airport in Hong Kong, China, on Tuesday, Sept. 3, 2024. Bloomberg | Bloomberg | Getty ImagesHong Kong flag carrier Cathay Pacific on Wednesday confirmed it expects to return its Airbus A350 planes to service by the weekend, after an in-flight engine issue triggered a fleet-wide inspection of the aircraft and dozens of flight cancelations.The airline previously announced that an engine component failure had forced a Zurich-bound flight to return to Hong Kong on Sept. 2. The aircraft involved, the A350-1000 variant of the…
A Dick’s Sporting Goods store at the Los Cerritos Center shopping mall on February 21, 2024 in Cerritos, California. Kirby Lee | Getty Images News | Getty ImagesDick’s Sporting Goods on Wednesday blew past Wall Street’s earnings estimates in its fiscal second quarter and while the retailer did raise its full-year guidance as a result, the new outlook fell flat up against expectations. The sporting goods store comes behind a string of other retailers that issued muted or cautious guidance for the back half of the fiscal year as companies prepare for the presidential election in November and what some fear could…
Here are Wednesday’s biggest calls on Wall Street: Goldman Sachs reiterates Apple as buy Goldman said it’s sticking with its buy rating heading into Apple’s iPhone event next week, but that the stock’s response may be muted. “We reiterate our Buy rating on AAPL and believe that new product innovation for the iPhone 16 (e.g., continued processor innovation, larger display sizes, improved camera features) coupled with new AI features should drive upgrades and installed base growth.” Morgan Stanley upgrades Astera Labs to overweight from equal weight Morgan Stanley said investors should buy the dip in shares of the intelligent connectivity…
A sign is posted in front of a Dollar Tree and Family Dollar store on March 13, 2024 in Rio Vista, California. Justin Sullivan | Getty ImagesShares of Dollar Tree fell about 12% in premarket trading Wednesday after the discounter cut its full-year outlook, citing increasing pressures on middle-income and higher-income customers.The retailer said it now expects its full-year consolidated net sales outlook to range between $30.6 billion and $30.9 billion. It expects adjusted earnings per share to range from $5.20 to $5.60. That compares to previous guidance of $31 billion to $32 billion in net sales and $6.50 to…
A view of the logo of Qualcomm at the Mobile World Congress 2024.Ramon Costa | SOPA Images | Lightrocket | Getty ImagesQualcomm launched a new PC processor on Wednesday as it looks to capitalize on electronics makers’ desire to put artificial intelligence on their devices.The move ramps up Qualcomm’s efforts to challenge the dominance of Intel in the PC processor market at a time when the latter is facing mounting challenges.Qualcomm took the wraps off the Snapdragon X Plus 8-core at the IFA conference in Berlin, Germany. The processor, designed for PCs running Microsoft’s Windows operating system, promises to power…
File photoPatrick T. Fallon | Bloomberg | Getty ImagesMortgage demand is now heavily skewed toward refinancing, as interest rates declined for the fifth straight week.Total mortgage application volume rose just 1.6% last week, compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index.The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($766,550 or less) decreased to 6.43% from 6.44%, with points increasing to 0.56 from 0.54 (including the origination fee) for loans with a 20% down payment. The rate was 78 basis points higher than the same week one year ago.Applications to…
