Skip to content
(Bloomberg) -- Oil retreated to near $38 a barrel after a U.S. industry report signaled a surprise jump in crude inventories, underscoring the market’s patchy road to rebalancing.Futures dropped 1.6% in New York. The American Petroleum Institute reported that stockpiles expanded by 8.42 million barrels last week, according to people familiar with the data. If confirmed by government figures later on Wednesday, it would be the largest build since the end of April. Inventories at a key European hub jumped to a two-year high last week, Genscape Inc. reported.Oil’s recovery from the virus-driven demand crash and swollen stockpiles remains uneven. Consumption is showing signs of uptick in India, where Indian Oil Corp. is boosting processing at its refineries this month. Still, the OECD is forecasting a sharp contraction in the global economy this year, and one that could get worse if there’s a second wave of virus infections.“Indications from the American...
(Bloomberg) -- U.S. equity-index futures advanced on Wednesday as investors bet the Federal Reserve will maintain policy support for America’s economic recovery from its coronavirus-induced recession. The dollar slipped along with Treasury yields.Contracts on the S&P 500 and Dow Jones Industrial Average fluctuated before turning higher as tech giants including Apple and Facebook extended gains in the pre-market. Nasdaq 100 futures traded in the green all morning, suggesting the tech-heavy gauge may add to yesterday’s rise when U.S. markets open. The Stoxx Europe 600 index swung between gains and losses after the OECD forecast a 6% contraction in the global economy. Crude oil retreated.While the Fed is expected to keep its benchmark interest rate unchanged after its meeting on Wednesday, investors will be looking for reassurance on the central bank’s willingness to keep providing extraordinary support for the economy. Policy makers may also comment on potentially targeting yields for some Treasury...
Nasdaq returns are typically bullish after V-bottoms...
Tesla Inc's stock jumped above $1,000 a share on Wednesday after Chief Executive Elon Musk told his staff it was time to bring the Tesla Semi commercial truck to "volume production." Musk on Wednesday tweeted "Yes" to a question on Twitter about whether the report of the leaked Semi truck production email was accurate. Tesla's shares rose about 6% to hit $1,000 on Wednesday after Reuters reported Musk's email, making the Silicon Valley company the second-most valuable automaker in the world, behind Japan's Toyota Motor Corp ....
Stock futures were mixed Wednesday morning as market participants awaited the Federal Reserve’s latest monetary policy decision and commentary later in the afternoon....
Hertz (HTZ) has announced that it has received a letter from the New York Stock Exchange (NYSE) revealing plans to delist Hertz’s common stock from the exchange. Shares in HTZ are down 12% in Wednesday’s pre-market trading.According to an SEC filing made by Hertz, NYSE Regulation reached its decision after Hertz disclosed on May 22, 2020 that it has commenced voluntary petitions for reorganization under chapter 11 of the Bankruptcy Code.Hertz says it has appealed the determination and has requested a hearing before the NYSE. “At this time, the common stock of the company will continue to be listed and trade on the NYSE pending resolution of such appeal” Hertz says.The company adds that there can be no assurance that the NYSE will grant its request for continued listing at the hearing and therefore “whether there will be equity value in the company’s common stock.”Despite an impressive rally over the last...
Tesla Inc's chief executive Elon Musk said that it is time to bring its Semi commercial truck to "volume production", as the U.S. electric vehicle maker ramps up vehicle production after a brief virus-related shutdown. "Production of the battery and powertrain will take place at Giga Nevada," Musk said in an email seen by Reuters....
