S-Oil shares surge 10% after Israeli strike on Iran sparks oil price rally
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Reuters
9 minutes ago
- Reuters
Wall Street falls on Jackson Hole jitters
Aug 19 (Reuters) - U.S. stocks dipped on Tuesday as investors gear up for what Federal Reserve chair Jerome Powell will say about the path of interest rates at a key conference later in the week. The Nasdaq slid more than 1% to its lowest in over two weeks as megacaps Nvidia (NVDA.O), opens new tab and Microsoft (MSFT.O), opens new tab lost 3.37% and 1.22%, having rallied for much of the year. The key event this week is the Fed's annual symposium at Jackson Hole, Wyoming, from Aug. 21-23, where Powell's comments will be scrutinized for any clues on the central bank's outlook on the economy and monetary policy. "There's an anxiety about Powell's comments at Jackson Hole," said Ross Mayfield, investment strategist at Baird Private Wealth Management. "Some investors fear the Fed is going to be a bit behind the curve and higher interest rates have a big impact on growth stocks." Also on the policy front, remarks from Fed Vice Chair for Supervision Michelle Bowman are due later in the day. Bowman, who is under consideration for the central bank's top job when Chair Jerome Powell's term ends next year, has voiced support for at least three interest rate cuts this year, in line with President Donald Trump's calls for lower borrowing costs. Interest rate futures point to a total of two rate cuts this year worth 25 basis points each, with the first expected in September, according to data compiled by LSEG. At 01:45 p.m. the Dow Jones Industrial Average (.DJI), opens new tab fell 0.59 points, roughly flat, to 44,911.23, the S&P 500 (.SPX), opens new tab lost 34.25 points, or 0.53%, to 6,414.90 and the Nasdaq Composite (.IXIC), opens new tab lost 275.31 points, or 1.27%, to 21,354.46. Six of the 11 S&P 500 sectors edged up. Real estate (.SPLRCR), opens new tab led with a 1.4% rise, helped by better-than-expected housing data. On the other hand, technology (.SPLRCT), opens new tab and communications services (.SPLRCL), opens new tab lost over 1.5% and 1.2%, respectively. The blue-chip Dow briefly hit a record high on Tuesday, aided by a rise in Home Depot's shares after the retailer kept its annual forecasts intact. Home Depot (HD.N), opens new tab rose 3.35% despite missing quarterly results estimates, while rival home-improvement chain Lowe's (LOW.N), opens new tab gained 2%. Earnings from Lowe's and big-box retailers Walmart (WMT.N), opens new tab and Target (TGT.N), opens new tab later this week are now in focus as investors await more insight on the health of the American consumer. "Consumers are still not really spending at full speed ahead, they're a little bit cautious," said Peter Cardillo, chief market economist at Spartan Capital Securities. "They're waiting to see the full results of the tariffs impact on the upcoming holiday sales in a couple of months from now." Intel (INTC.O), opens new tab jumped 8.5% to hit its highest since February after the chipmaker got a $2 billion capital injection from Japan's SoftBank Group (9984.T), opens new tab. Palo Alto Networks (PANW.O), opens new tab surged 3.5% after the cybersecurity company forecast fiscal 2026 revenue and profit above estimates. Medtronic (MDT.N), opens new tab lost 3.5%. The company said it would add two new directors to its board after Elliott Investment Management took a large stake in the medical-device maker. Advancing issues outnumbered decliners by a 1.06-to-1 ratio on the NYSE. There were 168 new highs and 48 new lows on the NYSE. The S&P 500 posted 11 new 52-week highs and one new low while the Nasdaq Composite recorded 51 new highs and 65 new lows.
Reuters
41 minutes ago
- Reuters
Iraq signs agreement with Chevron on oil exploration projects, prime minister says
CAIRO, Aug 19 (Reuters) - Iraq signed an agreement in principle with U.S.' Chevron(CVX.N), opens new tab for the Nassiriya project that consists of four exploration blocks in addition to the development of other producing oil fields, Iraq's prime minister said on Tuesday. In 2021, Iraq authorised National Oil Company (NOC) to negotiate with U.S. group Chevron over development of oilfields in Nassiriya, in the Iraqi southern province of Dhi Qar. The ministry at the time said its plan in the province included the completion of a group of giant projects in the oil and gas and water injection sectors, with targeted initial capacity of 600,000 barrels of crude oil per day within seven years of starting work. Prime Minister Mohammed Shia al-Sudani said the government adopted a new approach in dealing with major international oil companies and their investments in Iraq, especially U.S. companies, his office said.
Reuters
an hour ago
- Reuters
S&P affirms 'AA+' credit rating for US, cites impact of tariff revenue
Aug 19 (Reuters) - S&P Global on Monday affirmed its "AA+" credit rating on the U.S., saying the revenue from President Donald Trump's tariffs will offset the fiscal hit from his massive tax-cut and spending bill. Trump signed the "One Big Beautiful Bill Act" into law in July after it was passed by the Republican-controlled Congress. The bill, which delivered new tax breaks, also made Trump's 2017 tax cuts permanent. "Amid the rise in effective tariff rates, we expect meaningful tariff revenue to generally offset weaker fiscal outcomes that might otherwise be associated with the recent fiscal legislation, which contains both cuts and increases in tax and spending," S&P said in a statement. "At this time, it appears that meaningful tariff revenue has the potential to offset the deficit-raising aspects of the recent budget legislation." The U.S. reported a $21 billion jump in customs duty collections from Trump's tariffs in July, but the government budget deficit still grew nearly 20% in the same month to $291 billion. Interest on the public debt also continued to grow, hitting $1.013 trillion in the first 10 months of the fiscal year, an increase of 6%, or $57 billion, over the prior-year period due to slightly higher interest rates and increased debt levels. Since returning to power in January this year, Trump has launched a global trade war with a range of tariffs that have targeted individual products and countries. The Republican president has set a baseline tariff of 10% on all imports to the U.S., as well as additional duties on some items and trading partners. S&P, which became the first ratings agency to cut the pristine U.S. government rating in 2011, said the outlook on the U.S. rating remains stable. The ratings agency said it expects the Federal Reserve, which Trump has criticized this year for not cutting interest rates, "to navigate the challenges of lowering domestic inflation and addressing financial market vulnerabilities." It projected the country's general government deficit to average 6.0% of GDP during the 2025-2028 period, down from 7.5% in 2024 and from an average 9.8% of GDP in 2020-2023. S&P said it could lower the rating over the next two to three years if already high deficits increase. "The ratings could also come under pressure if political developments weigh on the strength of American institutions and the effectiveness of long-term policymaking or independence of the Federal Reserve," it said. S&P, however, said it could raise the U.S. rating in the event of sustained economic growth and adjustments to the U.S. fiscal profile that would diminish recent increases in the country's debt burden. There was no reaction in markets on Tuesday to S&P's credit rating affirmation, which follows a U.S. sovereign credit downgrade by Moody's in May, when that ratings agency cut the triple-A U.S. rating by one notch, citing rising debt levels. The U.S. national debt load surged above a record $37 trillion last week. James Ragan, co-chief investment officer and director of investment management research at D.A. Davidson, said the S&P rating affirmation was an acknowledgment of the meaningful tariff revenue generated so far. "That's all good revenue (coming) in, but that's also a drag on the economy, so I think we don't know the impact of that going forward," he said.
