LONDON—Oil prices were stable on Friday, as the market weighed conflicting messages on supply from Russia and Saudi Arabia ahead of the next OPEC+ policy meeting, a stronger U.S. dollar and worries of weaker-than-expected demand growth. Brent crude was up 40 cents at $76.66 a barrel at 0959 GMT, while U.S. West Texas Intermediate rose…
Investors Hold Their Breath as US Debt Talks Edge Towards Deal
May 26, 2023
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LONDON—Global stock markets were muted on Friday, with investors holding their breath as the White House and U.S. lawmakers edged towards a deal on funding government spending to avoid an economy-shattering default. U.S. President Joe Biden and top congressional Republican Kevin McCarthy are closing in on an agreement that would raise the government’s $31.4 trillion…
Stock Market Today: AI Frenzy Pulls Wall Street Higher Despite DC Debt Woes
NEW YORK—Wall Street’s building frenzy around artificial intelligence helped yank the stock market higher Thursday, even as worries worsen about political rancor in Washington. The S&P 500 rallied 0.9 percent after chipmaker Nvidia gave a monster forecast for upcoming sales as it benefits from the tech world’s rush into AI. It helped the Nasdaq composite…
How Major US Stock Indexes Fared May 25
Wall Street’s building mania around artificial intelligence helped lift the market, even as worries worsen about political rancor in Washington. The S&P 500 rose 0.9 percent Thursday after chipmaker Nvidia gave a monster forecast for upcoming sales as it benefits from the rush into AI. Because of its immense size, Nvidia is one of the…
Facebook Owner Meta Slashes Business Operations Staff in Final Round of Mass Layoffs
May 25, 2023
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Meta Platforms Inc., owner of Facebook, Instagram, and WhatsApp, slashed jobs across its business and operations units on Wednesday as part of a plan announced last fall to eliminate 10,000 jobs in the course of a broader restructuring program. Dozens of Meta employees from enterprise engineering, marketing, corporate communications, site security, program management, and content…
Nasdaq Jumps at Open as Nvidia Forecast Sparks AI-driven Rally
The Nasdaq rose at open on Thursday as Nvidia shares soared on a blowout forecast from the chipmaker that also helped drive an AI rally, while progress in U.S. debt ceiling talks further boosted sentiment. The Nasdaq Composite rose 222.28 points, or 1.78 percent, to 12,706.44 at the opening bell. The Dow Jones Industrial Average…
Euro Slips as Germany Enters Recession, Dollar Hits 2-month Peak
LONDON—The euro dropped on Thursday as Europe’s largest economy Germany was confirmed to be in a recession, while the dollar hit a two-month peak, benefitting from safe-haven demand as worries mounted about a U.S. default. The latest concern was raised by ratings agency Fitch, who put the United States’ “AAA” debt ratings on negative watch,…
Oil Eases as Russia Downplays Additional OPEC+ Cuts
LONDON—Oil prices fell on Thursday after Russian Deputy Prime Minister Alexander Novak played down the prospect of further OPEC+ production cuts at its meeting next week. Brent crude futures was down 41 cents, or 0.5 percent, to $77.95 a barrel at 0815 GMT. U.S. West Texas Intermediate crude (WTI) fell 51 cents, or 0.7 percent,…
Stock Market Today: World Shares Decline on Worries Over US Debt; Germany Slips Into Recession
May 25, 2023
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World shares declined Thursday as investors watched for signs of progress on a deal to avert a default on U.S. government debt. U.S. futures were mixed and oil declined. Germany slipped into recession as its economy contracted 0.3 percent in the first quarter of the year. The data from the Federal Statistical Office showed a…
Stock Market Today: Wall Street Sinks as Stocks Tumble Worldwide
NEW YORK—Wall Street fell again Wednesday as stocks tumbled worldwide on worries about the economy. The S&P 500 dropped 0.7 percent after House Speaker Kevin McCarthy said Republicans and Democrats remain “far apart” in their efforts to prevent a potentially disastrous default on the U.S. government’s debt. The main U.S. stock index is on track…
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