U.S. stock indexes opened lower on Tuesday after data showed consumer prices accelerated in January but the pace of annual increase slowed, likely keeping the Federal Reserve on a path of moderate interest rate hikes. The Dow Jones Industrial Average fell 51.84 points, or 0.15 percent, at the open to 34,194.09. The S&P 500 opened…
Jobs Figures Send Euro, Sterling Higher; Dollar Slips Before CPI
LONDON—The euro and sterling rose against the dollar as UK basic pay growth sped up and eurozone employment rose more than expected, underlining the resilience and tightness of the labor market across the region. A flash estimate of employment showed the number of people with jobs in the eurozone increased by 0.4 percent quarter-on-quarter, twice…
Oil Prices Dip on US Crude Reserve Release, Inflation Pressure
February 14, 2023
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LONDON—Oil prices dipped on Tuesday after the U.S. government said it would release more crude from its Strategic Petroleum Reserve, while traders look out for U.S. inflation data for further queues. Brent crude futures fell 80 cents, or 0.9 percent, to $85.81 per barrel by 1003 GMT, while U.S. crude futures fell $1.05, or 1.3…
Global Shares Edge Higher Ahead of US Inflation Data, Yen Firms
February 14, 2023
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Global shares edged higher on Tuesday, tracking a rebound on Wall Street ahead of a key U.S. inflation report and speeches by Federal Reserve members, while the yen recouped losses after Japan nominated a new central bank governor. European shares cheered an upbeat handover from Asia, with the pan-European STOXX 600 up 0.5 percent, hovering…
Stocks Rally Ahead of Hotly Anticipated Inflation Report
NEW YORK—Wall Street rose Monday as traders made their final moves ahead of a report that could show whether inflation is cooling in the right way or setting the market up for worse pain. The S&P 500 climbed 1.1 percent in anticipation of Tuesday’s report on inflation at the consumer level across the country. The…
Let’s Rethink Stock Buybacks—and Drop Biden’s Proposed Excise Tax
February 13, 2023
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Commentary Bloomberg, citing private newsletter publisher Birinyi Associates, reports that “announced buybacks more than tripled (in January) to $132 billion from a year ago, reaching the highest total ever to start a year.” For those of us who follow these things, it’s not surprising: the record level of stock buybacks comes amid an earnings season that has been…
Wall Street Climbs Higher on Megacap Boost
U.S. main stock indexes opened higher on Monday as beaten-down megacap growth stocks gained, while Meta Platforms climbed on reports of fresh layoffs. The Dow Jones Industrial Average .DJI rose 18.12 points, or 0.05 percent, at the open to 33,887.39. The S&P 500 .SPX opened higher by 6.16 points, or 0.15 percent, at 4,096.62, while…
Oil Falls on Demand Fears as Fed ‘Make or Break Moment’ Approaches
February 13, 2023
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LONDON—Oil prices slumped by about 1 percent on Monday as investors focused on short-term demand concerns ahead of key U.S. inflation data. Brent crude futures fell $1.14, or 1.3 percent, to $85.25 a barrel by 1005 GMT after a 2.2 percent gain on Friday. U.S. West Texas Intermediate crude was down $1.11, or 1.3 percent,…
Shares Steady, Dollar Gains Ahead of US Inflation Data
February 13, 2023
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LONDON/SYDNEY—Global shares steadied, while the dollar rose on Monday, ahead of U.S. inflation data that could define the outlook for global interest rates, while news that the U.S. air force had shot down another airborne object created some geopolitical uncertainty. Officials declined to say whether this object, which was spotted along the Canadian border and…
Wall Street’s Tough Week Eases at the End as Stocks Drift
NEW YORK—The toughest week for Wall Street in nearly two months came to a quiet end on Friday, as stock indexes drifted to a mixed finish. The S&P 500 rose 0.2 percent, but it still ended the week with a drop of 1.1 percent, which was its worst since December. The Dow Jones Industrial Average…
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