Oil jumps 2% as OPEC+ delays plans to increase production next month
Oil futures jumped more than 2% on Thursday after alliance OPEC+ delayed the rollback of some of its voluntary production cuts, meaning it will not dump more barrels into the market.
On Thursday, West Texas Intermediate (CL=F) hovered above $70 per barrel, while Brent (BZ=F), the international benchmark, rose to $74 per barrel.
The decision as reported by Bloomberg, comes after oil prices lost all their year-to-date gains amid concerns over a slowing Chinese economy and the market's anticipation of more supply. The oil alliance's two-month delay means OPEC+ members will not hike output by additional 180,000 barrels per day in s
Thu, September 5, 2024 at 9:21 PM GMT+7
Nasdaq, S&P 500 rise as Tesla shares surge
The S&P 500 (^GSPC) gained 0.3%, while the tech-heavy Nasdaq Composite (^IXIC) rose 1%, with Consumer Discretionary stocks leading the gains.
EV maker Tesla (TSLA) rose more than 6% on news it plans to stick with its launch of full self-driving capabilities in Europe and China next year. Meanwhile, e-commerce giant Amazon (AMZN) gained 2%. Shares of AI chip giant Nvidia (NVDA) also moved up more than 2%.
Thu, September 5, 2024 at 8:31 PM GMT+7
S&P 500, Nasdaq waver amid more soft jobs market data
US stocks were little changed at the open on Thursday after more soft labor data trickled in ahead of Friday's big jobs report, which could influence the Federal Reserve on the size of its expected interest rate cut at its September meeting.
The S&P 500 (^GSPC) hugged the flat line while the Dow Jones Industrial Average (^DJI) fell slightly. The tech-heavy Nasdaq Composite (^IXIC) erased earlier losses to rise 0.6%.
New ADP data released before the market open showed private employers in the US posted their smallest monthly hiring growth since January 2021. Private payrolls grew by about 99,000, well below expectations.
Along with the monthly jobs report, the labor data could influence the Federal Reserve on the size of the interest rate cut it will likely announce following its two-day meeting this month.
On the corporate front, C3.ai (AI) shares tanked nearly 20% after the enterprise software maker posted weaker-than-expected subscription revenue. Shares of the once high-flying stock are negative for the year.
Meanwhile, HPE (HPE) stock slipped on disappointment over the profitability of its AI serversy.