Oil prices tiptoed within a tight range on Friday, dancing to the rhythm of strong labor data that ignited fears of climbing U.S. interest rates. But hey, they’re not letting that dampen their spirits! These slick prices are gearing up for a second week of gains, flaunting signs of tighter supplies and a boost in demand.
Hold your horses, because Thursday’s data dropped a bombshell! U.S. inventories decided to shrink even more than anticipated during the week leading up to June 30. And guess what? Gasoline inventories took a plunge that left everyone gasping, hinting at a glorious surge in fuel demand during this summer season of wanderlust.
This eye-opening revelation helped the crude market maintain its cool on Thursday.
While the broader financial markets trembled under the influence of strong private payrolls data, indicating a robust U.S. labor market, our oil buddies managed to steer clear of the chaos. The worrywarts are fretting that the Federal Reserve will keep its beady hawk eyes on interest rates, but our resilient oil prices are here to stay!
Dow futures steady, Levi’s falls 6.2% after earnings
U.S. stock futures were trading lower on Thursday evening, following a negative session among benchmark indices as stronger-than-expected ADP employment data renewed concerns of further rate hikes from Federal Reserve policymakers.
By 7:10pm ET (11:10pm GMT) Dow Jones Futures and S&P 500 Futures traded flat while Nasdaq 100 Futures ticked 0.1% lower.
In extended deals, Levi Strauss & Co Class A (NYSE:LEVI) lost 6.2% after reporting Q2 EPS of $0.04 versus $0.03 expected, while revenues were reported at $1.34 billion versus $1.34 billion expected. The company also forecasted FY2023 EPS in the range of $1.10-$1.20 versus $1.29 expected.
Ahead in Friday’s trade, market participants will be closely monitoring average hourly earnings, nonfarm payrolls and unemployment data.
During Thursday’s session, the Dow Jones Industrial Average fell 366.4 points or 1.1% to 33,922.3, the S&P 500 lost 35.2 points or 0.8% to 4,411.6 and the NASDAQ Composite dipped 112.6 points or 0.8% to 13,679.
On the bond markets, United States 10-Year rates lifted to fresh multi-month highs of 4.031%.
(Source: Investing.com)
Some of the biggest movers:
Finally, a breakthrough that leaves drugmakers scratching their heads and patients with hope. This milestone moment brings the elusive Alzheimer’s disease to its knees, as Leqembi emerges victorious as the first treatment to earn a prestigious standard approval nod from the FDA.
Hold on to your hats, folks, because this game-changer paves the way for broader insurance coverage of the drug. Trial data speaks volumes, revealing that Leqembi slows down the brain-wasting disease by a whopping 27% for those battling it in its earliest stages. A small step for medicine, but a giant leap for Alzheimer’s patients!
Stock Analysis
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