Category: Stock Market News

Oil futures climbed in electronic trading Tuesday from their settlement after the American Petroleum Institute reported a 7.6 million-barrel drop in U.S. crude supplies for the week ended Sept. 30, according to sources. Analysts polled by S&P Global Platts forecast a 2 million-barrel increase in stockpiles. “Demand is rising,” said Phil Flynn, senior market analyst at Price Futures Group. “We are seeing the U.S. market get in balance a lot quicker than anyone thought.” The closely watched Energy Information Administration report will be released Wednesday. November crude was at $49.15 a barrel in electronic trading, up from the contract’s settlement of $48.69 on the New York Mercantile Exchange.

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Oil futures on Tuesday finished in negative territory, after struggling for direction throughout much the session, as traders continued to assess OPEC’s preliminary output deal, ahead of weekly data that are expected to show an increase in U.S. crude supplies. November West Texas Intermediate crude oil closed 12 cents, or 0.2%, lower at $48.69 a barrel, while December Brent crude-oil settled little-changed off 2 cents, or less than 0.1%, to end at $50.87 a barrel. A surge in the dollar on heightened expectations about a rate hike by the Federal Reserve at its coming December meeting, helped push the greenback higher, weighing on assets priced in the currency, like oil and gold . Crude-oil traders are awaiting an update due Wednesday from the Energy Information Administration on weekly petroleum supplies. The American Petroleum Institute, a trade group, releases its own figures later Tuesday.

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From:: Stock Market News

Oil futures on Tuesday finished in negative territory, after struggling for direction throughout much the session, as traders continued to assess OPEC’s preliminary output deal, ahead of weekly data that are expected to show an increase in U.S. crude supplies. November West Texas Intermediate crude oil closed 12 cents, or 0.2%, lower at $48.69 a barrel, while December Brent crude-oil settled little-changed off 2 cents, or less than 0.1%, to end at $50.87 a barrel. A surge in the dollar on heightened expectations about a rate hike by the Federal Reserve at its coming December meeting, helped push the greenback higher, weighing on assets priced in the currency, like oil and gold . Crude-oil traders are awaiting an update due Wednesday from the Energy Information Administration on weekly petroleum supplies. The American Petroleum Institute, a trade group, releases its own figures later Tuesday.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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Suffering their largest one-day percentage loss since December 2013, gold futures settled Tuesday at a more than three-month low, according to FactSet data. Strength in the U.S. dollar , at the expense of the British pound , technical selling, and growing prospects for a Federal Reserve interest-rate hike before the end of the year all contributed to the drop in gold prices. December gold fell $43, or 3.3%, to settle at $1,269.70 an ounce.

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The European Central Bank is likely to gradually wind down bond purchases before the scheduled March 2017 conclusion of its quantitative-easing program, Bloomberg reported Tuesday, citing unnamed eurozone central bank officials. The ECB is buying 80 billion euros ($89.7 billion) of government and corporate bonds a month, but could begin to slow purchases in steps of 10 billion euros, though any decision would depend on the eurozone’s economic outlook, the report said. The officials didn’t exclude the possibility that the bond-buying program could be extended beyond its March 2017 end date at the full pace of 80 billion euros a month, the report said. The ECB, in a statement, told Bloomberg that the Governing Council “has not discussed these topics.” German government bonds and U.S. Treasurys lost ground after the report, pushing up yields. The euro also saw a brief rebound versus the dollar but remains in negative territory at $1.1189.

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AT&T Inc. on Tuesday said it has tied up an exclusive, multi-year deal with singer, songwriter Taylor Swift that will feature the artist’s performances and other content. As part of the deal Swift will headline AT&T’s Saturday night pre-Super Bowl event Feb. 4 in Houston. AT&T didn’t offer specifics on additional projects and partnerships with Swift, but said the performance leading up to Super Bowl 51 is one of many partnerships the two will announce in the coming months. AT&T said in a news release it will share more information on the multi-year relationship in the near future. Shares of AT&T are up more than 16% in the year to date, outperforming the S&P 500 Index , which is up more than 5%.

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The National Retail Federation said Tuesday that it expects sales for November and December excluding autos, gas and restaurant sales, to increase 3.6% to $655.8 billion. This is higher than the 10-year average growth of 2.5%. Non-store sales, which includes e-commerce, are expected to increase 7% to 10%. The organization believes consumers are in a stronger position from previous years, with steady gains in jobs and incomes. “Increased geopolitical uncertainty, the presidential election outcome and unseasonably warm weather are the main issues at play with the greatest potential to shake consumer confidence and impact shopping patterns,” said NRF Chief Economist Jack Kleinhenz in a statement. Holiday sales increased 3.0% in 2015. Seasonal employment among retailers is expected to grow between 640,000 and 690,000.

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Nike Inc. said Tuesday that it is launching a limited-edition release of the Nike Mag sneaker that Michael J. Fox wore 30 years ago in the “Back to the Future” film. Only 89 pairs of the shoe will be available through an online draw in partnership with The Michael J. Fox Foundation, most in the U.S. and Canada. Tickets can be purchased through a $10 donation to The Michael J. Fox Foundation between Oct. 4 and Oct. 10. Multiple donations can be made, and winners will be notified on Oct. 17. One pair will be auctioned in a live auction in Hong Kong on Oct. 11, with additional live auctions taking place in London on Oct. 14 and Oct. 17, and Nov. 12 in New York City at The Michael J. Fox Foundation’s gala. The latest edition of the Nike Mag will include the Adaptive Fit system that adjusts to the wearer. Nike first partnered with The Michael J. Fox Foundation in 2011. The foundation seeks to find a cure for Parkinson’s disease. Nike shares are up 0.2% in Tuesday trading, but down 15.6% for the year so far. The S&P 500 Index is up 5.6% for the year to date.

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Six months after emerging from bankruptcy, Relativity Media is reportedly up for sale, according to The Hollywood Reporter. Citing sources familiar with the matter, the publication said Relativity Chief Executive and founder Ryan Kavanaugh has hired EMP and Zolfo Cooper to assist with the sale and the studio began fielding offers over the weekend. Relativity filed for bankruptcy protection in summer 2015, listing assets of of $560 million and $1.18 billion in liabilities. Since bouncing back from that the studio has released two wide theatrical releases, “The Disappointments Room” and last week’s “Masterminds,” neither of which have performed well.

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U.S. stocks opened slightly higher on Tuesday after worries about the financial health of European banking giant Deutsche Bank helped erase strong gains in premarket trading. The S&P 500 index rose 2 points, or 0.1%, to 2,163.57. The Dow Jones Industrial Average climbed 18 points, or 0.1%, to 18,274. The Nasdaq Composite Index added 13 points, or 0.3%, to 5,315.

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