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Oil settles sharply higher to trim year-to-date loss

Oil prices settled higher Friday, with a sharp gain in the last few minutes of trading lifting them above $46 a barrel for the first time in more than two weeks. Data from Baker Hughes [s:bhi] released Friday showed the first decline in the number of active U.S. oil rigs in 24 weeks, raising expectations that domestic production will slow. August WTI crude tacked on $1.11, or 2.5%, to settle $46.04 a barrel on the New York Mercantile Exchange. Year to date, prices have still lost more than 14%.

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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From:: Stock Market News

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Gold prices end the session lower, but tally a gain for the first half of the year

Gold prices settled with a loss Friday, pressured by gains in global bond yields which dulled investment demand for the metal. Prices, however, scored a gain of roughly 7.9% for the first half of the year, buoyed in part by overall weakness in the U.S. dollar year to date. August gold fell $3.50, or 0.3%, to settle at $1,242.30 an ounce for the session. It lost about 1.1% for the week, and was down around 2.6% for the month.

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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From:: Stock Market News

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AMD’s stock slips toward its second 6-session losing streak in June

Advanced Micro Devices Inc.’s stock slipped 0.2% in afternoon trade Friday, putting it in danger of a sixth-straight loss, amid growing worries over competition in the cryptocurrency market. Although this would mark the second six-session losing streak this month–the other ended on June 16–the stock was still up 12.4% in June. The chip maker’s monthly gain was supported by two four-session win streaks, one ending June 8 that added 18%, and another ending June 22 that added 26%. On Friday, RBC Capital analyst Mitch Steves fueled the competition fears, by saying if AMD faced a crytocurrency battle with Nvidia Corp. , “we think Nvidia would win.” Nvidia’s stock was up 1.0% in June. Meanwhile the PHLX Semiconductor Index has lost 4.8% and the S&P 500 has tacked on 0.6% this month.

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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From:: Stock Market News

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Hensarling Talks Financial Choice Act

Among several topics covered in an interview with Rep. Jen Hensarling (R-Texas) was his legislation that would be a sweeping rollback of the Dodd-Frank Wall Street Reform Act.

Hensarling, who has represented his district since 2003 and is chairman of the House Financial Services Committee, earlier this month secured House passage of the Financial Choice Act.

The lawmaker placed some of the blame for the financial crisis on a ratings agency monopoly, while affordable housing goals for the government-sponsored enterprises had an even bigger impact.

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From:: Financing

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Baker Hughes data show decline in U.S. oil-rig count for the first time in 24 weeks

Baker Hughes on Friday reported that the number of active U.S. rigs drilling for oil declined by two to 756 rigs this week. That marked only the second time the weekly oil-rig count fell this year. Oil-rig numbers had climbed for 23 weeks in a row. The total active U.S. rig count, which includes oil and natural-gas rigs, also fell by one to 940, according to Baker Hughes. Oil prices extended their gains following the data, with August West Texas Intermediate crude up 68 cents, or 1.5%, at $45.61 a barrel on the New York Mercantile Exchange for the session. It was trading at $45.50 before the data.

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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NAHB: Here’s how the Canadian lumber tariffs add to the current housing shortage

U.S. Secretary of Commerce Wilbur Ross announced another tariff on Canadian lumber this week, and much like the previous one, it does little to solve the actual problem, according to the National Associations of Home Builders. In a follow-up interview with HousingWire, NAHB broke down what the tariffs mean and how its impacts homebuilders and homebuyers negatively. …read more

From:: Real Estate Wire

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Wheat prices rally toward a more than 1-year high

Wheat futures prices were poised Friday for their highest finish in more than a year after the U.S. Department of Agriculture lowered its acreage estimate for U.S. wheat plantings. “Total U.S. wheat planted acres were estimated slightly lower than the March 31 planting intentions and pre-report trade estimates,” Steve Kahler, chief operating officer at Teucrium Trading LLC, told MarketWatch. “More importantly, the current 45.7 million acre estimate for U.S. wheat plantings is the lowest area on record since 1919,” he said. The drought conditions in the Northern tier states will remain the focus for the market, with “moisture making or breaking this year’s spring wheat crop,” he said. September wheat was up 21 cents, or 4.2%, at $5.17 a bushel. A settlement around this level would be the highest for most-active contract since June 2016.

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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From:: Stock Market News