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Baker Hughes reports a second-straight rise in the weekly U.S. oil-rig count

Baker Hughes on Friday reported that the number of active U.S. rigs drilling for oil was up 2 at 749 this week. The number of U.S. oil rigs climbed by 9 last week. The total active U.S. rig count, which includes oil and natural-gas rigs, added 6 to 929, according to Baker Hughes. January West Texas Intermediate crude was up 75 cents, or 1.3%, from Thursday, to $58.15 a barrel. Prices traded at $58.34 shortly before the rig data.

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Treasurys extend rally after report Flynn will testify about Trump

Treasury prices extended their initial climb, pulling yields lower, on Friday after ABC News reported that former National Security Adviser Michael Flynn was prepared to testify about President Donald Trump. Bonds tend to attract safe-haven flows during bouts of market turmoil. The 10-year note yield fell 6.7 basis points to 2.343%. The 2-year note yield ticked down 2.4 basis points to 1.766%. The 30-year bond yield plummeted 8.8 basis points to 2.740%. Bond prices move in the opposite direction of yields.

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U.S. stocks turn lower following reports Flynn will testify about Trump

U.S. stocks fell sharply on Friday, turning lower in midday trading following reports that Michael Flynn will testify about President Donald Trump. The Dow Jones Industrial Average fell 162 points, or 0.7%, to 24,116. The S&P 500 lost 18 points to 2,630, a drop of 0.6%. The Nasdaq Composite Index was down 52 points, or 0.8%, to 6,821. Trading was extremely volatile following the results, and the decline represented a modest rebound off session lows hit in the immediate aftermath of the report. Prior to the news, stocks had traded in positive territory, with major indexes near records. The decline was broad based, with nine of the 11 primary S&P 500 sectors down on the day. Industrial stocks were the biggest decliners, off 1.1%, while technology fell 1%. ABC News reported that Flynn, the former national security adviser, would testify about Trump. Earlier, Flynn was charged with lying to the FBI about conversations he had with the Russian ambassador. According to reports, Flynn will plead guilty.

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GM’s stock drops after November vehicle deliveries fall for all brands

Shares of General Motors Co. slumped 1.2% in morning trade, after the auto maker said November U.S. vehicle deliveries fell 2.9% from a year ago to 245,387 units, as all brands declined. Chevrolet sales fell 1.1% to 167,777 units, while GMC sales declined 5.8%, Buick sales fell 3.0% and Cadillac sales were down 12.8%. Retail sales slipped 0.1% to 197,340 units, as declines in GMC, Buick and Cadillac retail sales offset an increase in Chevrolet sales. GM said Chevrolet retail sales rose 1.9% to 128,485 units, the best retail November performance since 2004. Total fleet sales fell 13%, as daily rental deliveries dropped 24%. GM’s stock has rallied 14% over the past three months, while the S&P 500 has gained 6.8%.

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Tech weakness weighs on Nasdaq; S&P 500, Dow flat

Stock index futures posted a mixed open Friday, with the Dow industrials edging lower a day after powering above the 24,000 milestone for the first time. The Nasdaq lost ground amid weakness for tech shares. The S&P 500 fell less than 0.1% to 2,647.46, while the Dow was off 15 points, or 0.1%, after flipping between small gains and losses. The Nasdaq Composite shed 0.3% to 6,857.

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BlackBerry ‘disappointed’ about ICC court ruling in Nokia dispute

BlackBerry Ltd. said Friday the International Chamber of Commerce’s court of arbitration ruled against it in its contract dispute with Nokia Corp. . The dispute related to whether certain payments that Nokia alleged were owed to Nokia under a patent license contract between the companies. BlackBerry said the ICC’s arbitration panel awarded Nokia $137 million, which it will record as a one-time charge to earnings. “BlackBerry is disappointed that the Court of Arbitration did not agree with our arguments in the case but we accept their decision,” the cybersecurity software and handheld device maker said in a statement. BlackBerry said it would continue to pursue patent infringement claims against Nokia in suits filed in both Germany and the U.S. The stock was up 0.6% in morning trade. It has rallied 18% over the past three months, while Nokia shares have tumbled 20% and the S&P 500 has gained 6.9%.

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Michael Flynn charged with lying to FBI about Russian ambassador conversations

Former National Security Adviser Michael Flynn “willfully and knowingly” made false statements, according to a lawsuit by Special Counsel Robert Mueller. According to reports, Flynn will plead guilty. According to the lawsuit, Flynn falsely stated to the FBI that he didn’t ask the Russian ambassador to refrain from escalating the situation in response to sanctions the U.S. had imposed against the country, and that he didn’t recall the ambassador subsequently telling him Russia had chosen to moderate its response to those sanctions. Flynn also was charged with falsely stating he didn’t ask the Russian ambassador to delay the vote on or defeat a pending United Nations Security Council resolution and that the ambassador subsequently never described Russia’s response.

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Fiat Chrysler U.S. November sales fall 4% as Jeep and truck weakness offset Chrysler strength

Fiat Chrysler Automobiles N.V. said Friday total U.S. vehicle sales in November declined 4% from a year ago to 154,919 units, as declines in Jeep, Dodge and Ram truck sales offset a increase in Chrysler sales. Jeep sales fell 2% to 66,001 units, as drops in Patriot and Renegade model sales outweighed increases in Compass, Wrangler and Cherokee sales. Dodge sales dropped 15%, as declines in Charger, Journey and Dart sales offset increases in Caravan and Durango sales, while Ram sales fell 5% as weakness in ProMaster Van sales offset strength in ProMaster City sales. Meanwhile, Fiat sales fell 28% to 1,733 units, while Alfa Romeo sales surged to 1,440 units from 23 unit. Fiat Chrysler’s stock ticked up 0.3% in premarket trade. The stock has soared 88% year to date through Thursday, while shares of rival General Motors Co. have climbed 24% and the S&P 500 has gained 18%.

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Best way to avoid yield curve inversion would be Fed to stand pat, Bullard says

The best way to avoid a possible inversion of the bond market yield curve would be for the Federal Reserve to be cautious about raising the policy rate during 2018, St. Louis Fed President James Bullard said Friday in a speech in Little Rock, Ark. The yield curve has gotten considerably flatter under Fed Chairwoman Janet Yellen’s tenure. Bullard said the yield curve is on track to invert in late 2018 if the Fed stays on the pace of rate hikes suggested in the latest dot plot and longer-term Treasury yields remain near the average since 2012. Bullard said he thought the current positive slope in the yield curve is about right and suggests the current policy rate “is also about right.”

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