Tag: stock market

Oil prices rose Friday to notch a second straight weekly climb, as expectations for growing global crude demand helped to outweigh pressure from concerns over strong U.S. production. Data from Baker Hughes , however, showed a weekly rise in the number of active U.S. oil drilling rigs, erasing the decline seen a week earlier. April West Texas Intermediate crude added $1.15, or 1.9%, to settle at $62.34 a barrel on the New York Mercantile Exchange. It settled at its highest since March 6 and climbed about 0.5% for the week.

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A second executive has been forced out at Nike Inc. due to misconduct complaints, sources tell The Wall Street Journal. Jayme Martin, vice president and general manager of global categories, was a “top lieutenant” to Trevor Edwards, the Nike brand president who resigned Thursday. “Messrs. Martin and Edwards protected male subordinates who engaged in behavior that was demeaning to female colleagues, according to another person,” the Journal wrote. A Nike spokesman told the paper it doesn’t comment on personnel moves. Nike shares are down 0.6% in Friday trading, but up 14.6% for the last year. The Dow Jones Industrial Average is up nearly 19% for the past 12 months.

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Gold settled at its lowest level in just over two weeks on Friday, losing roughly 0.9% for the week. Dollar-denominated prices for the metal traded inversely with the dollar ahead of Wednesday’s Federal Reserve decision on monetary policy. April gold fell $5.50, or 0.4%, to settle at $1,312.30 an ounce, logging its lowest finish since March 1 for a second session in a row, according to FactSet data.

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Oil prices jumped Friday after seesawing between small losses and gains earlier in the session. Analysts and traders on Twitter struggled to find a fundamental reason, with some attributing the move to technical trading that saw U.S. prices rise above $62 intraday for the first time since Monday. The market awaits weekly data from Baker Hughes on the number of active U.S. rigs drilling for oil due out at 10 a.m. Eastern time, which will offer a hint on future crude production. April West Texas Intermediate crude was up $1.18, or 1.9%, to trade at $62.37 a barrel on the New York Mercantile Exchange, set for a weekly rise of 0.5%.

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Shares of Zscaler Inc. , the first Silicon Valley tech unicorn to go public in 2018, surged 70% in their first trading debut Friday after they were priced above range in the company’s IPO. The stock was up more than $11 at $27.41 in its first 10 minutes of trade. Zscaler sells cloud security software that lets IT departments monitor all the traffic on your corporate network while protecting it. The company sold 12 million shares to raise $192 million with Morgan Stanley and Goldman Sachs acting as lead underwriters. The S&P 500 was up 0.4%. The stock is trading on Nasdaq under the ticker symbol “ZS.”

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Democratic Rep. Louise Slaughter of New York has died at 88, according to the Rochester, N.Y., Democrat & Chronicle. Slaughter was the oldest sitting member of Congress and her office revealed this week she had suffered a head injury after a fall.

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President Donald Trump and White House Chief of Staff John Kelly have settled on a truce after Kelly suggested to colleagues he could be the next to be pushed out of the White House, The Wall Street Journal reported. The report said Trump told advisers after a Thursday meeting with Kelly that Kelly was “100% safe.” Kelly was reportedly jarred by the firing of former Secretary of State Rex Tillerson.

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The University of Michigan’s consumer sentiment index hit the highest level since 2004 in March, helped by a record favorable assessment of current economic conditions. The index rose to 102 in March from 99.7 in February, topping the 99.5 economist forecast. All of the gain in the sentiment index was among households with incomes in the bottom third, the report said.

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Former Qualcomm Inc. Chairman Paul Jacobs is trying to put together funding to buy the chipmaker and take it private, the Financial Times has reported. Jacobs has approached “several global investors,” including Japan’s SoftBank , in his efforts to set up a buyout of the $89 billion company co-founded by his father Irwin Jacobs, the Thursday report said. His efforts come after President Donald Trump on Monday blocked a hostile bid by Singapore-based Broadcom Ltd. to take over Qualcomm, citing national security concerns. Just days before Trump’s intervention, Jacobs stepped down as executive chairman of Qualcomm, though he kept his place on the chipmaker’s board.

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Johnson & Johnson said Friday it has received a binding offer from Platinum Equity to acquire its LifeScan business for about $2.1 billion. LifeScan is a blood glucose monitoring system with 2017 revenue of about $1.5 billion. If the offer is accepted by a June 15 deadline, the company expects to close the deal before year-end. Shares were flat in premarket trade, but have gained 3.8% in the last 12 months, while the S&P 500 has gained 15%.

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