Oil dropped more than 2% on Thursday, declining for the first time in six days, after the U.S. Federal Reserve dampened hopes that a string of interest rate cuts would be in the offing and as record U.S. output helped keep the market well supplied.
Oil dropped to around $64 a barrel on Thursday, declining for the first time in six days, after the U.S. Federal Reserve dampened hopes for a string of interest rate cuts and as rising U.S. output helped keep the market well supplied.
The Federal Reserve delivered its first rate cut since 2008 but Wall Street economists disagree about what happens next.
Kellogg Co beat Wall Street expectations for quarterly sales and profit on Thursday, boosting the food maker's shares 12% as investments in marketing and product development drove higher demand for snacks and frozen food in North America.
U.S. refiner Marathon Petroleum Corp beat estimates for quarterly profit on Thursday, benefiting from better-than-expected earnings from its refining segment as well as higher sales in its gas stations business.
BNP Paribas analysts said late Wednesday they expect the Federal Reserve to lower key U.S. borrowing costs only one more time in 2019, with a 25 basis-point cut in September as an insurance against mounting risks.
The U.S. manufacturing sector expanded in July, but the pace of growth decelerated to its weakest in nearly three years stemming from a broad decline in activities from the month before, an industry report released on Thursday showed.
U.S. stocks bounced back on Thursday, helped by technology shares as focus shifted to corporate earnings after a cautious message from the Federal Reserve on interest rates drove some of the biggest falls since May in the previous session.
Global grain trader and food processor Archer Daniels Midland Co on Thursday reported a 41.3% drop in second-quarter adjusted profit and missed Wall Street expectations, after being battered by the U.S.-China trade war and severe U.S. weather this spring that disrupted production and transportation.
Odeon Capital senior banking analyst Dick Bove raised his rating on Wells Fargo to buy from hold, citing the banks "enormous financial strength."
General Motors Co posted a better-than-expected net profit on Thursday as high-margin pickup trucks, SUVs and crossovers helped overcome slowing sales in the United States and China, and reiterated its full-year earnings forecast.
Bombardier Inc lowered its full-year earnings and cash flow forecasts and reported a quarterly loss on Thursday, as it faces challenges in its important rail division, sending shares of the Canadian train and plane maker down 18%.
The apparent suicide of India's coffee baron V.G. Siddhartha, under investigation by tax authorities, has inflamed anger toward the government among business leaders who feel it is going too far in its crackdown on fraud and tax evasion.
U.S. manufacturing activity slowed to a near three-year low in July and a measure of new orders received by factories rebounded slightly, as the negative effects of a bitter trade war between the United States and China lingered.
The central bank made "midcycle adjustments" in 1995 and 1998, cutting rates three times, which drove the S&P 500 higher.