VanEck Oil Services ETF에 대한 매도 수량은 투자자에게 VanEck Oil Services ETF의 주식 하락에 베팅하는 정도를 알려줍니다. 매도 수량 데이터는 2주마다 업데이트됩니다.

VanEck Oil Services ETF (ARCA:OIH), 공매도 수량 보고

VanEck Oil Services ETF

VanEck Vectors Oil Services ETF

Energy

only shares that are readily available for trading in the market) and three month average daily trading volume are included in the Oil Services Index. As of December 31, 2021, the Oil Services Index included 25 securities of companies with a market capitalization range of between approximately $305 million and $42 billion and a weighted average market capitalization of $14.4 billion. These amounts are subject to change. The Funds 80% investment policy is non-fundamental and may be changed without shareholder approval upon 60 days prior written notice to shareholders.

Schlumberger Nv

BAKER HUGHES CO

Halliburton Co

Technipfmc Plc

Tenaris Sa

Nov Inc

Championx Corp

Weatherford International Plc

Transocean Ltd

Noble Corp Plc

Government

Regulations

Sector ETFs

Commodities

Politics

Global

ETFs

목요일, 원유 가격이 5% 이상 급등했다. 이는 조 바이든 대통령이 미국이 이스라엘과 이란의 석유 시설에 대한 공격 가능성에 대해 논의했다고 언급한 후 발생한 일이다.

유가 상승: 바이든, 이스라엘과 이란 시설 타격에 대한 미국과의 &#39;협의&#39;를 확인

News

Markets

iShares Dow Jones US Oil & Gas Exploration & Production Index Fund

SPDR S&P Oil & Gas Equipment & Services ETF

석유수출국기구(OPEC)와 그 동맹국들로 구성된 OPEC+는 이번 주말에 현재의 감산을 연장할 것으로 예상된다고, 대표단과 분석가들이 전했다. What Happened: 6월 1일 비엔나에서 직접 만날 예정이었던 OPEC+ 동맹은 이제 6월 2일 가상 플랫폼으로 회의를 옮겼다. 화요일 CNBC 보도에 따르면 이 그룹은 현재 하루 총 586만 배럴의 공급 삭감을 시행하고 있으며, 그 중 하루 200만 배럴은 올해 말에 만료될 예정이다.

OPEC+가 여름철 석유 수요 상승 속에 생산 감축을 연장할 것으로 예상: 보도

ORASCOM INVESTMENT HOLDING S.A.E GDR

VANECK OIL SERVICES UCITS USD ETF

VANECK OIL SERVICES ETF

Oil is trading more than 5% higher Thursday on the heels of President Joe Biden&#8216;s statement that the U.S. spoke with Israel about a possible attack on Iran's oil facilities.
"We're in discussions about that,&#8221; Biden said during an interaction with reporters. 
Biden seemingly indicated he wasn&#8217;t partial to the idea of striking at Iran&#8217;s oil facilities, before cutting himself off: &#8220;I think that would be a little&#8230; anyway.&#8221; See video below.
<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"> 
<div class="wp-block-embed__wrapper">
<iframe loading="lazy" title="Biden: Discussing Israeli strikes on Iran oil facilities &#x7C; AJ #shorts" width="500" height="281" src="https://www.youtube.com/embed/InF5MnsXAt0?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
</div>
</figure>
When one reporter asked whether Biden would &#8220;allow&#8221; Israel to retaliate against Iran, Biden swiftly corrected him: &#8220;First of all, we don&#8217;t &#8216;allow&#8217; Israel. We advise Israel.&#8221;
<a href="https://www.benzinga.com/news/23/10/35136071/israel-under-siege-unprecedented-hamas-attack-sparks-intense-clashes-netanyahu-says-we-are-at-war">Since Oct. 7, 2023</a>, Israel has been fighting Hamas in Gaza as well as Hezbollah in Lebanon. Both groups are considered terrorist organizations by the U.S. 
See Also: <a href="https://www.benzinga.com/news/24/10/41134015/jd-vance-tim-walz-debate-sets-a-different-tone-candidates-discuss-israel-iran-escalation-immigration">JD Vance, Tim Walz Debate Sets A Different Tone, Candidates Discuss Israel-Iran Escalation</a>
<h3 class="wp-block-heading">Oil And The Israel-Iran Conflict</h3>
Iran is the seventh-largest oil producer in the world. The country, which backs the Hezbollah militant group, exports around half its production abroad. 
China, where <a href="https://www.benzinga.com/markets/asia/24/08/40596334/asia-markets-mixed-europe-gains-crude-oil-falls-on-chinese-demand-concerns-global-markets-today-whil">oil demand is weak</a>, is its main customer.
Since Iran's <a href="https://www.benzinga.com/news/global/24/10/41126038/iran-attacks-israel-with-missiles-middle-east-tensions-escalates-s-p-500-stocks-bitcoin-fall-as-oil">missile attack on Israel</a> on Monday, the price of barrels has fluctuated. As of Oct. 3, the price of West Texas Intermediate (WTI) crude oil is $73.83 per barrel. This reflects a 5.32% increase from the previous day&#8217;s close of $70.10.
The price of Brent crude is approximately $77.76 per barrel. It has fluctuated within a range of $74.33 to $77.58 for the day.
The U.S., which is producing more oil under Biden than any other U.S. presidential administration, has been filling its reserves. The Biden administration acquired an additional <a href="https://www.benzinga.com/markets/eurozone/24/10/41146905/geopolitical-risks-may-be-biggest-threat-to-markets-boe-says">6 million barrels of crude</a> just this week.
It&#8217;s worth noting that ongoing violence in the Middle East puts the Straits of Hormuz at risk. A third of tanker traffic and a fifth of LNG frozen gas is transported through that passageway. 
The U.S. and its allies are likely determined to keep the Strait open due to its strategic importance. Any attempt to block the Strait could provoke military intervention.
Iran controls much of the northern coastline of the Strait and has previously threatened to block the passage in response to sanctions or conflicts with Western countries. 
<h3 class="wp-block-heading">Market Reaction</h3>
So far, market reaction to the Middle East conflict is relatively mute compared to February 2022 when Russia invaded Ukraine.
At the time, the oil market reacted with significant volatility and disruption, leading to a sharp rise in global prices. 
Brent crude, the global benchmark, surged above $100 per barrel for the first time since 2014, and by March 2022, it had briefly spiked to $139 per barrel, near the all-time high.
Oil-related exchange-traded funds, or ETFs, were trending up at last check Thursday afternoon. Here&#8217;s where they stand: 
<ul>
<li>United States Oil Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/USO#NYSE">USO</a>) is up 4.05% to $75.71</li>
<li>Invesco DB Oil Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DBO#NYSE">DBO</a>) is up 4.08% at $15.06</li>
<li>SPDR S&amp;P Oil &amp; Gas Exploration &amp; Production ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XOP#NYSE">XOP</a>) is up 3.1% at $139.56</li>
<li>Energy Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>) up 1.65% at $92.22</li>
<li>ProShares Ultra Bloomberg Crude Oil (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UCO#NYSE">UCO</a>) is up 6.59% at $28.81</li>
<li>VanEck Vectors Oil Services ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OIH#NYSE">OIH</a>) is up 1.89% at $297.58</li>
</ul>
Now Read: 
<ul>
<li><a href="https://www.benzinga.com/trading-ideas/previews/24/10/41170128/jobs-report-preview-could-september-labor-data-shift-feds-interest-rate-path">Jobs Report Preview: Could September Labor Data Shift Fed&#8217;s Interest Rate Path?</a></li>
</ul>
Image: Shutterstock

Oil Prices Rally: Biden Confirms US 'Discussions' With Israel About Striking Iran Facilities

On Monday, Schlumberger N.V. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SLB#NYSE">SLB</a>) disclosed the formation of a joint venture (JV) with ADNOC Drilling Company and Patterson-UTI Energy, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PTEN#NASDAQ">PTEN</a>) called <a target="_blank" href="https://www.benzinga.com/pressreleases/24/09/b41093343/slb-and-adnoc-drilling-partner-for-unconventional-oil-and-gas-development" rel="noreferrer noopener">Turnwell Industries LLC OPC</a>.
The JV aims to accelerate the UAE&#8217;s unconventional oil and gas program. It targets the completion of 144 wells by 2025, with the potential for additional wells in a second phase.
ADNOC Drilling will hold a 55% stake, with SLB and Patterson-UTI holding 30% and 15% stakes in the JV. SLB will provide drilling, completion services, project management, and digital solutions.
This deal is expected to enable the companies to leverage cutting-edge innovations in AI, smart drilling design, completions engineering, and production solutions.
Tarek Rizk, SLB&#8217;s president for the Middle East and North Africa region, said, &#8220;We are proud to join forces with ADNOC Drilling in this strategic partnership that demonstrates SLB&#8217;s leading position in the region deploying innovative digital, drilling and completion technologies in developing unconventional energy resources.&#8221;&nbsp;
&#8220;UAE&#8217;s unconventional energy assets hold a promising future, and we are very much looking forward to elevating their performance in a safe and sustainable way.&#8221;
Abdulrahman Abdulla Al Seiari, chief executive officer, ADNOC Drilling stated, &#8220;Turnwell will not only unlock the immense potential of the UAE&#8217;s world-class unconventional energy resources but will also set new benchmarks for the global energy industry. We are proud to lead the way in responsibly shaping the future of energy, both in the UAE and beyond.&#8221;
Last month, Schlumberger partnered with NVIDIA to create generative AI solutions focusing on subsurface exploration and <a target="_blank" href="https://www.benzinga.com/markets/equities/24/09/40939729/energy-meets-ai-schlumberger-teams-up-with-nvidia-to-supercharge-industry-efficiency" rel="noreferrer noopener">data management in energy</a>.
Investors can gain exposure to SLB via&nbsp;VanEck Oil Services ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OIH#NYSE">OIH</a>) and&nbsp;IShares U.S. Oil Equipment &amp; Services ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IEZ#NYSE">IEZ</a>).
Price Action: SLB shares are down 0.74% at $41.64 premarket at the last check Tuesday.
Image via Shutterstock
Read Next:
<ul>
<li><a href="https://www.benzinga.com/news/24/09/41013730/bill-baruch-trims-tesla-stock-buys-pair-of-energy-names-power-is-going-to-be-a-big-thing-with-ai" target="_blank" rel="noreferrer noopener">Bill Baruch Trims Tesla Stock, Buys Pair Of Energy Names: &#8216;Power Is Going To Be A Big Thing With AI&#8217;</a></li>
</ul>

Equities

Large Cap

Contracts

iShares Dow Jones US Oil Equipment & Services Index Fund

PTEN

SLB, ADNOC Drilling, Patterson-UTI Join Forces To Accelerate UAE's Unconventional Oil Program

Schlumberger (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SLB#NYSE">SLB</a>) shares are trading higher on Tuesday. The company launched the Lumi data and AI platform, integrating advanced AI into workflows<a target="_blank" href="https://www.benzinga.com/pressreleases/24/09/b40894766/slb-launches-ai-powered-lumi-platform" rel="noreferrer noopener"> across the energy value chain</a>.
The Lumi platform offers open, secure access to high-quality data across all energy domains, boosting collaboration and decision-making. It integrates the latest large language models&nbsp;(LLMs) and SLB&#8217;s domain-specific models, facilitating scalable AI adoption.
Also Read: <a target="_blank" href="https://www.benzinga.com/markets/equities/24/09/40810215/schlumbergers-breakthrough-in-lithium-production-details" rel="noreferrer noopener">Schlumberger&#8217;s Breakthrough In Lithium Production: Details</a>
The Lumi platform will be available on major cloud providers and on-premises, offering global access.
SLB&#8217;s Delfi platform will leverage Lumi&#8217;s capabilities for improved reservoir modeling, seismic interpretation, and drilling workflows, while boosting automation and efficiency for low-carbon energy operations.
The Lumi platform combines technologies from top partners with SLB&#8217;s expertise to enhance data and AI access across the energy production cycle.
Rakesh Jaggi, president, Digital and Integration, SLB, said, &#8220;Through the Lumi data and AI platform, we will liberate and contextualize data for our global customers across domains – enabling them to scale advanced AI workflows and accelerate their ongoing digital transformation.&#8221;
Investors can gain exposure to SLB via&nbsp;VanEck Oil Services ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OIH#NYSE">OIH</a>) and&nbsp;IShares U.S. Oil Equipment &amp; Services ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IEZ#NYSE">IEZ</a>).
Price Action: SLB shares are up 0.42% at $40.57 premarket at the last check Tuesday.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/09/40857832/halliburton-at-a-disadvantage-analyst-says-schlumberger-and-baker-hughes-in-better-" target="_blank" rel="noreferrer noopener">Halliburton At A Disadvantage, Analyst Says: Schlumberger And Baker Hughes &#8216;In Better Position&#8217;</a></li>
</ul>

Energy Gets AI Boost: Schlumberger's Lumi Platform To Power Next-Gen Digital Transformation

After falling to the lowest level since December 2021, on Tuesday, oil recorded its first weekly gain in a month, buoyed by Hurricane Francine, which disrupted production in the Gulf of Mexico. Brent crude rose above $72 per barrel, pushing its weekly climb to about 2%, while West Texas Intermediate traded below $70 per barrel.
However, higher oil prices failed to fuel the rally in the energy space with many ETFs still in red. The popular ETFs &mdash; Energy Select Sector SPDR (ARCA:XLE), Vanguard Energy ETF (ARCA:VDE), SPDR S&amp;P Oil &amp; Gas Exploration &amp; Production ETF (ARCA:XOP), Fidelity MSCI Energy Index ETF (ARCA:FENY) and VanEck Vectors Oil Services ETF (ARCA:OIH) &mdash; were down more than 2% each. All these ETFs have a Zacks Rank #1 (Strong Buy) or #2 (Buy).
The storm had prompted a production shutdown of around 730,000 barrels a day (bpd) in the Gulf of Mexico (about 42% of Gulf production), according to the US Bureau of Safety and Environmental Enforcement. The US Bureau of Safety and Environmental Enforcement stated that about 24% of crude production and 26% of natural gas output in the US Gulf of Mexico were offline due to the storm.
<h3>Energy ETFs in Focus</h3>
Energy Select Sector SPDR: It is the largest and the most popular ETF in the energy space, with an AUM of $34.1 billion. It offers exposure to the broad energy space and follows the Energy Select Sector Index. Energy Select Sector SPDR holds 22 securities in its basket and charges 9 bps in annual fees.
Vanguard Energy ETF: It provides exposure to a basket of 113 energy stocks by tracking the MSCI US Investable Market Energy 25/50 Index. Vanguard Energy ETF has amassed $7.6 billion in its asset base and charges 10 bps in annual fees.
SPDR S&amp;P Oil &amp; Gas Exploration &amp; Production ETF: It provides exposure to 53 oil and gas exploration and production companies by tracking the S&amp;P Oil &amp; Gas Exploration &amp; Production Select Industry Index. It has an AUM of $2.6 billion and charges 35 bps in fees per year.
Fidelity MSCI Energy Index ETF: It follows the MSCI USA IMI Energy Index, holding 112 stocks in its basket. FENY charges 8 bps in annual fees and has accumulated $1.5 billion in its asset base.
VanEck Vectors Oil Services ETF: It tracks the MVIS U.S. Listed Oil Services 25 Index, which offers exposure to companies involved in oil services to the upstream oil sector, including oil equipment, oil services or oil drilling. VanEck Vectors Oil Services ETF holds 26 stocks in its basket. With an AUM of $1.5 billion, it charges 35 bps in annual fees.
<h2>Concerns</h2>
<h2>Weak Demand/Supply Trends</h2>
Despite the positive momentum, oil prices are still trading close to three-year lows amid persistent concerns over slowing demand.
International Energy Agency (IEA) lowered the oil demand outlook by 70,000 bpd to 900,000 bpd for this year, citing weak China demand and feeble growth in other regions. The Organisation of Petroleum Exporting Countries (OPEC) also slashed the 2024 oil demand growth forecast for the second time. It expects world oil demand to rise by 2.03 million bpd in 2024, down from last month&#39;s forecast of growth of 2.11 million bpd.
Last week, OPEC and its allies extended the oil production cuts of 2.2 million bpd through November and planned to phase out those beginning in December until November 2025. However, it will increase production in 2025 for the first time since 2022. The first addition to supply, of 180,000 bpd, is now expected in December. Additionally, growing output from the United States, Guyana, Brazil and Canada will continue to take a toll on oil prices.
<h2>Geopolitical Tensions</h2>
Geopolitical risks in the Middle East will continue to provide some support to oil prices. The ongoing conflict in Gaza and the potential for a broader regional escalation, involving Iran, Hamas and Hezbollah are contributing to market uncertainty.
<h2>Analysts Go Bearish</h2>
Analysts in a Reuters poll reduced their oil price forecasts for 2024 for the fourth consecutive month. The poll shows Brent prices to average $82.86 per barrel this year, down from $83.66 a barrel expected in the July forecast. West Texas Intermediate is projected to average $78.82 per barrel in 2024, down from $79.22 a barrel expected in last month&#39;s poll.
Analysts believe the bullish drivers of the ongoing OPEC+ cuts and geopolitical flare-ups in the Middle East will be offset by the bearish demand trends and oil imports in China and Europe.
<h2>Will the Fed Provide Some Respite?</h2>
The Fed is expected to cut interest rates at its meeting scheduled to take place on Sept 17 and 18. Lower interest rates tend to lower the expenses of purchasing goods and services, potentially stimulating economic expansion and driving oil demand.
<a href="https://www.zacks.com/stock/news/2335964/rise-in-oil-price-fails-to-lift-energy-etfs-what-s-ahead?cid=CS-BENZ-FT-etf_news_and_commentary-2335964">To read this article on Zacks.com click here.</a>

Analyst Ratings

Trading Ideas

FENY

Rise in Oil Price Fails to Lift Energy ETFs: What's Ahead?

Schlumberger N.V. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SLB#NYSE">SLB</a>) disclosed that it has successfully demonstrated sustainable lithium production <a target="_blank" href="https://www.benzinga.com/pressreleases/24/09/b40789109/slb-achieves-breakthrough-results-in-sustainable-lithium-production" rel="noreferrer noopener">at scale at its Clayton Valley, Nevada, plant</a>.
SLB&#8217;s integrated solution offers a complete, end-to-end process that includes advanced impurity treatment and concentration technologies to produce high-purity lithium carbonate or hydroxide.
The company aims to accelerate the market availability of responsibly sourced lithium products. The solution extracts lithium from brine 500 times faster than traditional methods, using only 10% of the land.
The company stated that the plant achieved a verified lithium recovery rate of 96% from brine when operating at about one-tenth the size of a commercial facility.
The traditional lithium extraction process requires vast land and depletes water, leaving harmful residues. SLB&#8217;s solution minimizes water use and returns processed brine to its source, reducing environmental impact.
Gavin Rennick, president of SLB&#8217;s New Energy business said, &#8220;SLB&#8217;s demonstration plant in Clayton Valley proves our unique integrated approach to produce scalable quantities of lithium in the fastest, most economical and sustainable way for today&#8217;s market. This accelerates deployment of viable commercial-scale facilities for high-quality lithium products that are the backbone of our electrification economy.&#8221;
In July, Schlumberger reported a second-quarter 2024 revenue increase of 13% year-over-year to $9.139 billion,&nbsp;beating the consensus of $9.076 billion. Adjusted EPS increased 18% Y/Y to $0.85,&nbsp;<a target="_blank" href="https://www.benzinga.com/news/earnings/24/07/39859998/schlumberger-outshines-expectations-solid-international-growth-fuels-q2-success" rel="noreferrer noopener">above the consensus of $0.83</a>.
Investors can gain exposure to SLB via&nbsp;VanEck Oil Services ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OIH#NYSE">OIH</a>) and&nbsp;IShares U.S. Oil Equipment &amp; Services ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IEZ#NYSE">IEZ</a>).
Price Action: SLB shares are up 0.25% at $39.69 premarket on the last check Wednesday.
Read Next:
<ul>
<li><a href="https://www.benzinga.com//node/40804051" target="_blank" rel="noreferrer noopener">Dave &amp; Buster&#8217;s Stock Races Higher After Q2 EPS Beat: Details</a></li>
</ul>
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Schlumberger's Breakthrough In Lithium Production: Details

On Friday, Baker Hughes Company&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BKR#NASDAQ">BKR</a>) reportedly stated that U.S. energy firms reduced the number of oil and natural gas rigs for the second consecutive week, marking the first such decline since late June.
The oil and gas rig count decreased by one to 585 for the week ending August 23, bringing the total count down 47 rigs, or 7%, below the same period last year, reported Reuters.
The oil rigs remained steady at 483, while gas rigs fell by one to 97 this week. The rig count dropped about 20% in 2023 following significant increases in 2021 and 2022, due to lower oil and gas prices, rising costs, and a focus on debt reduction and shareholder returns.
As per the report, U.S. oil futures have risen about 5% in 2024 after a drop of 11% in 2023, whereas U.S. gas futures are down about 19% in 2024 following a 44% plunge in 2023.
Read: <a target="_blank" href="https://www.benzinga.com/news/large-cap/24/08/40313301/oil-prices-eye-fourth-straight-day-of-gains-as-geopolitical-risks-overshadow-opecs-cooler-demand-f" rel="noreferrer noopener">Oil Prices Eye Fourth Straight Day Of Gains As Geopolitical Risks Overshadow OPEC&#8217;s Cooler Demand Forecast</a>
The rise in oil prices is expected to drive U.S. crude output up from a record 12.9 million barrels per day (bpd) in 2023 to 13.2 million bpd in 2024 and 13.7 million bpd in 2025, per the latest EIA outlook.
Conversely, gas producers cut back on drilling earlier this year after prices fell to 3½-year lows in February and March.
Also Read: <a target="_blank" href="https://www.benzinga.com/news/earnings/24/07/40010863/these-analysts-boost-their-forecasts-on-baker-hughes-after-strong-q2-results" rel="noreferrer noopener">These Analysts Boost Their Forecasts On Baker Hughes After Strong Q2 Results</a>
Investors can gain exposure to BKR via&nbsp;VanEck Oil Services ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OIH#NYSE">OIH</a>) and&nbsp;IShares U.S. Oil Equipment &amp; Services ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IEZ#NYSE">IEZ</a>).
Price Action: BKR shares are up 1.33% at $35.69 at the last check Monday.
Photo via Shutterstock
Read Next:
<ul>
<li><a href="https://www.benzinga.com//node/40548944" target="_blank" rel="noreferrer noopener">Morgan Stanley Slashes Global Oil Demand Growth Forecast For 2024: Report</a></li>
</ul>
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Media

Baker Hughes Says US Oil And Gas Rig Count Declines For Second Week: Report

Oil futures surged significantly on Monday morning, with West Texas Intermediate (WTI) light crude rising 3% to over $77 per barrel as of 9:00 a.m. ET, amid escalating geopolitical tensions in the Middle East and<a href="https://www.benzinga.com/markets/commodities"> fresh supply disruptions in Libya.</a>
This marks the third consecutive day of oil price gains after hitting their lowest levels since January on Wednesday, Aug. 21. With Monday&#8217;s increase, WTI has climbed more than 7% over the past three sessions, setting the stage for the strongest three-day rally since late March 2023.
What Happened: On Saturday, Aug. 24, the Iran-backed Lebanese militant group Hezbollah launched a large-scale assault against Israel, using rockets and drones in retaliation for the killing of senior Hezbollah commander Fuad Shukr by Israeli forces. The attack involved hundreds of rockets and at least 20 drones targeting various locations in northern Israel.
In response, Israel carried out airstrikes on multiple Hezbollah positions in southern Lebanon, hitting at least 17 sites in an effort to thwart further large-scale attacks. Israeli officials described these strikes as preemptive measures aimed at neutralizing Hezbollah&#8217;s capabilities.
The situation remained volatile on Sunday, with ongoing exchanges of fire, fueling concerns about a broader regional conflict. Israeli Prime Minister Benjamin Netanyahu warned that the strikes against Hezbollah are not &#8220;the end of the story.&#8221;
In Libya, the political and security environment has deteriorated sharply. The eastern government, a rival to the Tripoli-based administration, announced a halt to oil production and exports following a dispute over the leadership of the Central Bank, exacerbating the global supply concerns.
According to Reuters, Waha Oil Company, a subsidiary of the National Oil Corp and operator of a joint venture with ConocoPhillips (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COP#NYSE">COP</a>), announced plans to cut crude production and warned that output could come to a complete stop due to protests and pressures.
Also Read: <a href="https://www.benzinga.com/news/earnings/24/08/40548945/temu-parent-pdd-posts-86-q2-topline-growth-stock-drops-after-ceo-flags-upcoming-challenges">Temu Parent PDD Posts 86% Q2 Topline Growth, Stock Drops After CEO Flags Upcoming Challenges</a>
Why It Matters: The recent rebound in equity markets after the early August selloff was largely driven by fading fears of a U.S. recession. 
Investors also responded positively to central bankers&#8217; signals of potential interest rate cuts, as confidence grew that inflation is moving closer to the 2% target. 
However, the sudden spike in crude oil prices, driven by supply concerns, could dampen the positive investor sentiment toward risk asset and curb further disinflationary gains in the economy. 
Market Reactions: Energy-related companies saw gains in Monday&#8217;s premarket trading. 
The Energy Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>) rose over 1%. Companies in the oil services sector also benefited, with the VanEck Oil Services ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OIH#NYSE">OIH</a>) up 1.8%. Firms in the upstream market, tracked by the SPDR S&amp;P Oil &amp; Gas Exploration and Production ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XOP#NYSE">XOP</a>), were 1.3% higher.
Top premarket movers included: 
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Name</td>
<td>Chg %</td>
</tr>
<tr>
<td>Sitio Royalties Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/STR#NYSE">STR</a>)</td>
<td>3.8%</td>
</tr>
<tr>
<td>Talos Energy Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TALO#NYSE">TALO</a>)</td>
<td>2.9%</td>
</tr>
<tr>
<td>Transocean Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RIG#NYSE">RIG</a>)</td>
<td>2.7%</td>
</tr>
<tr>
<td>Petroleo Brasileiro SA (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PBR#NYSE">PBR</a>)</td>
<td>2.2%</td>
</tr>
<tr>
<td>Helix Energy Solutions Group Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HLX#NYSE">HLX</a>)</td>
<td>2.1%</td>
</tr>
<tr>
<td>Murphy Oil Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MUR#NYSE">MUR</a>)</td>
<td>1.8%</td>
</tr>
<tr>
<td>Noble Corporation plc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NE#NYSE">NE</a>)</td>
<td>1.7%</td>
</tr>
<tr>
<td>EOG Resources, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OEG#NYSE">OEG</a>)</td>
<td>1.7%</td>
</tr>
<tr>
<td>Marathon Oil Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MRO#NYSE">MRO</a>)</td>
<td>1.5%</td>
</tr>
<tr>
<td>Devon Energy Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DVN#NYSE">DVN</a>)</td>
<td>1.5%</td>
</tr>
<tr>
<td>ConocoPhillips </td>
<td>1.4%</td>
</tr>
</tbody>
</table>
</figure>
Read Next:
<ul>
<li><a href="https://www.benzinga.com/markets/equities/24/08/40535770/feds-powell-hints-at-policy-shifts-dollar-plunges-gold-rallies-as-investors-flock-to-rate-cut-wi">Fed&#8217;s Powell Hints At Policy Shifts, Dollar Plunges, Gold Rallies As Investors Flock To Rate-Cut Winners: This Week In The Markets</a></li>
</ul>
Photo: Shutterstock

Asia

Macro Economic Events

Econ #s

Economics

Tech

GPRE

TALO

Oil Prices Rally As Middle East Tensions Rise, Libya Warns Of Potential Production Halt: 10 Energy Stocks On The Move Monday

Halliburton Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HAL#NYSE">HAL</a>) shares are trading nearly flat today. On Wednesday, the company was reportedly hit by a cyberattack.
The attack affected operations at Halliburton&#8217;s north Houston campus, and some global connectivity networks, reported Reuters.
Halliburton acknowledged a system issue and said it is working with &#8220;leading external experts&#8221; to resolve the problem, per the report, which cited a spokesperson&#8217;s emailed statement. Halliburton has instructed some staff not to connect to internal networks.
Last month, Halliburton reported second-quarter revenue of $5.833 billion, which missed the $5.949 billion consensus, and EPS of $0.80, <a target="_blank" href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/39885917/halliburton-lowers-2024-outlook-analysts-forecast-more-muted-2025" rel="noreferrer noopener">which was&nbsp;in line with the consensus.</a>
There have been some cyberattack incidents in recent times. This month, Google confirmed that a group linked to Iran&#8217;s Revolutionary GuarIran&#8217;sbeen attempting to breach the personal email accounts of individuals associated with the US presidential campaigns of President Joe Biden and <a target="_blank" href="https://www.benzinga.com/news/24/08/40387430/google-confirms-iranian-hackers-linked-to-revolutionary-guard-targeted-trump-biden-and-harris-campai" rel="noreferrer noopener">former President&nbsp;</a><a target="_blank" href="https://www.benzinga.com/news/24/08/40387430/google-confirms-iranian-hackers-linked-to-revolutionary-guard-targeted-trump-biden-and-harris-campai" rel="noreferrer noopener">Donald Trump</a>.
Investors can gain exposure to HAL via&nbsp;VanEck Oil Services ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OIH#NYSE">OIH</a>) and&nbsp;IShares U.S. Oil Equipment &amp; Services ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IEZ#NYSE">IEZ</a>).
Price Action: HAL shares are trading flat at at $31.21 at the last check Thursday.
Photo via Shutterstock
Read Next:
<ul>
<li><a href="https://www.benzinga.com/markets/equities/24/08/40498552/snowflake-ceo-downplays-cyberattack-impact-amid-8-stock-drop-after-q2-earnings-report-not-really" target="_blank" rel="noreferrer noopener">Snowflake CEO Downplays Cyberattack Impact Amid 8% Stock Drop After Q2 Earnings Report: &#8216;Not Really Affected Our &#8216;ore Business&#8217;</a></li>
</ul>
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Halliburton's North Houston Campus Affected by Cyberattack: Report

Halliburton Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HAL#NYSE">HAL</a>) shares are trading lower after the company reported second-quarter&nbsp;2024 revenue of&nbsp;$5.833 billion,&nbsp;missing the <a target="_blank" href="https://www.benzinga.com/pressreleases/24/07/b39856421/halliburton-announces-second-quarter-2024-results" rel="noreferrer noopener">consensus of&nbsp;$5.949 billion</a>.
Completion and Production revenue was&nbsp;$3.4 billion, flat Q/Q. Revenue growth from increased completion tool sales and stimulation activity abroad, as well as improved well-intervention services, was offset by lower stimulation and completion tool sales in the U.S. and decreased artificial lift services in North America.
Drilling and Evaluation revenue came in at $2.4 billion, flat Q/Q. Results benefitted from increased drilling services in Europe, North America, and Asia, higher wireline activity in the Western Hemisphere and Europe, and a rise in international testing services.
HAL&#8217;s North&nbsp;America&nbsp;revenue fell&nbsp;3%&nbsp;Q/Q to&nbsp;$2.5 billion&nbsp;due reduced pressure pumping services in U.S. land and lower activity in the Gulf of Mexico.
International revenue was&nbsp;$3.4 billion, an increase of&nbsp;3%&nbsp;Q/Q, with revenue from Latin America&nbsp;flat Q/Q, Europe/Africa&nbsp;+4% Q/Q,&nbsp;and Middle East/Asia&nbsp;+5% Q/Q.
Operating income stood at $1.032 billion (+5% Q/Q), with an operating margin of about 18% in the quarter.
EPS of $0.80 was <a href="https://www.benzinga.com/calendars/earnings" target="_blank" rel="noreferrer noopener">in line with the consensus.</a>
The company repurchased ~$250 million of its common stock during the quarter.
Operating cash flow stood at&nbsp;$1.1 billion&nbsp;for the quarter, and free cash flow was&nbsp;$800 million.
Jeff Miller, Chairman, President, and CEO, said, &#8220;In our international markets we see strong demand for Halliburton&#8217;s services, high activity levels, and equipment tightness across all major basins.&#8221;
Investors can gain exposure to the stock via VanEck Oil Services ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OIH#NYSE">OIH</a>) and IShares U.S. Oil Equipment &amp; Services ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IEZ#NYSE">IEZ</a>).
Price Action: HAL shares are down&nbsp;4.53%&nbsp;at&nbsp;$34.80 premarket&nbsp;at&nbsp;the last check Friday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo via Wikimedia Commons

Earnings

Buybacks

Movers

Halliburton's Q2 Revenue Miss Highlights Challenges In US Market, Despite International Gains

Schlumberger Limited (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SLB#NYSE">SLB</a>) and ChampionX Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CHX#NASDAQ">CHX</a>) received a second request from the United States Department of Justice regarding Schlumberger&#8217;s planned <a target="_blank" href="https://www.benzinga.com/pressreleases/24/07/b39608177/slb-provides-update-on-planned-acquisition-of-championx" rel="noreferrer noopener">acquisition of ChampionX</a>.
SLB currently anticipates the transaction to conclude in late 2024 or early 2025, subject to regulatory approvals and customary closing conditions.
The acquisition was approved by ChampionX stockholders at a special meeting on June 18, 2024.
In April, Schlumberger announced that it would acquire ChampionX. In exchange for each ChampionX share, the shareholders will <a target="_blank" href="https://www.benzinga.com//node/38054329" rel="noreferrer noopener">receive 0.735 shares of Schlumberger.&nbsp;</a>
Post closure, Schlumberger expects to realize annual pretax synergies of around $400 million within the first three years <a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">through revenue growth and cost savings</a>.&nbsp;
Also, this week, Schlumberger and TotalEnergies SE (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TTE#NYSE">TTE</a>) entered into a 10-year partnership to co-create scalable digital solutions to improve access to energy resources while <a href="https://www.benzinga.com/pressreleases/24/07/b39593270/slb-and-totalenergies-announce-10-year-partnership-to-collaborate-on-next-generation-digital-solut" target="_blank" rel="noreferrer noopener">enhancing performance and efficiency</a>.
Stock Prediction 2024
Schlumberger&#8217;s revenue growth in FY23 was 17.96%, reflecting the influence of various factors including the macroeconomic environment, demand for its products and services, and its position relative to competitors. This growth is a critical indicator for investors assessing the company&#8217;s future prospects.
Some macro factors that could impact the company's performance in the next year include higher interest rates, progress on reeling in inflation and labor market strength. The Fed's benchmark rate is currently at 5.33%, while PPI recently came in at -0.2%, growing 2.2% from last year. The unemployment rate was most recently reported as 4.0%.
An investor should pay attention to economic conditions to decide whether they think the macro environment is positive or negative for Schlumberger stock. For real time economic data and breaking market updates, <a href="https://pro.benzinga.com/">check out Benzinga Pro. Try it for free.</a>
How does this stack up against Schlumberger's peers?
Investors may also want to analyze a stock in comparison to companies with similar products or in similar industries. Schlumberger operates in the Energy sector. The stock has experienced average annual growth of 14.42% compared to the 18.29% average of its peer companies. This is below the broader sector movement of Schlumberger.
Investors can gain exposure to Schlumberger via&nbsp;VanEck Oil Services ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OIH#NYSE">OIH</a>) and&nbsp;IShares U.S. Oil Equipment &amp; Services ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IEZ#NYSE">IEZ</a>).
Price Action: SLB shares are down 0.13% at $46.63 premarket at the last check Wednesday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/markets/equities/24/06/39533520/schlumberger-lands-electric-subsea-project-with-equinor-in-norway-details" target="_blank" rel="noreferrer noopener">Schlumberger Lands Electric Subsea Project With Equinor In Norway: Details</a></li>
</ul>

DOJ Asks More Questions About Schlumberger-ChampionX Merger: Details

Schlumberger Limited&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SLB#NYSE">SLB</a>) and Equinor ASA (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EQNR#NYSE">EQNR</a>) shares are trading higher today after Schlumberger won a contract from Equinor for the Subsea Production Systems (SPS) <a target="_blank" href="https://www.benzinga.com/pressreleases/24/06/b39524155/slb-onesubsea-awarded-contract-by-equinor-for-groundbreaking-all-electric-subsea-project" rel="noreferrer noopener">project in offshore Norway</a>.
The contract is for the front-end engineering design (FEED) of a 12-well, all-electric SPS project in the Fram Sør field.
Under the agreement, SLB OneSubsea will be directly awarded future engineering, procurement, and construction contracts conditional upon a final investment decision.
The Fram Sør project will employ SLB OneSubsea&#8217;s standard subsea tree design, enhanced with a fully electrified power, control, and actuation system.
This project aims to accelerate the global adoption of electric subsea technology, establishing new benchmarks for enhanced operator control, operational efficiency, and reduced offshore emissions.
Mads Hjelmeland, chief executive officer of SLB OneSubsea stated, &#8220;This technology has effectively created the IoT for subsea trees, providing operators with improved control through live performance and condition monitoring. We are grateful for the collaboration with Equinor and the other joint-industry-partners over the past six years that has made this milestone possible.&#8221;
Investors can gain exposure to SLB via IShares U.S. Oil Equipment &amp; Services ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IEZ#NYSE">IEZ</a>) and VanEck Oil Services ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OIH#NYSE">OIH</a>) as well as to EQNR via Amplify ETF Trust Amplify Natural Resources Dividend Income ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NDIV#NYSE">NDIV</a>) and SGI Enhanced Global Income ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GINX#NASDAQ">GINX</a>).
Price Action: EQNR shares are up 1.51% at $28.17 and SLB by 1.32% at $46.84 at the last check Thursday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo via Shutterstock

EQNR

GINX

NDIV

Schlumberger Lands Electric Subsea Project With Equinor In Norway: Details

The Organization of the Petroleum Exporting Countries and its allies, collectively known as OPEC+, are expected to extend their current production cuts this weekend, as per delegates and analysts.
What Happened: The OPEC+ alliance, which was scheduled to meet in person in Vienna on Jun. 1, has now moved the meeting to a virtual platform on Jun. 2. The group is currently implementing a combined 5.86 million barrels per day of supply cuts, with 2 million barrels per day set to expire at the end of this year, as per a CNBC <a href="https://www.cnbc.com/2024/05/31/oil-alliance-opec-could-extend-production-cuts-this-weekend.html?taid=66595f9eb890320001ff036f&amp;utm_campaign=trueanthem&amp;utm_medium=social&amp;utm_source=twitter%7Cmain">report</a> on Tuesday.
Market participants are closely watching whether the remaining 2.2 million barrels per day of cuts, which are in place until the end of the second quarter, will be extended. This is in light of projected demand increases, particularly in the summer months.
Three OPEC+ delegates, speaking on the condition of anonymity, told CNBC that the 2.2 million-barrels-per-day supply reductions are likely to be prolonged. The group is also monitoring individual members&#8217; quota compliance and has requested overproducers to implement additional cuts, with Iraq and Kazakhstan having detailed compensation plans.
The OPEC+ coalition&#8217;s decision to extend production cuts is influenced by the anticipated rise in summer demand, driven by factors such as the conclusion of China&#8217;s refinery maintenance and increasing U.S. consumption as summer approaches. 
"Come June, China would be largely out of refinery maintenance, U.S. consumption is improving as summer moves closer, so June should already see negative crude balances. And then August is the peak month for tightness," Viktor Katona, lead crude analyst at Kpler, said according to the report.
Investors interested in some of the most profitable oil ETFs on the market to determine if the oil sector aligns with their investment strategy might consider the following options: Vanguard Energy ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VDE#NYSE">VDE</a>), VanEck Oil Services ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OIH#NYSE">OIH</a>), United States Oil Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/USO#NYSE">USO</a>), iShares U.S. Oil &amp; Gas Exploration &amp; Production ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/IEO#BATS">IEO</a>), SPDR S&amp;P Oil &amp; Gas Equipment &amp; Services ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XES#NYSE">XES</a>), and ProShares Ultra Bloomberg Crude Oil (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UCO#NYSE">UCO</a>).
See Also: <a href="https://www.benzinga.com/news/24/05/39084577/elon-musk-mocks-steve-jobs-agrees-apple-could-be-light-years-ahead-of-competition-if-it-embraced-ope?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk Mocks Steve Jobs, Agrees Apple Could Be &#8216;Light Years&#8217; Ahead Of Competition If It Embraced Open</a>
Why It Matters: Recent geopolitical events, such as the Israeli forces entering <a href="https://www.benzinga.com/markets/emerging-markets/24/05/39048961/all-eyes-on-rafah-as-israeli-forces-enter-safe-zones-spain-ireland-and-norway-officially">safe zones in Gaza</a>, have also added to the uncertainty in the oil market. The ongoing tensions in the Middle East have contributed to global inflation and energy security concerns, further influencing OPEC+&#8217;s decision-making.
Oil prices have remained range-bound in the first half of the year, with the potential for spikes due to developments in the Middle East. 
Rystad&#8217;s Jorge Leon noted that regional escalations could add a risk premium of up to $10 per barrel. OPEC+ delegates told CNBC that while the situation in the Gaza Strip still adds some pressure, the market has mostly absorbed its impact.
OPEC+ must also navigate its relationship with the U.S., which has criticized the coalition&#8217;s supply cuts over gasoline price concerns. Last week, the Biden administration announced the release of 1 million barrels of gasoline from reserves to lower pump prices. Similar measures were taken with the Strategic Petroleum Reserve during the COVID-19 pandemic. 
However, an OPEC+ delegate noted these actions are unlikely to have a long-term impact beyond summer price relief. The U.S. usually aims to replenish its emergency state reserves stockpile, according to the report.
Read Next: <a href="https://www.benzinga.com/markets/equities/24/05/39063828/elon-musk-slams-joe-biden-says-president-cares-a-lot-more-about-whether-tesla-is-unionized-over-?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk Slams Joe Biden, Says President &#8216;Cares A Lot More About Whether Tesla Is Unionized&#8217; Over EV Maker&#8217;s Environmental Impact</a>
Image Via Shutterstock 
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>

OPEC+ Likely To Extend Production Cuts Amid Rising Summer Demand: Report

Patterson-UTI Energy, Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PTEN#NASDAQ">PTEN</a>) disclosed that its subsidiary, Patterson-UTI International Holdings, Inc., inked a non-binding&nbsp;<a target="_blank" href="https://www.benzinga.com/pressreleases/24/05/ac38781395/patterson-uti-signs-term-sheet-to-partner-with-adnoc-drilling-in-the-uae" rel="noreferrer noopener">term sheet with ADNOC Drilling</a>.
As per the deal, Patterson-UTI expects to hold a minority equity interest in Turnwell Industries LLC OPC, which was recently formed by ADNOC Drilling.&nbsp;
Patterson-UTI projects that Schlumberger Middle East SA will also hold a minority equity interest in Turnwell,&nbsp;which won&nbsp;a $1.7 billion contract to drill and complete 144 unconventional wells for ADNOC in UAE. Schlumberger Middle East SA is a subsidiary of&nbsp;Schlumberger N.V.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SLB#NYSE">SLB</a>).
In exchange for the minority equity interest, Patterson-UTI plans to offer drilling, completion, and other oilfield service expertise to Turnwell and a limited cash contribution to fund the portion of working capital.&nbsp;
Andy Hendricks, Patterson-UTI&#8217;s Chief Executive&nbsp;Officer,&nbsp;said, &#8220;We are pleased that ADNOC Drilling recognizes Patterson-UTI as a premier drilling and completions company and technology leader, and we look forward to reaching an agreement to bring our expertise to the initial phase of this groundbreaking project.&#8221;&nbsp;
&#8220;I am excited about this potential opportunity to allow Patterson-UTI to grow our presence in the Middle East&nbsp;in a&nbsp;capital efficient&nbsp;manner, as we do not expect&nbsp;to initially contribute any capital equipment.&nbsp;We also do not expect this opportunity to change our previously announced capital expenditure budget or impact our expectation to return at least $400 million to shareholders in 2024 through dividends and share repurchases.&#8221;
This month, the company&nbsp;reported&nbsp;an average of 116 drilling rigs operating&nbsp;<a target="_blank" href="https://www.benzinga.com/pressreleases/24/05/ac38656746/patterson-uti-reports-drilling-activity-for-april-2024" rel="noreferrer noopener">in the United States for&nbsp;April 2024</a>.
Investors can gain exposure to the stock via&nbsp;Invesco S&amp;P SmallCap Energy ETF&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PSCE#NASDAQ">PSCE</a>) and&nbsp;VanEck Oil Services ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OIH#NYSE">OIH</a>).
Price Action: PTEN shares closed lower by 2.42% at $10.89 on Friday.
Photo via Shutterstock

PSCE

Patterson-UTI Drills Into Middle East With ADNOC Partnership

ChampionX Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CHX#NASDAQ">CHX</a>) shares are trading higher, while Schlumberger Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SLB#NYSE">SLB</a>) shares are down after the Texas-based companies announced <a href="https://www.benzinga.com/pressreleases/24/04/g38042380/slb-announces-agreement-to-acquire-championx-in-an-all-stock-transaction" target="_blank" rel="noreferrer noopener">an all-stock deal</a>.
What Happened: Schlumberger will acquire ChampionX, and the shareholders will receive 0.735 shares of Schlumberger in exchange for each ChampionX share. 
ChampionX shareholders will own approximately 9% of Schlumberger&#8217;s common shares once the deal closes.
Post closure, Schlumberger expects to realize annual pretax synergies of around $400 million within the first three years through revenue growth and cost savings. 
The transaction is projected to close before 2024, subject to shareholder and regulatory approval. 
Shareholder Return: The company disclosed that it will return $7 billion to shareholders&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">over the next two years</a>.&nbsp;
Schlumberger will increase its shareholder returns for 2024 to a target of $3 billion and project returns of $4 billion for 2025.&nbsp;
Olivier Le Peuch, SLB&#8217;s chief executive officer, said, &#8220;Our core strategy remains centered on meeting growing energy demand while accelerating decarbonization and emissions reduction through innovation, scale and digitalization in our core oil and gas business. This acquisition will expand SLB&#8217;s presence in the less cyclical and growing production and recovery space that is closely aligned with our returns-focused, capital-light strategy,&#8221; 
As of Dec. 31, 2023, Schlumberger&#8217;s cash and short-term <a href="https://www.benzinga.com/pressreleases/24/01/b36692786/slb-announces-fourth-quarter-and-full-year-2023-results-and-raises-quarterly-dividend-by-10" target="_blank" rel="noreferrer noopener">investments stood at $3.99 billion</a>.
Investors can gain exposure to ChampionX and Schlumberger via&nbsp;Invesco Oil &amp; Gas Services ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PXJ#NYSE">PXJ</a>),&nbsp;VanEck Oil Services ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OIH#NYSE">OIH</a>), and&nbsp;IShares U.S. Oil Equipment &amp; Services ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IEZ#NYSE">IEZ</a>).
Price Action: CHX shares are up 8.45% at $38.40 and SLB is down 2.68% at $53.74 on the last check Tuesday.

Guidance

Dividends

PowerShares Exchange-Traded Fund Trust Dynamic Oil Services Portfolio

ChampionX, Schlumberger Shares Move In Opposite Directions After $8B Deal Announcement

Wall Street is set to break a two-day losing streak on Tuesday, as major indices trended positively during midday trading in New York. The S&amp;P 500 saw a modest uptick of 0.3% for the day, with the Dow Jones Industrial Average, the Nasdaq 100 and the Russell 2000 experiencing a 0.2% surge. 
Market volatility remained remarkably low, with the VIX index holding below the 13 mark. It is currently on course for its third consecutive week of declines, marking the longest such <a href="https://www.benzinga.com/money/guide-to-volatility-indices-vix">streak since November 2023.</a>
Turning to economic indicators, new orders for manufactured durable goods increased by 1.4% month-over-month in February 2024, surpassing market expectations of a 1.1% rise. This comes after a downwardly revised 6.9% decline in January.
Both treasury yields and the U.S. dollar remained unchanged, allowing gold to inch up to $2,180 per ounce, coming tantalizingly close to its all-time high.
Sector performance showed minimal movement, reflecting range-bound trading activity. Among industries, retail stocks, as tracked by the iShares S&amp;P Retail ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XRT#NYSE">XRT</a>), showed the strongest gains, rising by 1%, while energy services, as monitored through the VanEck Oil Services ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OIH#NYSE">OIH</a>), lagged behind.
Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) held below the psychological $70,000 mark, marginally lower for the day. 
<h3 class="wp-block-heading">Tuesday&#8217;s Performance In Major Equity Indices, ETFs</h3>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Major Indices</td>
<td>Price</td>
<td>1-Day %chg</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>5,233.32</td>
<td>0.3%</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>18,319.47</td>
<td>0.2%</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>2,080.00</td>
<td>0.2%</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>39,393.39</td>
<td>0.2%</td>
</tr>
</tbody>
</table>
</figure>
The&nbsp;SPDR S&amp;P 500 ETF Trust&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) was 0.2% higher to $520.78, the&nbsp;SPDR Dow Jones Industrial Average (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>) fell 0.2% to $393.68 and the tech-heavy&nbsp;Invesco QQQ Trust&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) inched 0.2% higher to $445.74, according to&nbsp;<a href="https://pro.benzinga.com/dashboard">Benzinga Pro data</a>.&nbsp;
Sector-wise, the Consumer Discretionary Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLY#NYSE">XLY</a>) was the top performer for the day, up 0.6%, while the Utilities Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLU#NYSE">XLU</a>) was the laggard, down 0.8%.
<h3 class="wp-block-heading">Tuesday&#8217;s Stock Movers</h3>
<ul>
<li>Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) rose nearly 4% Tuesday, after new reports suggest Italy has approached the EV maker about electric truck production.</li>
<li>United Parcel Service Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UPS#NYSE">UPS</a>) fell over 7%, as investor negatively reacted to the latest remarks from UPS CEO Carol Tomé.</li>
<li>McCormick &amp; Co. Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MKC#NYSE">MKC</a>) shot higher by over 10% on stronger-than-expected earnings results. </li>
<li>Seagate Technology Holdings plc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/STX#NASDAQ">STX</a>) rose by 9% after Morgan Stanley issued a bullish note. </li>
<li>Tandem Diabetes Care Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TNDM#NASDAQ">TNDM</a>) rallied 9% after Stifel upgraded the stock to a Buy, raising the price target from $24 to $37. </li>
<li>Viking Therapeutics Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VKTX#NASDAQ">VKTX</a>) rallied 22% on positive results in a study of a potential obesity drug. </li>
<li>Companies reporting their earnings after market close are GameStop Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GME#NYSE">GME</a>), nCino, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NCNO#NASDAQ">NCNO</a>), and Progress Software Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PRGS#NASDAQ">PRGS</a>). </li>
</ul>
Read now: <a href="https://www.benzinga.com/opinion/24/03/37938028/exclusive-interest-rates-rode-the-elevator-up-but-analyst-predicts-theyll-take-the-stairs-coming-dow">EXCLUSIVE: Interest Rates Rode The Elevator Up, But Analyst Predicts They&#8217;ll Take &#8216;The Stairs Coming Down&#8217;</a>
Image generated using artificial intelligence with Midjourney.

$BTC

SPDR Dow Jones Industrial Average ETF Trust

NCNO

PRGS

TNDM

TSLA

VKTX

Select Sector SPDR-Consumer Discretionary

Stocks Inch Higher, Tesla Rebounds, Bitcoin Holds Below $70,000: What's Driving Markets Tuesday?

March 2024 has been a golden month for gold mining stocks, marking their best performance in a year. 
The catalyst? A mix of anticipation for lower interest rates and robust demand from central banks sent gold prices — and consequently, <a href="https://www.benzinga.com/topic/mining">gold mining stocks — soaring. </a>
The bullion found support at $2,160 per ounce, hitting all-time highs at $2,222 last week following a dovish Fed meeting, before staging a temporary respite. 
The VanEck Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDX#NYSE">GDX</a>), a key barometer for the gold mining industry, saw a robust rally of over 13% this month, setting it on course for its strongest monthly gain since March 2023, when it rose by 17%.
This month, the gold mining sector has outshone all other U.S. industries, surpassing even the performance of semiconductor stocks, as measured by the VanEck Semiconductor ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SMH#NYSE">SMH</a>), and energy services, as indicated by the VanEck Oil Services ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OIH#NYSE">OIH</a>).
<h1 class="wp-block-heading">Chart: Gold Miner ETF Eyes The Strongest Monthly Performance In A Year</h1>
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="495" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/26114809/image-57-1024x495.png" alt="" class="wp-image-265902" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/26114809/image-57-1024x495.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/26114809/image-57-300x145.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/26114809/image-57-768x372.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/26114809/image-57-1536x743.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/26114809/image-57.png 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
Also Read: <a href="https://www.benzinga.com/money/best-gold-stocks">Best Gold Stocks Right Now</a>
<h1 class="wp-block-heading">JP Morgan Sees A Potential &#8216;Golden Era&#8217; For Gold Prices</h1>
Stephen Jury, managing director at J.P. Morgan Private Bank, outlined a constructive view on the precious metal&#8217;s future, in his latest investment strategy report. 
Jury pointed to the Federal Reserve&#8217;s anticipated interest rate cuts starting June 2024 as a key driver for gold&#8217;s appreciation in the next 12 months. 
He noted, &#8220;In our opinion, this should set the stage for gold appreciation.&#8221; 
Jury also highlighted the role of geopolitical tensions and the upcoming global elections in 2024, involving countries that represent half of the world&#8217;s population, in driving central bank demand for gold.
<h1 class="wp-block-heading">Central Banks And Retail Investors: A Bullish Momentum</h1>
With more than 60 countries heading to the polls in 2024 and ongoing regional conflicts, central banks are expected to continue diversifying their reserves into gold, potentially less sensitive to price changes. 
&#8220;A persistent theme of geopolitical tension should continue to drive Central Bank reserve diversification,&#8221; Jury wrote, adding that he expected &#8220;more central banks to add to their buying momentum this year&#8221;
Additionally, Jury anticipated a return of retail ETF investors to the gold market as yields fall, marking an under-owned and under-appreciated investment ripe for appreciation. JP Morgan&#8217;s forecast for gold prices by year-end 2024 stands at $2,250-2,350.
Read Now: <a href="https://www.benzinga.com/markets/equities/24/03/37936320/larry-fink-warns-of-us-retirement-crisis-in-blackrocks-annual-letter-you-are-on-your-own">Larry Fink Warns Of US Retirement Crisis In BlackRock&#8217;s Annual Letter: &#8216;You Are On Your Own&#8217;</a>

Analyst Color

Price Target

Federal Reserve

Market Vectors ETF Trust Market Vectors Gold Miners

GDXJ

Gold Mining Stocks Eye Best Month In A Year As 'Golden Era' For The Precious Metal Looms

On Friday,&nbsp;ChampionX Corporation&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CHX#NASDAQ">CHX</a>) said it plans to acquire RMSpumptools Limited, a business unit of&nbsp;<a target="_blank" href="https://www.benzinga.com/pressreleases/24/03/g37886469/championx-agrees-to-acquire-rmspumptools-expanding-reach-in-international-offshore-production-tech" rel="noreferrer noopener">the energy division of U.K.-based James Fisher and Sons.</a>
The unit designs and manufactures highly engineered mechanical and electrical solutions for complex artificial lift applications.
As per the agreement terms, the net purchase price totals around £86 million, inclusive of net working capital adjustments, equivalent to approximately $110 million at the current exchange rate, the company said in a press release.
The company expects RMSpumptools to generate around $65 million in 2024 revenues and approximately $18 million in adjusted EBITDA for the same period.
The acquisition will bolster the company&#8217;s foothold in diverse international markets, including the Middle East, Latin America, and global offshore ventures.
&#8220;The acquisition of RMSpumptools is consistent with our capital allocation framework which includes bolt-on technology acquisitions,&#8221; said Sivasankaran &#8220;Soma&#8221; Somasundaram, President and CEO of ChampionX.
&#8220;RMSpumptools&#8217; highly complementary portfolio aligns seamlessly with ChampionX&#8217;s existing Production and Automation Technologies offerings, with minimal product overlap,&#8221; Somasundaram added.
The acquisition will be funded by cash on hand and will not impact ChampionX&#8217;s 2024 return of capital framework, which includes returning at least 60% of 2024 free cash flow to shareholders.
ChampionX held $289 million of&nbsp;<a target="_blank" href="https://www.benzinga.com//node/36942011" rel="noreferrer noopener">cash as of December 31, 2023.</a>&nbsp;The transaction currently is expected to close towards the end of second quarter or beginning of the third quarter of 2024.
CHX stock has gained over 35% in the past year. Investors can gain exposure to the stock via&nbsp;Invesco Oil &amp; Gas Services ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PXJ#NYSE">PXJ</a>) and&nbsp;VanEck Oil Services ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OIH#NYSE">OIH</a>).
Price Action: CHX shares are trading higher by 0.44% to $34.51 on the last checked Friday.
Photo via shutterstock

General

ChampionX Acquires RMSpumptools, Strengthening Global Presence In Artificial Lift Solutions

The U.S. stock market lacked clear direction on Friday as traders assessed the latest mixed earnings reports and producer inflation data. 
The Producer Price Index (PPI) came in at 1% year-on-year in December, up from a downwardly revised 0.8% in November, but <a href="https://www.benzinga.com/news/large-cap/24/01/36610060/producer-price-index-slows-more-than-expected-to-1-in-december-signals-softening-price-pressures">below the predicted 1.3%. </a>
The S&amp;P 500 and Nasdaq remained relatively stable, hovering near the unchanged level, while the Dow Jones index experienced a decline of approximately 130 points, or 0.4%. Small-cap stocks, as represented by the iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>), saw a marginal 0.1% decline. 
Bitcoin experienced a substantial drop in value following the approval of a spot Bitcoin ETF. The cryptocurrency plummeted by over 6% Friday, marking its worst session since mid-August 2023, as traders likely opted to take profits on the news after the significant 60% rally it had seen since October.
Contrastingly, physical gold, as monitored by the SPDR Gold Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLD#NYSE">GLD</a>), which was initially expected to be one of the assets most affected by the approval of the spot Bitcoin ETF, increased by 1%, surpassing the $2,050 per ounce mark.
U.S. Treasury yields showed mixed movements in different maturities. The two-year yields decreased to 4.17%, while the 30-year yield increased to 4.2%.
<h2 class="wp-block-heading">Friday's Performance In US Major Indices, ETFs</h2>
<figure class="wp-block-table is-style-stripes"> 
<table>
<thead>
<tr>
<th>Index</th>
<th>Price</th>
<th>Percentage Change (%)</th>
</tr>
</thead>
<tbody>
<tr>
<td>Nasdaq 100</td>
<td>16,830.16</td>
<td>+0.1%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>4,779.46</td>
<td>0.0%</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>1,951.55</td>
<td>-0.1%</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>37,563.48</td>
<td>-0.4%</td>
</tr>
</tbody>
</table>
</figure>
The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) held steady at $476.71, the SPDR Dow Jones Industrial Average (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>) inched 0.3% down to $375.99 and the tech-heavy Invesco QQQ Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) was flat at $409.59, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro data</a>. 
Sector-wise, the Energy Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>) was the outperformer, up 0.8%. The Consumer Discretionary Select Sector Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLY#NYSE">XLY</a>) lagged behind, down 1%. 
On an industry level, the VanEck Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDX#NYSE">GDX</a>) rallied, up 2.7%. Airline stocks, as tracked by the U.S. Global JETS (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JETS#NYSE">JETS</a>), tumbled 4.7%
<h2 class="wp-block-heading">Friday's Stock Movers</h2>
<ul>
<li>UnitedHealth Group Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UNH#NYSE">UNH</a>) experienced a 3.6% decline, although the company exceeded earnings expectations, mainly due to reporting a higher-than-anticipated utilization of medical services.</li>
<li>Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) faced a 4% drop in its stock value, primarily driven by negative news affecting the giant electric vehicle manufacturer. Tesla announced the suspension of certain production activities in Europe due to component shortages caused by disruptions in the Red Sea region. Additionally, Tesla reduced the prices of its China Model 3 and Model Y vehicles.</li>
<li>Bank of America Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BAC#NYSE">BAC</a>) witnessed a decrease of 2.5% in its stock price following a decline in profits. </li>
<li>The Bank of New York Mellon Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BK#NYSE">BK</a>) enjoyed a 3.5% increase in its stock price in response to its earnings report.</li>
<li>Despite surpassing earnings and revenue estimates, Delta Air Lines Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DAL#NYSE">DAL</a>) saw a substantial 8% decline in its stock value, primarily attributed to the airline&#8217;s downward revision of its 2024 earnings forecast. United Airlines Holdings, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/UAL#NASDAQ">UAL</a>) and American Airlines Group Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AAL#NYSE">AAL</a>) also experienced significant declines of 9.2% and 8.8%, respectively.</li>
<li>Net Lease Office Properties (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NLOP#NYSE">NLOP</a>) recorded a remarkable 13% increase in its stock price, building on a 10% rise the previous day. This surge was attributed to the sale of four properties and the renegotiation of a loan.</li>
</ul>
Now read: <a href="https://www.benzinga.com/markets/equities/24/01/36614222/stagflation-in-2024-red-sea-crisis-could-trigger-domino-effect-for-global-costs">Stagflation In 2024? Red Sea Crisis Could Trigger Domino Effect For Global Costs</a>
Photo via Shutterstock.

Bonds

Broad U.S. Equity ETFs

Treasuries

JETS

NLOP

Stocks Pause, Gold Rises, Bitcoin Sinks On Worst Day In Four Months: What's Driving Markets Friday?

It&#8217;s a bearish Thursday on Wall Street, with stocks relinquishing their gains due to unexpectedly high inflation numbers for December, causing some turbulence in market expectations regarding <a href="https://www.benzinga.com/economics/macro-economic-events/24/01/36592931/inflation-rises-more-than-expected-to-3-4-in-december-rattling-traders-betting-on">earlier Federal Reserve rate cuts.</a>
During the previous month, the Consumer Price Index (CPI) surged by 3.4% compared to the previous year, surpassing the forecasted 3.2% increase. Core inflation stood at 3.9% annually, exceeding the expected 3.8%, primarily driven by the persistent high costs of shelter.
Latest Fed remarks had a chilling effect on the markets. Richmond Fed President Thomas Barkin indicated his willingness to consider rate reductions once inflation is on track to reach 2%, while Cleveland Fed President Loretta Mester expressed the view that March might be too early for a rate cut.
In response, traders adjusted their expectations for interest rates, with the implied probability of a March rate cut falling from 70% to around 63%, while maintaining their overall bet of six rate cuts throughout 2024.
Meanwhile, Treasury yields remained relatively stable, while the U.S. dollar strengthened by 0.2%.
Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) experienced a 0.7% decline on the day of the Bitcoin ETFs&#8217; trading launch. In the precious metals market, the SPDR Gold Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLD#NYSE">GLD</a>) saw a 0.4% drop in gold prices, while silver prices plummeted by 1.5%.
On the energy front, crude WTI, monitored through the United States Oil Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/USO#NYSE">USO</a>), rose by 1% to $72 a barrel amid escalating tensions between Iran and the U.S. in <a href="https://www.benzinga.com/markets/commodities/24/01/36598267/oil-prices-surge-as-tensions-escalate-in-red-sea-iran-seizes-us-controlled-tanker">the Red Sea region.</a>
In the tech realm, Microsoft Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NYSE">MSFT</a>) made headlines, after overcoming rival Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) as the world&#8217;s most valuable company <a href="https://www.benzinga.com/news/24/01/36596178/microsoft-back-on-top-dethrones-apple-as-worlds-most-valuable-company">in terms of market capitalization. </a>
<h2 class="wp-block-heading">Thursday's Performance In US Major Indices, ETFs</h2>
<figure class="wp-block-table is-style-stripes"> 
<table>
<thead>
<tr>
<th>Index</th>
<th>Price</th>
<th>Percentage Change</th>
</tr>
</thead>
<tbody>
<tr>
<td>Nasdaq 100</td>
<td>16,746.89</td>
<td>-0.3%</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>37,575.52</td>
<td>-0.3%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>4,764.38</td>
<td>-0.4%</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>1,948.21</td>
<td>-1.1%</td>
</tr>
</tbody>
</table>
</figure>
The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) fell 0.4% to $474.88, the SPDR Dow Jones Industrial Average (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>) inched 0.2% down to $376.03 and the tech-heavy Invesco QQQ Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) was down 0.2% to $407.69, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro data</a>. 
Sector-wise, the Energy Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>) was the only one trading in the green, up 0.3%. Utilities sharply underperformed, with the Utilities Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLU#NYSE">XLU</a>) down 2.3%. 
On an industry level, the VanEck Oil Services ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OIH#NYSE">OIH</a>) outperformed, up 0.4%. Regional banks, as tracked by the SPDR Regional Banking ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KRE#NYSE">KRE</a>), fell 2.3%
<h2 class="wp-block-heading">Thursday's Stock Movers</h2>
<ul>
<li>Paramount Global (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PARA#NASDAQ">PARA</a>) fell nearly 6%, after Redburn downgraded the entertainment company&#8217;s stock from Neutral to Sell, with a price target of $11. </li>
<li>Warner Bros Discovery Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WBD#NASDAQ">WBD</a>) fell 4.5%, on a similar Redburn&#8217;s decision. </li>
<li>Netflix Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NFLX#NASDAQ">NFLX</a>) rose 2.7%, after the streaming giant announced it surpassed 23 million active users globally for its ad-based plan. </li>
<li>Crypto-related companies Coinbase Global Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COIN#NASDAQ">COIN</a>), Riot Platforms Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RIOT#NASDAQ">RIOT</a>) and Marathon Digital Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MARA#NASDAQ">MARA</a>) sold off heavily, down 6.6%, 16% and 14% respectively, on a subdued Bitcoin reaction to the ETF approval.</li>
<li>Net Lease Office Properties (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NLOP#NYSE">NLOP</a>) rose 10.3% after the company announced sales of four U.S. office properties totaling $43 million and renegotiated a loan with JP Morgan. </li>
</ul>
Now read: <a href="https://www.benzinga.com/markets/cryptocurrency/24/01/36598903/move-over-bitcoin-etf-this-congressman-has-been-buying-ethereum">Move Over Bitcoin ETF — This Congressman Has Been Buying Ethereum</a>
Photo: Shutterstock

Coverage of Bitcoin, Etherum, Ripple and all the latest digital currencies.

Cryptocurrency

Downgrades

Events

AAPL

COIN

iShares Dow Jones US Homenstruction Index Fund

MARA

MSFT

NFLX

PARA

RIOT

Wall Street Slips As Rate-Cut Hopes Diminish With Inflation, Bitcoin Remains Unmoved By ETF Debut: What's Driving Markets Thursday?

Wednesday sees a session of modest gains on Wall Street, with all major large-cap stock indices in the green. Market attention is focused on the long-awaited decision by the Securities and Exchange Commission (SEC) regarding the approval of the <a href="https://www.benzinga.com/markets">Bitcoin ETF, expected today.</a>
The price of Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) remains stable around $46,250 at 01:00 in New York, recovering from losses incurred following a false tweet posted Tuesday on the SEC&#8217;s Twitter account, which was later declared compromised due to a hacker attack.
Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>), the second-largest cryptocurrency, is up by 4.2%. Investors may view it as the next potential candidate if a Bitcoin ETF receives approval.
Treasury yields are holding steady, while the U.S. dollar is slightly down. Meanwhile, gold continues to lose ground, declining by 0.3% to $2,024 per ounce.
Market participants and Fed watchers prefer to have more clarity on potential moves by the Federal Reserve and eagerly await the December inflation report set to be released on Thursday at 8:30 AM.
<h2 class="wp-block-heading">Wednesday&#8217;s Performance In US Major Indices, ETFs</h2>
<figure class="wp-block-table is-style-stripes"> 
<table>
<thead>
<tr>
<th>Major Indices &amp; ETFs</th>
<th>Price</th>
<th>%</th>
</tr>
</thead>
<tbody>
<tr>
<td>Nasdaq 100</td>
<td>16,770.27</td>
<td>0.5%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>4,775.12</td>
<td>0.4%</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>37,601.94</td>
<td>0.2%</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>1963.78</td>
<td>-0.1%</td>
</tr>
</tbody>
</table>
</figure>
The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) rose 0.3% to $475.38, the SPDR Dow Jones Industrial Average (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>) inched 0.2% up to $375.88 and the tech-heavy Invesco QQQ Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) rose 0.5% higher to $407.76, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro data</a>. 
Sector-wise, the Consumer Services Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLC#NYSE">XLC</a>) outperformed, up 1%, followed by the Consumer Discretionary Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLY#NYSE">XLY</a>), up 0.6%. The Energy Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>) underperformed, down 1.3%.
On an industry level, homebuilders, as tracked by the iShares U.S. Home Construction ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ITB#NYSE">ITB</a>), gained 1.4%. Stocks in the oil and gas downstream industries continued to underperform, with the VanEck Oil Services ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OIH#NYSE">OIH</a>) down 2%. 
<h2 class="wp-block-heading">Wednesday's Stock Movers</h2>
<ul>
<li>Intuitive Surgical Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ISRG#NASDAQ">ISRG</a>) saw its stock surge by more than 7% to reach $352.01, marking its highest point since July 2023, after the company expected strong Q4 results. </li>
<li>Palo Alto Networks Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PANW#NASDAQ">PANW</a>) experienced a 5% increase in its stock price, reaching $308.22, following upward revisions of price targets by both Morgan Stanley and Citigroup.</li>
<li>Meta Platforms Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) rose 3.9%, reaching a new all-time high of $372 in its stock price after Mizuho raised the price target from $400 to $470. </li>
</ul>
Read now: <a href="https://www.benzinga.com/markets/equities/24/01/36581063/us-banks-create-profits-out-of-thin-air-thanks-to-this-fed-trick-a-burden-for-us-taxpayers">US Banks Create Profits Out Of Thin Air Thanks To This Fed Trick: A Burden For US Taxpayers?</a>

Fintech news covering the emerging Financial Technology services sector

Comments

VanEck Oil Services ETF

매도 수량

VanEck Oil Services ETF (ARCA:OIH), 공매도 수량 보고

뉴스

파트너 / 기고자

벤징가 글로벌