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Oil futures gave up early gains on Friday to trade more than 1% lower, with U.S. prices falling below the key $80 a barrel mark on an intraday basis. Traders are "looking to book profits ahead of the end of month and taking a safe position" ahead of the an OPEC committee meeting and the Federal Reserve's monetary policy decision both on Feb. 1, and the European Union's ban on imports of Russian oil products on Feb. 5, said Phil Flynn, senior market analyst at The Price Futures Group. March West Texas Intermediate crude CLH23 fell $1.35, or 1.7%, at $79.66 a barrel on the New York Mercantile Exchange, down from an intraday high of $82.48.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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U.S. stocks are rising Friday afternoon, with the technology-heavy Nasdaq Composite leading the way up, as investors assess fresh data on inflation.
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Gold futures finished Friday with a modest loss, but held onto a slight gain for the week — their sixth weekly gain in a row. "Gold has had a good run in the last few weeks benefitting from the downturn in the U.S. dollar," said Colin Cieszynski, chief market strategist at SIA Wealth Management. Technically, gold was looking "a bit overbought and due for a pause in the short term," especially with the Federal Reserve policy decision due Wednesday, he said. Gold for February delivery GCG23 fell 60 cents, or less than 0.1%, to settle at $1,929.40 an ounce on Comex. For the week, prices for the most-active contract added nearly 0.1%, according to Dow Jones Market Data.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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Dow Inc. DOW followed up its downbeat fourth-quarter earnings report with another release saying it would cut 2,000 jobs as part of its $1 billion cost-cutting plan. The cuts represent about 5.6% of the chemicals and specialty materials company's workforce, according to FactSet data. Dow said it will also shut down select assets as it evaluates its global asset base, particularly in Europe. The company said it will record a charge of $550 million to $725 million in the first quarter of 2023 for costs resulting from its cost-cutting actions, which primarily include severance and benefit costs. Earlier, the company reported fourth-quarter adjusted profit and revenue that missed Wall Street expectations. The stock has run up 20.6% over the past three months, while the Dow Jones Industrial Average DJIA has gained 6.0%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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