Wall Street ends slightly down after weak labor market data, dovish Fed comments

U.S. stocks finished slightly lower in choppy trading on Wednesday following labor market data and comments from a Federal Reserve official that bolster the case for an interest rate cut. Labor Department data showed that U.S. job openings fell to a 3-1/2-year low in July, indicating continued easing of labor market tightness that could strengthen the Fed's hand to begin cutting rates at its next meeting later this month. The benchmark S&P 500 and Nasdaq edged to a lower close while the Dow ended slightly higher.

Rate Options Show Rising Bets on a Half-Point Fed Cut This Month

(Bloomberg) -- Rate options traders stepped up wagers that the Federal Reserve will kick off its easing cycle with a half-percentage-point cut this month, reflecting the increasing speculation that policymakers will act aggressively to keep the economy from sputtering.Most Read from BloombergHow Air Conditioning Took Over the American OfficeHong Kong’s Arts Hub Turns to Selling Land to Stay AfloatThe Outsized Cost of Expanding US RoadsOptions tied to the Secured Overnight Financing Rate show tha

US oil, gas M&A nears 2023 record, focus shifts away from Permian, Rystad says

U.S. oil and gas producers' appetite for dealmaking is closing in on last year's record, with rising interest in smaller oilfields offsetting slower activity in the top oil-producing Permian Basin, analysts at consultancy firm Rystad said on Wednesday. Nearly $100 billion has been spent by U.S. producers on mergers and acquisitions so far this year, and another $46 billion in assets are currently for sale, according to a Rystad analysis through late August. A record $155 billion worth of production and exploration focused deals were signed in 2023, according to Rystad's tally.

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Oil Falls as Demand Woes Overshadow Possible OPEC Supply Delay

(Bloomberg) -- Oil fell to the lowest in more than a year as persistent concerns about weakening demand overshadowed the potential for OPEC+ to delay supply increases. Most Read from BloombergHow Air Conditioning Took Over the American OfficeHong Kong’s Arts Hub Turns to Selling Land to Stay AfloatThe Outsized Cost of Expanding US RoadsGlobal benchmark Brent slipped 1.4% to settle at $72.70 a barrel, the lowest closing price since June 2023. OPEC+ members are close to an accord that would pause

Atlanta Fed’s Bostic: The central bank can’t wait for inflation to get to 2% to cut rates

In an essay published today, Atlanta Fed president Raphael Bostic said he believes the central bank cannot wait until inflation hits 2% to begin cutting interest rates and that while the job market has weakened it’s not “weak.”

US firms see weaker employment growth as economy slows, Fed survey shows

(Reuters) -U.S. economic activity expanded more slowly from the middle of July through late August and businesses pulled back on hiring, signals that underscore why the Federal Reserve is set to begin to lower interest rates later this month. The U.S. central bank's latest temperature check on the health of the economy also showed that inflation pressures increased at a modest pace, with input costs viewed by all but one of the Fed's 12 districts as generally easing. "Economic activity grew slightly in three districts, while the number of districts that reported flat or declining activity rose from five in the prior period to nine in the current period," the Fed said on Wednesday in the survey known as the "Beige Book," which polled the business contacts of each regional Fed bank through Aug. 26.

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