U.S. stocks wobble as global oil prices drop
STORY: U.S. stocks searched for direction on Thursday... with major market indexes ending the day mixed.
Gains in high-growth shares offset losses in energy, as global oil prices dropped to their lowest levels since before Russia's February invasion of Ukraine.
Traders fretted over the possibility of an economic recession later this year that could torpedo energy demand...
Adding to those worries Thursday – a warning from the Bank of England of a prolonged recession ahead.
The dow fell a quarter of a percent; the S&P was barely changed while the Nasdaq gained nearly 1/2 a percent.
Exxon and Chevron tumbled on the fall in crude prices.
Although cheaper oil should come as a relief to the U.S. and Europe, which have been urging producers to ramp up output to offset tight supplies.
Shares in crypto exchange Coinbase Global jumped 10 percent after it announced a tie-up with BlackRock to provide its institutional clients access to crypto trading.
Drugmaker Eli Lilly slipped more than two percent as it cut annual profit outlook for the second time.
And Facebook-parent Meta Platforms said it would make its first-ever bond offering. Its shares edged higher.
Traders will shift focus Friday to the July monthly employment report.
Despite a slowdown in the overall U.S. economy, Nonfarm payrolls are forecast to show continued strength in the labor market with a projected 250,000 new jobs in July, following a rise of 372,000 in June.
