Stocks dive after U S jobs data shake markets
The Canadian press reports major declines as U S job growth slows and unemployment rises to 4.3 percent. Canada’s S P/TSX falls 495.58 points to 22 227.63 while Dow drops 610.71 to 39 737.26 and Nasdaq slides 417.98 to 16 776.16. Amazon Intel and tech shares tumble amid weaker earnings and inflation fears. Oil, gas, gold, and copper move with rate-cut expectations. analysts see potential energy stock opportunities as rates ease.
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Wall Street
U.S
Canada
New York
Bay Street
United States
U.S. Federal Reserve
Brianne Gardner
Velocity Investment Partners
Raymond James Ltd
Fed
Intel
Federal Reserve
Jerome Powell
Telcos
Gardner
Oil giant halts production from new gas wells amid low prices
Canadian Natural Resources says about 20 planned 2024 natural gas wells will be drilled but held offline until prices improve. CEO Scott Stauth expects a rebound by late 2024 or early 2025. North American gas prices have slid due to oversupply as oil output rises. CNRL shifts some gas focus to multilateral heavy oil wells while Trans Mountain expansion boosts heavy oil profits. Q2 earnings rose to 1.72 billion from 1.46 billion.
MENTIONED IN THIS ARTICLE
Canada
Canadian Natural Resources Ltd
CNRL
Scott Stauth
Stauth
Trans Mountain
U.S
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