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Falling crude oil prices and lingering worries about the global economy have been sapping power from energy stocks throughout 2023 NEW YORK -- Falling crude oil prices and lingering worries about the global economy have been sapping power from energy stocks throughout 2023. The sector, which includes oil and oilfield exploration companies, is coming off of two years or rising oil prices and inflation. Now the S &P 500 has broken free from the bear market , but the energy sector is among the biggest laggards with a 7.4% dip. “Given that energy is one of the most cyclical sector s in the market , ongoing fears of a slowdown both here and abroad are likely weighing on the price of oil and energy stocks,” said Liz Young, head of investment strategy at SoFi, in a note to investors. Exxon Mobil is down 5% and oilfield services company Halliburton is down 8.4% this year. Falling crude oil and natural gas prices have been among the biggest drags on the sector . Oil prices have fallen 8% i...

Asian shares have advanced after Wall Street closed out another winning week BANGKOK -- Asian shares were mixed on Monday, with Hong Kong's benchmark sinking 2.2% following reports suggesting China's leaders do not plan major stimulus measures to prop up slowing growth in the world's second-largest economy. U.S. futures edged lower and oil prices also fell. The Federal Reserve is widely expected to raise its federal funds rate on Wednesday to its highest level since 2001. Investors are hoping that might be the final increase of the tightening cycle because i NFL ation has been cooling since last summer. The federal funds rate started 2022 at virtually zero. A meeting this week of the powerful Politburo of the ruling Communist Party later this week had raised hope for more help for the slowing economy. While reports Monday said that was unlikely, the country's economic planning agency disclosed detailed measures Monday to encourage private investment, the official Xin...

World shares are mostly higher after President Joe Biden and House Speaker Kevin McCarthy reached a final agreement on a deal to raise the U.S. national debt ceiling World shares were mostly higher Monday after President Joe Biden and House Speaker Kevin McCarthy reached a final agreement on a deal to raise the U.S. national debt ceiling, though the measure requires approval by Congress. Paris, Frankfurt, Tokyo, Sydney and Shanghai advanced while Hong Kong fell. Markets in London and Seoul were closed for a holiday and U.S. markets will be closed Monday for Memorial Day. The agreement on the U.S. debt eased what had been a potentially huge threat to market s worldwide. Biden and McCarthy worked over the weekend to try to ensure enough support in Congress to pass the measure before a June 5 deadline and avert a disruptive federal default. “Markets are so far reacting cautiously. Buoyed, but cautious,” Clifford Bennett, chief economist at ACY Securities, said in a commentary. “This agree...

With the NBA trade deadline (Thursday, 3 p.m. ET) drawing near, we all brace for the potential flurry of last-minute activity. This is when things can start getting crazy. Not that they already aren't pretty tipsy after the quick turnaround between Kyrie Irving's shotgun trade demand and subsequent shipping to Dallas. Brooklyn got back Spencer Dinwiddie, Dorian Finney-Smith and might not be done deal, and it might not be done dealing.  That's a good place to start with Tuesday's latest NBA trade rumor s.  Kevin Durant unlikely to be moved Unlikely to be moved before Thursday's deadline, that is. Whether he'll remain in Brooklyn after this year is another question entirely. ESPN's Zach Lowe spoke to both timelines on his podcast, The Lowe Post, with fellow Insider Brian Windhorst joining him.  "I've been saying since the James Harden trade, that it just feels like the inevi...