Financial News
Elon Musk's SpaceX plans natural-gas drilling in Texas: reportExternal Link

Elon Musk's Space Exploration Technologies Corp., or SpaceX, has plans to drill for natural gas in Texas, Bloomberg reported Friday, citing a hearing before the state's energy regulator. The drilling would be done close to the privately held aerospace company's launchpad and through a SpaceX subsidiary, Lone Star Mineral Development. But it has yet to start due to a dispute with Dallas Petroleum Group, which claims ownership of some inactive wells on the same land, Bloomberg said. Earlier this week Musk, electric-car maker Tesla Inc. chief executive, tweeted that he'd donate $100 million toward "the best" carbon-capture technology. Musk announced last year he had moved to Texas, where Tesla is building a factory outside the capital Austin. According to news reports this week, SpaceX, also through Lone Star Development unit, also recently bought two oil rigs, likely to convert them to support SpaceX's programs.

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Fri, 22 Jan 2021 22:14:41 GMT
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Nasdaq sets new record as stocks hold onto weekly gainsExternal Link

Stocks ended mixed on Friday, but managed to cling to weekly gains as investors eyed the economic impact of COVID-19 restrictions in Europe. The S&P 500 fell 0.3% to 3,841. The Dow Jones Industrial Average shed 179 points, or 0.6%, to 30,997, based on preliminary numbers. The Nasdaq Composite was up 0.1% to 13,543, setting a new closing record on Friday. For the week, the S&P 500 rose 1.9%, the Dow gained 0.6%, and the Nasdaq climbed 4.2%. Economic data from Europe reflected the continuing toll from the pandemic, raising concerns the eurozone could enter into another recession. Shares of Schlumberger Ltd. rose after the oil services company topped profit forecasts, and beat revenue expectations for the first time in four quarters.

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Fri, 22 Jan 2021 21:04:07 GMT
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U.S. oil futures fall, prompting a turn lower in prices for the weekExternal Link

U.S. oil futures ended with a loss on Friday to turn lower for the week, pressured by an unexpected climb in U.S. crude inventories as a reported resurgence of cases in China renewed worries about a slowdown in energy demand. March West Texas Intermediate crude fell 86 cents, or 1.6%, to settle at $52.27 a barrel on the New York Mercantile Exchange. Prices lost 0.2% for the week, based on last Friday's settlement of $52.36 for the February contract, which expired on Wednesday.

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Fri, 22 Jan 2021 19:47:57 GMT
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Gold futures fall for the session, post a gain for the week External Link

Gold futures declined on Friday as the U.S. dollar saw modest strength. Prices posted a gain for the week, however, buoyed by expectations for further fiscal stimulus under the newly inaugurated President Joe Biden, which could weaken the dollar and lift dollar-denominated prices of gold. February gold fell $9.70, or 0.5%, to settle at $1,856.20 an ounce. For the week, prices based on the most-active contract were up 1.4%, FactSet data show.

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Fri, 22 Jan 2021 18:48:32 GMT
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GameStop's stock is surging again, putting it on track for its best month everExternal Link

Shares of GameStop Corp. on Friday afternoon were extending a recent surge, putting the videogame retailer on track for its best monthly gain, up over 220%, in its history. The historic surge in shares of the company, which went public in 2002, comes as an army of traders on a popular social platform Reddit have been striving to drive values higher, according to a Bloomberg report, even as short seller Citron Research has attempted to make a case why valuations for GameStop make it a sell rather than a buy. However, a planned livestream hosted by Citron, intended for Wednesday originally, was canceled, and Citron has complained about "hacking" of its livestream events and its Twitter account recently. A report in Bloomberg News referred to Citron's technical issues as a backlash from a Reddit community that is rabidly bullish on GameStop. Shares of GameStop began a parabolic rise last week, and the upsurge was attributed by some to a short squeeze, where investors who are betting that the stock price will fall in value are forced to buy shares they have borrowed in their bearish bets, which can have the effect of amplifying a stock's rise. Market participants also see the rally in GameStop as evidence of a bubble forming in segments of the market, with the Federal Reserve and government providing liquidity and support for the COVID-19-stricken financial market and maintaining interest rates at or near 0% -- a recipe that bears have said has encouraged speculative investments. GameStop has had a powerful run due to lockdowns meant to limit the COVID spread, with more people playing videogames. Its surge in January surpasses its 66% surge in August, FactSet data show.

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Fri, 22 Jan 2021 18:42:54 GMT
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