Financial News

Thursday, July 28th
July 27, 2022
AP-NC Newswatch
July 28, 2022
Financial News

 

Wall Street is pointing toward a modestly lower open following the Federal Reserve’s interest rate hike. Futures for the Dow Jones Industrial average ticked down 0.1% Thursday morning and futures for S&P 500 dipped 0.2%. The Fed’s three-quarters of a percentage point rate hike announced Wednesday lifts the benchmark short-term rate to its highest level since 2018. The government is set to report second quarter U.S. GDP data before the opening bell. Spirit Airlines shares rose almost 4% in premarket after JetBlue said it agreed to buy the budget airline for $3.8 billion.

 

Shell posted record profits Thursday for a second straight quarter as the energy giant benefited from soaring prices of oil and natural gas fueled by Russia’s war in Ukraine. London-based Shell said it’s second-quarter adjusted earnings rose to $11.5 billion from $5.5 billion in the same three-month period last year. The latest earnings smash its record of $9.1 billion set in the previous quarter. Shell also said it would buy back another $6 billion in shares. Russia’s invasion of Ukraine has sent oil and natural gas prices soaring as nations spurned Russian energy and supply reductions wreaked havoc in markets. The price increases are driving global inflation, while boosting profits at energy companies.