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Crude oil had its steepest drop since March 8 after data from the Energy Information Administration showed that gasoline supplies rose last week for the first time in two months.
Here’s the scoreboard:
Dow: 20,404.49, -118.79, (-0.58%) S&P 500: 2,338.17, -4.02, (-0.17%) Nasdaq: 5,863.03, +13.56, (0.23%) WTI crude oil: $50.44, -$1.97, (-3.76%)
US companies are complaining about “higher turnover rates” and “difficulty retaining workers,” according to the Federal Reserve’s Beige Book. The Beige Book maintained that the economy continues to expand at a modest pace, supporting the Fed’s view that it can raise borrowing costs two more times this year. Exxon Mobil applied to the Treasury Department for a waiver from sanctions on Russia in an effort to restart its joint venture with state oil company PAO Rosneft, according to The Wall Street Journal. US Secretary of State Rex Tillerson is the former CEO of Exxon. IBM shares slumped 5% after the company reported declining revenues for a 20th straight quarter. Berkshire Hathaway’s last reported stake reflected a loss of more than $772 million as a result of Wednesday’s selling. Morgan Stanley’s earnings were well ahead of estimates, boosted by its investment-banking unit. The firm earned $1 a share on revenue of $9.7 billion in the first quarter. BlackRock, the world’s largest asset manager, reported a 31% rise in quarterly profit helped by higher investment advisory fees and securities lending revenue. The company ended the quarter with $5.4 trillion in assets under management, up from $5.1 trillion a quarter earlier.