Markets closed higher on Wednesday, Sept. 25, after President Donald Trump said that a trade deal between the United States and China could happen sooner than expected. Trump also reached a deal with Japan that eases tariffs on U.S. food and agricultural products.
The Dow Jones Industrial Average was up 0.61% to 26,970.71, and the S&P 500 saw a 0.62% increase to 2,984.87.
U.S. crude oil inventories, excluding the Strategic Petroleum Reserve, climbed by 2.4 million barrels from the week prior to 419.5 million barrels, according to the U.S. Energy Information Administration's Sept. 25 "Weekly Petroleum Status Report."
Brent crude closed 0.94% lower to $62.51 per barrel, and Light Sweet crude decreased 1.10% to $56.66 per barrel.
Marathon Petroleum Corp. stock price rose 8.42% on nearly triple average trading volume to $60.15, after an activist investor sent the company's board of directors a letter calling for the integrated refiner to be split into three independent companies, outlining $39 billion in value such a move would unlock.
In the letter, Elliott Management Corp. alleged that Marathon's management and board had failed to deliver on prior "promises" to evaluate such a plan "in good faith," and instead pursued a $23.3 billion deal creating America's largest integrated refiner.
Valaris PLC lost 7.39% in light trading to $5.51, and Diamond Offshore Drilling Inc. shed 7.53% in brisk trading to $6.39, following downgrades from S&P Global Ratings.
Ratings downgraded Valaris' issuer credit rating to CCC+ from B- and its issue-level rating on the company's senior unsecured debt to B- from B. Ratings also downgraded Diamond Offshore's issuer credit rating to CCC+ from B and its issue-level rating on the company's senior unsecured debt to CCC+ from B.
Equinor ASA and China Power International Holding Ltd. signed a cooperation agreement to work together on offshore wind projects across China and Europe. Equinor shares trading in the New York Stock Exchange closed 1.23% lower on light volume to $19.33.
Among other notable movers in the oil and gas sector, National Oilwell Varco Inc. gained 3.34% on below-average volume to $22.28, and Baker Hughes a GE company added 2.71% in active trading to $24.29, while EOG Resources Inc. declined 2.28% in light trading to $76.77.
The S&P 500 Energy Sector was up 0.23% to 446.40, while the Alerian MLP Index retreated 0.75% to 234.55.
PG&E Corp. shares dropped 1.46% on brisk volume to $10.77. According to a Moody's report,
Fortis Inc. plans to slash output of greenhouse gases at its British Columbia utility by 2030 and anticipates nearing a renewable generation goal at its Arizona operations nine years ahead of schedule. Fortis saw a 0.36% increase in slightly below-average trading on the Toronto Stock Exchange to close at C$56.16.
In other electric and diversified utility companies, PPL Corp. declined 1.36% on strong volume to $31.15, and Xcel Energy Inc. dipped 0.58% on average volume to $65.05, while NRG Energy Inc. climbed 1.09% in below-average trading to $39.76. Of note, Clearway Energy Inc. increased 2.08% to $17.17 in about average trading.
The S&P 500 Utilities Sector was down 0.03% to 327.84.
Market prices and index values are current as of the time of publication and are subject to change.
