The idea was simple: Nile Niami would build and sell The One, the biggest and most extravagant new home in the country. Then things went sideways.
to restoring oil production slashed during the pandemic, agreeing to add 400,000 barrels per day in November.Natural gas prices jumped 2.6%. Energy companies rose along with energy prices. Devon Energy rose 5.3% for the biggest gain in the S&P 500. Marathon Oil climbed 4.1%. Investors are increasingly worried about inflation as oil prices rise and companies continue facing supply problems that increase their costs and force them to raise prices. Wall Street is also worried about the Federal Reserve’s timing on trimming back bond purchases and its eventual move to raise its benchmark interest rate.
Wall Street will get more information on the economy’s health this week. On Tuesday, the Institute for Supply Management will release its service sector index for September. The service sector is the largest part of the economy and its health is a key factor for growth.
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