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Chapter 1: What is the main topic discussed in this episode?
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Over 500,000 new listings every month based on average new for sale and rental listings. July 2024 to June 2025. Here's your Closing Bell Brief for Thursday, March 12th. I'm Katherine Sullivan for The Wall Street Journal. U.S. stocks skidded today as oil prices reached $100 a barrel. The Dow dropped more than 700 points, or about 1.6%. The S&P 500 fell 1.5%, and the Nasdaq fell more than 1.8%.
Investors weighed a massive disruption to global energy markets, and the International Energy Agency slashed its forecast for oil supply growth. Concerns grew over a protracted conflict in the Middle East. Treasury yields remained high while the U.S. dollar advanced. Among individual companies, Bumble shares soared by 34 percent. The dating app said its turnaround strategy is yielding results.
The progress should help the company stem revenue declines this year. Petco health and wellness shares surged 35 percent. The pet supplies company expects a return to annual sales growth. Firefly Aerospace stock rocketed nearly 13 percent today. The defense technology company successfully launched its Alpha Flight 7 mission. Atlassian shares slipped nearly 3% today.
The software maker plans to cut 10% of its workforce. These savings will fund further investments in artificial intelligence.
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Chapter 2: Why did U.S. stocks decline as oil prices surged?
And Dick's Sporting Goods shares rose 1%. The retailer posted stronger-than-expected results. It also reported progress on its turnaround of Foot Locker. Heads up, an artificial intelligence tool helped us make this episode by creating summaries that were based on WSJ reporting and then reviewed and adapted by an editor.
We'll have a lot more coverage of the day's news on the WSJ's What's News podcast. You can add it to your playlist on your smart speaker or listen and subscribe wherever you get your podcasts. Access to affordable credit helps me pay my employees that I don't really need it. Inflation is killing me. But who cares? Big retailers are making record profits.
That's why we support the Durbin Marshall credit card bill. See? Banks and credit unions help small businesses make payroll. This bill would cut the vital resources they need. While increasing megastore profits. They deserve it, don't they? Tell Congress, stop the Durbin Marshall money grab for corporate megastores. Paid for by the Electronic Payments Coalition.