Trending Market News Wednesday: Crude Prices, TikTok

Crude prices rose Wednesday after U.S. inventory data was reported, Tik Tok added to trade talks discussion and Facebook will build a data center in Tennessee.
Publish date:

U.S. stocks were rising Wednesday with the Dow gaining nearly 1% while the Nasdaq jumped 2.2% and the S&P 500 gained 1.5%. 

TikTok, WeChat to Be Part of U.S./China Trade Talks

When U.S. and Chinese negotiators meet to discuss a new trade deal over the coming days, social media apps WeChat and TikTok will be discussed, Bloomberg reported.

A virtual meeting could take place as early as this week, though a date has not been set yet, according to the news service. 

The meeting comes nearly seven months after the White House officially paused the tariffs that were levied on China, the world's second-largest economy. 

U.S. Oil Inventories Fall More Than Expected

Crude prices got a boost Wednesday after data showed that U.S. oil inventories fell across the board in a possible signal that demand for the commodity is recovering. 

Crude inventories fell by 4.5 million barrels last week, the Energy Information Administration said Wednesday. Analysts were expecting just a 2.9 million barrel decline. 

Despite the positive numbers, U.S. crude production is expected to decline by 990,000 barrels per day this year to 11.26 million BPD.

Facebook Is Building $800 Million Data Center in Tennessee 

Facebook  (FB) - Get Report has already begun construction on an $800 million, 1 million-square-foot data center just northeast of Nashville, a facility that the company says will create 100 high-paying jobs and be supported by two new solar energy projects in south and west Tennessee. 

The data center will be Facebook's 13th in the U.S. and 17th worldwide.