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• Trump Wants the IEA to Refocus on Fossil Fuels and Energy Security
  If Donald Trump wins the presidential election, he is expected to push...
  If Donald Trump wins the presidential election, he is expected to push the International Energy Agency (IEA), for which the United States provides about a quarter of the funding, back to energy security and fossil fuel supply, Reuters reported on Thursday, quoting sources with knowledge of the matter.    [if !supportLineBreakNewLine] [endif]
  
  The Paris-based IEA was created to ensure the security of supply to developed economies in the aftermath of the Arab oil embargo in the 1970s.
  
  In recent years, however, the agency has shifted from this purpose to endorsing the net-zero by 2050 goal and is advocating for a major change in the global energy system to include more electric vehicles (EVs), renewable power supply, hydrogen, and all other low-carbon energy sources. The IEA has even infamously said that no new oil and gas developments would be needed if the world stands a chance of reaching net zero by 2050.🤦‍♂️
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• ☕️What Else is Brewing Thursday Morning
  Warren Buffett announces stake in Chubb. Yesterday,...
  Warren Buffett announces stake in Chubb. Yesterday, Berkshire Hathaway finally revealed the mystery stock it’s been buying up in secret since last year, and it’s insurance company Chubb. The firm now has a $6.7 billion stake in the Zurich-based property-casualty insurer, which makes it Berkshire Hathaway’s ninth biggest holding. The disclosure sent Chubb’s stock soaring in after-hours trading.
  
  Ilya Sutskever, the OpenAI co-founder and chief scientist who was part of the failed bid to oust CEO Sam Altman, left the company, saying he was confident it would build AI that is “safe and beneficial.”
  
  Boeing breached the 2021 settlement deal that allowed it to escape prosecution for 737 Max Max crashes, the Department of Justice said, potentially opening the company up to criminal charges.
  
  McDonald’s has gotten franchisees on board to offer a $5 value meal as a limited-time promotion subsidized by Coca-Cola in June.
  
  Magician David Copperfield has been accused of sexual misconduct and inappropriate behavior by 16 women, the Guardian reports.
  
  Tom Brady said he regrets that his participation in a Netflix roast affected his children.
  
  Caitlin Clark’s WNBA debut may not have been a win, but it drew an average of 2.1 million viewers, making it the most-watched game in the league’s history across ESPN’s platforms.
  
  The first official portrait of the UK’s King Charles since his coronation has gotten mixed reviews.
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• Closing Oil & Gas Prices
  Benchmark U.S. crude oil for June delivery ...
  Benchmark U.S. crude oil for June delivery rose 61 cents to $78.63 per barrel Wednesday. Brent crude for July delivery rose 37 cents to $82.75 per barrel.
  
  Wholesale gasoline for June delivery rose 4 cents to $2.50 a gallon. June heating oil was unchanged at $2.42 a gallon. June natural gas rose 8 cents to $2.42 per 1,000 cubic feet.
  
  
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• Dow, S&P 500 and Nasdaq all close at record highs as inflation data boost stocks
  All three major U.S. stock indexes finished at their highest-ever levels...
  All three major U.S. stock indexes finished at their highest-ever levels on Wednesday, fueled by signs of slowing inflation on a monthly basis in April's consumer price index.
  
  It was the first time since March 21 that all three indexes reached record closing highs on the same day.
  
  The Dow Jones finished up by 349.89 points, or 0.9%, at 39,908. It surpassed its prior record closing high of 39,807.37, reached on March 28.
  
  The S&P 500 closed up by 61.47 points, or 1.2%, at 5,308,15. It finished above its prior record closing high of 5,254.35, also reached on March 28.
  
  The Nasdaq Composite ended up by 231.21 points, or 1.4%, at 16,742.39 — above its prior record closing high of 16,511.18, which was hit on Tuesday.
  
  “The April inflation reading is the first good data point for the Fed this year," said Mace McCain, chief investment officer at Frost Investment Advisors, which manages $5.1 billion in assets from San Antonio, Texas.
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• U.S. consumer prices rose 3.4 percent in the year through April, a slight downtick in the inflation rate.
  A closely watched measure of inflation eased last month, an encouraging sign for the...

  A closely watched measure of inflation eased last month, an encouraging sign for the economy after three consecutive months of uncomfortably rapid price increases.

  
  

  The Consumer Price Index climbed 3.4 percent in April, down from 3.5 percent in March, the Labor Department said Wednesday. The “core” index — which strips out volatile food and fuel prices in order to give a sense of the underlying trend — rose 3.6 percent last month, down from 3.8 percent a month earlier. It was the lowest annual increase in core inflation since early 2021.

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