S&P 500 Plunges Over 3% as Markets Reel From Shock of Trump’s Tariffs
Wall Street opened sharply lower on Thursday, following...
Wall Street opened sharply lower on Thursday, following a slump in global markets, after President Trump announced a major round of tariffs on U.S. imports. The world’s biggest economies reacted swiftly to the new levies, which significantly escalated trade tensions with the United States, and some countries warned of retaliation.
For weeks, Mr. Trump said he would impose “reciprocal tariffs” on allies and adversaries. Still, the tariffs announced on Wednesday were far higher than experts had expected, likely driving up prices for American consumers and manufacturers.
Investors flocked to the safety of government bonds as stocks plummeted this morning, pushing up prices and lowering yields, reflecting the interest rate the government pays to borrow from investors. The 10-year yield, which underpins interest rates on things like mortgages and some business loans, is now close to 4 percent, down from nearly 4.8 percent in January.
ConocoPhillips Shopping Marathon's Anadarko Assets for $1B
ConocoPhillips is considering a sale of Midcontinent assets picked up...
ConocoPhillips is considering a sale of Midcontinent assets picked up through its Marathon Oil acquisition last year.
The company said last year that ConocoPhillips assumed approximately 250,000 net acres in the Anadarko Basin through the $22.5 billion Marathon Oil deal, giving the E&P a stronger foothold in U.S. gas.
Production from Marathon’s Oklahoma assets averaged 40,000 boe/d in the third quarter of 2024, according to investor filings. Anadarko gas output averaged 122 MMcf/d.
Tesla vehicle sales fell 13% last quarter. The EV-maker...
Tesla vehicle sales fell 13% last quarter. The EV-maker said it delivered 336,681 vehicles in Q1, making it Tesla’s worst quarter since early 2022. The lackluster sales come amid global backlash against CEO Elon Musk becoming the face of DOGE’s government spending cuts in the US and backing right-wing political parties in Europe, which has sparked protests at Tesla showrooms. The company’s output also took a hit because it partially shut down some factories for upgrades during the quarter to prepare for a Model Y redesign. Plus, it continues to face fierce competition in the Chinese market. Tesla’s stock initially tumbled on the delivery news. Still, it climbed after Politico reported that Musk may soon be leaving his position at DOGE, freeing up more of his time to focus on his businesses.
The Supreme Court unanimously backed the FDA’s decision to refuse to authorize the sale of fruit-flavored vapes due to concerns about their popularity with teens.
Israel said it planned to seize “large areas” of land in Gaza.
UFC and Meta have reached a multimillion-dollar, multiple-year sponsorship deal.
A former employee of Rippling has admitted to spying on behalf of rival HR software company Deel, according to court documents.
Voter turnout was higher in every county in Wisconsin during Tuesday’s Supreme Court election than in the state’s last one after Elon Musk brought national attention to the race by supporting the conservative candidate, who ultimately lost.
Val Kilmer, known for his roles in “Top Gun,” “Batman Forever,” and “The Doors,” has died at age 65.
Oil Prices Fall Into Negative Territory As Trump Announces New Tariffs
From Washington. Oil prices fell to negative...
From Washington. Oil prices fell to negative territory after rising by a dollar in post-settlement trade on Wednesday as U.S. President Donald Trump announced reciprocal tariffs on trading partners, stoking concerns that a global trade war may dampen demand for crude.
Brent futures settled 46 cents higher, or 0.6%, at $74.95 a barrel, while U.S. West Texas Intermediate crude futures gained 51 cents, or 0.7%, to settle at $71.71.
U.S. oil supplies rise sharply, and trade-war 'angst' may be to blame for a drop in demand
Data from the Energy Information Administration Wednesday...
Data from the Energy Information Administration Wednesday revealed a sizeable weekly increase in U.S. crude-oil supplies, a modest fall in gasoline stockpiles and a drop in consumer demand for motor fuel.
"If tariff worries and trade-war angst are fueling that drop in demand... then that marks the start of what could be a crippling trend of declining demand that would, barring supply-side surprises, spark a selloff in oil," Tyler Richey, co-editor at Sevens Report Research, told MarketWatch. That could see U.S. benchmark prices begin to sell off toward the downside target of between $57 and $58 a barrel, he said. May West Texas Intermediate crude was up 21 cents, or 0.3%, at $71.41 a barrel, after losing 0.4% Tuesday.
The EIA reported that U.S. gasoline demand fell last week, with total finished motor gasoline supplied, a proxy for demand, at 8.495 million barrels per day versus 8.643 million bpd a week earlier.
The EIA said that commercial crude inventories climbed by 6.2 million barrels for the week that ended March 28. It also reported a weekly supply decline of 1.6 million barrels for gasoline, while distillate inventories increased by 300,000 barrels.
