S&P 500, Nasdaq eke out record closing highs after weak PPI inflation data
Stocks ended mostly higher on Wednesday following a weaker-than-expected...
Stocks ended mostly higher on Wednesday following a weaker-than-expected producer-price index for August that reinforced the likelihood of an interest-rate cut by the Federal Reserve next week.
The S&P 500 and Nasdaq Composite secured their 23rd record closes of the year. Shares of Oracle Corp. surged 36% on Wednesday after OpenAI agreed to purchase $300 billion in computing power from the company.
Meanwhile, the Dow Jones Industrial Average fell amid concerns about how investors might interpret tomorrow's consumer price index for August.
The Dow Jones Industrial Average fell 220.42 points, or 0.5%, to finish at 45,490.92, according to preliminary data.
The S&P 500 rose 19.43 points, or 0.3%, to close at 6,532.04.
The Nasdaq Composite rose 6.57 points to end at 21,886.06.
Surging power demand from AI data centers and rising household energy...
Surging power demand from AI data centers and rising household energy bills are creating political urgency for a sweeping permitting overhaul, said American Petroleum Institute President and CEO Mike Sommers. The group's new policy plan calls for stricter federal review deadlines, narrower environmental assessments, expanded use of categorical exclusions and tighter curbs on legal challenges. "I believe that not just from a policy perspective do we need to get this done, but I think it is going to be a political imperative to get this done soon," Sommers said.
Phillips 66 Buys Cenovus’ 50% Stake in Refinery JV for $1.4B
Cenovus Energy has reached an agreement to sell its 50% stake in a joint...
Cenovus Energy has reached an agreement to sell its 50% stake in a joint venture (JV) with Phillips 66 (PSX) for $1.4 billion cash, the companies said Sept. 9. The transaction is expected to close in fourth-quarter 2025.
The divestiture comes after Cenovus said on Aug. 22 it would purchase fellow Canadian oil sands producer MEG Energy Corp. in a cash-and-stock deal valued at $5.7 billion.
The WRB Refining LP is a 50-50 JV that owns the Wood River refinery in Roxana, Illinois, and the Borger refinery in Borger, Texas. Phillips 66 has operated both facilities since the inception of the JV in 2007.
The refineries can process heavy and medium sour crudes, as well as light sweet crudes. Both refineries also produce a high percentage of transportation fuels, Phillips 66 said.
Huge news for coal enthusiasts: Anglo American reportedly agreed to buy...
Huge news for coal enthusiasts: Anglo American reportedly agreed to buy Canada’s Teck Resources in a merger worth $50 billion, making it one of the biggest in the history of the mining industry. The deal would give Anglo, which recently exited platinum, access to Teck’s enviable and increasingly important copper mining business. It still needs to be approved by Teck shareholders as well as regulators in the US, Canada, and China.
Nepal protests death toll rises to 22. Protesters set...
Nepal protests death toll rises to 22. Protesters set fire to Nepal’s Parliament building in Kathmandu yesterday on the second day of anti-corruption protests. The Gen-Z-driven demonstrations began in response to the government’s decision last week to ban several social media platforms, including Instagram and WhatsApp. The ban was later reversed and Prime Minister KP Sharma Oli has since resigned, but the protests have expanded into a broader dissatisfaction with the country’s government. The Nepali military said it was “committed to taking control of the situation” while asking protesters for restraint.
The Supreme Court agreed to fast-track the Trump administration’s appeal of lower court rulings that its tariffs are illegal, with oral arguments expected in November.
A Russian strike in eastern Ukraine reportedly killed 24 elderly civilians who were collecting their pensions.
Reading and math scores among high-school students dropped to their lowest levels in 20 years, per new data from the National Assessment of Educational Progress.
Temu, which was rocked by US tariffs, is mounting a comeback in the US market with price cuts on dozens of products.
Sebastien Lecornu, the defense minister in France’s previous Cabinet, was named the country’s new prime minister by President Emmanuel Macron following the government’s collapse this week.
