U.S. stocks end sharply higher as U.S.-China trade tension eases
U.S. stocks traded sharply higher on Monday after the...
U.S. stocks traded sharply higher on Monday after the U.S. and China reached a deal to slash tariffs on each other for 90 days.
The Dow Jones Industrial Average went up 1,160.72 points or 2.8%, ending at 42,410.10.
The S&P 500 gained 184.28 points or 3.3% to finish at 58,444.19
The Nasdaq Composite rose 779.43 points or 4.4% to close at 18,708.34 for its fourth straight daily gain, exiting bear-market territory. Highlights:
🟢 The Dow exploded 1,000 points in pre-market trading, and the rally never waned. Both the Dow and the S&P 500 are nearly back to even for the year, while the Nasdaq clawed its way out of bear market territory.
🟢 Bonds tumbled while yields soared as the market pushed the timing for the Fed to cut interest rates back from July to September.
🟢 Gold sank as traders passed right on by the go-to investment for safety and sprinted straight toward equities.
🟢 Crude popped on the hopes of stronger economic growth for both the US and China now that the two countries are finally engaging in trade discussions.
WhiteHawk Buys PHX Minerals for $187MM, Expands into Midcontinent
WhiteHawk Energy has agreed to acquire PHX Minerals in a deal valuing...
WhiteHawk Energy has agreed to acquire PHX Minerals in a deal valuing PHX at $187 million, including net debt.
WhiteHawk Income Corp. will acquire PHX for $4.35 per share, the companies said after markets closed on Thursday
WhiteHawk will add PHX’s portfolio of 1.8 million gross unit acres of natural gas mineral and royalty assets. The deal includes significant holdings in the Haynesville Shale and expands WhiteHawk into the Midcontinent SCOOP-STACK plays.
WhiteHawk owns a minerals and royalties portfolio of 1.3 million gross unit acres in the Marcellus and Haynesville shales.
The combination will yield a company with 3.1 million gross unit acres and cash flowing from 10,163 producing wells. The pro forma company will also have 368 wells in progress, 330 permitted locations and 7,250 undeveloped locations.
Breaking overnight: not the global economy. After talks in Switzerland...
Breaking overnight: not the global economy. After talks in Switzerland this weekend, the US and China agreed to a large reduction in tariffs on each other. The US is lowering its tariffs on China from 145% to 30%, while China is lowering its tariffs on the US from 125% to 10%. The new tariff rates will be in effect for 90 days while the two sides continue talking.
Fresh consumer data will drop: The April consumer price...
Fresh consumer data will drop: The April consumer price index report comes out on Tuesday, providing an early look at inflation in the post-Liberation Day-tariff era. Thursday will offer a gut check on if/how Americans are shopping: April retail sales numbers will be released, plus the world’s biggest retailer, Walmart, reports earnings.
Pope Leo XIV will likely still need to file US income tax returns, the Washington Post says.
Apple users who were snooped on by Siri from 2014 through 2024 can get a piece of a class action lawsuit.
Kosmos 482, the Soviet-era spacecraft turned space junk, returned to Earth and plunged into the Indian Ocean, according to Russian and European officials.
The jockey of Kentucky Derby-winner Sovereignty, Junior Alvarado, was fined over $60,000 for hitting the horse with his riding crop too many times during the race.
US oil and gas rig count falls to lowest since January
(Reuters) - U.S. energy firms this week cut the number...
(Reuters) - U.S. energy firms this week cut the number of oil and natural gas rigs operating to their lowest since January, energy services firm Baker Hughes said in its closely followed report on Friday.
The total oil and gas rig count, an early indicator of future output,fell by six to 578 in the week to May 9, putting the total rig count down 25, or 4%, below this time last year.
Baker Hughes said oil rigs fell by five to 474 this week, their lowest since January, while gas rigs were unchanged at 101.
Drillers cut three rigs in the Gulf of Mexico, bringing the total count down to nine, the lowest since September 2021.
In the Permian Basin in West Texas and eastern New Mexico, the nation's biggest oil-producing shale basin, drillers cut two rigs, leaving 285 rigs, the lowest since December 2021.
In New Mexico, drillers cut four rigs, bringing the total down to 96, the lowest since April 2022.
Oil and gas drilling permit applications in Texas, the top U.S. oil-producing state, hit a four-year low in Aprilamid concerns that rising OPEC+ supplies and a trade war will continue to hit crude prices, consultancy Enverus said on Thursday.
According to Enverus, operators in Texas submitted 570 new drilling permit applications in April, down from 795 in March and the lowest number since February 2021.
