EU and Canada announce retaliatory tariffs on the U.S.
In response to President Trump’s additional tariffs on imported steel...
In response to President Trump’s additional tariffs on imported steel and aluminum, the European Union and Canada said they would impose tens of billions of dollars’ worth of levies on the US. Starting April 1, the EU will slap tariffs on $28 billion of US goods, including whiskey and motorcycles. A second set of levies is scheduled to hit poultry, soybeans, and other goods in mid-April. Canada, meanwhile, announced 25% reciprocal tariffs on steel products and raised rates on tools, computers, sports equipment, and more. Canadian Prime Minister-designate Mark Carney warned after his election that tariffs would remain “until the Americans show us respect.”
The measles outbreak is expanding. Two people have...
The measles outbreak is expanding. Two people have died and more than 200 have gotten sick—many of them unvaccinated children—in Texas and New Mexico following an outbreak of measles in rural Gaines County, TX. Twelve other states have reported isolated cases, the New York Times reported. The CDC said the outbreak “continues to expand rapidly” and emphasized the importance of MMR vaccinations. The two deaths are the first linked to measles in almost a decade and come as the response of new health secretary and longtime vaccine skeptic, Robert F. Kennedy Jr., is under scrutiny.
The FTC asked a federal judge to delay its deceptive practices case against Amazon because it’s short-staffed as a result of DOGE cuts.
Amazon, Google, and Meta signed a pledge to support the goal of tripling nuclear capacity by 2050.
Spotify said it paid the music industry $10 billion in 2024, which it said was the biggest annual payment from a single retailer ever.
Wonder, the fast-rising food delivery startup, reportedly bought media company Tastemade for $90 million as part of an effort to develop a mealtime “super app.”
EIA Reports Increase in Crude Inventories, Declines in Gasoline and Distillates
The U.S. Energy Information Administration reported weekly...
The U.S. Energy Information Administration reported weekly supply declines of 5.7 million barrels for U.S. gasoline and 1.6 million barrels for distillates. Analysts surveyed by Platts, part of S&P Global Commodity Insights, had forecast a supply decline of 1.6 million barrels for gasoline and an increase of 180,000 barrels for distillates. Demand for gasoline, meanwhile, climbed, with total finished motor gasoline supplied, a proxy for demand, at 9.182 million barrels per day in the latest week, versus 8.877 million bpd from a week earlier.
Commercial crude inventories climbed by 1.4 million barrels for the week that ended March 7, the EIA said. The data were expected to show a rise of 2 million barrels on average, according to the Platts survey. Late Tuesday, the American Petroleum Institute reported a crude inventory rise of 4.25 million barrels, according to a source citing the data.
Oil futures settled higher Wednesday, finding support from overall weakness in U.S. dollar, as well as data from the Energy Information Administration showing a notable weekly rise in gasoline demand and a nearly 6-million-barrel drop in supplies of the motor fuel.
The rise in gasoline demand helped offset global economic growth worries as investors navigated intensifying trade tensions.
West Texas Intermediate crude for April delivery rose $1.43, or 2.2%, to settle at $67.68 a barrel on the New York Mercantile Exchange.
May Brent crude, the global benchmark, added $1.39, or 2%, at $70.95 a barrel on ICE Futures Europe.
April gasoline climbed 2.1% to $2.15 a gallon, while April heating oil tacked on 0.4% to $2.21 a gallon.
Natural gas for April delivery settled at $4.08 per million British thermal units, down 8.3%.
Dow ends lower, Nasdaq jumps 1.2% as Big Tech rebounds from tariff-induced slide
U.S. stocks finished mostly higher on Wednesday afternoon...
U.S. stocks finished mostly higher on Wednesday afternoon after February's consumer-price index report showed inflation cooled more than expected last month.
The Nasdaq Composite surged 212.35 points, or 1.2%, to end at 17,648.45 after two days of heavy losses, according to FactSet data. Gains for tech heavyweights, including Nvidia Corp., Tesla Inc. and others helped lift the index, which remains down 3% so far this week.
The S&P 500 gained 27.23 points, or 0.5%, to finish at 5,599.30, after back-to-back losses.
The Dow Jones Industrial Average notched a third straight loss, falling 82.55 points, or 0.2%, to 41,350.93.
Despite the rebound in technology stocks, uncertainty around President Donald Trump’s trade policies continued to weigh on market sentiment on Wednesday. The president officially imposed sweeping 25% tariffs on all steel and aluminum imported into the U.S. on Wednesday, while Canada said it will impose 25% tariffs on more than $20 billion worth of U.S. products.
