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• U.S. stocks end higher Friday, with the Dow wiping out 2025 losses
  The U.S. stock market closed higher Friday, with all...

  The U.S. stock market closed higher Friday, with all three major benchmarks posting big weekly gains as investors cheered a breakthrough in U.S.-China trade talks that led to lower tariffs.

  
  

  The Dow Jones Industrial Average ended Friday up 0.8%, while the S&P 500 gained 0.7% and the technology-heavy Nasdaq Composite rose 0.5%, according to preliminary FactSet data. The Dow has now erased its 2025 losses, joining the S&P 500 in positive territory year to date.

  
  

  Investors shook off Friday’s disappointing consumer sentiment reading from the University of Michigan’s survey, with the S&P 500 logging a fifth straight day of gains. U.S. equities have rallied since the White House last weekend significantly rolled back tariffs imposed on imported Chinese goods, while China also lowered levies on the U.S. in a de-escalation in trade tensions.

  
  

  The preliminary data show that for the week, the S&P 500 rallied 5.3%, the Dow climbed 3.4%,and the Nasdaq jumped around 7.2%. So far this year, the Dow is up 0.3% in 2025, while the S&P 500 has risen slightly more than 1%.

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• Tallgrass plans pipeline from Permian to Rockies by 2028
  Tallgrass has secured anchor shipper agreements for a pipeline to transport...
  Tallgrass has secured anchor shipper agreements for a pipeline to transport natural gas from the Permian Basin to the Rockies Express Pipeline and other points, with a target in-service date of late 2028. The pipeline is designed for up to 2.4 billion cubic feet per day, and an open season will allow other shippers to subscribe.
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• US shale firms hedge lightly amid oil price optimism
  Declining oil prices have prompted increased hedging activity in the...
  Declining oil prices have prompted increased hedging activity in the US shale patch in recent months, but overall coverage remains historically low as producers bet on higher future prices. As of late April, oil hedge ratios stood at 25.7% for 2025 and just 6.1% for 2026, well below natural gas hedge levels of 42.2% and 26%, respectively, according to Standard Chartered.
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• Updated BLM policy streamlines oil, gas leasing process
  The Interior Department's Bureau of Land Management has revised leasing...
  The Interior Department's Bureau of Land Management has revised leasing policies to shorten land parcel reviews for oil and natural gas leasing from up to 15 months to six and open more public land for development. Officials say the streamlined process will support job creation, strengthen energy security and help lower domestic energy costs.
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• ☕️What Else is Brewing Friday Morning
  JPow warns of supply shocks. Fed Chair Jerome Powell,...
  JPow warns of supply shocks. Fed Chair Jerome Powell, on whose every word the stock market seems to move, said at a conference yesterday that, longer-term, interest rates are likely to stay higher amid constant changes to the economy. “We may be entering a period of more frequent, and potentially more persistent, supply shocks,” Powell said, “a difficult challenge for the economy and for central banks.” Powell also said the Fed is reviewing how it weighs its policy decisions surrounding curbing inflation and boosting employment. Stocks dropped following Powell’s comments but mostly recovered by the end of the day.
  
  Air traffic control at Denver International Airport was hit by communication outages earlier this week, Bloomberg reported, days after Newark Liberty International Airport was plagued by radio and radar problems.
  
  Ukrainian President Volodymyr Zelensky arrived in Turkey yesterday for scheduled peace talks with Russia, but Vladimir Putin was a no-show, sending a low-level delegation in his place.
  
  The Odyssey, Christopher Nolan’s next blockbuster, will be the first commercial feature film to be shot entirely on Imax cameras, The Hollywood Reporter…reported.
  
  Jamie Dimon admitted he “emoted a little bit” during an expletive-laden JPMorgan Chase town hall meeting in February when he railed against working from home (he’s still against it).
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