Dow ends nearly 880 points lower as stocks sink on Trump threat of China tariffs
The U.S. stock market closed sharply lower Friday, in...
The U.S. stock market closed sharply lower Friday, in a broad selloff triggered by President Donald Trump’s threat of new tariffs on China.
The Dow Jones Industrial Average dropped 878.82 points, or 1.9%, to close at 45,479.60.
The S&P 500 slid 182.60 points, or 2.7%, to finish at 6,552.51.
The Nasdaq Composite tumbled 820.20 points, or 3.6%, to finish at 22,204.43.
The S&P 500's information-technology sector posted a 4% loss, dragging down the U.S. equities benchmark. The S&P 500 index saw its largest drop since April 10, when U.S. stocks were struggling in the wake of President Trump's announcement of "liberation Day" tariffs, according to Dow Jones Market Data.
All three major U.S. stock indexes booked weekly losses. The Dow ended Friday down 2.7% for the week, while the S&P 500 dropped 2.4% and the Nasdaq slid 2.5%.
Citigroup has highlighted a bearish sentiment in the oil market, with...
Citigroup has highlighted a bearish sentiment in the oil market, with clients in North America and Europe expressing varying degrees of pessimism about crude oil's prospects. Some clients are skeptical that a price floor of $60 per barrel for Brent crude would be sufficient to balance the market, while others anticipate a more orderly price correction.
U.S. oil production set a record by averaging over 13.6...
U.S. oil production set a record by averaging over 13.6 MMbbl/d in July, the Energy Information Administration (EIA) reported in its Short-Term Energy Outlook on Oct. 7. The EIA expects production to average 13.5 MMbbl/d for the year and hold steady in 2026.
Month-over-month production increased from 13.4 million bbl/d in June, the EIA said.
The EIA forecasts WTI to average $65/bbl for 2025. Brent crude is estimated to average $69/bbl for the year, depressed by an expected average price of $62/bbl in the fourth quarter. EIA’s average price for Brent in 2026 is $52/bbl.
The agency estimates that an average Henry Hub natural gas spot price will increase to $4.10/MMBtu by January from its September of just below $3/MMBtu. Still, the January estimate is a 50-cent drop from last month’s forecast.
Trump says Israeli hostages will be returned early next week
A day after Israel and Hamas said they had agreed to the first phase...
A day after Israel and Hamas said they had agreed to the first phase of a US-brokered ceasefire in Gaza, President Trump said that Hamas will return the 20 surviving hostages on “Monday or Tuesday” in exchange for Israel releasing hundreds of Palestinian prisoners. Israel’s Cabinet voted last night to formally approve the agreement, which will also see the Israeli military withdraw to a line that leaves it in control of 53% of the Gaza Strip, a spokesperson said. The agreement does not address what’s to come of postwar Gaza and whether Hamas will disarm. Trump plans to travel to the Middle East this weekend to speak to Israel’s Parliament and attend a signing of the agreement in Egypt.
Rare earth stocks soar after China further curbs exports
Several US rare-earth mining companies surged by double...
Several US rare-earth mining companies surged by double digits yesterday after China announced it was tightening exports of the metals, which are crucial to the development of the computer chips powering AI and other technologies. Investors speculated that the increased scrutiny of rare earths leaving China would encourage the US to ramp up investment in its own supply chain. China’s move comes ahead of an expected meeting between President Trump and Chinese President Xi Jinping later this month. China has been limiting exports of essential metals in response to Trump’s tariffs.
