Dow closes 300 points lower as weak November jobs report weighs on stocks
U.S. stocks finished mostly lower on Tuesday after the...
U.S. stocks finished mostly lower on Tuesday after the November jobs report showed stronger employment growth but a higher-than-expected unemployment rate.
Meanwhile, a sharp decline in oil prices also weighed on stocks amid hopes for a potential peace deal to end the Russia-Ukraine conflict.
The Dow Jones Industrial Average lost over 300 points, or 0.6%, to end near 48,114, according to FactSet data. The blue-chip index has fallen for three consecutive trading days.
The S&P 500 fell 0.2% to finish at around 6,800.
The Nasdaq Composite rose 0.2%, ending near 23,111.
Since June 13th the 2026 WTI strip has fallen from $64.58 to now $56.60, a level that works for no one. Much lower from here and I'd be tempted to unwind hedges and get maximally exposed to 2H'26. pic.twitter.com/YZsPPWKuWE
The global oil market is experiencing an acute shortage of oil tankers,...
The global oil market is experiencing an acute shortage of oil tankers, forcing newly built supertankers to embark on their maiden voyages empty to pick up crude oil. This deviation from standard practice, in which vessels typically carry refined fuels first, has resulted from a surge in oil output and disruptions to traditional shipping routes caused by Western sanctions and geopolitical risks. The supply crunch has also drawn smaller tankers into the crude trade, driving up tanker rates significantly.
Crescent Closes All-Stock Vital Energy Acquisition Valued at $3.1B
Crescent Energy Co. announced...
Crescent Energy Co. announced it closed on its previously announced $3.1 billion all-stock transaction for Vital Energy Inc. on Dec. 15.
The deal’s terms include Vital Energy shareholders receiving 1.9062 shares of Crescent Class A common stock for each share of Vital common stock. Crescent shareholders will own around 77% of the combined company, while Vital shareholders will own 23%, on a fully diluted basis.
With the deal’s close, former Vital Energy directors William Albrecht and Jarvis Hollingsworth have been appointed to Crescent’s board of directors. Michael Duginski resigned from the board with the closing of the acquisition.
The newly-combined company is “a top ten liquids-weighted independent with a consistent strategy focused on free cash flow generation, disciplined capital allocation and sustainable long-term value creation for shareholders,” Crescent said in the press release.
Ford expects a $19.5 billion hit from pulling back on EVs
The automaker said yesterday that its strategy shift away from electric...
The automaker said yesterday that its strategy shift away from electric vehicles and toward hybrids will reduce its profit in the near-term. The decision to put its EV plans into reverse means Ford will stop producing an all-electric version of its signature F-150 Lightning pickup truck and instead offer it as an extended-range EV with a gas-powered generator that can recharge its battery. Ford CEO Jim Farley said the move away from EVs would ultimately “create a stronger, more resilient and more profitable Ford.” Its EV business had already cost Ford $13 billion since 2023, per the Wall Street Journal. The retreat from EVs puts US automakers out of step with Chinese competitors that are shaking up the industry by selling cheap electric models.
