Good morning. It’s Good Friday, and the stock market is closed. SpaceX is...
Good morning. It’s Good Friday, and the stock market is closed.
SpaceX is reportedly the favorite to build Trump’s “Golden Dome.” According to Reuters, Elon Musk’s space tech company is the frontrunner to lead the development of President Trump’s proposed missile defense system, known as Golden Dome. SpaceX would partner with tech startups Palantir and Anduril, whose founders, like Musk, are major supporters of the president. The plan is reportedly to launch between 400 and 1,000 satellites around the world to detect and track missiles, while a separate phalanx of attack satellites would shoot them down. Per Reuters, SpaceX proposed creating a “subscription service” in which the US government would pay to access the Golden Dome instead of owning it.
Two people were killed and six were wounded in a mass shooting at Florida State University yesterday. A suspect is in custody.
Ford said it will likely raise prices this summer unless President Trump delivers on tariff relief for automakers.
The European Central Bank cut interest rates by a quarter-point due to the “deteriorated” growth outlook brought on by tariffs.
Spirit Airlines hired a new CEO, Dave Davis, who will be tasked with turning the struggling ultra-low-cost carrier around.
Tesla is scaling back Cybertruck production as sales of the dishwasher-on-wheels slowed last quarter, Business Insider reported.
Lee Corso will retire from ESPN’s College GameDay after nearly 40 years of donning mascot headgear to signify his college football picks.
Crude Prices Finish Sharply Higher on US Trade Deal Hopes and Iranian Oil Export Risks
Crude oil and gasoline prices rallied sharply on Thursday to 1-1/2 week highs. Optimism that the US...
Crude oil and gasoline prices rallied sharply on Thursday to 1-1/2 week highs. Optimism that the US will be able to make trade deals has reduced tariff concerns and boosted crude prices. President Trump stated that US negotiators had made “big progress” with Japanese officials on a trade deal and expressed confidence that the US would reach a trade agreement with the EU.
May WTI crude oil (CLK25) closed up +$2.21 (+3.54%) at $64.68 per barrel, while June Brent Crude (QAM25) closed up +$2.11 at $67.96 per barrel. May RBOB gasoline (RBK25) closed up +0.0554 (+2.71%) at $2.098.
The Dow Jones shed 527.16 points, or 1.3%, ending at 39,142.23, while posting a 2.7% weekly loss.
The S&P 500 ended up 7 points, or 0.1%, higher at 5,282.70, and logged a 1.5% weekly decline.
The Nasdaq Composite lost 20.71 points, or 0.1%, finishing at 16,286.45, for a 2.6% weekly drop.
Stocks wavered during the session as investors monitored trade talks between President Trump and other world leaders regarding his tariff fight. Trump's ongoing feud with Federal Reserve Chair Jerome Powell was also in focus after the central bank chief said on Wednesday that he's in no rush to cut interest rates, given the uncertain policy backdrop from the White House.
U.S. oil producers should prepare to weather a prolonged period of lower...
U.S. oil producers should prepare to weather a prolonged period of lower prices, says one of the Permian Basin’s top executives.
Oil markets are “now probably set for a period of weakness, probably more weakness than where we are today,” Diamondback Energy President Kaes Van’t Hof said April 15 at the World Oilman’s Mineral & Royalty Conference in Houston.
“I think before Liberation Day, there was a case towards being pretty bullish,” said Van’t Hof, who will transition to Diamondback’s CEO at the company’s 2025 annual meeting. On April 2, Trump levied a 10% tariff on all imported goods and additional tariffs for specific countries, which caused oil prices to fall before the president placed a 90-day pause on the taxes.
“Unfortunately, it all feels a bit self-inflicted,” he said.
Pump prices are calming down after a few weeks of increases. Crude oil...
Pump prices are calming down after a few weeks of increases. Crude oil prices have plunged to around $60 per barrel, on global economic concerns as well as an increase in production by OPEC+. These factors are putting downward pressure on pump prices at the time of year when they normally increase. For the week, the national average for regular loses seven cents to $3.17 a gallon.
Gas prices typically rise starting in mid-to-late winter and early spring as refineries undergo maintenance ahead of the switch to summer-blend fuel, which is less likely to evaporate in warmer temperatures. The switch occurs first in California, which is why pump prices on the West Coast often rise before other parts of the country. The East Coast is the last major market to switch to summer-blend fuel. Most areas have a May 1 compliance date for refiners and terminals, while most gas stations have a June 1 deadline to switch to selling summer-blend until June 1.
