Dow, S&P 500 end sharply lower as Trump’s tariffs roil stock market
U.S. stocks finished sharply lower on Tuesday amid concerns...
U.S. stocks finished sharply lower on Tuesday amid concerns that President Donald Trump’s tariffs — and retaliation from some of the U.S.'s trading partners — could put pressure on economic growth.
The Dow Jones Industrial Average lost 670.25 points, or 1.6%, to end at 42,520.99, its worst day in over a week. The blue-chip index fell more than 1,300 points over the past two trading days, logging its worst two-day decline since Dec. 18, according to Dow Jones Market Data.
The Nasdaq Composite fell 65.03 points, or 0.4%, to finish at 18,285.16. At its worst level Tuesday, the tech-heavy index slumped over 2.1% and into correction territory, defined as a 10% drop from an index’s recent high, according to Dow Jones Market Data. The Nasdaq then bounced back into positive territory in afternoon action, but still failed to maintain its footing heading into the closing bell.
The S&P 500 tumbled 71.57 points, or over 1.2%, ending at 5,778.15.
US oil and gas production hit record high in December, says EIA
U.S. crude oil and natural gas output set records in December, and...
U.S. crude oil and natural gas output set records in December, and oil demand touched multi-month highs, the U.S. Energy Information Administration said in its Petroleum Supply Monthly report on Friday.
Crude oil output hit 13.491 million barrels per day (bpd) in December, up from 13.314 million bpd in November and topping the prior all-time high of 13.436 million in October, the EIA said.
Oil output in Texas, the largest producer in the country, fell 1.3% from November to 5.72 million bpd in December, the lowest since July, while New Mexico output rose to a record-high 2.11 million bpd, EIA data showed.
Gross natural gas production in the U.S. Lower 48 states rose by 2.0% in December to a record 118.5 billion cubic feet per day (bcfd), according to the agency's 914 production report.
Trump's tariffs on Mexico, Canada to take effect Tuesday
Previously announced 25% tariffs on goods from Mexico and Canada will...
Previously announced 25% tariffs on goods from Mexico and Canada will take effect today as well as an additional 10% tariff on Chinese imports, said President Donald Trump, citing insufficient progress in curbing the flow of fentanyl into the US. The move coincides with China's annual parliamentary meetings, potentially escalating tensions as Beijing has yet to announce countermeasures. Mexican and Canadian officials are in Washington to discuss the tariffs.
The Haynesville Shale will play a key role in meeting new natural gas...
The Haynesville Shale will play a key role in meeting new natural gas demand from upcoming LNG export facilities, but operators are unlikely to boost production until prices reach at least $5 per Mcf, according to energy executives and analysts. Even then, infrastructure constraints could cap its new supply contribution at just 4 to 6 Bcf/d.
Anthropic secures $61.5 billion valuation after funding round
The company behind the AI chatbot Claude ...
The company behind the AI chatbot Claude raised $3.5 billion from investors including Salesforce, Cisco, Jane Street, and Fidelity. With the new funds, Anthropic wants to expand its computational capacity and its presence in Asia and Europe. Also included in the funding update was confirmation that Amazon’s new Alexa+ personal assistant is powered by Claude. Amazon’s stake in Anthropic is currently worth approximately $8 billion.
