S&P 500 exits correction territory as stocks end sharply higher for third straight day
The S&P 500 exited correction territory on Thursday,...
The S&P 500 exited correction territory on Thursday, after U.S. stocks logged three straight sessions of extra-large gains.
Optimism surrounding corporate earnings has helped improve the mood on Wall Street, as well as a potential reversal of tariffs by the White House and hopes for Federal Reserve interest-rate cuts in the coming months.
The S&P 500 index rose 108.91 points, or 2%, ending at 5,484.77. It needed to close at 5,481.05 or higher to officially mark a gain of at least 10% from its prior closing low on April 8, according to Dow Jones Market Data.
The Dow Jones Industrial Average gained 486.83 points, or 1.2%, ending at 40,093.40, while the Nasdaq Composite surged 457.99 points, or 2.7%, ending at 17,166.04.
Newsom signals willingness to collaborate with refiners
As refinery closure announcements pile up, California Gov. Gavin Newsom...
As refinery closure announcements pile up, California Gov. Gavin Newsom has instructed the California Energy Commission to urgently coordinate with oil refiners to preserve in-state fuel production and ensure supply availability, with policy recommendations due by July 1. "California will continue to lead the way in this transition, but it's imperative that we continue to ensure a safe, affordable and reliable supply of transportation fuels over the next two decades," Newsom wrote in the letter.
Chevron sharpens field oversight with autonomous drones
A partnership with drone maker and operator Percepto has enabled Chevron...
A partnership with drone maker and operator Percepto has enabled Chevron to improve site monitoring across its Permian Basin and Colorado operations through round-the-clock autonomous aerial inspections. Outfitted with thermal and visual sensors, the drones help identify equipment issues, emissions and delivery disruptions more efficiently while cutting down on site visits -- a success that has Chevron exploring broader deployment.
Trump accuses Zelensky of blocking Ukraine–Russia peace deal
President Trump lambasted Ukraine’s leader, Volodymyr Zelensky, for...
President Trump lambasted Ukraine’s leader, Volodymyr Zelensky, for saying that his country would not agree to recognize Crimea—which Russia annexed in 2014—as Russian territory as part of a potential peace plan. “It’s inflammatory statements like Zelensky’s that make it so difficult to settle this War,” Trump said on social media, saying Zelensky would prolong the “killing field.” The president’s social media remarks came as US-brokered peace talks in London stalled after top US officials decided not to attend following Zelensky’s pushback on terms. But Trump maintained that a deal to end the war between Russia and Ukraine was still “very close.”
Intel reportingly plans to lay off more than 20% of staff. The...
Intel reportingly plans to lay off more than 20% of staff. The chipmaker is poised to announce that it’s letting 21,000+ employees go as part of its first major restructuring under its new CEO, who’s been tasked with turning the company around, Bloomberg reports. The announcement is expected this week. The California-based company is trying to streamline management and renew focus on its engineering prowess as it plays catch-up with competitors like Nvidia. The company also cut ~15,000 jobs last year.
A dozen US states sued to block President Trump’s tariffs, arguing that Congress didn’t give him the authority to impose them.
Automakers may get an exemption from some tariffs, potentially including the ones on steel and aluminum, but foreign vehicles would still face a 25% import duty.
Mourners are flocking to St. Peter’s Basilica to pay their respects to Pope Francis, whose body is lying in state there. His funeral will be held on Saturday.
Google is requiring some remote employees to return to the office at least three days a week or lose their jobs.
ChatGPT may appreciate your good manners, but OpenAI CEO Sam Altman says it costs “tens of millions of dollars” in computing power when you say please and thank you to the AI model.
