U.S. stocks end mixed, claw back earlier losses as S&P seals best May since 1990
U.S. stocks ended a holiday-shortened week on a mixed...
U.S. stocks ended a holiday-shortened week on a mixed note Friday, but saw the S&P 500 book its strongest May advance since 1990.
The Dow Jones Industrial Average shook off pressure tied to renewed U.S.-China trade tensions, ending with a gain of 54.34 points, or 0.1%, at 42,270.07. The S&P 500 saw a fractional loss of just 0.48 point to end at 5,911.69, while the Nasdaq Composite shed 62.11 points, or 0.3%, to close at 19,113.77.
Stocks saw modest pressure in early trade after President Donald Trump, in a social-media post, blasted China — accusing it of failing to live up to a preliminary agreement, reached earlier this month, that saw both countries mutually cut tariffs that had topped 100% amid April's trade tensions. Equities briefly extended losses after a news report that said the U.S. was planning to widen sanctions on China's tech industry.
But stocks clawed back those losses by the bell, putting a cap on a winning week that had seen equities buoyed by strong earnings from chip giant and artificial-intelligence bellwether Nvidia Corp. Investors were also dealing with increased trade uncertainty after a U.S. trade court late Wednesday ruled to void the bulk of Trump's tariff measures, but saw that ruling stayed Thursday by an appeals court, pending appeal.
After three straight monthly declines, stocks saw big May gains, with the S&P 500 up 6.15%, while the Dow advanced 3.94% and the Nasdaq gained 9.56%. That marked not only the best May since 1990 for the S&P 500, but the best performance of any month for both the S&P 500 and Nasdaq since November 2023, according to Dow Jones Market Data.
Chevron plans to cut nearly 800 jobs in Midland County, Texas, by July...
Chevron plans to cut nearly 800 jobs in Midland County, Texas, by July 15 as part of a broader push by the oil major to reduce its global workforce by up to 20% by the end of next year. This move comes amid other cost-cutting measures and challenges, including an arbitration dispute over its planned acquisition of Hess and a revoked Venezuelan operating license.
Shell Buys TotalEnergies' Interest Offshore Nigeria for $510MM
TotalEnergies has agreed to sell its 12.5% interest in two fields offshore...
TotalEnergies has agreed to sell its 12.5% interest in two fields offshore Nigeria to Shell for $510 million, the companies announced.
Shell Nigeria Exploration and Production Co., the operator of the OML 118 Production Sharing Contract, will increase its interest to 67.5% from 55% when the sale is complete.
The other partners are Esso Exploration and Production Nigeria (20%) and Nigerian Agip Exploration (12.5%).
The development 120 km south of the Niger Delta contains the Bonga and Bonga North fields. Production from Bonga began in 2005, with a capacity of 225,000 bbl/d of oil. The Bonga field produced its one-billionth barrel of crude oil in 2023.
According to Press Secretary Karoline Leavitt, the president ...
According to Press Secretary Karoline Leavitt, the president pushed Powell to lower interest rates at the in-person meeting, their first since the inauguration. A Federal Reserve spokesperson said Powell “did not discuss his expectations for monetary policy” apart from the fact that decisions will be based on “careful, objective, and non-political analysis.” Trump has pressured Powell to lower rates for months, going as far as threatening to fire him, though the Supreme Court recently signaled the president can’t do that. Powell and the Fed have so far held rates steady this year amid the ongoing tariff turmoil.
United and JetBlue are forming an alliance. This is...
United and JetBlue are forming an alliance. This is just like when Arya Stark and The Hound teamed up, but with planes. United Airlines and JetBlue Airways announced an elaborate partnership yesterday that will allow flyers to book and use perks across both websites. And, starting in 2027, the pact will give United its long-sought return to New York’s JFK Airport, which it left in 2015 (and instantly regretted) because it wasn’t profitable at the time. JetBlue, meanwhile, gets the expanded reach it’s coveted after its planned merger with Spirit Airlines was blocked by a federal judge. Though not technically a merger, the United–JetBlue entente is still subject to regulatory review.
DeepSeek said its new AI model is hallucinating less and is close to matching the performance of the latest models from OpenAI and Google.
A bird flu vaccine will no longer be developed by Moderna after the Trump administration canceled its $766 million contract.
Major League Baseball is investing in a new women’s softball league, marking its first partnership with a pro women’s sports league.
Victoria’s Secret’s website was down yesterday as the lingerie brand addressed an unspecified “security incident.”
Best Buy said it hiked some prices and cut its profit outlook in response to tariffs raising the costs of consumer electronics.
Disney+ is expanding the perks it offers subscribers to include chances to win cruises or attend movie premieres.
