Ford is hiking prices on three models. The second-biggest...
Ford is hiking prices on three models. The second-biggest automaker in the US will increase prices on the Mexican-produced Mustang Mach-E electric SUV, Maverick pickup, and Bronco Sport by as much as $2,000 due to tariffs, Reuters reported. A spokesperson said that the company is not passing the full cost of tariffs onto its customers, but acknowledged that President Trump’s historic levies on foreign auto imports played a role in the price hikes. The automaker said last week that tariffs would cost it $2.5 billion over the full year. Trump softened his auto tariff policy last month, exempting car companies from his steel and aluminum levies on top of the 25% tax on foreign vehicles.
Meta is reportedly developing a “super-sensing” mode for its AI glasses that could identify people by name.
De Beers, the South African-British diamond giant, is closing its lab-grown diamond business, the company announced, as the value of human-made gems declines.
Coinbase acquired Deribit, a popular trading platform for bitcoin and ether options, for $2.9 billion.
FEMA acting head Cameron Hamilton was fired yesterday, Politico reported, amid reports that President Trump could look to shrink the department or eliminate it entirely.
Match Group, which owns Hinge and Tinder, cut 13% of its workforce as it seeks a turnaround following several executive departures and pressure from activist investors.
Dow closes just shy of exiting correction as stocks rise on U.S.-U.K. trade deal
U.S. stocks closed higher on Thursday, but off the session's...
U.S. stocks closed higher on Thursday, but off the session's loftiest levels, after President Trump touted his first significant win in securing a trade deal with a longstanding trade partner.
The U.S. and U.K. outlined broad strokes of their trade agreement, which still would keep 10% tariffs in place on many British imports sold in the U.S., while allowing more American agriculture products into the U.K.
Stocks lost ground in late-afternoon trade after Bloomberg reported that Trump wants to see a tax hike on wealthy people who earn $2.5 million or more.
The blue-chip Dow Jones Industrial Averageclosed 254.48 points higher, or up 0.6%, ending at 41,368.48. That was slightly less than the 10% climb needed from its recent closing low to cement an exit from correction territory for the index. The minimum needed would be a close of 41,410.15 or higher.
The S&P 500 gained 32.66 points, or 0.6%, ending at 5,663.94.
The Nasdaq Composite finished 189.98 points higher, or 1.1%, closing at 17,928.14.
U.S. productivity, secret sauce of economy, falls for first time in almost three years
U.S. productivity decreased at a 0.8% annual rate in...
U.S. productivity decreased at a 0.8% annual rate in the first quarter, the government said Thursday. That’s the first decline since the second quarter of 2022.
Economists surveyed by the Wall Street Journal had projected a 0.7% decrease. Over the past four quarters, U.S. productivity has increased at a 1.4% pace, the slowest pace since the first quarter of 2023.
Unit-labor costs, a key measure of wages, jumped 5.7% in the first quarter, up from 2.0% in the fourth quarter.
Bottom Line:
🔴 Negative for inflation outlook: Rising labor costs and falling productivity raise inflation risks.
🔴 Potential market impact: Could push bond yields higher as traders reassess interest rate cuts.
🔴 Federal Reserve implication: Makes the Fed’s job harder—slower growth but still sticky inflation.
Permian Resources Buys Apache's Northern Delaware Assets for $608MM
Permian Resources is growing in the northern Delaware Basin through...
Permian Resources is growing in the northern Delaware Basin through an acquisition from Apache parent APA Corp.
The company said after markets closed May 7 that the deal includes 13,320 net acres and 8,700 net royalty acres in New Mexico, near some of Permian Resources’ core operating areas. The consideration for the deal is $608 million.
APA said production from the assets is expected to average 12,400 boe/d (46% oil) in 2025.
Permian Resources has identified over 100 gross operated, 2-mile drilling locations on the assets. The company said the acquired inventory is scheduled for development in the near term and features an average breakeven of $30/bbl WTI.
The deal also increases Permian Resources’ working interest in over 100 existing operated locations and adds non-operated acreage.
Fed holds rates steady, says tariffs will slow economy
The nation’s central bankers didn’t grow up in the circus, but they’re...
The nation’s central bankers didn’t grow up in the circus, but they’re walking a tightrope nonetheless. Amid pressure on all sides from the anticipated effects of President Trump’s tariffs, the Federal Reserve held interest rates at 4.25%–4.5% yesterday, as expected, and ramped up warnings about the nation’s economic trajectory.
“We can afford to be patient as things unfold,” Federal Reserve Chair Jerome Powell said when asked by an Axios reporter why the Fed was waiting to make a policy decision until hard data caught up with soft data—a gap known as the “Vibecession.”
Though he’s waiting to see what happens, Powell is concerned for the future: “If the large increases in tariffs that have been announced are sustained, they’re likely to generate a rise in inflation, a slowdown in economic growth, and an increase in unemployment,” he said.
