Jamie Dimon’s retirement is “several years” away. You...
Jamie Dimon’s retirement is “several years” away. You won’t have to learn the name of a new top dog at JPMorgan just yet. Although the 69-year-old CEO shocked the finance world last year by saying he’d step down within the next five years, ramping up speculation about possible successors, Dimon said in an interview that Fox Business aired yesterday that his retirement wasn’t imminent, although “it’s always up to God and the board.” He added, “I love what I do.”
Ukraine and Russia did not reach a ceasefire agreement during their second round of peace talks yesterday, but they did agree to further prisoner exchanges. The talks, which only lasted about an hour, were largely overshadowed by Ukraine’s significant drone attack on Russia’s bomber fleet on Sunday.
Bristol-Myers Squibb agreed to an $11 billion deal to license a next-generation cancer drug from BioNTech.
Italy’s Mount Etna erupted yesterday, sending smoke into the air “several kilometers high” and forcing tourists to flee.
Marc Maron will end his popular podcast WTF With Marc Maron this fall after more than 15 years of high-profile interviews.
Oil rises on Iran, Russia and Canada supply concerns
(Reuters) - Oil prices rose in early Asia trade on Tuesday on concerns...
(Reuters) - Oil prices rose in early Asia trade on Tuesday on concerns about supply, with Iran set to reject a U.S. nuclear deal proposal that would be key to easing sanctions on the major oil producer, and with production in Canada hit by wildfires.
Brent crude futures gained 55 cents, or 0.85%, to $65.18 a barrel by 0000 GMT. U.S. West Texas Intermediate crude was up 59 cents, or 0.94%, to $63.11 a barrel, after rising around 1% earlier in the session.
Both contracts gained nearly 3% in the previous session after OPEC+ agreed to keep output increases in July at 411,000 barrels per day, which was less than some in the market had feared and the same hike as in the previous two months.
Geopolitical tensions supported prices on Tuesday. Iran was poised to reject a U.S. proposal to end a decades-old nuclear dispute, an Iranian diplomat said on Monday, saying it fails to address Tehran's interests or soften Washington's stance on uranium enrichment.
If nuclear talks between the U.S. and Iran fail, it could mean continued sanctions on Iran, which would limit Iranian supply and be supportive of oil prices.
The ongoing conflict between Russia and Ukraine continued to stoke supply concerns and geopolitical risk premiums.
U.S. stocks end higher as Dow reverses earlier losses
Stocks ended higher on Monday after the Dow Jones Industrial...
Stocks ended higher on Monday after the Dow Jones Industrial Average reversed its earlier losses, as Deputy Treasury Secretary Michael Faulkender said that the Trump administration is "close to the finish line on a couple" of trade deals, though trade tensions between the U.S. and China flared.
"This morning’s news of trade deals being near the finish line is supporting a bullish reversal in equities after mounting U.S.-China tensions drove early volatility," José Torres, senior economist at Interactive Brokers, wrote in a Monday note.
"Maintaining an adversarial posture against Beijing is tolerable for markets and the economy as long as there are agreements with most other cross-border commerce partners," he added.
The Dow Jones Industrial Average gained 35.41 points, or 0.1%, to end at 42,305.48, for its third straight daily gain, according to Dow Jones Market Data.
The S&P 500 rose 24.25 points, or 0.4%, to close at 5,935.94.
The Nasdaq Composite increased 128.85 points, or 0.7%, to finish at 19,242.61.
JPMorgan Chase & Co.’s chief executive, Jamie Dimon, came out on Monday with another warning about the bond market that some observers said could prompt more investors to look around the world and at other asset classes for protection.
In an interview with the Fox Business Network’s “Mornings with Maria” show, Dimon said the worsening fiscal situation in the U.S. is a “big deal” and “a real problem,” and that “the bond markets are going to have a tough time” at some point, although he doesn’t know if it will be in “six months or six years.” He added that the U.S. needs to take steps aimed at growth and pro-business measures.
His comments came as U.S. government debt sold off in New York trading amid a continued focus on a growing federal deficit that could widen even further under the Trump administration’s tax-cut agenda.
(Reuters) - U.S. energy firms this week cut the number of oil and natural gas rigs operating for a fifth week to the lowest since November 2021, energy services firm Baker Hughes said in its closely followed report on Friday.
It was the first time since September 2023 that the number of rigs declined for five straight weeks.
The combined oil and gas rig count, an early indicator of future output, fell by three to 563 in the week to May 30th. This week's decline decreased the total count by 37 rigs, or 6%, from this time last year.
Baker Hughes said oil rigs fell by four to 461 this week, their lowest since November 2021. Gas rigs rose by one to 99.
In the Permian Basin in West Texas and eastern New Mexico, the nation's biggest oil-producing shale formation, drillers cut one rig, bringing the total down to 278, the lowest since November 2021. Oklahoma dropped one rig, now at 52 rigs running.
