Dow ends lower, S&P 500 and Nasdaq notch fresh records despite Tesla's slide
Another day, another record for the S&P 500 and Nasdaq...
Another day, another record for the S&P 500 and Nasdaq Composite.
The S&P 500 eked out a 0.1% gain, marking its fourth straight record finish, while the Nasdaq Composite gained 0.2% for a second straight all-time high close. The Dow Jones Industrial Average — which finished just 0.01% away from a record on Wednesday — retreated around 316 points, or 0.7%, weighed down in part by a drop of more than 7% by IBM Corp.
Favorable results from Google parent Alphabet Inc. alongside a boost to its capital-spending plans helped provide support, while a drop in first-time weekly jobless claims and a favorable reading on activity in the U.S. services sector were also cited as positive factors. But rate-sensitive sectors lagged behind, noted Jose Torres, senior economist at Interactive Brokers, as Treasury yields ticked up and a manufacturing-activity gauge disappointed.
Range Looks to Capture 5-Bcf/d Appalachia AI Power Market Growth
Range Resources seeks to expand its gas supply agreements with power...
Range Resources seeks to expand its gas supply agreements with power generation partners in Appalachia.
With a Marcellus and Utica inventory measured in decades, Range is poised to capture a share of the anticipated 4 Bcf/d to 5 Bcf/d of additional regional power demand expected by the end of the decade, CEO Dennis Degner said.
Appalachia power demand is growing from technology hyperscalers, data centers and other industrial users. Big Tech is securing power purchase agreements for renewable sources like nuclear and hydropower wherever possible, but natural gas is expected to supply much of the baseload power needed to keep AI data centers running reliably.
Fellow Appalachia producer EQT Corp. announced two deals to supply around 1.5 Bcf/d of its Marcellus gas to two data center projects in Pennsylvania. EQT produced about 6.34 Bcfe/d from Appalachia in the first quarter.
Trump unveils “massive” trade deal with Japan, including a 15% tariff
President Trump announced that an agreement had been reached Tuesday...
President Trump announced that an agreement had been reached Tuesday night that would impose “reciprocal” tariffs on Japanese goods entering the US at 15%. That’s lower than the 25% Trump previously threatened, but still high for a tariff on a major trading partner—and the lower figure includes tariffs on cars, which have been facing a 25% duty since April. The deal also calls for Japan to invest $550 billion in the US, with the US receiving “90% of the profits,” according to Trump. The news pushed Japanese markets to a one-year high yesterday, with automakers getting the biggest boost. US car companies, which have recently reported big losses due to tariffs, criticized the deal.
Elon Musk says Tesla could have a “rough” road ahead after...
Elon Musk says Tesla could have a “rough” road ahead after sales slumped. Tesla’s profit fell 16% last quarter to $1.17 billion compared to $1.4 billion for the same period a year ago as sales of its cars declined. With sales down and the loss of US incentives for consumers to buy EVs due to the recently passed Republican tax bill, Musk said the company would eventually be buoyed by an expanding robotaxi fleet, but that it may not happen until next year. “We probably could have a few rough quarters. I’m not saying we will, but we could,” Musk told analysts yesterday.
A federal appeals court in California ruled that President Trump’s executive order ending birthright citizenship was unconstitutional, affirming a lower-court decision that blocked its enforcement nationwide and likely teeing the issue up for a return to the Supreme Court.
A Florida federal judge denied the Trump administration’s request to release grand jury transcripts from an investigation into Jeffrey Epstein, throwing a wrench into the White House’s efforts to tamp down questions about the DOJ’s decision not to release more documents. Separately, the WSJ reported that President Trump was told in May that his name appeared in Epstein-related documents.
President Trump released a plan aimed at ensuring AI dominance for the US that would cut regulations on the tech.
More than 100 aid groups warned of mass starvation in Gaza, describing Israel’s actions in the region as a “siege.”
The UN’s top court issued a nonbinding ruling saying countries impacted by climate change can sue other countries over it, as failure to address the problem could constitute a violation of international law.
Tesla shares rise as earnings meet Wall Street’s expectations
Tesla's stock gained more than 1% in the extended session...
Tesla's stock gained more than 1% in the extended session Wednesday, after the EV maker reported second-quarter earnings that were largely in line with Wall Street's expectations.
Investors appeared to cheer the news that a cheaper Tesla model is still in development. In its letter to investors accompanying results, Tesla said that it continues "to expand our vehicle offering, including first builds of a more affordable model in June, with volume production planned for the second half of 2025."
