U.S. stocks make huge U-turn, end down as White House confirms 104% China tariff
U.S. stocks finished sharply lower Tuesday following...
U.S. stocks finished sharply lower Tuesday following a volatile session. The S&P 500 and the Dow Jones Industrial Average extended their declines to a fourth day after the White House confirmed that President Donald Trump is still set to impose 104% tariffs on all Chinese imports on Wednesday.
The Dow Jones Industrial Average fell 320.01 points, or over 0.8%, to end at 37,645.59, according to FactSet data.
The S&P 500 was off 79.48 points, or 1.6%, to finish at 4,982.77.
The Dow and the S&P 500 were down for four consecutive trading sessions and saw their worst four-day percentage declines since March 2020.
The Nasdaq Composite slumped 335.35 points, or nearly 2.2%, ending at 15,267.91.
U.S. stocks staged a sharp relief rally on Tuesday morning in hopes that Trump would ease tariffs on major trading partners. The Dow rose by as much as 1,461 points, or 3.9%, while the S&P 500 and the Nasdaq each popped over 4% in morning action before erasing all their gains in the afternoon.
According to Dow Jones Market Data, the large-cap benchmark S&P 500 suffered its largest blown percentage gain since 2008, while the tech-heavy Nasdaq saw its worst blown gain in over 40 years.
Texas RRC Issues Preliminary Production Figures for January
The Railroad Commission of Texas late last week released preliminary data on statewide oil and gas production...
The Railroad Commission of Texas late last week released preliminary data on statewide oil and gas production for January 2025. The figures for this month reflect output from 158,555 oil wells and 83,176 gas wells.
Considering these are not final figures, the RRC reported combined crude and condensate output of 143,648,421 bbl, or about 4.634 MMbpd. When this figure is finalized, it will likely be at or above 165 MMbbl, or 5.323 MMbpd.
Texas crude and condensate production averaged 5.475 MMbpd, up 0.2% from the 2023 level but up a noticeable 14.4% since the low point of 2021 (4.784 MMbpd).
Similarly, the RRC reported that natural gas output from Texas gas wells, combined with casinghead gas from oil wells, totaled 1,000.7 Bcf, or 1.001 Tcf, during January. This works out to 32.3 Bcfd. However, as data becomes more finalized, this level should rise to 1,065 Bcf (1.065 Tcf) of gas for the month or greater, equating to 34.4 Bcfd or more.
Texas output of natural gas totaled 12.619 Tcf (34.479 Bcfd) in 2024, up 2.6% from 2023’s level, and up 23.7% from the 10.205 Tcf (27.958 Bcfd) total recorded in 2019.
According to sources, Oklahoma producer Camino Natural Resources, reportedly...
According to sources, Oklahoma producer Camino Natural Resources, reportedly testing the market for a $2 billion exit, has pulled back from a sales process in the Anadarko Basin. About half of Camino’s assets sit in the SCOOP play, while the other half fall within the Merge play.
Denver-based Camino holds approximately 135,000 net acres in the core of the Anadarko and is one of the top producers in Oklahoma. The company is sponsored by private equity firm NGP. Camino still holds considerable undrilled inventory across the Anadarko Basin’s oil and natural gas windows,
Fresh review of Nippon Steel’s bid for US Steel ordered
President Trump ordered a powerful national security panel to ...
President Trump ordered a powerful national security panel to re-review the Japanese company’s attempted $15 billion acquisition of the iconic Pennsylvania steelmaker, which President Biden blocked in January. By asking the Committee on Foreign Investment in the US to help determine “whether further action in this matter may be appropriate,” Trump may be breathing new life into a deal that he had opposed in the past, but appeared more amenable to after meeting with Japan’s prime minister.
President Trump threatened another 50% tariff on China. If...
President Trump threatened another 50% tariff on China. If you put money on yesterday being the day the trade war de-escalated, you lost that bet: President Trump posted on social media that unless China nixes the retaliatory 34% tariff on US goods that it announced to counter the US’ latest tariff, he’d slap another 50% import tax on Chinese products and would refuse to enter talks. China called the threat “a mistake on top of a mistake” and said it would “fight to the end.” Other countries have been more conciliatory toward the US, but it’s unclear how well those negotiations are going. White House trade advisor Peter Navarro said yesterday that Vietnam’s offer to eliminate tariffs on all US products wasn’t enough. The EU also seemed ready to come to the table, saying it had offered “zero-for-zero tariffs” for industrial goods, even as it plans potential counter-tariffs.
The Supreme Court ruled that the government can use a rarely invoked wartime law to deport Venezuelan migrants but said they must get a court hearing first. Separately, Chief Justice John Roberts temporarily blocked a judge’s order requiring the US to bring back a man the government admitted to having mistakenly deported to El Salvador to give the full Supreme Court time to consider the issue.
President Trump said the US will be holding direct talks with Iran about its nuclear program on Saturday, which would be the first ones since 2015.
Microsoft has fired engineers who protested the Israeli military’s use of the company’s AI products at the company’s 50th anniversary celebration last week.
Florida defeated Houston 65–63 in a thriller to win the men’s college basketball national championship.
Barrick Gold, the company whose stock ticker is “GOLD,” wants to be a little less gilded. It’s proposing changing its name to Barrick Mining Corp. to reflect its large investment in copper.
