President Trump’s trip to Saudi Arabia yesterday—the first leg of...
President Trump’s trip to Saudi Arabia yesterday—the first leg of a four-day Middle East tour—was eventful. Trump and Saudi Crown Prince Mohammed bin Salman said that Saudi Arabia would invest $1 trillion in the US, although experts cautioned the actual figure will likely be significantly less than that ($1 trillion is about the size of Saudi’s entire GDP). Per the White House, the investment includes a $142 billion defense pact. Trump also made news by announcing that the US will lift sanctions on Syria “in order to give them a chance at greatness” after Bashar al-Assad’s totalitarian regime was toppled last year.
The US automaker revealed it’s developing a “groundbreaking” battery...
The US automaker revealed it’s developing a “groundbreaking” battery technology to boost the range of its electric trucks and SUVs at a cheaper cost by 2028. Instead of using cobalt and nickel, GM will use lithium manganese-rich (LMR) cells, which have been around for decades but with a much shorter lifespan (until now). Ford is working on launching similar battery technology by 2030, but GM expects to be first to market. The ultimate goal is to lower the barrier of entry for consumers to adopt EVs.
UnitedHealth’s CEO abruptly stepped down. Andrew...
UnitedHealth’s CEO abruptly stepped down. Andrew Witty is leaving the post for “personal reasons,” the healthcare giant said yesterday, ending a rough tenure for the British executive. While Witty was CEO, the company experienced a massive cyberattack, federal investigations, and the murder of UnitedHealthcare CEO Brian Thompson. It’s also reeling from higher-than-expected medical costs, which forced the company to cut its annual outlook. Shares were down following last month’s dire earnings report, and they fell again yesterday on the news of Witty’s departure. Chairman Stephen Hemsley will return as CEO, effective immediately.
Inflation rose by 2.3% in April, less than economists feared, though the rate likely still doesn’t show the full effect of tariffs.
United Airlines unveiled a new ultra-premium seating option with noise-canceling headphones, caviar service, and what the Wall Street Journal is calling “luxe jammies.”
Microsoft is cutting 3% of its workforce, or about 6,000 employees, in order to reduce layers of management, a spokesperson told CNBC.
Airbnb now allows users to hire on-site professionals, including private chefs, massage therapists, and personal trainers.
TGI Fridays changed 85% of its menu, which now includes three different flavors of mozzarella sticks.
S&P 500 wipes out 2025 losses as stocks climb after soft CPI inflation report
U.S. stocks finished mostly higher on Tuesday, as the...
U.S. stocks finished mostly higher on Tuesday, as the S&P 500 clawed back to positive territory for the year to seal a stunning comeback just over a month after it had tumbled to recent lows amid President Trump's aggressive and far-reaching tariff plans.
The S&P 500 gained 42.36 points, or 0.7% to finish at 5,886.55, extending Monday's rally on the heels of the easing U.S.-China trade tensions. The large-cap index is now positive for the year, up a modest 0.1% so far in 2025, according to FactSet data.
The Dow Jones Industrial Averagefell 269.67 points, or 0.6%, to end at 42,140.43, weighed down by a 17.8% slump in shares of UnitedHealth Group Inc.
The Nasdaq Composite surged 301.74 points, or 1.6%, ending at 19,010.08.
Earlier, the consumer-price-index (CPI) report for April showed inflation came in cooler than expected. The headline CPI rose 0.2% last month for an annual rate of 2.3%, below the 2.4% increase forecast by Wall Street analysts.
Core inflation, which excludes volatile energy and food prices, advanced 0.2% in April for an annual pace of 2.8%, according to the Bureau of Labor Statistics.
The Energy Department has unveiled a far-reaching deregulation proposal that targets as many as 47 rules for revision or elimination, including appliance efficiency standards, Strategic Petroleum Reserve procedures and diversity protections. The plan, expected to deliver $11 billion in savings to taxpayers, also seeks to streamline energy trade by allowing electronic applications for natural gas imports and exports and simplifying permits for international electricity transmission.
