China waives US ethane tariffs to ease import costs
China has waived a 125% tariff on US ethane imports, easing costs for...
China has waived a 125% tariff on US ethane imports, easing costs for Chinese chemical companies and providing an outlet for US natural gas liquids. Nearly 50% of all US ethane exports head to China, making the waiver important for continued trade. It may also increase the nation's import volumes.
A Nabors Industries survey of 14 companies that run 43% of Lower 48 rigs revealed intentions to cut drilling activity by around 4% by year's end in response to falling crude oil prices and trade tensions. Deeper reductions may follow if West Texas Intermediate stays below the $60 mark for longer.
Amazon topped Wall Street’s estimates, but tempered forecast. All...
Amazon topped Wall Street’s estimates, but tempered forecast. All eyes were on the world’s biggest online retailer to see how tariffs would impact its businesses, and the early returns were mixed. Amazon posted a 9% jump in revenue last quarter, beating expectations and momentarily quelling concerns about the historically high levies on China, where it gets many of the products it sells. But it also offered lighter-than-expected guidance, suggesting the worst is probably yet to come. That sent shares down in after-hours trading despite the revenue beat.
Tesla denied a Wall Street Journal report that its board was searching for a replacement for CEO Elon Musk.
Chef Boyardee was sold to a private equity firm for $600 million.
Microsoft raised prices on Xbox consoles, games, and controllers worldwide.
US manufacturing shrank in April by the most since November due to the impact of tariffs and overall economic uncertainty.
Death Becomes Herwas one of three shows to garner 10 nods in this year’s Tony nominations.
Oil up 2% as Trump threatens new sanctions on Iran
Oil prices settled nearly 2% higher on Thursday after U.S. President...
Oil prices settled nearly 2% higher on Thursday after U.S. President Donald Trump threatened secondary sanctions on Iran after a fourth round of U.S.-Iran talks was postponed.
Brent crude futures settled higher at $62.13 a barrel, up $1.07, while U.S. West Texas Intermediate crude futures closed $1.03 higher at $59.24 a barrel.
Trump said all purchases of Iranian oil or petrochemical products must stop, and any country or person buying any from the government would be immediately subject to secondary sanctions.
His comments follow the postponement of talks, which had been due to take place in Rome on Saturday, over Iran's nuclear program. A senior Iranian official told Reuters a new date will be set depending on the U.S. approach.
Several OPEC+ members are set to propose that the group accelerate output hikes in June for a second consecutive month, according to three people familiar with OPEC+ talks. Eight OPEC+ countries will meet on May 5 to decide a June output plan.
S&P 500 logs largest 8-session gain since 2020, Nasdaq recoups recent losses
U.S stocks closed higher Thursday, with big gains for...
U.S stocks closed higher Thursday, with big gains for the Nasdaq Composite allowing it to recoup all of its losses since President Donald Trump's "liberation day" tariffs were announced after the April 2 market close.
Stocks fell sharply after the extra tariffs were outlined, and then partially paused by Trump for 90 days, except for those on China. Talk of coming trade deals have helped stocks recover some of that ground, as have strong earnings from megacap tech companies.
The Dow Jones closed higher for an 8th straight day on Thursday, adding 83.60 points, or 0.2%, and ending at 40,752.96.
The S&P 500 added 35.08 points, or 0.6%, ending at 5,604.14, also climbing for an 8th consecutive session, and logging its biggest percentage gain over that stretch since the eight days ending Nov. 11, 2020, according to Dow Jones Market Data.
The Nasdaq gained 264.40 points, or 1.5%, ending at 17,710.74.
The Dow still had 3.5% to recover from the slide following April 2 tariffs, while the S&P 500 was off 1.2%, according to Dow Jones Market Data.
Up next, a big focus will be on April's jobs report released Friday morning.
