One day after cutting prices on its cars for the sixth time this year, Tesla reported that all those...
One day after cutting prices on its cars for the sixth time this year, Tesla reported that all those discounts made a big dent in its Q1 profits, which were down 24% compared to the same period last year. But with competition in the electric vehicle market heating up, the company said it was sticking with its plan to sell more cars for less. It expects to move 1.8 million cars this year, up from 1.3 million in 2022.
Benchmark U.S. crudeoil for May delivery fell $1.70 to $79.16 a barrel Wednesday. Brent crude for June delivery fell $1.65 to $83.12 a barrel.
Wholesale gasoline for May delivery fell 10 cents $2.65 a gallon. May heating oil fell 4 cents to $2.56 a gallon. May natural gasfell 15 cents to $2.22 per 1,000 cubic feet.
Dow finishes lower, S&P 500 ends flat after another round of corporate earnings
Stocks ended mostly lower on Wednesday, but not by much after the Federal Reserve’s latest Beige Book...
Stocks ended mostly lower on Wednesday, but not by much after the Federal Reserve’s latest Beige Book survey showed that little has changed in economic activity, even while banks pulled back on lending. The Dow Jones Industrial Average DJIA, -0.23% fell about 79 points, or 0.2%, ending near 33,897, while the S&P 500 index SPX, -0.01% shed less than a point, according to preliminary FactSet data. The Nasdaq Composite Index COMP, 0.03% was less than 0.1% higher. Stocks have been struggling for direction this week as the corporate quarterly earnings season gathered steam. The focus for months has been on how far the Fed might rate rates before pausing, and then for how long they might stay high as the central bank looks to bring high inflation lower. Stress in the banking system cropped up in March, with the failure of Silicon Valley Bank and Signature Bank. But the Fed is widely expected to raise its policy rate by another 25 basis points in May, after rapidly increasing the top end of its target range to 5% in slightly more than a year.
A bipartisan coalition of lawmakers, including Sens. Shelley Moore Capito, R-W.Va., Joe Manchin, D-W.Va.,...
A bipartisan coalition of lawmakers, including Sens. Shelley Moore Capito, R-W.Va., Joe Manchin, D-W.Va., and Rep. Scott Peters, D-Calif., is making progress on a deal to reform the federal permitting process for infrastructure projects, aiming to hold hearings in the coming months and pass legislation this year. Even though the issue of permitting delays has become more important for Democrats seeking to expand clean energy, the coalition faces a significant hurdle in securing enough support in the Senate to reach the 60-vote threshold required to pass the bill.
Survey offers insights into Permian oil boom's future
According to a Bloomberg survey of leading forecasters S&P...
According to a Bloomberg survey of leading forecasters S&P Global, Rystad Energy, Wood Mackenzie and Enverus, the final phase of the Permian Basin oil boom is expected to boost global production by an amount equal to Iran's total output. Permian oil output is forecast to grow by 40% before peaking at 7.86 million barrels per day in 2030, but investor discipline, labor and supply shortages and political risk will likely keep the pace of expansion in check.
