Dow, S&P 500 end lower in choppy pre-holiday trade, despite rally in tech stocks
U.S. stocks finished mostly lower Thursday in choppy...
U.S. stocks finished mostly lower Thursday in choppy trade, with gains fizzling near the closing bell. However, the Nasdaq and mega-cap tech stocks still saw gains.
Investors have been on edge about rising bond yields and the potential for the U.S. deficit to grow under President Trump's huge tax bill, which House Republicans passed Thursday morning.
According to preliminary data, the Dow shed about 1 point, or less than 0.1%, to end near 41,859.
The S&P 500 shed less than 0.1%.
The Nasdaq Composite Index closed about 0.3% higher
The bond market's recent sharp selloff abated on Thursday, but the 30-year Treasury yield still ended above 5.063%, its second-highest level of the year.
US shale growth to slow, says ConocoPhillips chief
US shale oil production is projected to stagnate at current price levels...
US shale oil production is projected to stagnate at current price levels and would decrease if prices fall to around $50 a barrel, says ConocoPhillips chief executive Ryan Lance. This assessment aligns with other industry forecasts that anticipate a slowdown in US supply growth due to the recent decline in oil prices.
Freeport Back at Full Strength Three Years After Fire, Tank Damage
Freeport LNG Development LP has fully restored operations to one of three...
Freeport LNG Development LP has fully restored operations to one of three LNG storage tanks that had been offline for nearly three years following an incident and fire at the export facility. At the time, Freeport accounted for about 20% of U.S. LNG exports.
Freeport said May 21 that the Pipeline and Hazardous Materials Safety Administration and the Federal Energy Regulatory Commission had cleared the tank to return to service.
The tank had been offline since June 8, 2022, after LNG piping to the tank was damaged at Freeport LNG's Quintana Island, Texas, liquefaction facility. The incident “resulted in the release of LNG, leading to the formation and ignition of a natural gas vapor cloud and subsequent fire,” Freeport said at the time.
Since the incident, Freeport LNG said it has improved its organization, doubling the size of its operations and maintenance workforce and strengthening key leadership positions across the company, including top executives and various areas such as maintenance, operations, engineering and environmental health and safety.
The jet that’s raised security and ethics concerns from both Democrats...
The jet that’s raised security and ethics concerns from both Democrats and Republicans has landed as the Pentagon yesterday formally accepted the $400 million gift from Qatar that President Trump plans to use as Air Force One. “The Department of Defense will work to ensure proper security measures and functional-mission requirements” so the president can use the plane, a spokesperson said. The president has defended the gift as saving taxpayers money while he waits for long-delayed replacements for Air Force One from Boeing, but some experts say appropriately outfitting the new jet could cost as much as $1 billion.
OpenAI to buy iPhone designer’s startup for $6.5b. The...
OpenAI to buy iPhone designer’s startup for $6.5b. The ChatGPT-maker is signalling its intention to go big on hardware with its biggest acquisition to date. It’s buying io, an AI device company helmed by Apple design legend Jony Ive, in a $6.5 billion all-stock deal. Ive, who started the company alongside other ex-Apple designers, will take on “deep creative and design responsibilities across OpenAI and io,” OpenAI said. OpenAI’s CEO Sam Altman called Ive “the greatest designer in the world” in an X post, saying he was “excited to try to create a new generation of AI-powered computers.”
The “big, beautiful” tax and spending bill the president desires is getting closer to becoming a reality as Republicans work out their differences and make last-minute changes before an anticipated House vote. House Speaker Mike Johnson reportedly made a deal with the “SALT caucus” to raise the cap on state and local tax deductions to $40,000, and President Trump helped persuade hardline conservatives to accept the legislation with some changes.
The Justice Department is working to cancel settlements with Minneapolis and Louisville that required an overhaul of their police departments following the killings of George Floyd and Breonna Taylor.
A federal judge found that the Trump administration had violated his earlier order by putting migrants on a flight to South Sudan in the latest clash between the administration and the judiciary over immigration enforcement.
Rep. Gerry Connolly, a Democrat from Virginia known for fighting for federal workers, has died at age 75 while battling cancer.
Fortnite is again available in Apple’s app store after years of legal wrangling, and it’s the No. 1 free game.
The “Tush Push” will remain allowed in NFL games after team owners declined to ban it.
