U.S. stocks close higher after choppy trading in wake of Fed’s rate decision
U.S. stocks finished higher on Wednesday after the Federal...
U.S. stocks finished higher on Wednesday after the Federal Reserve decided to leave interest rates unchanged, emphasizing there's still no hurry to lower them as the U.S. economy is in relatively solid shape.
According to preliminary data from FactSet, the Dow Jones Industrial Average rose over 280 points, or 0.7%, to end near 41,113.
The S&P 500 was up 0.4%, to finish at around 5,631.
The Nasdaq Composite advanced 0.3%, ending near 17,738.
On Wednesday, the Federal Open Market Committee held its interest rates between 4.25% to 4.5%, as widely expected. But at the post-decision press conference, Fed Chair Jerome Powell repeatedly said the central bank has to be patient and not make any moves "preemptively."
According to the CME FedWatch Tool, futures traders have, in turn, dialed back expectations for an interest-rate cut in June, possibly because of Powell's insistence on standing pat for now.
However, the Fed rate decision and Powell's press conference were not the only factors moving the stock market on Wednesday. Just moments before the Fed's announcement, President Donald Trump said he is not pulling back his 145% levies on Chinese products to get the world’s second-largest economy to the negotiating table.
Earlier, Wall Street was cheering the news that Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer plan to meet with their Chinese counterparts in Switzerland this weekend, hinting at a possible de-escalation in trade tensions between the global superpowers.
Devon Sells Matterhorn Express Pipeline Stake for $375MM
Devon Energy, the company said May 6, has agreed to sell its equity stake...
Devon Energy, the company said May 6, has agreed to sell its equity stake in the Matterhorn Express Pipeline.
The buyer was not named in the announcement, which Devon included in its press release for its quarterly earnings report.
On May 3, Reuters reported that I Squared Capital was in talks to buy a majority stake in the line’s ownership, according to anonymous sources. The report said how I Squared would put together its stake was unclear.
The Matterhorn Express is a 2.5 Bcf/d, 580-mile line from the Permian Basin to Southeast Texas. The line began operations on Oct. 1 and has ramped up flows faster than expected, according to reports from East Daley Analytics.
It wasn’t quite the 15 rounds of voting that the US House of Representatives...
It wasn’t quite the 15 rounds of voting that the US House of Representatives needed to name a speaker in 2023, but after a surprising failure to secure enough parliamentary votes to officially become the leader of Germany on Tuesday morning, Friedrich Merz was confirmed as chancellor in a frantic afternoon vote. The last-minute durcheinander adds to the instability in Germany as its economy struggles and various factions compete over how to fix it. Merz’s center-right party has formed a coalition with the main center-left party to build a firewall against the far-right AfD.
Carney tells Trump that Canada “won’t be for sale, ever.” In...
Carney tells Trump that Canada “won’t be for sale, ever.” In a mostly friendly meeting at the White House yesterday, newly elected Canadian Prime Minister Mark Carney said that Canada will remain a sovereign country after President Trump repeated his desire for it to become the 51st US state. “There are some places that are never for sale. You’re sitting in one right now,” Carney told Trump, referring to the Oval Office. Earlier in the day, Trump antagonized Canada in a post on Truth Social but then took a more cordial tone during the in-person meeting, even joking that his rhetoric and trade policies, which are unpopular in Canada, helped Carney and his Liberal Party get elected last month.
Mattel, the maker of Barbie dolls and Hot Wheels cars, warned that it plans to raise prices on some toys in response to tariffs.
The Supreme Court allowed the Trump administration to implement its ban on transgender military members in a 6–3 ruling.
Tesla sales continued to slip in Europe, falling behind two smaller Chinese automakers in the UK last month, Business Insider reported.
President Trump said the US will stop bombing Houthis in Yemen after he claimed the militant group agreed to cease targeting civilian ships in the Middle East.
PwC, one of the Big Four accounting firms, is cutting 1,500 jobs due to “historically low levels of attrition.”
Kentucky Derby winner Sovereignty will forgo a chance at the Triple Crown and won’t race in this month’s Preakness Stakes, adding to the Baltimore race’s woes after it announced it won’t host its traditional infield party where attendees used to ignore the horses, run across the top of the porta potties, and get pelted with beers.
India Strikes Pakistan Two Weeks After Terrorist Attack in Kashmir
The Indian government said its forces had struck nine sites in Pakistan...
The Indian government said its forces had struck nine sites in Pakistan and on Pakistan’s side of the disputed Kashmir region. Pakistani military officials said that five places had been hit, in Punjab Province and its part of Kashmir, and that the strikes “will not go unanswered.”
