Dow, S&P 500 and Nasdaq all close lower as tech selloff bleeds across market
After an initial bump in the first hour of trading, stocks...
After an initial bump in the first hour of trading, stocks spent the second half of Thursday trending lower and lower. The Dow Jones Industrial Average was in positive territory for most of the day, but finished the day lower.
Tech stocks were one of the big losers of the day. The tech-heavy Nasdaq Composite fell more than the other indexes, ending its streak of four record closes in a row.
The main catalyst of the day was earnings from the Big Tech companies. Disappointing earnings from Meta Platforms pushed its stock down more than 11%. Meanwhile, investors were bracing for earnings from Apple and Amazon, which come after the closing bell.
Keystone XL revival floated in US-Canada trade talks
Canadian Prime Minister Mark Carney and President Donald Trump have discussed...
Canadian Prime Minister Mark Carney and President Donald Trump have discussed reviving the Keystone XL oil pipeline as part of broader trade negotiations, though political friction, rising tariffs and mixed industry interest cloud that prospect. American Petroleum Institute President and CEO Mike Sommers welcomed the dialogue and voiced support for bringing the project back. He called its earlier cancellation "one of those marquee examples of a permitting process that was completely abused by the previous administration."
Deepwater shaping up to be oil industry's next growth engine
The increased competitiveness of deepwater production will fuel a new...
The increased competitiveness of deepwater production will fuel a new wave of deepwater development and lead to more final investment decisions in the coming years, according to Clay Williams, CEO of oilfield services firm NOV. He said sustained cost reductions, standardized subsea systems and improved drilling efficiency have pushed deepwater marginal costs below those of North American shale. Successful exploration in new basins like Guyana, Namibia, the Eastern Mediterranean and the Gulf of America's Paleogene trend will support the recovery, Williams noted.
Trump lowers tariffs on China, which agreed to pull back some rare earth restrictions
The developments came as the president concluded his trip to Asia with ...
The developments came as the president concluded his trip to Asia with a meeting with Chinese President Xi Jinping at a military base in Busan, South Korea. President Trump told reporters on board Air Force One that he halved the 20% tariffs levied on China due to its role in fentanyl production, bringing the overall tariff rate on Chinese goods to 47% from 57%. Following the meeting, China’s commerce ministry said it would enact a one-year suspension of some rare earth export controls, but did not mention dropping its requirement for export licenses for seven kinds of rare earth minerals and the magnets made from them, which have been snarling manufacturing in the US and Europe. A comprehensive trade deal between the US and China was not announced. Earlier in the day, Trump said a trade deal between the US and South Korea was “pretty much finalized.”
Big Tech had a big earnings day. Meta, Microsoft, and...
Big Tech had a big earnings day. Meta, Microsoft, and Google’s parent company Alphabet all reported earnings yesterday, with investors watching to see whether their massive AI expenditures are paying off. Meta’s stock slumped in after-hours trading, despite it reporting record revenue for Q3, as it revealed expectations that AI infrastructure spending would grow significantly next year, plus a significant one-time tax hit. Microsoft unveiled plans to spend big to double its data center capacity, and it also fell in extended trading. But Alphabet’s stock rose, even though it too upped its anticipated capital expenditures. The company raked in more than $100 billion in quarterly revenue for the first time, and its cloud unit’s revenue grew 34% year over year. Amazon and Apple will announce their earnings today.
Hurricane Melissa left at least dozens of people dead as it traveled across Cuba, Haiti, and Jamaica causing destruction.
President Trump said on social media yesterday that he had instructed the US to resume nuclear weapons testing, which it hasn’t done since 1992.
Israel said yesterday its ceasefire in Gaza was back on after carrying out airstrikes in the area that killed 104 people. Israel and Hamas have each accused the other of violating their ceasefire deal.
General Motors laid off more than 1,700 workers in Michigan and Ohio, blaming slow EV sales.
Boeing said delays in bringing out its highly anticipated 777X wide-body plane to market will cost it nearly $5 billion.
Prosecutors say two suspects have admitted to being involved with the theft of some of France’s crown jewels, and five others were arrested late Wednesday night local time, but the sparkly loot still hasn’t been recovered.
