UnitedHealth’s CEO abruptly stepped down. Andrew...
UnitedHealth’s CEO abruptly stepped down. Andrew Witty is leaving the post for “personal reasons,” the healthcare giant said yesterday, ending a rough tenure for the British executive. While Witty was CEO, the company experienced a massive cyberattack, federal investigations, and the murder of UnitedHealthcare CEO Brian Thompson. It’s also reeling from higher-than-expected medical costs, which forced the company to cut its annual outlook. Shares were down following last month’s dire earnings report, and they fell again yesterday on the news of Witty’s departure. Chairman Stephen Hemsley will return as CEO, effective immediately.
Inflation rose by 2.3% in April, less than economists feared, though the rate likely still doesn’t show the full effect of tariffs.
United Airlines unveiled a new ultra-premium seating option with noise-canceling headphones, caviar service, and what the Wall Street Journal is calling “luxe jammies.”
Microsoft is cutting 3% of its workforce, or about 6,000 employees, in order to reduce layers of management, a spokesperson told CNBC.
Airbnb now allows users to hire on-site professionals, including private chefs, massage therapists, and personal trainers.
TGI Fridays changed 85% of its menu, which now includes three different flavors of mozzarella sticks.
S&P 500 wipes out 2025 losses as stocks climb after soft CPI inflation report
U.S. stocks finished mostly higher on Tuesday, as the...
U.S. stocks finished mostly higher on Tuesday, as the S&P 500 clawed back to positive territory for the year to seal a stunning comeback just over a month after it had tumbled to recent lows amid President Trump's aggressive and far-reaching tariff plans.
The S&P 500 gained 42.36 points, or 0.7% to finish at 5,886.55, extending Monday's rally on the heels of the easing U.S.-China trade tensions. The large-cap index is now positive for the year, up a modest 0.1% so far in 2025, according to FactSet data.
The Dow Jones Industrial Averagefell 269.67 points, or 0.6%, to end at 42,140.43, weighed down by a 17.8% slump in shares of UnitedHealth Group Inc.
The Nasdaq Composite surged 301.74 points, or 1.6%, ending at 19,010.08.
Earlier, the consumer-price-index (CPI) report for April showed inflation came in cooler than expected. The headline CPI rose 0.2% last month for an annual rate of 2.3%, below the 2.4% increase forecast by Wall Street analysts.
Core inflation, which excludes volatile energy and food prices, advanced 0.2% in April for an annual pace of 2.8%, according to the Bureau of Labor Statistics.
The Energy Department has unveiled a far-reaching deregulation proposal that targets as many as 47 rules for revision or elimination, including appliance efficiency standards, Strategic Petroleum Reserve procedures and diversity protections. The plan, expected to deliver $11 billion in savings to taxpayers, also seeks to streamline energy trade by allowing electronic applications for natural gas imports and exports and simplifying permits for international electricity transmission.
Crude Oil Climbs More Than $1.60 a Barrel on Tariff Cuts, Economic Outlook
Crude oil futures climbed more than $1.60 a barrel on Tuesday, lifted...
Crude oil futures climbed more than $1.60 a barrel on Tuesday, lifted by a temporary cut in U.S.-China tariffs and a better-than-expected inflation report.
Brent crude futures settled at $66.63 a barrel, up $1.67, or 2.57%. U.S. West Texas Intermediate (WTI) crude finished at $63.67, up $1.72or 2.78%.
The two benchmarks rose by about 4% or more in the previous session after the U.S. and China agreed on sharp reductions to their import tariffs for at least 90 days, which also boosted stocks on Wall Street and the dollar.
"We didn't participate as much as other markets did yesterday in the China boom, so we're catching up today," said John Kilduff, a partner with Again Capital LLC. "Also the data this morning gives the Fed room to potentially begin making some moves."
NRG Stock Soars on $12B NatGas Power Plant Fleet Acquisition
NRG Energy is buying a fleet of natural gas-fired power plants in a $12...
NRG Energy is buying a fleet of natural gas-fired power plants in a $12 billion cash-and-stock transaction. The deal is expected to close in the first quarter of 2026.
The deal comes as natural gas producers and power generators are excited about growing electricity demand across the U.S. NRG shares were up over 24% in afternoon trading on May 12.
NRG’s acquisition from LS Power Equity Advisors includes 18 power facilities totaling 13 gigawatts (GW) of generation capacity, the companies said May 12. The assets are located across nine states, including the Northeast and Texas, and double NRG’s generating capacity to 25 GW.
The consideration includes $6.4 billion of cash, $2.8 billion in stock to LS Power, and $3.2 billion of assumed net debt. The combination is expected to generate $400 million in tax credits.
After closing, LS Power will own around 11% of the pro forma NRG shares outstanding. The company has committed to a six-month lock-up period regarding its NRG equity ownership.
