Breaking overnight: not the global economy. After talks in Switzerland...
Breaking overnight: not the global economy. After talks in Switzerland this weekend, the US and China agreed to a large reduction in tariffs on each other. The US is lowering its tariffs on China from 145% to 30%, while China is lowering its tariffs on the US from 125% to 10%. The new tariff rates will be in effect for 90 days while the two sides continue talking.
Fresh consumer data will drop: The April consumer price...
Fresh consumer data will drop: The April consumer price index report comes out on Tuesday, providing an early look at inflation in the post-Liberation Day-tariff era. Thursday will offer a gut check on if/how Americans are shopping: April retail sales numbers will be released, plus the world’s biggest retailer, Walmart, reports earnings.
Pope Leo XIV will likely still need to file US income tax returns, the Washington Post says.
Apple users who were snooped on by Siri from 2014 through 2024 can get a piece of a class action lawsuit.
Kosmos 482, the Soviet-era spacecraft turned space junk, returned to Earth and plunged into the Indian Ocean, according to Russian and European officials.
The jockey of Kentucky Derby-winner Sovereignty, Junior Alvarado, was fined over $60,000 for hitting the horse with his riding crop too many times during the race.
US oil and gas rig count falls to lowest since January
(Reuters) - U.S. energy firms this week cut the number...
(Reuters) - U.S. energy firms this week cut the number of oil and natural gas rigs operating to their lowest since January, energy services firm Baker Hughes said in its closely followed report on Friday.
The total oil and gas rig count, an early indicator of future output,fell by six to 578 in the week to May 9, putting the total rig count down 25, or 4%, below this time last year.
Baker Hughes said oil rigs fell by five to 474 this week, their lowest since January, while gas rigs were unchanged at 101.
Drillers cut three rigs in the Gulf of Mexico, bringing the total count down to nine, the lowest since September 2021.
In the Permian Basin in West Texas and eastern New Mexico, the nation's biggest oil-producing shale basin, drillers cut two rigs, leaving 285 rigs, the lowest since December 2021.
In New Mexico, drillers cut four rigs, bringing the total down to 96, the lowest since April 2022.
Oil and gas drilling permit applications in Texas, the top U.S. oil-producing state, hit a four-year low in Aprilamid concerns that rising OPEC+ supplies and a trade war will continue to hit crude prices, consultancy Enverus said on Thursday.
According to Enverus, operators in Texas submitted 570 new drilling permit applications in April, down from 795 in March and the lowest number since February 2021.
Oil prices post weekly gains on US-China trade talk optimism
(Reuters) - Oil prices settled nearly 2% higher on Friday...
(Reuters) - Oil prices settled nearly 2% higher on Friday and notched their first weekly gains since mid-April as a U.S. trade deal with the United Kingdom turned investors optimistic ahead of talks between top officials from Washington and Beijing.
Brent crude futures rose $1.07, or 1.7%, to settle at $63.91 a barrel, while U.S. West Texas Intermediate crude futures advanced $1.11, or about 1.9%, to settle at $61.02.
Week-over-week, both benchmarks gained over 4%.
U.S. President Donald Trump on Friday said China should open its market to the U.S., and that an 80% tariff on Chinese goods "seems right," a day after he announced a deal lowering tariffs on British car and steel exports, among other agreements with the United Kingdom.
"Energy markets - as bearish as they've been - are finally shaking off some of the pessimism and catching the broader market optimism that's showing back up as progress on trade relationships has begun," said Alex Hodes, oil analyst at brokerage StoneX.
U.S. stocks end mostly lower ahead of weekend trade talks between U.S. and China
The U.S. stock market closed mostly lower on Friday,...
The U.S. stock market closed mostly lower on Friday, as investors looked ahead to trade talks expected between the U.S. and China on Saturday.
The Dow Jones Industrial Average fell 119.07 points, 0.3%, to finish at 41,249.38.
The S&P 500 slipped 4.03 points, 0.1%, to end at 5,659.91.
The Nasdaq Composite edged up 0.78 point to close virtually flat at 17,928.92.
All three major benchmarks saw modest weekly declines, as investors weighed the Federal Reserve’s policy decision on May 7 to leave its benchmark interest rate unchanged amid tariff uncertainty. Treasury Secretary Scott Bessent indicated earlier this week that he will meet with a representative from China in Switzerland on Saturday to discuss trade, with investors watching for signs that the U.S.'s 145% levy on goods imported from China may be lowered amid concerns that large tariffs will hurt the U.S. economy.
For the week, the Dow shed 0.2%, the S&P 500 fell 0.5% and the technology-heavy Nasdaq retreated 0.3%. Each index snapped back-to-back weekly gains.
