Energy Transfer expands Lake Charles LNG deal with Chevron
Energy Transfer has expanded its agreement with Chevron to supply an...
Energy Transfer has expanded its agreement with Chevron to supply an additional 1 million tons per year of liquified natural gas from the Lake Charles export facility, bringing the total to 3 million tons per year. The 20-year deal is contingent on a positive final investment decision for the project, which gained momentum after President Donald Trump lifted a moratorium on new LNG export permits.
US energy secretary calls IEA oil outlook "nonsensical"
Energy Secretary Chris Wright...
Energy Secretary Chris Wright has criticized the International Energy Agency's projection that global oil demand will peak this decade, calling it "nonsensical." Wright says the outlook ignores the aspirations of billions of people to achieve higher living standards, while the IEA has defended its position, noting that electric vehicle growth and substitutions for oil are already affecting demand.
President Trump posted to Truth Social yesterday that the US would be...
President Trump posted to Truth Social yesterday that the US would be “terminating ALL discussions on Trade with Canada, effective immediately” and would set new tariffs on Canadian goods within a week. Trump cut off trade negotiations after feeling that US Big Tech companies weren’t experiencing the famous Canadian friendliness because the country is imposing a new digital services tax similar to the one tech giants loathe in Europe. Canada has long been an ally and one of the US’ largest trading partners, but recent US tariffs have raised tensions.
Consumers spent less in May, but were happier in June. Last...
Consumers spent less in May, but were happier in June. Last month, US consumers pulled back for the first time since January, and personal incomes also fell, data released yesterday by the Commerce Department showed. Meanwhile, the personal consumption expenditures price index—the Fed’s favorite inflation gauge—ticked up slightly. But the economic data wasn’t all a bummer, because as the most recent survey results from the University of Michigan revealed, consumer sentiment rose this month, with Americans feeling rosier about their economic future as the initial fears raised by the president’s aggressive tariffs began to subside.
The US and China have signed trade agreements that should have China reviewing export licenses for rare earth minerals again, while easing some US restrictions on China.
President Trump said he may not stick to an early July deadline for steep tariffs on countries that haven’t struck deals with the US, saying, “We can do whatever we want.”
California legislators voted to approve a $750 million film tax credit in an effort to lure production back to Hollywood.
Jurors are expected to start deliberating Monday in the sex trafficking case against music mogul Sean “Diddy” Combs following closing arguments yesterday.
S&P 500, Nasdaq end at record highs despite Trump calling off Canada trade talks
The U.S. stock market closed higher Friday, with the...
The U.S. stock market closed higher Friday, with the S&P 500 and Nasdaq Composite each ending at record highs.
The Nasdaq clinched its first record closing high since December, while the S&P 500 eclipsed its previous record peak notched in February, according to Dow Jones Market Data.
The S&P 500 rose 32.05 points, or 0.5%, to end at 6,173.07.
The Nasdaq advanced 105.55 points, or 0.5%, to finish at 20,273.46.
The Dow Jones Industrial Average gained 432.43 points, or a sharp 1%, to close at 43,819.27.
The S&P 500 and Nasdaq ended at fresh all-time peaks after briefly falling into the red Friday afternoon following President Donald Trump’s post on social media about terminating trade discussions with Canada. He said on Truth Social that Canada’s decision to put a digital-services tax on American tech companies was an "attack" on the U.S.
All three major U.S. stock benchmarks booked strong weekly gains. The S&P 500 rallied 3.4% to snap back-to-back weekly losses, while the technology-heavy Nasdaq jumped 4.2% for the week and the Dow climbed 3.8%, according to Dow Jones Market Data. Both the Dow and Nasdaq logged back-to-back weekly gains.
