Oil prices sink as OPEC+ hikes output, U.S. stock futures drop ahead of Fed meeting
Oil prices sank Monday morning while U.S. stock futures declined after the S&P 500 notched its longest...
Oil prices sank Monday morning while U.S. stock futures declined after the S&P 500 notched its longest winning streak in more than 20 years last week. Dow Jones Industrial Average futures YM00 were down around 241 points at 7:02 AM ET.
Crude prices CL.1dropped about 4%, near $56 a barrel, late Sunday after OPEC+ on Saturday agreed to ramp up output in June for a second straight month. The additional production of 411,000 barrels a day — after a similar hike in May — is seen as a punishment for overproduction by nations such as Iraq and Kazakhstan that had sent crude prices sharply lower, as well as appeasing President Donald Trump ahead of his upcoming trip to Saudi Arabia, Qatar and the UAE. June West Texas Intermediate crude CLM25 fell 7.5% last week, the biggest weekly drop since the week ending April 4, according to Dow Jones Market Data. U.S. benchmark oil prices fell 18.6% in April— their biggest monthly loss since November 2021.
Crude prices CL.1gained some ground Monday morning, trading up at $57.41 per barrel as of 7:06 AM ET.
Investors are laughing in the face of danger. Despite tariffs, recession...
Investors are laughing in the face of danger. Despite tariffs, recession warnings, and swirling uncertainty, the S&P 500 has gained for nine straight trading sessions (the longest winning streak in 21 years) and climbed above its level from Liberation Day on April 2. Retail investors’ backs are hurting because they’re carrying the market, buying a record $40 billion worth of US stocks in April, per JPMorgan. Strong earnings performances from Big Tech stocks such as Meta and Microsoft have also helped.
Fed Chair Jerome Powell and his central bank mafia are pretty much a...
Fed Chair Jerome Powell and his central bank mafia are pretty much a lock to keep interest rates steady, despite President Trump’s urging to lower rates. Much like everyone in the business world, the Fed is trying to navigate a deep fog of uncertainty, and Powell has repeatedly said he needs more clarity on the economy's direction before making a move. Traders are betting the first rate cut will come in July.
Mark Carney meets Donald Trump: On Tuesday, Canada’s...
Mark Carney meets Donald Trump: On Tuesday, Canada’s newly elected prime minister will sit down with the man who got him elected: President Trump. Carney’s defiant rhetoric toward Trump helped him overcome a 25-point polling deficit to his opponent, and tomorrow comes the awkward part where the two will meet at the White House. Carney said he’ll kickstart negotiations on lowering US tariffs on Canada, but tamped down expectations of a breakthrough: “Do not expect white smoke out of that meeting.”
Sovereignty won the 151st Kentucky Derby, holding off the favorite, Journalism, in the mud.
Anthony Albanese, the prime minister of Australia, won his reelection bid, and his Labor Party widened its majority in the House of Representatives.
NYC bodegas will receive panic buttons to help reduce violent crimes at delis in “hotspot” areas.
Warren Buffett Says He Plans to Step Down as Head of Berkshire
Warren E. Buffett has been...
Warren E. Buffett has been at the forefront of American capitalism for decades as the chief executive of Berkshire Hathaway, the conglomerate he built into a $1.1 trillion colossus.
By the end of the year, he is preparing to give up that role.
Mr. Buffett said at the company’s annual shareholder meeting on Saturday that he plans to ask Berkshire’s board to approve making Gregory Abel, his heir apparent, the chief executive by the end of the year.
Mr. Buffett, 94, told the tens of thousands of Berkshire shareholders at the meeting in Omaha that Mr. Abel would have “the final word” regarding the company's operations, investments, and other matters.
However, Mr. Buffett added that he “would still hang around and conceivably be useful in a few cases.” He will remain chairman of Berkshire—turning that role over to his son Howard Buffett upon his death—and remains the single biggest shareholder in Berkshire, with a roughly 14 percent stake worth about $164 billion.
