President Trump said he spoke to Chinese President Xi Jinping—the first...
President Trump said he spoke to Chinese President Xi Jinping—the first time since Trump’s inauguration in January—for about 90 minutes yesterday, and agreed to meet in the near future for trade talks. According to Trump, the two addressed the issue of rare earth metals, which China stopped exporting in April in response to Trump’s tariffs, though Beijing’s readout of the phone call did not mention rare earths. Trump said the call focused on trade and did not delve into matters concerning Iran, Ukraine, or Russia. A day before the call, Trump posted on social media that he liked Xi but that the Chinese leader was “EXTREMELY HARD TO MAKE A DEAL WITH!!!”
Procter & Gamble is cutting 15% of its non-manufacturing...
Procter & Gamble is cutting 15% of its non-manufacturing workforce. The company that makes half the products at your local CVS or Walgreens announced it’s eliminating 7,000 roles as part of a restructuring. P&G said the cuts aren’t a cost-cutting measure, though earlier this year the company admitted it was considering cutting costs after it reported a decline in sales and lowered its annual outlook due to consumer uncertainty. As part of the restructuring, P&G reportedly plans to exit some product categories.
The European Central Bank cut interest rates for the eighth time in the last year as the eurozone attempts to recover from the fallout of the US’ trade war.
Kleenex parent company Kimberly-Clark is spinning off the tissue brand outside the US in a $3 billion deal with a Brazilian manufacturer.
NBA team sponsorship revenue increased 8% this season to $1.62 billion, thanks to the growing use of jersey patches.
Hooters abruptly closed more than 30 locations, calling it a “difficult decision” three months after filing for bankruptcy.
TSA is researching haptic technology that would allow security agents to pat down passengers in virtual reality without physically touching them, 404 Media reported.
Oil settles up as US, China teams to meet following Trump, Xi trade call
(Reuters) - Oil prices settled higher on Thursday, recovering from the...
(Reuters) - Oil prices settled higher on Thursday, recovering from the previous day's drop, on news that the U.S. and China agreed to more trade talks following a phone call between U.S. President Donald Trump and Chinese leader Xi Jinping.
Brent crude futures settled up 48 cents, or 0.7%, at $65.34 a barrel. U.S. West Texas Intermediate crude settled up 52 cents, or 0.8%, at $63.37 a barrel.
"If we step back from the brink of a major trade war, it will increase demand expectations for oil both in the U.S. and in China," said Phil Flynn, senior analyst with Price Futures Group.
Trump said on social media his call with Xi focused primarily on trade and led to "a very positive conclusion." He announced further lower-level U.S.-China discussions.
"We're in very good shape with China and the trade deal," he told reporters later.
S&P 500, Nasdaq snap 3-session winning streak as Tesla tumbles
U.S. stocks closed lower Thursday after a turbulent day...
U.S. stocks closed lower Thursday after a turbulent day of trading. The S&P 500 index briefly came within a whisker of reclaiming the 6,000 mark, only to retreat.
Tesla Inc. shares were in focus as the feud between Chief Executive Elon Musk and President Donald Trump spilled out into the open.
The S&P 500 fell 31.51 points, or 0.5%, ending at 5,939.30.
The Dow Jones Industrial Average shed 108 points, or 0.3%, closing at 42,319.74.
The Nasdaq Composite finished 162.04 points lower, or 0.8%, at 19,298.45.
The S&P 500 and Nasdaq each snapped a three-session winning streak.
Thursday afternoon, Trump hinted on social media that he might turn the Department of Government Efficiency against Musk's companies, less than a week after Musk's controversial stint at the helm of the entity ended. According to Dow Jones Market Data, Tesla shares shed 14.3%, the biggest daily drop since March 10.
The big item on deck is Friday's jobs report for May, with investors looking for any further signs of weakening in the U.S. economy as a result of tariff uncertainty.
The Oklahoma City Thunder will host the Indiana Pacers...
The Oklahoma City Thunder will host the Indiana Pacers in Game 1 of the NBA Finals tonight (8:30 pm ET, ABC).
The Thunder, which last won the finals in 1979 as the now-defunct Seattle SuperSonics (see history), is the overwhelming favorite following a league-best 68-14 regular season record. Point guard and regular-season MVP Shai Gilgeous-Alexander is also favored to be named the finals MVP.
The Pacers arrive at Paycom Center as the biggest underdog since the Cleveland Cavaliers in the 2017 finals against the Golden State Warriors. Fans are looking to point guard Tyrese Haliburton and forward Pascal Siakam to lead the team to its first NBA Finals win. The Indianapolis-based team won three ABA championships in the early 1970s before the ABA and NBA merged.
The rare matchup of two small-market teams has sparked concern about TV ratings and ticket sales.
