U.S. stocks end higher despite appeals court reinstating Trump tariffs — for now
U.S. stocks ended slightly higher Thursday, hanging on...
U.S. stocks ended slightly higher Thursday, hanging on to small gains after an appeals court ruled President Donald Trump's tariff measures could remain in place, pending an appeal of a trade-court ruling that would block them.
The Dow Jones Industrial Average rose 117.03 points, or 0.3%, to close at 42,215.73.
The S&P 500 gained 23.62 points, or 0.4%, to finish at 5,912.17.
The Nasdaq Composite added 74.93 points, or 0.4%, to end at 19,175.87.
Shares of Nvidia Corp. finished with a gain of 3.3%, leading Dow gainers and buoying the S&P 500 and Nasdaq, after the chip giant and artificial-intelligence bellwether reported earnings after Wednesday's closing bell.
Stocks had already tempered earlier gains due to uncertainty around the fate of the trade court's ruling, which had sparked sharp gains for equity-index futures Wednesday night.
Thursday's market action reflected increased uncertainty around tariff policy as investors wait to see how the administration's appeals of the trade court's ruling pans out. Trump is also expected to pursue tariffs via other means if the ruling — which pertained to his reliance on emergency powers under a 1977 law to impose tariffs — is upheld.
Data Suggest BPX Worth at Least $10B in BP Merger Carve-Out
According to a Hart Energy analysis, new U.S. onshore M&A deal values...
According to a Hart Energy analysis, new U.S. onshore M&A deal values suggest BP Plc’s shale properties could fetch at least $10 billion if carved out in a BP merger. The figure is on a flowing boe/d basis only. It added that the Denver-based unit’s daily net production averaged 434,000 boe/d in 2024.
The supermajor’s BPX Energy shale unit also has 1.5 Bboe of proved reserves, 0.8 million net developed acres among its total 1 million net acres and some 1,600 gross operated wells, BP reported in its annual 20-F filing with the U.S. Securities and Exchange Commission in March.
Shell Plc is a rumored merger suitor. The international energy company exited the onshore U.S. E&P space in 2021 when it sold its Permian Basin property, its last remaining Lower 48 onshore upstream asset, to ConocoPhillips for $9.5 billion.
In the U.S. upstream, Shell operates in the conventional, deepwater offshore instead along with BP.
You may not have heard of the Court of International Trade before, but...
You may not have heard of the Court of International Trade before, but you’re about to hear about it a lot: A three-judge panel knocked down most of President Trump’s tariffs yesterday, saying the emergency law he invoked to impose them (the International Emergency Economic Powers Act of 1977) didn’t give him the power to do so. The panel said Congress couldn’t delegate “unbounded tariff power” to the president and that the US trade deficit didn’t meet the law’s definition of an extraordinary threat. The president used the law to impose the so-called reciprocal tariffs on almost all trading partners, as well as additional tariffs on Mexico, Canada, and China. The Trump administration filed a notice saying it plans to appeal, and final say is likely to rest with the Supreme Court.
Shell Boost Stake in Nigerian Deepwater as TotalEnergies Exits Bonga Oilfield
Shell will buy TotalEnergies’ 12.5% non-operated...
Shell will buy TotalEnergies’ 12.5% non-operated stake in the deepwater oilfield Bonga offshore Nigeria, where the UK-based supermajor plans to develop another major project.
Shell’s subsidiary operating the Bonga oilfield, Shell Nigeria Exploration and Production Company (SNEPCo), has signed an agreement to buy the French supermajor’s 12.5% stake in the OML 118 Production Sharing Contract, an oil mining lease offshore Nigeria that includes the Bonga field, Shell said on Thursday.
After the deal is completed, Shell will increase its stake in the OML 118 lease to 67.5% from 55%. Production from the Bonga field began in 2005, with a capacity to produce 225,000 barrels of oil per day.
TotalEnergies noted that the transaction amount is $510 million.
Elon Musk is “disappointed” by the Republican tax bill. Though...
Elon Musk is “disappointed” by the Republican tax bill. Though President Trump has championed the megabill laying out taxes and spending that’s being considered by the Senate after passing the House, his confidant Musk isn’t sold on it because it adds to the deficit and “undermines the work that the DOGE team is doing.” Musk said in an interview clip released by CBS on Tuesday that he thinks “a bill can be big or it could be beautiful, but I don’t know if it could be both.” Then yesterday, Musk announced he was leaving his government role. When asked about Musk’s criticism of the bill, the president noted that negotiations are ongoing, and that compromises had to be made given the lack of support from Democrats and the GOP’s narrow House majority.
President Trump denied that he was “chickening out” by announcing high tariffs and then lowering them, after a reporter asked for his reaction to the so-called “TACO” trade (for Trump Always Chickens Out).
Israel’s Benjamin Netanyahu said Israeli forces have killed Hamas leader Mohammed Sinwar. The prime minister’s remarks came a day after the chaotic opening of an aid distribution center in Gaza run by a controversial new group backed by Israel and the US, during which the UN Human Rights Office believes 47 people were injured, mostly due to gunshots from Israel’s army.
E.l.f. Beauty is acquiring Hailey Bieber’s skincare brand, Rhode, for $1 billion.
A federal judge rejected President Trump’s executive order targeting Robert Mueller’s former law firm WilmerHale, deeming it unconstitutional. That puts the orders targeting law firms 3–0 in court, although some firms struck deals with the president to avoid getting hit with them.
President Trump pardoned reality TV stars Julie and Todd Chrisley, who were serving federal prison sentences after being convicted of bank fraud and tax evasion.
