Stocks close sharply lower after Powell says Fed will keep waiting to cut rates
Major U.S. stock indexes had their worst performances...
Major U.S. stock indexes had their worst performances in almost a week on Wednesday, with the Dow Jones Industrial Average closing down by almost 700 points, after Federal Reserve Chair Jerome Powell pointed to the possibly detrimental impacts of tariffs.
Powell said officials face a challenging scenario of rising inflation amid labor-market weakening, and they can wait for greater clarity before making any adjustments to interest rates.
The Fed chair "was basically saying that to get the economy back on track, there's probably going to be difficult trade-offs," said Ryan Jacobs, founder of Florida-based advisory firm Jacobs Investment Management. "Any measures he could take to help the economy would be inflationary, which might lead to a lasting unstable market. I don't think the trade war is over anytime soon, and I think we are in the position of moving toward higher inflation.''
The Dow Jones Industrial Average fell 699.57 points, or 1.7%, to finish at 39,669.39, based on preliminary data.
The S&P 500 dropped 120.93 points, or 2.2%, to end at 5,275.70.
The Nasdaq Composite declined 516.01 points, or almost 3.1%, to close at 16,307.16.
It was the worst day for all three indexes since last Thursday.
At least 3,700 people were hospitalized with respiratory issues in Iraq...
At least 3,700 people were hospitalized with respiratory issues in Iraq this week after a large sandstorm swept across the region from Saudi Arabia, filling the skies with an orange haze and reducing visibility to only half a mile. Much of Baghdad, including airports and highways, has been shut down since Sunday as the tiny particles forced people indoors.
EU trade officials made little progress on a tariff deal with the US and are struggling to understand the Trump administration’s position, Bloomberg reported.
Texas Roadhouse surpassed Olive Garden as the biggest casual dining chain in the US last year, CNBC reported.
H&R Block said it’s working with OpenAI to develop a generative AI tool to help tax pros ahead of the 2026 season.
Elliott Management, an activist hedge fund, took a $1.5 billion stake in Hewlett Packard Enterprise in a bid to boost its falling share price.
Starbucks is updating its dress code for baristas, requiring that they wear solid black tops to “allow our iconic green apron to shine.”
US Energy Development Acquires 20,000 Acres in Permian
U.S. Energy Development Corp. (USEDC) has acquired approximately 20,000...
U.S. Energy Development Corp. (USEDC) has acquired approximately 20,000 net acres in Reeves and Ward counties from an undisclosed seller for $390 million, significantly expanding its holdings in the Permian Basin.
The position includes a substantial proved producing component and multi-year drilling inventory to supplement the firm’s existing footprint in the area. It's the largest acquisition in the company’s 45-year history.
USEDC plans to run a dedicated drilling rig on the acquired acreage, making this acquisition a key component of USEDC’s 2025 plan to invest up to $1 billion in U.S. oil and gas properties.
In 2024, the firm deployed approximately $850 million in operated and non-operated oil and gas projects in the basin. The firm’s team continues to evaluate opportunities that align with its disciplined investment strategy and can deliver value to our partners.
Dow falls 150 points, S&P 500 and Nasdaq end lower as stocks snap 2-day bounce
U.S. stocks finished modestly lower on Tuesday in a quiet...
U.S. stocks finished modestly lower on Tuesday in a quiet trading day as investors digested first-quarter earnings from some large financial institutions in the absence of major trade-policy updates.
The Dow Jones Industrial Average was off 0.4%, to finish near 40,368, snapping a two-day winning streak, according to preliminary data from FactSet.
The S&P 500 fell 0.2%, to end around 5,396.
The Nasdaq Compositewas off less than 0.1%, leaving it nearly flat at around 16,823.
Stocks started the day strong but the rally eventually fizzled out as reports of trade talks between the US and EU making “little progress” left all three major indexes in the red.
The dreaded death cross has arrived: The S&P 500’s 50-day moving average is now below the 200-day moving average for the first time since 2022, a bearish technical indicator that has investors worried.
10-year Treasury yields fell to a one-week low, letting traders breathe a small sigh of relief after tariffs upended the status quo last week.
US Energy Secretary Chris Wright expects average energy prices to be lower during President Donald Trump's second term than during the previous administration, but expressed confidence that the US shale industry "is going to survive and thrive." With crude falling under $65 per barrel, below breakeven for many shale producers, Wright emphasized the industry's track record of weathering downturns through cost-cutting, efficiency improvements and innovation.
