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(Bloomberg) — Oil dropped after OPEC+ agreed to another large output increase, raising concern that additional supply could lead to a global glut just as the trade war threatens demand. Most Read from Bloomberg West Texas Intermediate futures fell 2% to settle just above $57 a barrel, a fresh four-year low for the closing price, amid thinner trading due to a UK holiday. OPEC and its allies agreed on Saturday to continue loosening supply constraints as the group’s leaders seek to punish overproducing members and win back market share. The latest hike of more than 400,000 barrels a day starting…
(Bloomberg) — A historic stock-market run came to a halt as President Donald Trump’s latest tariff remarks provided little relief to investors bracing for the impacts of his trade war on the economy and corporate earnings. Most Read from Bloomberg Not even data showing a pick-up in growth at US service providers was able to erase equity losses, with the S&P 500 set to halt its longest rally in about 20 years. While Trump suggested some trade deals could come as soon as this week, he signaled no imminent accord with China. As the president extended his restrictive policies on…
(Bloomberg) — US Treasuries fell after stronger-than-expected US employment data showed tariff uncertainty hasn’t hit the nation’s jobs market yet, prompting traders to trim bets on imminent interest-rate cuts. Most Read from Bloomberg The declines on Friday pushed yields on two- to five-year notes higher by more than 10 basis points after non-farm payrolls rose 177,000, above all estimates compiled by Bloomberg. Traders pulled back on bets for Federal Reserve rate reductions, pricing in 79 basis points of total easing this year, compared to around 90 basis points before the report. Traders pared their expectations for a rate cut in…
Michael M. Santiago / Getty Images The S&P 500 jumped 1.5% on Friday, May 2, as the latest jobs report revealed a strong pace of hiring in April despite tariff-related uncertainties. DexCom shares surged as strong demand for its glucose monitors helped the medical device maker beat quarterly sales estimates. Video game maker Take-Two Interactive announced that it was pushing back the release of Grand Theft Auto VI to the middle of next year, and its shares tumbled. Major U.S. equities indexes pushed higher on the final day of the trading week. The latest report from the Bureau of Labor…
Andrew Harnik/Getty Images Trump took to Truth Social Friday morning to again call on the Fed to cut rates. Trump claimed there’s “no inflation,” but prices are still rising. Consumer prices rose 2.4% year-over-year in March, per the latest inflation data. President Donald Trump says there’s “no inflation,” but the latest data shows the battle against rising prices is still going on, and they’re rising faster than the Federal Reserve would like. In a post on Truth Social on Friday morning, the president pointed to inflation, gas prices, and mortgage rates all being down, and reiterated calls for the Fed…
Oil prices fell on Tuesday morning as fears about the impact of a US-China trade war on demand for fuel persisted. Brent crude futures dropped 1.5% to $63.84 a barrel, while US West Texas Intermediate (WTI) was down 1.4% to $61.18 a barrel. US officials had struck a more positive tone on Monday about potential deals with trading partners, with Treasury secretary Scott Bessent saying that the administration had seen “many countries come forward and present some very good proposals”. Read more: FTSE 100 LIVE: Stocks flat as former Bank of England governor Carney clinches Canada election victory However, there…
The U.S. economy contracted in the first three months of 2025, as businesses rushed to stock up on imports ahead of the Trump administration’s tariffs and consumer spending slowed. The Commerce Department said U.S. gross domestic product—the value of all goods and services produced across the economy—fell at a seasonally and inflation adjusted 0.3% annual rate in the first quarter. That was the first contraction since the first quarter of 2022. Consumer spending, the economy’s main engine, rose at a 1.8% pace in the first quarter, the smallest increase since mid-2023. Spending by the federal government fell as the Department…
(Bloomberg) — Mexico’s economy expanded slightly in the first quarter on a jump in agricultural output, allowing President Claudia Sheinbaum to avoid recession as she steers the nation through an unpredictable US tariff policy. Most Read from Bloomberg Gross domestic product grew 0.2% in the three months through March, above the 0.1% median estimate of economists surveyed by Bloomberg, after a 0.6% decline in the prior quarter. From a year before, GDP expanded 0.8%, higher than the 0.7% median estimate, according to preliminary data published Wednesday by the national statistics institute. Quarterly growth was driven by an 8.1% surge in…
Gerard Bottino / SOPA Images / LightRocket via Getty Images Bookings for cruises to the Caribbean are strong, but have been choppy for trips to Europe, Norwegian Cruise Line Holdings said Wednesday. Executives said consumers seem more comfortable sticking closer to home amid economic uncertainty. Royal Caribbean Group also envisions Americans booking trips closer to home, executives said Tuesday. Americans aren’t giving up on vacations, but cruise operators say they’re sticking closer to home. Bookings for Caribbean-bound cruises remained brisk in the first three weeks of April, but trips to Europe were weak, Norwegian Cruise Line Holdings (NCLH) executives said…
April was one of the wildest months in recent memory for markets, capped off by a key data release that showed the economy shrank last quarter for the first time in years. After tumbling Wednesday morning, the S&P 500 and the Dow gradually clawed back losses and pushed into the green to close out the day. The Dow gained 142 points, or 0.35%. The S&P 500 rose 0.15%. The tech-heavy Nasdaq Composite fell 0.09%. The S&P 500 and Dow notched a seven-day winning streak, their best continuous rally this year. However, the indexes closed out April in the red as…