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DUBAI, United Arab Emirates (AP) — Saudi Arabia’s state-owned oil giant Aramco posted first-quarter profits of $26 billion on Sunday, down 4.6% from the prior year as falling global oil prices undermine the kingdom’s multi-trillion-dollar development plans. Aramco, formally known as the Saudi Arabian Oil Co., had revenues of $108.1 billion over the quarter, the company reported in a filing on Riyadh’s Tadawul stock exchange. The company saw $107.2 billion in revenues and profits of $27.2 billion the same quarter last year. Saudi Arabia has promised to invest $600 billion in the U.S. over the course of President Donald Trump’s…

Mortgage interest rates are up today. According to Zillow data, the 30-year fixed mortgage rate has risen by one basis point to 6.72%, and the 15-year fixed rate has increased by seven basis points to 6.03%. Mortgage rates typically go up when the U.S. economy thrives and down when the economy struggles. A lot of economic data will be released this upcoming week, especially surrounding inflation. This data could move home loan rates one way or the other — however, it probably won’t cause any dramatic shifts. Dig deeper: How inflation impacts mortgage rates Have questions about buying, owning, or…

WASHINGTON (AP) — What, exactly, the Republican Party stands for in terms of economic policy in the second Trump administration is a question reaching an inflection point. Is it the party that promotes free-market prosperity or a 21st-century populism? Does it stick with the “No new taxes” pledge that has been GOP political orthodoxy for decades or do Republicans tax the rich, as President Donald Trump suggests? Roll back the Obama-era’s health care expansion and the President Joe Biden’s green energy investments or protect the federal flow of investment dollars generating jobs in the states? Slash deficit spending or spike…

(Bloomberg) — US consumer prices probably picked up in April after the smallest advance in nine months, foreshadowing a broader acceleration as many companies seek to pass on higher tariffs. Most Read from Bloomberg A closely watched gauge of prices paid by Americans for goods and services, excluding volatile food and energy costs, is forecast to have risen 0.3%, based on a Bloomberg survey of economists. In March, the so-called core consumer price index inched up just 0.1%. While Tuesday’s report is likely to show limited pass-through so far of higher US duties on imported goods, many economists anticipate the…

Farmworkers harvest lettuce in Brawley, Calif., on Dec. 10. The U.S. farm economy has been squeezed by President Trump’s tariffs. (Sandy Huffaker / AFP / Getty Images) President Trump’s tariffs are upending crop trading, delaying tractor purchases and constraining imports of chemical supplies into the United States. That’s the main message from big agricultural businesses as they report their quarterly earnings, giving an early glimpse into the far-reaching impacts of the U.S. president’s trade war. The disruptions in global trade threaten to extend a years-long slump in the U.S. farm industry, which had already been struggling with ample supplies, depressed…

WASHINGTON (AP) — A top Federal Reserve official said Friday that massive uncertainty created by President Donald Trump’s tariffs has caused some businesses to cut back on hiring and spending, threatening to slow the economy, but he added that it’s not yet clear whether the central bank should cut its key interest rate. Tom Barkin, president of the Federal Reserve’s Richmond branch, said businesses have turned cautious, though are not yet engaging in steep job cuts or other behavior typical of a recession. “The way I’ve been describing it is, it’s really hard to drive when it’s foggy,” Barkin said…

The Federal Reserve has yet to cut interest rates in 2025 as it seeks greater clarity on the eventual effects of President Donald Trump’s tariff policy. While Fed Chair Jerome Powell suggested it’s in a “good position” to act decisively if necessary, some economists worry this approach could make the central bank slow to respond to a downturn. Consumer sentiment has plummeted amid trade policy uncertainty, Federal Reserve Chair Jerome Powell acknowledged Wednesday, and commentary in the central bank’s own “Beige Book” suggests businesses are already feeling the effects of President Donald Trump’s tariffs. Fed policymakers have not been moved…

ConocoPhillips and other U.S. oil producers are cutting back costs amid tariff woes and weak crude prices, but they’re only making modest reductions for now to maintain flexibility and to avoid losing too many of their experienced drilling and fracking crews. ConocoPhillips, the largest independent oil and gas producer in the U.S., said May 8 it would cut its 2025 capital expenditures by 3.5% down to a midpoint guidance of $12.45 billion—a reduction of $450 million. That meshes with other key oil producers reporting their earnings this week that cut capex anywhere from 2.5% to 10%. The tariffs, along with…

Andrew Harnik/Getty Images President Donald Trump criticized the Fed’s decision not to lower interest rates. “Jerome Powell is a FOOL,” he wrote on Truth Social. The Fed is waiting for greater clarity on the impact of tariffs and the trajectory of the economy. Another Fed meeting has passed without a change in interest rates, and the president is once again displeased. After the US central bank and Fed Chair Jerome Powell opted to keep the benchmark rate level on Wednesday, Donald Trump took to Truth Social to express dismay. “Jerome Powell is a FOOL, who doesn’t have a clue,” Trump…

Cold storage warehouse operator Americold said Thursday that demand from its food-producing customers has “changed drastically” following early-April tariff announcements. The company reported a decline in throughput and inventories at its 235 facilities during the first quarter, and the downward trend has accelerated since. Inflation fears have many of its customers slowing expansion plans, instead opting for the trade environment to stabilize. “The ongoing trade rhetoric and changing tariff situation has already had an impact on consumer confidence, causing our customers to adjust their product portfolios and driving inventory levels down,” Americold CEO George Chappelle said on a quarterly call…