Latest Business News
US and Iran Clash Near Strait of Hormuz, Oil Prices Waver
US forces exchanged fire with Iran near the Strait of Hormuz, straining a fragile ceasefire and prompting retaliatory strikes on Iranian facilities. Oil prices rose as the key waterway remains largely closed due to US sea blockade, with Tehran reviewing US proposals to end the war.
Federal Court Rules Trump's 10% Global Tariffs Unlawful
The US Court of International Trade invalidated President Trump's temporary 10% tariffs under Section 122 of the Trade Act, citing lack of 'large and serious' balance-of-payments deficits. The ruling applies narrowly to plaintiffs but signals risks to the economic agenda, with Section 301 tariffs eyed as replacements.
State Street CEO Warns of Global Fertilizer Crisis from Iran War
State Street CEO Ron O’Hanley expressed concerns over a looming global fertilizer crisis if the US-Iran war persists, amid disruptions in supply chains. He discussed shifting global investment flows, AI opportunities, and broader market impacts.
Asian Stocks Fall as War Risks Escalate, Oil Gains
Asian markets retreated with Hong Kong’s Hang Seng down 0.9%, Japan’s Nikkei 225 off 0.2%, and India’s Sensex down 0.7% amid US-Iran tensions. Oil prices stayed elevated due to Strait of Hormuz issues, while US futures rose.
US Stocks Mixed: S&P 500 Dips 0.4% on Iran Clash, Jobs Data Looms
The S&P 500 fell 0.4% to 7,337 amid record rally slip from US-Iran fire exchange, Dow dropped 0.6%, Nasdaq down 0.1%. Investors eye April payrolls report showing stronger job market, with treasuries steady.
SoftBank Downsizes $10B Margin Loan Plans for OpenAI Stake
SoftBank reduced plans for a $10 billion margin loan backed by its OpenAI stake, signaling caution around AI investments. Shares fell 4.6% after prior surge, amid broader tech caution.
US Job Market Holds Up Better Than Expected Despite War
Employers added 115,000 more jobs than cut last month per report, boosting S&P 500 futures 0.5% early Friday. Strength persists even as Iran war raises fuel costs.
eBay Bans GameStop CEO Ryan Cohen's Account Amid Bid
eBay banned GameStop CEO Ryan Cohen's account after he listed baseball cards and merchandise to fund his $56B unsolicited bid for eBay. Cohen posted 'I'm selling stuff on eBay to pay for eBay' before the ban.
A16z Rejects 'AI Job Apocalypse' Narrative
Andreessen Horowitz's David George called AI-driven job losses a 'complete fantasy,' arguing lower costs expand economic activity and create new industries. This counters fears of widespread unemployment from AI.
McDonald's Reports Sales Gains but Loses Low-Income Customers
McDonald's beat expectations with comparable sales growth outpacing rivals, but CFO noted ongoing loss of lowest-income customers. Value-focused chains like Taco Bell are gaining amid industry split.
India Earnings Show Resilience Despite War Fallout
India's earnings season had more beats than misses, with Bajaj Finserv's Lakshmi Iyer noting consumption and financials strength. Market oscillation may define near-term outlook amid global tensions.
DoubleLine's Gundlach Warns of Private Credit Risks
DoubleLine CEO Jeffrey Gundlach highlighted eroding trust in private credit due to opaque valuations and systemic risks from sudden markdowns.