2025-06-27 20:30
Indexes up: Dow 1.00%, S&P 500 0.52%, Nasdaq 0.52% Nasdaq confirms bull market Nike rises after better-than-expected Q1 revenue forecast Washington, Beijing in deal to speed rare earth shipments to US Trump cancels trade talks with Canada over digital tax NEW YORK, June 27 (Reuters) - Wall Street extended its rally on Friday, sending S&P 500 and Nasdaq to all-time closing highs as trade deal hopes fueled investor risk appetite and economic data helped solidify expectations for rate cuts from the U.S. Federal Reserve. Stocks pared gains after U.S. President Donald Trump terminated trade negotiations with Canada in response to its digital tax on technology companies. Sign up here. Even so, all three major U.S. stock indexes posted weekly gains. Upon reaching its record closing high, the tech-heavy Nasdaq confirmed it entered a bull market when it touched its post "liberation day" trough on April 8. The blue-chip Dow remained 2.7% below its record closing high reached on December 4. "This market's been pretty resilient," said Chuck Carlson, chief executive officer at Horizon Investment Services in Hammond, Indiana. "Investors are riding momentum and looking for breakouts." "They don't want to get caught on the wrong side of this thing," Carlson added. "Many investors already have missed out. And now you have the S&P flirting with an all-time high." The Personal Consumption Expenditures report from the Commerce Department showed consumer income and spending unexpectedly contracted in May. And while tariffs have yet to affect price growth, inflation continues to hover above the Fed's 2% annual inflation target. A separate report from the University of Michigan confirmed consumer sentiment has improved this month, but remains well below December's post-election bounce. Financial markets have priced in a 76% likelihood that the Fed will implement its first rate cut of the year in September, with a smaller, 19% probability of a rate cut coming as soon as July, according to CME's FedWatch tool. Washington and Beijing reached an agreement to expedite rare-earth shipments from China to the U.S., a official said, well ahead of the July 9 expiration of the 90-day postponement of U.S. President Donald Trump's "reciprocal" tariffs. Additionally, U.S. Treasury Secretary said the administration's trade deals with 18 of the main U.S. trading partners could be done by the September 1 Labor Day holiday. The Dow Jones Industrial Average (.DJI) , opens new tab rose 432.43 points, or 1.00%, to 43,819.27, the S&P 500 (.SPX) , opens new tab gained 32.05 points, or 0.52%, to 6,173.07 and the Nasdaq Composite (.IXIC) , opens new tab gained 105.55 points, or 0.52%, to 20,273.46. Among the 11 major sectors of the S&P 500, consumer discretionary (.SPLRCD) , opens new tab enjoyed the biggest percentage gain, while energy shares (.SPNY) , opens new tab were the laggards. Chipmaker Micron'sMU.O , opens new tab upbeat forecast revived investor confidence in artificial intelligence-related stocks, while Nvidia NVDA.O , opens new tab rose 1.8%, edging closer to $4 trillion market capitalization after its position as the world's most valuable company. Nike's shares NKE.N , opens new tab jumped 15.2% after forecasting a smaller-than-expected drop in first-quarter revenue. Advancing issues outnumbered decliners by a 1.29-to-1 ratio on the NYSE. There were 347 new highs and 55 new lows on the NYSE. On the Nasdaq, 2,111 stocks rose and 2,342 fell as declining issues outnumbered advancers by a 1.11-to-1 ratio. The S&P 500 posted 35 new 52-week highs and 6 new lows while the Nasdaq Composite recorded 101 new highs and 68 new lows. Volume on U.S. exchanges was 22.07 billion shares, compared with the 18.27 billion average for the full session over the last 20 trading days. https://www.reuters.com/business/us-stock-futures-rise-rate-cut-hopes-ahead-inflation-data-2025-06-27/
2025-06-27 20:22
June 27 (Reuters) - The Inter-American Development Bank (IDB) approved a conditional credit line of $2 billion to strengthen fiscal management in Brazil, it said on Friday. The funds will go toward modernizing the South American nation's tax management processes and systems, the lender said in a statement, starting with an initial $30 million loan for the state of Amazonas. Sign up here. https://www.reuters.com/business/finance/idb-approves-2-billion-credit-line-brazil-2025-06-27/
2025-06-27 20:16
California regulator proposes ways to keep gasoline affordable Phillips 66, Valero plan to close refineries in state Regulator says proposals would negate fuel price hike from closures Consumer Watchdog calls proposals a 'bailout' for refiners NEW YORK, June 27 (Reuters) - California's energy regulator on Friday recommended new rules to encourage more private investment in fuel imports and a pause on refiner profit limits, hoping to stop gasoline prices from skyrocketing in the state as it braces for the closure of two of its major refineries. The recommendations by the California Energy Commission came in response to a letter by Governor Gavin Newsom to suggest changes to the state's energy transition efforts by July 1. Phillips 66 (PSX.N) , opens new tab and Valero Energy (VLO.N) , opens new tab have announced plans to close two plants that make up about 20% of refining capacity in one of the world's biggest fuel markets. Sign up here. The CEC is exploring ways to keep existing refineries operational, while raising capacity at third-party import terminals to bring in and distribute more gasoline and jet fuel, CEC Vice Chair Siva Gunda said. Gunda said gasoline prices in the state could rise 15 to 30 cents per gallon in the short-term as refineries close, but the state hopes that these recommendations will negate that. Retail gasoline prices averaged $4.61 per gallon in California as of Friday, the highest in the country, according to AAA data. The national average was $3.21. As part of those efforts, the CEC recommended a pause on a program that capped the maximum profit refiners can earn on gasoline sales in the state. It said additional analytical work is needed to ensure it works as intended to protect consumers. It said the pause should be for a "reasonable length of time" but did not specify how long that would be. The CEC also asked Newsom to take steps to stabilize crude oil production in the state. California's crude oil output has dropped steadily from a peak of over 1 million barrels per day in the mid-1980s, to less than 300,000 bpd last year, according to U.S. government data going back to 1981. The recommendations drew a sharp rebuke from consumer and environmental advocacy groups, which called them a bailout for refiners in a letter addressed to Newsom, California Senate Majority Leader Mike McGuire and Assembly Speaker Robert Rivas. The groups called on the state to reject the proposals, and instead propose rules for price gouging penalties and implement proposals requiring minimum inventory levels for refiners. The CEC declined to comment on the letter, which was published by Consumer Watchdog and signed by 51 advocacy groups. https://www.reuters.com/sustainability/boards-policy-regulation/california-should-support-fuel-imports-find-ways-retain-refiners-regulator-says-2025-06-27/
2025-06-27 19:59
June 27 (Reuters) - U.S. energy company EQT (EQT.N) , opens new tab agreed to pay $167.5 million to settle a class action lawsuit filed by investors who claimed EQT overstated the benefits of its $6.7 billion merger with Rice Energy in 2017, according to a federal court filing on Thursday by the plaintiffs. Officials at EQT were not immediately available for comment. Sign up here. Plaintiffs in the case include the Government of Guam Retirement Fund, Eastern Atlantic States Carpenters Annuity Fund, Eastern Atlantic States Carpenters Pension Fund and Cambridge Retirement System. WHY IT'S IMPORTANT When the deal was announced in 2017, it was expected to create the biggest natural gas producer in the U.S. and was the biggest deal ever for EQT as it looked to expand its gas business. EQT is currently the No. 2 gas producer in the country. "The recovery - $167.5 million in cash - is notable as it is (by far) the largest securities class action recovery ever in the history of this District and the 14th largest in the history of the Third Circuit," the plaintiffs said in a filing. The district is the U.S. District Court Western District of Pennsylvania. The Third Circuit is the U.S. Court of Appeals for the Third Circuit. The plaintiffs said in the filing that they reached the settlement after almost six years of litigation and three mediation sessions. "The Settlement provides a favorable result for Class Members because it allows for an immediate recovery and removes the considerable possibility that Class Members could recover significantly less or even nothing," according to the filing. The case is In Re EQT Corporation Securities Litigation filed in June 2019, according to the federal court website. https://www.reuters.com/sustainability/boards-policy-regulation/us-energy-firm-eqt-agrees-settle-lawsuit-1675-million-2025-06-27/
2025-06-27 19:51
June 27 (Reuters) - American Airlines (AAL.O) , opens new tab said on Friday a technology issue was affecting connectivity for some systems, causing flight delays. The Texas-based airline said while it was working with its partners to fully resolve the problem, it had not canceled any flights at this time. Sign up here. Data from FlightAware shows 26% of American's flights and 30% of its subsidiary PSA Airlines' planes were delayed on Friday, as of 3:40 PM ET. https://www.reuters.com/business/american-airlines-says-technology-issue-affecting-some-systems-2025-06-27/
2025-06-27 19:04
LIMA, June 27 (Reuters) - Peru's state-run oil company Petroperu is in talks with five firms, including Canada's PetroTal (TAL.TO) , opens new tab and U.S.-based Upland Oil and Gas, as it seeks a partner to reactivate a key Amazon oil block, a company executive said late Thursday. Tomas Diaz, manager of Petroperu's exploration and exploitation unit, told Reuters the company expects to reach an agreement for Lot 192 by mid-to-late July. Sign up here. The reactivation of Lot 192, located near the border with Ecuador, is crucial for supplying Petroperu's newly modernized Talara refinery. The company is grappling with a financial crisis and significant debt following a $6.5 billion overhaul of the plant. "We are in a direct negotiation process," Diaz said, adding that a meeting with PetroTal is scheduled for next week. "We expect to select our operating partner in about two weeks; it will then be presented to Petroperu's board for approval." PetroTal and Upland Oil and Gas did not immediately respond to requests for comment. Petroperu, which holds a 39% stake in Lot 192, has been searching for a new partner since April after Altamesa Energy Canada, which held the remaining 61%, withdrew from the project amid debts to suppliers and local communities. Diaz stated that any new operator must honor existing service agreements with community-owned companies in the area. Oil firms in the Peruvian Amazon often face conflicts with indigenous communities demanding local jobs and greater social investment. Petroperu expects the block to produce up to 12,000 barrels per day (bpd) within six months of restarting. That output could rise to around 21,000 bpd after the new operator completes a drilling program. PIPELINE TALKS Diaz also confirmed that Petroperu is in separate talks with PetroTal to renew a contract for crude transport through the Northern Peruvian Pipeline. The 1,100-kilometer (684-mile) pipeline is currently operational but sits idle without any active contracts. PetroTal, which operates the nearby Lot 95, previously stopped using the pipeline due to repeated shutdowns caused by attacks on the infrastructure, opting instead to ship its crude by barge to Brazil. "A new crude transport contract will be positive and make Petroperu's pipeline profitable," Diaz said. Petroperu posted a first-quarter loss of $111 million, improving on a $183 million loss from the same period a year earlier. https://www.reuters.com/sustainability/climate-energy/petroperu-accelerates-talks-amazon-oil-block-partner-2025-06-27/
