China pushes back at US demands to stop buying Russian and Iranian oil
'China will always ensure its energy supply in ways that serve our national interests,' China's Foreign Ministry posted on X on Wednesday following two days of trade negotiations in Stockholm, responding to the U.S. threat of a 100% tariff.
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Stock market today: Dow jumps 500 points, S&P5 500, Nasdaq have best day since May as Wall Street bounces back
US stocks rebounded sharply Monday, recovering from last week's sell-off sparked by disappointing labor data and continuing trade uncertainty. The benchmark S&P 500 (^GSPC) climbed 1.5%, while the blue-chip Dow Jones Industrial Average (^DJI) rose 1.3% or more than 500 points. The tech-heavy Nasdaq Composite (^IXIC) led the gains, rising about 1.9%. Shares of Nvidia (NVDA) jumped 3%, while Meta (META) and Microsoft (MSFT) also rose to close at all-time highs. The moves follow a sharp pullback on Wall Street on Friday. All three major indexes posted their worst weekly declines in months, ending a run of positive market moves. The declines were exacerbated Friday after July's jobs report came in weaker than expected, and previous months' tallies were revised sharply lower, flipping the narrative on the labor market's strength. It led President Trump to lash out at the Bureau of Labor Statistics (BLS), which publishes the monthly jobs report, and fire its commissioner. Trump suggested he would nominate a new head for the agency in the coming days. Trump's battle with the Fed and Chair Jerome Powell has also remained in focus. Traders tempered expectations around interest rate policy following the bank's decision last week to leave rates unchanged for a fifth consecutive meeting. But after the weak jobs data, almost 90% of bets are on a cut in September. At the same time, investors are examining the fallout from Trump's implementation of tariffs. The updated tariffs set to come into full effect this week range from 10% to 41% on a wide range of trading partners and raise concerns about rising costs amid broader inflationary pressures. On Monday, Trump said he would be "substantially raising" tariffs on India as he presses to stop purchasing Russian oil, effectively accusing the nation of subsidizing Russia's war in Ukraine. Meanwhile, Tesla (TSLA) stock edged higher after reports emerged that the company had granted CEO Elon Musk 96 million shares worth about $29 billion. Read more: The latest on Trump's tariffs Earnings season continues to roll on with a busy week of corporate releases. Over 100 S&P 500 companies are set to report, with spotlights on Palantir (PLTR), Eli Lilly (LLY), and Disney (DIS). Stocks rebound as investors buy the dip following Friday's sell-off Investors bought the dip on Monday as stocks rebounded sharply from last Friday's sell-off, which was sparked by fears of a labor market slowdown and trade uncertainty. The broad-based S&P 500 (^GSPC) climbed nearly 1.5%, while the blue-chip Dow Jones Industrial Average (^DJI) rose 1.3% or more than 500 points. The tech-heavy Nasdaq Composite (^IXIC) rose almost 1.9%. The moves follow a sharp pullback on Wall Street on Friday when all three major indexes posted their worst weekly declines in months, ending a month filled with numerous all-time highs for the S&P 500 and Nasdaq Composite. Palantir is set to report second quarter earnings after announcing $10 billion US Army deal Yahoo Finance's Laura Bratton reports: Read more here. Rolex, luxury watchmakers brace for Trump's tariffs on Swiss imports Yahoo Finance's Pras Subramanian reports: Read more here. Trump set to announce replacement for Fed governor Kugler this week. Is this a tryout for the Fed Chair? Yahoo Finance's Jennifer Schonberger reports: Read more here. Figma shares sink 20% following last week's blockbuster IPO Figma (FIG) stock dropped more than 20% on Monday following the company's strong public debut last week. Shares of the design software company sank after gaining more than 5% on Friday and jumping over 250% during Thursday's blockbuster IPO. Coinbase stock hit with analyst downgrade citing 'limited support' for current valuation Coinbase (COIN) stock was downgraded by analysts at Compass Point, who questioned whether the crypto platform's valuation was sustainable. The analysts changed Coinbase's rating to Sell from Neutral and lowered its price target to $248 from $330 per share. The new price target represents a 21% decline from Friday's close. "While we remain constructive on the current crypto cycle, we expect a choppy 3Q alongside weak August/September seasonality and waning retail interest in crypto treasury stocks," Compass Point analyst Ed Engel wrote on Sunday night. "As such, we see limited support for COIN's valuation if crypto markets sell off further," he noted. Read more here. American Eagle stock rises 16% after Trump weighs in on viral Sydney Sweeney ad Yahoo Finance's Jake Conley reports: Read more here. Amazon's slowing cloud growth could continue to drag on its stock Yahoo Finance's Francisco Velasquez reports: Read more here. Tariffs not expected to cause recession or end bull market, says UBS As President Trump's tariff policy pans out, UBS strategists signal it won't cause a recession or spell the end of a bull market. 'Our base case remains that US tariffs will eventually settle around 15%," Ulrike Hoffmann-Burchardi, UBS Global Wealth Management's chief investment officer for Americas and global head of equities, wrote in a note on Monday morning. "While this would be the highest since the 1930s, and six times higher than when Trump returned to office, we do not expect it to cause a recession or end the equity bull market." In recent days, Trump has unleashed a flurry of trade deals, including a 90-day reprieve on goods imported from Mexico and 15% tariffs on EU goods. On Friday, Trump signed an order to hike tariffs on Canada to 35%, while he kept a baseline minimum rate of 10% across all US is set to implement duties this week. Trump says he will 'substantially' raise tariffs on India President Trump said on Monday he will "substantially" raise tariffs on India. Stocks still remained in rally mode following Friday's sell-off. "India is not only buying massive amounts of Russian Oil, they are then, for much of the Oil purchased, selling it on the Open Market for big profits," Trump wrote on Monday morning. "They don't care how many people in Ukraine are being killed by the Russian War Machine. Because of this, I will be substantially raising the Tariff paid by India to the USA," he added. President Trump's sweeping tariffs are set to come into full effect later this week. Last Wednesday, Trump announced a 25% tariff on goods from India, plus an additional import tax because of the country's purchasing of Russian oil. Tesla shares jump 3% as board approves $30 billion alternative pay deal for Musk Tesla's (TSLA) shares jumped 3% on Monday after the EV maker's board approved a $30 billion alternative compensation plan for its billionaire CEO, Elon Musk. As Yahoo Finance's Alexis Keenan reports: Read more here. Stocks open higher following market sell-off US stocks opened higher on Monday, rebounding from a sharp sell-off spurred by disappointing labor data and tariff uncertainty. The S&P 500 (^GSPC) climbed 0.6% on Monday, while the tech-heavy Nasdaq Composite (^IXIC) rose 0.9%. The Dow Jones Industrial Average (^DJI) moved up 0.5%. Markets are coming off a Friday sell-off sparked by tariffs on dozens of countries that start on Aug. 7 and monthly jobs revisions to the downside that implied a labor market slowdown is underway. Trending tickers in premarket trading: Opendoor, Palantir, Tesla, Joby, Tyson Here's a look at what's trending in markets ahead of the opening bell: Opendoor (OPEN) stock popped 16% ahead of second quarter results on Monday morning. As my colleague Jake Conley has detailed, the stock has seen a resurgence in investor interest, powered by a bull case by EMJ Capital and speculative bets posted on Reddit forums. Palantir (PLTR) stock rose 2%. On Friday, the company announced it snagged a contract with the US Army that combines over 75 agreements into one package deal worth $10 billion over the next decade. The software and AI data company will report earnings after the bell on Monday. Tesla (TSLA) shares added more than 2% after the company approved a new pay package worth $29 billion for CEO Elon Musk amid an intense court battle in Delaware. The pay package is designed to boost Musk's voting power over time, which shareholders say is key to keeping him focused on the company and its mission, the special committee said in the filing. Joby (JOBY) shares climbed 5% premarket after the electric air taxi developer said it would acquire Blade Air Mobility's helicopter rideshare business for as much as $125 million. The deal would give Joby access to a network of air terminals in key areas like New York City. Blade Air (BLDE) stock rocketed nearly 30% higher on the news. Tyson Foods (TSN) stock increased 4% after the company reported fiscal third quarter results that beat expectations. The company raised its annual revenue forecast and said it expects resilient demand for chicken to offset weakness in the beef segment as high cattle prices weigh on profits. Check out more trending tickers here. Wayfair stock surges after online furniture retailer swings to a profit Wayfair (W) stock shot up 10% in premarket trading on Monday after the online furniture retailer reported its highest revenue growth and profitability since 2021. Wayfair posted diluted earnings of $0.11 per share, above estimates for a loss of $0.37 per share, according to S&P Global Market Intelligence. Revenue rose 5% to $3.27 billion, beating Wall Street's expectations of $3.12 billion. Net revenue in the US rose 5.3% to $2.9 billion in the quarter, while international net revenue increased 3.1% to $399 million. "We are optimistic that sales growth, along with management's commitment to controlling expenses/investments, may create a longer-term positive inflection in earnings revisions, on top of what we view as an attractive valuation," JPMorgan's Christopher Horvers wrote in a note ahead of earnings. "Further, over the next three to five years, [Wayfair] should outgrow the category given the longer-term shift toward online retailing and its advantaged assortment/ supply chain as the largest scaled online specialty player in the industry." Read more live coverage of corporate earnings here. Good morning. Here's what's happening today. Economic data: Factory orders (June) Earnings: Hims & Hers (HIMS), Palantir (PLTR), Tyson (TSN), Wayfair (W) Here are some of the biggest stories you may have missed over the weekend and early this morning: Job market worries in focus as earnings season rolls on Tesla approves near-$30B stock award for Musk US says rare earth talks with China 'halfway there' Trump to name new Fed governor, jobs data head in coming days Boeing defense union strikes for first time since 1996 Morgan Stanley's Wilson: Buy stocks dip on earnings strength Citi's gold bears turn bullish on US growth, inflation concerns Joby to acquire Blade Air's passenger business for $125M Swiss stocks decline on US tariffs, push for lower drug prices Oil slides as traders assess OPEC+ hike and Russian risks Oil eased on Monday as investors digested OPEC+'s latest supply increase, helping to counter a threat from Washington to move against Russian oil flows. Bloomberg News reports: Read more here. Morgan Stanley's Wilson: Buy stocks dip on earnings strength Morgan Stanley's strategist Michael Wilson said on Monday that investors should buy into bthe selloff in US stocks because of the robust earnings outlook for the coming year. Bloomberg reports: Read more here. Citi's gold bears turn bullish on US growth, inflation concerns Citigroup Inc (C) have turned from bearish to bullish on its gold (GC=F) forecast, with analysts now predicting bullion will rally to a record high in the near term due to a worsening US economy and inflation-boosting tariffs. Bloomberg News reports: Read more here. Goldman with a sobering view on the consumer Goldman Sachs out this morning with a subdued outlook on the US consumer following Friday's lackluster jobs report. Good read on the consumer from the WSJ today, mirrors what Procter & Gamble's (PG) CEO told me on earnings day. Goldman's chief economist Jan Hatzius: "We expect the weakness in consumer spending to continue in the second half of the year and forecast 0.8% real spending growth in 2025H2. Our view is underpinned by the expectation of a sharp slowdown in real income growth from its elevated pace in 2025H1. Income growth will be hit in Q3 by the phasing out of the one-off 2025H1 government transfer payments and in Q4 by the Medicaid and SNAP benefit cuts included in the new fiscal bill, which will take effect in 2025Q4 and affect lower-income households in particular. We also see higher tariff-driven inflation to impose a drag on real income growth in the second half of the year. Finally, we expect weak job growth due to lower immigration, cuts in government and healthcare hiring, and a tariff-related decline in activity. We expect declines in both business and residential investment in the second half of the year." Swiss stocks decline on US tariffs, push for lower drug prices Swiss stocks took a hit on Monday as the market reopened after a holiday. Worries about the impact from President Trump's 39% export tariffs and a push for drugmakers to lower prices have caused tension in the market. Bloomberg News reports: Read more here. Stocks rebound as investors buy the dip following Friday's sell-off Investors bought the dip on Monday as stocks rebounded sharply from last Friday's sell-off, which was sparked by fears of a labor market slowdown and trade uncertainty. The broad-based S&P 500 (^GSPC) climbed nearly 1.5%, while the blue-chip Dow Jones Industrial Average (^DJI) rose 1.3% or more than 500 points. The tech-heavy Nasdaq Composite (^IXIC) rose almost 1.9%. The moves follow a sharp pullback on Wall Street on Friday when all three major indexes posted their worst weekly declines in months, ending a month filled with numerous all-time highs for the S&P 500 and Nasdaq Composite. Investors bought the dip on Monday as stocks rebounded sharply from last Friday's sell-off, which was sparked by fears of a labor market slowdown and trade uncertainty. The broad-based S&P 500 (^GSPC) climbed nearly 1.5%, while the blue-chip Dow Jones Industrial Average (^DJI) rose 1.3% or more than 500 points. The tech-heavy Nasdaq Composite (^IXIC) rose almost 1.9%. The moves follow a sharp pullback on Wall Street on Friday when all three major indexes posted their worst weekly declines in months, ending a month filled with numerous all-time highs for the S&P 500 and Nasdaq Composite. Palantir is set to report second quarter earnings after announcing $10 billion US Army deal Yahoo Finance's Laura Bratton reports: Read more here. Yahoo Finance's Laura Bratton reports: Read more here. Rolex, luxury watchmakers brace for Trump's tariffs on Swiss imports Yahoo Finance's Pras Subramanian reports: Read more here. Yahoo Finance's Pras Subramanian reports: Read more here. Trump set to announce replacement for Fed governor Kugler this week. Is this a tryout for the Fed Chair? Yahoo Finance's Jennifer Schonberger reports: Read more here. Yahoo Finance's Jennifer Schonberger reports: Read more here. Figma shares sink 20% following last week's blockbuster IPO Figma (FIG) stock dropped more than 20% on Monday following the company's strong public debut last week. Shares of the design software company sank after gaining more than 5% on Friday and jumping over 250% during Thursday's blockbuster IPO. Figma (FIG) stock dropped more than 20% on Monday following the company's strong public debut last week. Shares of the design software company sank after gaining more than 5% on Friday and jumping over 250% during Thursday's blockbuster IPO. Coinbase stock hit with analyst downgrade citing 'limited support' for current valuation Coinbase (COIN) stock was downgraded by analysts at Compass Point, who questioned whether the crypto platform's valuation was sustainable. The analysts changed Coinbase's rating to Sell from Neutral and lowered its price target to $248 from $330 per share. The new price target represents a 21% decline from Friday's close. "While we remain constructive on the current crypto cycle, we expect a choppy 3Q alongside weak August/September seasonality and waning retail interest in crypto treasury stocks," Compass Point analyst Ed Engel wrote on Sunday night. "As such, we see limited support for COIN's valuation if crypto markets sell off further," he noted. Read more here. Coinbase (COIN) stock was downgraded by analysts at Compass Point, who questioned whether the crypto platform's valuation was sustainable. The analysts changed Coinbase's rating to Sell from Neutral and lowered its price target to $248 from $330 per share. The new price target represents a 21% decline from Friday's close. "While we remain constructive on the current crypto cycle, we expect a choppy 3Q alongside weak August/September seasonality and waning retail interest in crypto treasury stocks," Compass Point analyst Ed Engel wrote on Sunday night. "As such, we see limited support for COIN's valuation if crypto markets sell off further," he noted. Read more here. American Eagle stock rises 16% after Trump weighs in on viral Sydney Sweeney ad Yahoo Finance's Jake Conley reports: Read more here. Yahoo Finance's Jake Conley reports: Read more here. Amazon's slowing cloud growth could continue to drag on its stock Yahoo Finance's Francisco Velasquez reports: Read more here. Yahoo Finance's Francisco Velasquez reports: Read more here. Tariffs not expected to cause recession or end bull market, says UBS As President Trump's tariff policy pans out, UBS strategists signal it won't cause a recession or spell the end of a bull market. 'Our base case remains that US tariffs will eventually settle around 15%," Ulrike Hoffmann-Burchardi, UBS Global Wealth Management's chief investment officer for Americas and global head of equities, wrote in a note on Monday morning. "While this would be the highest since the 1930s, and six times higher than when Trump returned to office, we do not expect it to cause a recession or end the equity bull market." In recent days, Trump has unleashed a flurry of trade deals, including a 90-day reprieve on goods imported from Mexico and 15% tariffs on EU goods. On Friday, Trump signed an order to hike tariffs on Canada to 35%, while he kept a baseline minimum rate of 10% across all US is set to implement duties this week. As President Trump's tariff policy pans out, UBS strategists signal it won't cause a recession or spell the end of a bull market. 'Our base case remains that US tariffs will eventually settle around 15%," Ulrike Hoffmann-Burchardi, UBS Global Wealth Management's chief investment officer for Americas and global head of equities, wrote in a note on Monday morning. "While this would be the highest since the 1930s, and six times higher than when Trump returned to office, we do not expect it to cause a recession or end the equity bull market." In recent days, Trump has unleashed a flurry of trade deals, including a 90-day reprieve on goods imported from Mexico and 15% tariffs on EU goods. On Friday, Trump signed an order to hike tariffs on Canada to 35%, while he kept a baseline minimum rate of 10% across all US is set to implement duties this week. Trump says he will 'substantially' raise tariffs on India President Trump said on Monday he will "substantially" raise tariffs on India. Stocks still remained in rally mode following Friday's sell-off. "India is not only buying massive amounts of Russian Oil, they are then, for much of the Oil purchased, selling it on the Open Market for big profits," Trump wrote on Monday morning. "They don't care how many people in Ukraine are being killed by the Russian War Machine. Because of this, I will be substantially raising the Tariff paid by India to the USA," he added. President Trump's sweeping tariffs are set to come into full effect later this week. Last Wednesday, Trump announced a 25% tariff on goods from India, plus an additional import tax because of the country's purchasing of Russian oil. President Trump said on Monday he will "substantially" raise tariffs on India. Stocks still remained in rally mode following Friday's sell-off. "India is not only buying massive amounts of Russian Oil, they are then, for much of the Oil purchased, selling it on the Open Market for big profits," Trump wrote on Monday morning. "They don't care how many people in Ukraine are being killed by the Russian War Machine. Because of this, I will be substantially raising the Tariff paid by India to the USA," he added. President Trump's sweeping tariffs are set to come into full effect later this week. Last Wednesday, Trump announced a 25% tariff on goods from India, plus an additional import tax because of the country's purchasing of Russian oil. Tesla shares jump 3% as board approves $30 billion alternative pay deal for Musk Tesla's (TSLA) shares jumped 3% on Monday after the EV maker's board approved a $30 billion alternative compensation plan for its billionaire CEO, Elon Musk. As Yahoo Finance's Alexis Keenan reports: Read more here. Tesla's (TSLA) shares jumped 3% on Monday after the EV maker's board approved a $30 billion alternative compensation plan for its billionaire CEO, Elon Musk. As Yahoo Finance's Alexis Keenan reports: Read more here. Stocks open higher following market sell-off US stocks opened higher on Monday, rebounding from a sharp sell-off spurred by disappointing labor data and tariff uncertainty. The S&P 500 (^GSPC) climbed 0.6% on Monday, while the tech-heavy Nasdaq Composite (^IXIC) rose 0.9%. The Dow Jones Industrial Average (^DJI) moved up 0.5%. Markets are coming off a Friday sell-off sparked by tariffs on dozens of countries that start on Aug. 7 and monthly jobs revisions to the downside that implied a labor market slowdown is underway. US stocks opened higher on Monday, rebounding from a sharp sell-off spurred by disappointing labor data and tariff uncertainty. The S&P 500 (^GSPC) climbed 0.6% on Monday, while the tech-heavy Nasdaq Composite (^IXIC) rose 0.9%. The Dow Jones Industrial Average (^DJI) moved up 0.5%. Markets are coming off a Friday sell-off sparked by tariffs on dozens of countries that start on Aug. 7 and monthly jobs revisions to the downside that implied a labor market slowdown is underway. Trending tickers in premarket trading: Opendoor, Palantir, Tesla, Joby, Tyson Here's a look at what's trending in markets ahead of the opening bell: Opendoor (OPEN) stock popped 16% ahead of second quarter results on Monday morning. As my colleague Jake Conley has detailed, the stock has seen a resurgence in investor interest, powered by a bull case by EMJ Capital and speculative bets posted on Reddit forums. Palantir (PLTR) stock rose 2%. On Friday, the company announced it snagged a contract with the US Army that combines over 75 agreements into one package deal worth $10 billion over the next decade. The software and AI data company will report earnings after the bell on Monday. Tesla (TSLA) shares added more than 2% after the company approved a new pay package worth $29 billion for CEO Elon Musk amid an intense court battle in Delaware. The pay package is designed to boost Musk's voting power over time, which shareholders say is key to keeping him focused on the company and its mission, the special committee said in the filing. Joby (JOBY) shares climbed 5% premarket after the electric air taxi developer said it would acquire Blade Air Mobility's helicopter rideshare business for as much as $125 million. The deal would give Joby access to a network of air terminals in key areas like New York City. Blade Air (BLDE) stock rocketed nearly 30% higher on the news. Tyson Foods (TSN) stock increased 4% after the company reported fiscal third quarter results that beat expectations. The company raised its annual revenue forecast and said it expects resilient demand for chicken to offset weakness in the beef segment as high cattle prices weigh on profits. Check out more trending tickers here. Here's a look at what's trending in markets ahead of the opening bell: Opendoor (OPEN) stock popped 16% ahead of second quarter results on Monday morning. As my colleague Jake Conley has detailed, the stock has seen a resurgence in investor interest, powered by a bull case by EMJ Capital and speculative bets posted on Reddit forums. Palantir (PLTR) stock rose 2%. On Friday, the company announced it snagged a contract with the US Army that combines over 75 agreements into one package deal worth $10 billion over the next decade. The software and AI data company will report earnings after the bell on Monday. Tesla (TSLA) shares added more than 2% after the company approved a new pay package worth $29 billion for CEO Elon Musk amid an intense court battle in Delaware. The pay package is designed to boost Musk's voting power over time, which shareholders say is key to keeping him focused on the company and its mission, the special committee said in the filing. Joby (JOBY) shares climbed 5% premarket after the electric air taxi developer said it would acquire Blade Air Mobility's helicopter rideshare business for as much as $125 million. The deal would give Joby access to a network of air terminals in key areas like New York City. Blade Air (BLDE) stock rocketed nearly 30% higher on the news. Tyson Foods (TSN) stock increased 4% after the company reported fiscal third quarter results that beat expectations. The company raised its annual revenue forecast and said it expects resilient demand for chicken to offset weakness in the beef segment as high cattle prices weigh on profits. Check out more trending tickers here. Wayfair stock surges after online furniture retailer swings to a profit Wayfair (W) stock shot up 10% in premarket trading on Monday after the online furniture retailer reported its highest revenue growth and profitability since 2021. Wayfair posted diluted earnings of $0.11 per share, above estimates for a loss of $0.37 per share, according to S&P Global Market Intelligence. Revenue rose 5% to $3.27 billion, beating Wall Street's expectations of $3.12 billion. Net revenue in the US rose 5.3% to $2.9 billion in the quarter, while international net revenue increased 3.1% to $399 million. "We are optimistic that sales growth, along with management's commitment to controlling expenses/investments, may create a longer-term positive inflection in earnings revisions, on top of what we view as an attractive valuation," JPMorgan's Christopher Horvers wrote in a note ahead of earnings. "Further, over the next three to five years, [Wayfair] should outgrow the category given the longer-term shift toward online retailing and its advantaged assortment/ supply chain as the largest scaled online specialty player in the industry." Read more live coverage of corporate earnings here. Wayfair (W) stock shot up 10% in premarket trading on Monday after the online furniture retailer reported its highest revenue growth and profitability since 2021. Wayfair posted diluted earnings of $0.11 per share, above estimates for a loss of $0.37 per share, according to S&P Global Market Intelligence. Revenue rose 5% to $3.27 billion, beating Wall Street's expectations of $3.12 billion. Net revenue in the US rose 5.3% to $2.9 billion in the quarter, while international net revenue increased 3.1% to $399 million. "We are optimistic that sales growth, along with management's commitment to controlling expenses/investments, may create a longer-term positive inflection in earnings revisions, on top of what we view as an attractive valuation," JPMorgan's Christopher Horvers wrote in a note ahead of earnings. "Further, over the next three to five years, [Wayfair] should outgrow the category given the longer-term shift toward online retailing and its advantaged assortment/ supply chain as the largest scaled online specialty player in the industry." Read more live coverage of corporate earnings here. Good morning. Here's what's happening today. Economic data: Factory orders (June) Earnings: Hims & Hers (HIMS), Palantir (PLTR), Tyson (TSN), Wayfair (W) Here are some of the biggest stories you may have missed over the weekend and early this morning: Job market worries in focus as earnings season rolls on Tesla approves near-$30B stock award for Musk US says rare earth talks with China 'halfway there' Trump to name new Fed governor, jobs data head in coming days Boeing defense union strikes for first time since 1996 Morgan Stanley's Wilson: Buy stocks dip on earnings strength Citi's gold bears turn bullish on US growth, inflation concerns Joby to acquire Blade Air's passenger business for $125M Swiss stocks decline on US tariffs, push for lower drug prices Economic data: Factory orders (June) Earnings: Hims & Hers (HIMS), Palantir (PLTR), Tyson (TSN), Wayfair (W) Here are some of the biggest stories you may have missed over the weekend and early this morning: Job market worries in focus as earnings season rolls on Tesla approves near-$30B stock award for Musk US says rare earth talks with China 'halfway there' Trump to name new Fed governor, jobs data head in coming days Boeing defense union strikes for first time since 1996 Morgan Stanley's Wilson: Buy stocks dip on earnings strength Citi's gold bears turn bullish on US growth, inflation concerns Joby to acquire Blade Air's passenger business for $125M Swiss stocks decline on US tariffs, push for lower drug prices Oil slides as traders assess OPEC+ hike and Russian risks Oil eased on Monday as investors digested OPEC+'s latest supply increase, helping to counter a threat from Washington to move against Russian oil flows. Bloomberg News reports: Read more here. Oil eased on Monday as investors digested OPEC+'s latest supply increase, helping to counter a threat from Washington to move against Russian oil flows. Bloomberg News reports: Read more here. Morgan Stanley's Wilson: Buy stocks dip on earnings strength Morgan Stanley's strategist Michael Wilson said on Monday that investors should buy into bthe selloff in US stocks because of the robust earnings outlook for the coming year. Bloomberg reports: Read more here. Morgan Stanley's strategist Michael Wilson said on Monday that investors should buy into bthe selloff in US stocks because of the robust earnings outlook for the coming year. Bloomberg reports: Read more here. Citi's gold bears turn bullish on US growth, inflation concerns Citigroup Inc (C) have turned from bearish to bullish on its gold (GC=F) forecast, with analysts now predicting bullion will rally to a record high in the near term due to a worsening US economy and inflation-boosting tariffs. Bloomberg News reports: Read more here. Citigroup Inc (C) have turned from bearish to bullish on its gold (GC=F) forecast, with analysts now predicting bullion will rally to a record high in the near term due to a worsening US economy and inflation-boosting tariffs. Bloomberg News reports: Read more here. Goldman with a sobering view on the consumer Goldman Sachs out this morning with a subdued outlook on the US consumer following Friday's lackluster jobs report. Good read on the consumer from the WSJ today, mirrors what Procter & Gamble's (PG) CEO told me on earnings day. Goldman's chief economist Jan Hatzius: "We expect the weakness in consumer spending to continue in the second half of the year and forecast 0.8% real spending growth in 2025H2. Our view is underpinned by the expectation of a sharp slowdown in real income growth from its elevated pace in 2025H1. Income growth will be hit in Q3 by the phasing out of the one-off 2025H1 government transfer payments and in Q4 by the Medicaid and SNAP benefit cuts included in the new fiscal bill, which will take effect in 2025Q4 and affect lower-income households in particular. We also see higher tariff-driven inflation to impose a drag on real income growth in the second half of the year. Finally, we expect weak job growth due to lower immigration, cuts in government and healthcare hiring, and a tariff-related decline in activity. We expect declines in both business and residential investment in the second half of the year." Goldman Sachs out this morning with a subdued outlook on the US consumer following Friday's lackluster jobs report. Good read on the consumer from the WSJ today, mirrors what Procter & Gamble's (PG) CEO told me on earnings day. Goldman's chief economist Jan Hatzius: "We expect the weakness in consumer spending to continue in the second half of the year and forecast 0.8% real spending growth in 2025H2. Our view is underpinned by the expectation of a sharp slowdown in real income growth from its elevated pace in 2025H1. Income growth will be hit in Q3 by the phasing out of the one-off 2025H1 government transfer payments and in Q4 by the Medicaid and SNAP benefit cuts included in the new fiscal bill, which will take effect in 2025Q4 and affect lower-income households in particular. We also see higher tariff-driven inflation to impose a drag on real income growth in the second half of the year. Finally, we expect weak job growth due to lower immigration, cuts in government and healthcare hiring, and a tariff-related decline in activity. We expect declines in both business and residential investment in the second half of the year." Swiss stocks decline on US tariffs, push for lower drug prices Swiss stocks took a hit on Monday as the market reopened after a holiday. Worries about the impact from President Trump's 39% export tariffs and a push for drugmakers to lower prices have caused tension in the market. Bloomberg News reports: Read more here. Swiss stocks took a hit on Monday as the market reopened after a holiday. Worries about the impact from President Trump's 39% export tariffs and a push for drugmakers to lower prices have caused tension in the market. Bloomberg News reports: Read more here.
Yahoo
6 minutes ago
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Copper Rises With US Tariffs, Codelco Mine Stoppage in Focus
(Bloomberg) -- Copper rose as traders continued to digest US President Donald Trump's decision to spare the most traded form of the metal from his 50% tariff, while a deadly mine accident in Chile raised supply concerns. PATH Train Service Resumes After Fire at Jersey City Station Seeking Relief From Heat and Smog, Cities Follow the Wind Chicago Curbs Hiring, Travel to Tackle $1 Billion Budget Hole Mayor Asked to Explain $1.4 Billion of Wasted Johannesburg Funds Copper trading conditions started to settle on the London Metal Exchange, after the White House's shock move last week to exclude refined metal from the newly imposed import levy. The decision sent US prices plunging by a record 22% on Thursday, pushing them back to parity with the LME's global benchmark. A key question now is what will happen to the huge volume of copper that's been shipped to the US in anticipation of tariffs, with the spreads between prices in London, New York and Shanghai likely to determine whether the metal flows back out quickly or remains in US ports. On Monday, US copper futures on CME Group's Comex were trading about 1.8% — or $176 a ton — above those on the LME, undercutting the immediate rationale for exports. 'In the past, metal flowed between the CME and LME whenever the spread between those two prices moved outside a $100-200/t band,' Bank of America analysts led by Irina Shaorshadze said in an emailed note. 'As the trade flows normalize, the LME-CME spread should revert to the historical mean-reverting relationship.' Copper traders are also on alert for supply disruptions, after six people were killed in a tunnel collapse triggered by an earth tremor last week at El Teniente, which accounts for over a quarter of Chilean mining giant Codelco's output. Underground operations are halted and — with the company launching an investigation into the causes — it's unclear how long the stoppage will last or whether it will trigger changes to Codelco's output goals. El Teniente, one of the world's biggest underground mines, produced 356,000 tons of copper last year. That volume is equivalent to more than a month of Chinese imports of refined copper. The stoppage at El Teniente comes as the world's copper smelters face intense competition to secure mine supply. Treatment fees — typically the main earner for smelters — remain at deeply negative levels on a spot basis, and plants in the Philippines and Japan have cut output or closed. Even in China, where output has remained robust, there is some speculation that production is reaching a limit. Investors are also monitoring other unexpected mine disruptions, including at the massive Kamoa-Kakula complex run by Ivanhoe Mines Ltd. in the Democratic Republic of Congo. Still, Ivanhoe executives on Friday delivered an upbeat assessment on prospects for returning that mine to previous output guidance. LME copper prices rose 0.6% to settle at $9,687.00 a ton at 5:53 p.m. local time. Other metals were mixed, with zinc up 0.8% and aluminum down 0.5%. --With assistance from Yvonne Yue Li. AI Flight Pricing Can Push Travelers to the Limit of Their Ability to Pay How Podcast-Obsessed Tech Investors Made a New Media Industry Government Steps Up Campaign Against Business School Diversity What Happens to AI Startups When Their Founders Jump Ship for Big Tech Everyone Loves to Hate Wind Power. Scotland Found a Way to Make It Pay Off ©2025 Bloomberg L.P.
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ONEOK Announces Higher Second Quarter 2025 Earnings and Affirms 2025 Financial Guidance Ranges
Record Rocky Mountain Region NGL Raw Feed Throughput Volumes TULSA, Okla., Aug. 4, 2025 /PRNewswire/ -- ONEOK, Inc. (NYSE: OKE) today announced higher second quarter 2025 results and affirmed full-year 2025 financial guidance ranges. Higher Second Quarter 2025 Results, Compared With Second Quarter 2024: Net income of $853 million (includes noncontrolling interests). Net income attributable to ONEOK of $841 million, resulting in $1.34 per diluted share. Adjusted EBITDA of $1.98 billion (includes $21 million of transaction costs). 11% increase in Rocky Mountain region NGL raw feed throughput volumes. Repaid nearly $600 million of senior notes. "ONEOK's higher second-quarter performance reflects the strategy of our contiguous integrated business model and sustained demand for the critical energy services we provide," said Pierce H. Norton II, ONEOK president and chief executive officer. "Our strategic acquisitions are delivering tangible benefits as we continue to make meaningful progress on acquisition-related synergies and organic growth. "Our focused investments in high-return projects provide significant operating leverage and position us to capture incremental growth across key production regions, including our expanded and enhanced presence in the Permian Basin," added Norton. "Backed by a strong balance sheet, long-standing and stable customer base and diversified earnings from across our value chain, ONEOK remains well positioned to deliver long-term value to stakeholders." SECOND QUARTER 2025 FINANCIAL HIGHLIGHTSThree Months Ended Six Months Ended June 30, June 30, 20252024 20252024 (Millions of dollars, except per share amounts)Net income (a) $ 853$ 780 $ 1,544$ 1,419Net income attributable to ONEOK (a) $ 841$ 780 $ 1,477$ 1,419Diluted earnings per common share (a) $ 1.34$ 1.33 $ 2.38$ 2.42Adjusted EBITDA (b) $ 1,981$ 1,624 $ 3,756$ 3,065Operating income (a) $ 1,431$ 1,229 $ 2,651$ 2,293Operating costs $ 706$ 569 $ 1,458$ 1,138Depreciation and amortization $ 368$ 262 $ 748$ 516Equity in net earnings from investments $ 81$ 88 $ 189$ 164Maintenance capital $ 126$ 92 $ 200$ 166Capital expenditures (includes maintenance) $ 749$ 479 $ 1,378$ 991(a) Amounts for the three and six months ended June 30, 2025, include pretax impacts of $22 million and $64 million, respectively, of transaction costs, related primarily to the EnLink acquisition, resulting in a net impact of 3 cents and 8 cents per diluted share after tax, respectively. (b) Amounts for the three and six months ended June 30, 2025, include $21 million and $52 million, respectively, of transaction costs related primarily to the EnLink acquisition. Transaction costs of $1 million and $12 million, respectively, were noncash and not included in adjusted EBITDA. Adjusted EBITDA is a non-GAAP measure and is explained in greater detail in the Non-GAAP Financial Measures In May 2025, ONEOK acquired the remaining 49.9% interest in Delaware G&P LLC (Delaware Basin JV). In May 2025, ONEOK repurchased $169 million of senior notes for an aggregate repurchase price of $133 million, including accrued and unpaid interest. In June 2025, ONEOK repaid the remaining $422 million of 4.15% senior notes at maturity. In July 2025, ONEOK acquired an additional 30% interest in BridgeTex Pipeline Company, LLC, resulting in a 60% ownership interest. In July 2025, ONEOK declared a quarterly dividend of $1.03 per share, or $4.12 per share annualized. As of June 30, 2025: No borrowings outstanding under ONEOK's $3.5 billion credit agreement. $97 million of cash and cash equivalents. Sustainability highlights: In May 2025, ONEOK received an MSCI ESG Rating of AAA. In June 2025, ONEOK was included in the FTSE4Good Index. SECOND QUARTER 2025 FINANCIAL PERFORMANCE ONEOK reported second quarter 2025 net income attributable to ONEOK and adjusted EBITDA of $841 million and $1.98 billion, respectively. Results were driven primarily by the positive impact of the EnLink and Medallion acquisitions across ONEOK's system. Results were partially offset by the divestiture of certain assets in 2024. Additionally, second quarter 2025 adjusted EBITDA included $21 million of transaction costs related primarily to the EnLink acquisition. BUSINESS SEGMENT RESULTS: Natural Gas Liquids SegmentThree Months Ended Six Months EndedJune 30, June 30, Natural Gas Liquids Segment 20252024 20252024(Millions of dollars) Adjusted EBITDA $ 673$ 635 $ 1,308$ 1,223 Capital expenditures $ 135$ 285 $ 306$ 538 The increase in second quarter 2025 adjusted EBITDA, compared with second quarter 2024, primarily reflects: A $50 million increase due to adjusted EBITDA from EnLink; offset by An $11 million decrease in exchange services due primarily to lower average fee rates in the Mid-Continent region and higher inventory of unfractionated natural gas liquids (NGLs) due to unplanned outages, offset partially by higher volumes in the Rocky Mountain region. The increase in adjusted EBITDA for the six-month 2025 period, compared with the same period last year, primarily reflects: A $115 million increase due to adjusted EBITDA from EnLink; An $8 million increase in transportation and storage due primarily to the acquisition of an NGL pipeline system from Easton Energy in June 2024; offset by A $17 million decrease in optimization and marketing due primarily to narrower product price differentials; A $16 million increase in operating costs due primarily to higher employee-related costs associated with the growth of ONEOK's operations; and A $9 million decrease in exchange services due primarily to lower average fee rates and lower volumes in the Mid-Continent region and higher transportation costs, offset partially by higher volumes and higher average fee rates in the Rocky Mountain region. Refined Products and Crude SegmentThree Months Ended Six Months EndedJune 30, June 30, Refined Products and Crude Segment 20252024 20252024(Millions of dollars) Adjusted EBITDA $ 557$ 467 $ 1,028$ 848 Capital expenditures $ 184$ 33 $ 325$ 75 The increase in second quarter 2025 adjusted EBITDA, compared with second quarter 2024, primarily reflects: An $89 million increase due to adjusted EBITDA from Medallion and EnLink; and A $21 million decrease in operating costs due primarily to lower outside services and property taxes associated with timing; offset by An $8 million decrease in optimization and marketing due primarily to lower liquids blending differentials, offset partially by higher volumes; and A $7 million decrease in adjusted EBITDA from unconsolidated affiliates due primarily to lower BridgeTex earnings. The increase in adjusted EBITDA for the six-month 2025 period, compared with the same period last year, primarily reflects: A $182 million increase due to adjusted EBITDA from Medallion and EnLink; A $34 million decrease in operating costs due primarily to lower outside services and property taxes associated with timing; and A $6 million increase in adjusted EBITDA from unconsolidated affiliates due primarily to higher Saddlehorn earnings from ONEOK's 10% ownership interest increase in March 2024 and higher BridgeTex earnings; offset by A $35 million decrease in optimization and marketing due primarily to lower liquids blending differentials, offset partially by higher volumes; and A $16 million decrease in transportation and storage due primarily to timing of operational gains and losses and lower volumes on ONEOK's legacy system. Natural Gas Gathering and Processing SegmentThree Months Ended Six Months EndedJune 30, June 30, Natural Gas Gathering and Processing Segment 20252024 20252024(Millions of dollars) Adjusted EBITDA $ 540$ 371 $ 1,031$ 677 Capital expenditures $ 341$ 101 $ 582$ 217 The increase in second quarter 2025 adjusted EBITDA, compared with second quarter 2024, primarily reflects: A $240 million increase due to adjusted EBITDA from EnLink; and An $18 million increase from higher volumes due primarily to increased production in the Mid-Continent and Rocky Mountain regions; offset by A $59 million decrease from the divestiture of certain non-strategic assets in 2024; and A $33 million decrease due primarily to lower realized NGL prices, net of hedging, offset partially by higher realized natural gas prices, net of hedging. The increase in adjusted EBITDA for the six-month 2025 period, compared with the same period last year, primarily reflects: A $453 million increase due to adjusted EBITDA from EnLink; and A $34 million increase from higher volumes due primarily to increased production in the Mid-Continent and Rocky Mountain regions; offset by A $65 million decrease from the divestiture of certain non-strategic assets in 2024; A $52 million decrease due primarily to lower realized NGL prices, net of hedging, offset partially by higher realized natural gas prices, net of hedging; and A $14 million increase in operating costs due primarily to higher employee-related costs associated with the growth of ONEOK's operations. Natural Gas Pipelines SegmentThree Months Ended Six Months EndedJune 30, June 30, Natural Gas Pipelines Segment 20252024 20252024(Millions of dollars) Adjusted EBITDA $ 188$ 152 $ 400$ 317 Capital expenditures $ 52$ 52 $ 114$ 131 The increase in second quarter 2025 adjusted EBITDA, compared with second quarter 2024, primarily reflects: A $69 million increase due to adjusted EBITDA from EnLink; offset by A $31 million decrease due to the interstate natural gas pipeline divestiture. The increase in adjusted EBITDA for the six-month 2025 period, compared with the same period last year, primarily reflects: A $149 million increase due to adjusted EBITDA from EnLink; offset by A $63 million decrease due to the interstate natural gas pipeline divestiture. EARNINGS CONFERENCE CALL AND WEBCAST: Members of ONEOK's management team will participate in a conference call at 11 a.m. Eastern (10 a.m. Central) on Aug. 5, 2025. The call will also be webcast. To participate in the conference call, dial 877-883-0383, entry number 9706904, or log on to the webcast at If you are unable to participate in the conference call or the webcast, the replay will be available on ONEOK's website, for one year. A recording will be available by phone for seven days. The playback call may be accessed at 877-344-7529, access code 4363302. LINK TO EARNINGS TABLES AND PRESENTATION: NON-GAAP (GENERALLY ACCEPTED ACCOUNTING PRINCIPLES) FINANCIAL MEASURES: ONEOK has disclosed in this news release adjusted earnings before interest, taxes, depreciation and amortization (adjusted EBITDA), a non-GAAP financial metric used to measure the company's financial performance. Adjusted EBITDA is defined as net income adjusted for interest expense, depreciation and amortization, noncash impairment charges, income taxes, noncash compensation expense, and other noncash items; and includes adjusted EBITDA from the company's unconsolidated affiliates using the same recognition and measurement methods used to record equity in net earnings from investments. Adjusted EBITDA from unconsolidated affiliates is calculated consistently with the definition above and excludes items such as interest expense, depreciation and amortization, income taxes and other noncash items. Adjusted EBITDA is useful to investors because it and similar measures are used by many companies in the industry as a measure of financial performance and is commonly employed by financial analysts and others to evaluate ONEOK's financial performance and to compare the company's financial performance with the performance of other companies within the industry. Adjusted EBITDA should not be considered in isolation or as a substitute for net income or any other measure of financial performance presented in accordance with GAAP. This non-GAAP financial measure excludes some, but not all, items that affect net income. Additionally, this calculation may not be comparable with similarly titled measures of other companies. A reconciliation of net income to adjusted EBITDA is included in the tables. At ONEOK (NYSE: OKE), we deliver energy products and services vital to an advancing world. We are a leading midstream operator that provides gathering, processing, fractionation, transportation, storage and marine export services. Through our approximately 60,000-mile pipeline network, we transport the natural gas, natural gas liquids (NGLs), refined products and crude oil that help meet domestic and international energy demand, contribute to energy security and provide safe, reliable and responsible energy solutions needed today and into the future. As one of the largest integrated energy infrastructure companies in North America, ONEOK is delivering energy that makes a difference in the lives of people in the U.S. and around the world. ONEOK is an S&P 500 company headquartered in Tulsa, Oklahoma. For information about ONEOK, visit the website: For the latest news about ONEOK, find us on LinkedIn, Facebook, X and Instagram. This news release contains certain "forward-looking statements" within the meaning of federal securities laws. Words such as "anticipates," "believes," "continues," "could," "estimates," "expects," "forecasts," "goal," "guidance," "intends," "may," "might," "outlook," "plans," "potential," "projects," "scheduled," "should," "target," "will," "would," and similar expressions may be used to identify forward-looking statements. Forward-looking statements are not statements of historical fact and reflect our current views about future events. Such forward-looking statements include, but are not limited to, future financial and operating results, our plans, objectives, expectations and intentions, and other statements that are not historical facts, including future results of operations, adjusted EBITDA, projected cash flow and liquidity, business strategy, expected synergies or cost savings, and other plans and objectives for future operations. No assurances can be given that the forward-looking statements contained in this news release will occur as projected and actual results may differ materially from those projected. Forward-looking statements are based on current expectations, estimates and assumptions that involve a number of risks and uncertainties, many of which are beyond our control, and are not guarantees of future results. Accordingly, there are or will be important factors that could cause actual results to differ materially from those indicated in such statements and, therefore, you should not place undue reliance on any such statements and caution must be exercised in relying on forward-looking statements. These risks and uncertainties include, without limitation, the following: the impact on drilling and production by factors beyond our control, including the demand for natural gas, NGLs, Refined Products and crude oil; producers' desire and ability to drill and obtain necessary permits; regulatory compliance; reserve performance; and capacity constraints and/or shut downs on the pipelines that transport crude oil, natural gas, NGLs, and Refined Products from producing areas and our facilities; the impact of unfavorable economic and market conditions, inflationary pressures, which may increase our capital expenditures and operating costs, raise the cost of capital or depress economic growth; the impact of the volatility of natural gas, NGL, Refined Products and crude oil prices on our earnings and cash flows, which is impacted by a variety of factors beyond our control, including international terrorism and conflicts and geopolitical instability; the impact of reduced volatility in energy prices or new government regulations that could discourage our storage customers from holding positions in Refined Products, crude oil and natural gas; the economic or other impact of announced or future tariffs, including inflationary impacts; our dependence on producers, gathering systems, refineries and pipelines owned and operated by others and the impact of any closures, interruptions or reduced activity levels at these facilities; the impact of increased attention to ESG issues, including climate change, and risks associated with the physical and financial impacts of climate change; risks associated with operational hazards and unforeseen interruptions at our operations; the inability of insurance proceeds to cover all liabilities or incurred costs and losses, or lost earnings, resulting from a loss; the risk of increased costs for insurance premiums or less favorable coverage; demand for our services and products in the proximity of our facilities; risks associated with our ability to hedge against commodity price risks or interest rate risks; a breach of information security, including a cybersecurity attack, or failure of one or more key information technology or operational systems, and terrorist attacks, including cyber sabotage; exposure to construction risk and supply risks if adequate natural gas, NGL, Refined Products and crude oil supply is unavailable upon completion of facilities; the accuracy of estimates of hydrocarbon reserves, which could result in lower than anticipated volumes; our lack of ownership over all of the land on which our property is located and certain of our facilities and equipment; the impact of changes in estimation, type of commodity and other factors on our measurement adjustments; excess capacity on our pipelines, processing, fractionation, terminal and storage assets; risks associated with the period of time our assets have been in service; our partial reliance on cash distributions from our unconsolidated affiliates on our operating cash flows; our ability to cause our joint ventures to take or not take certain actions unless some or all of our joint-venture participants agree; our reliance on others to operate certain joint-venture assets and to provide other services; our ability to use net operating losses and certain tax attributes; increased regulation of exploration and production activities, including hydraulic fracturing, well setbacks and disposal of wastewater; impacts of regulatory oversight and potential penalties on our business; risks associated with the rate regulation, challenges or changes, which may reduce the amount of cash we generate; the impact of our gas liquids blending activities, which subject us to federal regulations that govern renewable fuel requirements in the U.S.; incurrence of significant costs to comply with the regulation of greenhouse gas emissions; the impact of federal and state laws and regulations relating to the protection of the environment, public health and safety on our operations, as well as increased litigation and activism challenging oil and gas development as well as changes to and/or increased penalties from the enforcement of laws, regulations and policies; the impact of unforeseen changes in interest rates, debt and equity markets and other external factors over which we have no control; actions by rating agencies concerning our credit; our indebtedness and guarantee obligations could cause adverse consequences, including making us vulnerable to general adverse economic and industry conditions, limiting our ability to borrow additional funds and placing us at competitive disadvantages compared with our competitors that have less debt; an event of default may require us to offer to repurchase certain of our or ONEOK Partners' senior notes or may impair our ability to access capital; the right to receive payments on our outstanding debt securities and subsidiary guarantees is unsecured and effectively subordinated to any future secured indebtedness and any existing and future indebtedness of our subsidiaries that do not guarantee the senior notes; use by a court of fraudulent conveyance to avoid or subordinate the cross guarantees of our or ONEOK Partners' indebtedness; the risks associated with pending or possible acquisitions and dispositions, including our ability to finance or integrate any such acquisitions and any regulatory delay or conditions imposed by regulatory bodies in connection with any such acquisitions and dispositions; the risk that the EnLink and Medallion businesses will not be integrated successfully; our ability to effectively manage our expanded operations following closing of recent acquisitions; our ability to pay dividends; our exposure to the credit risk of our customers or counterparties; a shortage of skilled labor; misconduct or other improper activities engaged in by our employees; the impact of potential impairment charges; the impact of the changing cost of providing pension and health care benefits, including postretirement health care benefits, to eligible employees and qualified retirees; our ability to maintain an effective system of internal controls; and the risk factors listed in the reports we have filed and may file with the SEC. Forward-looking statements are based on the estimates and opinions of management at the time the statements are made. Other than as required under securities laws, ONEOK undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or changes in circumstances, expectations or otherwise. The foregoing review of important factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included herein and elsewhere, including the Risk Factors included in the most recent reports on Form 10-K and Form 10-Q and other documents of ONEOK on file with the SEC. ONEOK's SEC filings are available publicly on the SEC's website at Analyst Contact: Megan Patterson 918-561-5325 Media Contact: Alicia Buffer 918-861-3749 View original content to download multimedia: SOURCE ONEOK, Inc.
