Propane Trade Shows Signs of Revival as US and China Mend Ties
Chinese plastics makers are showing tentative signs of reviving US propane purchases as the two economies seek to mend ties.
Propane dehydrogenation plants, which turn the gas into building blocks for plastics, bought at least four US cargoes this month, an increase from May, according to traders with knowledge of the matter, who asked not to be identified. Aiding the trade, US propane was also becoming cheaper relative to alternatives, they said.
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Wall Street Journal
25 minutes ago
- Wall Street Journal
Treasury Yields Fall Amid Concerning Labor Data, Mild Inflation
0900 ET – U.S. labor and inflation data deepen a decline in Treasury yields. Weekly jobless claims were unchanged from the previous week's upwardly revised pace, at 248,000. Economists surveyed by WSJ expected 246,000. Continuing claims, a measure of the unemployed population, was 1.96 million, the highest level since November 2021. May's wholesale price inflation was 0.1%, accelerating from April's 0.2% deflation and below consensus of a positive 0.2%. The combination of slower-than-expected inflation and concerning labor data underscores bets that the Fed may need to change its hawkish position. Yields were already declining and fell further after the data. The 10-year Treasury yield is at 4.360% and the two-year at 3.891%. ( @ptrevisani) 0614 GMT – A downside surprise in U.S. CPI data gave only a small boost to Treasurys, probably because tariff-driven price hikes still look imminent, says Capital Economics' James Reilly in a note. That said, these price hikes look discounted in markets, shielding Treasury yields from rising pressure, the senior markets economist says. 'We don't expect much upwards pressure on Treasury yields even as the inflationary impact of tariffs eventually feeds into U.S. consumer prices,' he says. Capital Economics expects core inflation to rise in coming months but it thinks that investors are already braced for a broadly similar outcome on tariffs, he says. (
Yahoo
25 minutes ago
- Yahoo
Stock market today: Dow, S&P 500, Nasdaq edge higher despite renewed tariff threats, Boeing stock slumps
US stocks edged higher on Thursday as more data showed milder inflation pressures, even as President Trump renewed his threat to impose "take it or leave it" tariffs on trading partners. The Dow Jones Industrial Average (^DJI) hovered just above the flatline, as component Boeing (BA) slumped in the wake of a deadly plane crash in India. The S&P 500 (^GSPC) gained roughly 0.2%, while the tech-heavy Nasdaq Composite (^IXIC) also rose about 0.2%. Stocks were little changed after the S&P 500 (^GSPC) snapped this week's run of wins. Investors are adding growing tensions in the Middle East to worries over Trump's trade policy, such as the fragility of the US-China detente. Fresh price data showed a so-far mild impact from Trump's tariff policies, as wholesale inflation increased less than economists expected. The report came after the consumer counterpart showed an easing in price pressures in the wake of Trump's "reciprocal" tariff hikes in April. Further hints that tariffs are sparing inflation could put the Federal Reserve in a tight spot ahead of its policy meeting next week. Bets on interest-rate cuts this year have mounted, but analysts expect officials to maintain their wait-and-see approach to economic data and policy decisions, with September seen as the most likely spot to resume rate cuts. While investor focus is shifting back to the Fed, Wall Street is still closely following the latest twists and turns in Trump's tariff policy in the hunt for clarity. Read more: The latest on Trump's tariffs US trading partners will get letters within a week or two to set their unilateral tariff rates, Trump reiterated on Wednesday, renewing the threat of no-deal hikes. But Treasury Secretary Scott Bessent told Congress it's "highly likely" that countries in trade negotiations with the US will see an extension of the 90-day tariff pause, currently set to expire July 9. Yahoo Finance's Laura Bratton reports: Read more here. Oracle (ORCL) shares jumped 10% early Thursday after the company's fiscal fourth quarter results topped Wall Street's expectations. Oracle's adjusted revenue of $15.9 billion was ahead of the projected $15.6 billion, while its earnings per share of $1.70 surpassed the expected $1.64. The company raised its annual revenue forecast, as it expects strong demand for its AI-related cloud services. "What is clear is that more customers will use the Oracle database to leverage AI," CEO Safra Ada Catz told analysts in a call after the market close Wednesday. "It's been a long wait for people who own the stock because ... they [Oracle] missed the last two quarters, both on the top and the bottom line, despite the fact that they were booking an enormous amount of business," Citizens head of technology equity research Pat Walravens told Yahoo Finance's Julie Hyman on Market Domination Overtime. Analysts at UBS, Cantor Fitzgerald, Deutsche Bank, KeyBanc, and Melius Research raised their price targets on the stock to as high as $240 on Thursday. US stocks pulled back on Thursday as President Trump renewed his threat to impose "take it or leave it" tariffs on trading partners, while Boeing (BA) shares sank in the wake of a deadly crash in India. The Dow Jones Industrial Average (^DJI) fell roughly 0.4%, with component Boeing slumping after the crash of an Air India flight involving a Dreamliner jet. The S&P 500 (^GSPC) dropped 0.3%, while the tech-heavy Nasdaq Composite (^IXIC) also moved 0.3% lower. US trading partners will get letters soon within a week or two that will set their unilateral tariff rates, Trump reiterated on Wednesday. Weekly claims for unemployment benefits remained at their highest level in eight months during the first full week of June while the number of Americans filing for unemployment insurance on an ongoing basis reached the highest level since November 2021 as the US labor market continues to show signs of slowing. Data from the Department of Labor released Thursday morning showed 248,000 initial jobless claims were filed in the week ending June 7, flat from the week prior and above economists' expectations for 242,000. Meanwhile, 1.956 million continuing claims were filed, up from 1.902 million the week prior and the highest level seen since November 2021. Economists see an increase in continuing claims as a sign that those out of work are taking longer to find new jobs. Chime is set to debut on the Nasdaq later today under the ticker symbol CHYM. The digital bank raised $864 million in its IPO, and priced shares at $27 each for a valuation of $11.6 billion. Chime's entrance in the public markets has been viewed as another indicator of whether the IPO market is thawing after a freeze due to tariff-induced uncertainty. Other recent go-publics, like stablecoin issuer Circle (CRCL) and Nvidia-backed CoreWeave (CRWV), saw massive rallies after their IPOs. As my colleague Josh Schafer wrote yesterday, the largest tech stocks are once again leading the market higher, and that enthusiasm has trickled down to newly issued public offerings. In a June 9 research report, Carson Group associate portfolio manager Blake Anderson found that tech IPOs have been outperforming non-tech IPOs, with shares tied to tech IPOs rising an average of 108% from their deal price. Beyond Chime, other closely watched IPO hopefuls in the pipeline include crypto exchange Gemini; buy now, pay later firm Klarna ( AI chipmaker Cerebras ( and medical supplies company Medline. Read more here about the details of Chime's IPO. Bloomberg reports: Read more here. President Trump's Truth Social posts aren't moving markets like they used to, notes Yahoo Finance's Josh Schafer. Stocks barely budged as he posted on Wednesday that a US-China deal was "done" — something that would have swung markets around a month earlier. Instead, stocks found their direction from economic data, Josh reports: Read more here from today's Morning Brief. The dollar (DX=F) fell further on Thursday as concerns grew about US tariffs after President Trump said he would soon tell trading partners about unilateral levies. Bloomberg News reports: Read more here. Boeing stock fell on Thursday by 8% in premarket trading after an Air India aircraft carrying over 200 people crashed minutes after taking off from the western Indian city of Ahmedabad. Aviation tracking site Flightradar24 said the plane was a Boeing 787-8 Dreamliner, one of the most modern passenger aircraft in service. Air India confirmed the plane, which was headed to Gatwick Airport in the UK, crashed in a civilian area near the airport, but has not specified if there are any fatalities. It is still not clear what caused the crash. According to Reuters, Boeing confirmed it was aware of the crash and was working to gather more information. The news comes as the planemaker is trying to rebuild trust relating to the safety of its jets and increase production under new Chief Executive Officer Kelly Orthberg. "There's revised fears of the problems that plagued Boeing aircraft and Boeing itself in recent years," said Chris Beauchamp, analyst at IG Group. Economic data: Producer Price Index (May); Initial jobless claims (week ending June 7) Continuing claims (week ending May 31) Earnings: Adobe (ADBE), Lovesac (LOVE), RH (RH) Here are some of the biggest stories you may have missed overnight and early this morning: Boeing stock slides after plane crashes in India The $11 trillion gap in costing Trump's 'big, beautiful' bill Gundlach: 'Reckoning is coming' for US debt Trump says he will set unilateral tariff rates within weeks Americans flunk on retirement literacy. Here's why it matters. Nvidia, Samsung to take stakes in robot AI startup Skild US long-dated debt faces crucial test in $22 billion auction Oracle stock jumps as AI boosts revenue forecast Here are some top stocks trending on Yahoo Finance in premarket trading: Oracle (ORCL) stock rose 8% in premarket trading on Thursday after the tech company raised its annual forecast, driven by demand for its AI related cloud services. "Oracle's once-stodgy image levels up to 'cloud-native mage,' and the competitive map now looks less like a classic three-player real time strategy and more like a battle-royale with everyone dropping in, looking for compute loot", said Michael Ashley Schulman, partner at Running Point Capital Advisors. GameStop (GME) shares slumped on Thursday by 11% after announcing a convertible notes offering. The press release said: "GameStop intends to use the net proceeds from the offering for general corporate purposes, including making investments in a manner consistent with GameStop's Investment Policy and potential acquisitions." Boeing (BA) stock fell 8% before the bell on Thursday after a plane crashed in India, with more than 200 people on board, near the airport in the country's western city of Ahmedabad. The plane, which was headed to Gatwick airport in the UK, crashed in a civilian area. Oil prices pulled back early Thursday morning, reversing earlier overnight gains as traders assessed a US decision to pull some diplomats out of the Middle East. The decision to reduce staffing in Iraq came after Iran threatened to hit US assets in the region ahead of its talks with the US over nuclear-related activity. Brent crude futures fell to under $69 a barrel, while West Texas Intermediate crude traded below $68 a barrel — both down around 1%. Prices jumped over 4% on Wednesday amid reports of a potential evacuation. Reuters reports: Read more here. Gold (GC=F) rose for a second day in a row as tensions in the Middle East, coupled with Trump's claims of upcoming unilateral tariffs, pushed risk-averse investors toward the haven commodity. Bloomberg reports: Read more here. Yahoo Finance's Laura Bratton reports: Read more here. Oracle (ORCL) shares jumped 10% early Thursday after the company's fiscal fourth quarter results topped Wall Street's expectations. Oracle's adjusted revenue of $15.9 billion was ahead of the projected $15.6 billion, while its earnings per share of $1.70 surpassed the expected $1.64. The company raised its annual revenue forecast, as it expects strong demand for its AI-related cloud services. "What is clear is that more customers will use the Oracle database to leverage AI," CEO Safra Ada Catz told analysts in a call after the market close Wednesday. "It's been a long wait for people who own the stock because ... they [Oracle] missed the last two quarters, both on the top and the bottom line, despite the fact that they were booking an enormous amount of business," Citizens head of technology equity research Pat Walravens told Yahoo Finance's Julie Hyman on Market Domination Overtime. Analysts at UBS, Cantor Fitzgerald, Deutsche Bank, KeyBanc, and Melius Research raised their price targets on the stock to as high as $240 on Thursday. US stocks pulled back on Thursday as President Trump renewed his threat to impose "take it or leave it" tariffs on trading partners, while Boeing (BA) shares sank in the wake of a deadly crash in India. The Dow Jones Industrial Average (^DJI) fell roughly 0.4%, with component Boeing slumping after the crash of an Air India flight involving a Dreamliner jet. The S&P 500 (^GSPC) dropped 0.3%, while the tech-heavy Nasdaq Composite (^IXIC) also moved 0.3% lower. US trading partners will get letters soon within a week or two that will set their unilateral tariff rates, Trump reiterated on Wednesday. Weekly claims for unemployment benefits remained at their highest level in eight months during the first full week of June while the number of Americans filing for unemployment insurance on an ongoing basis reached the highest level since November 2021 as the US labor market continues to show signs of slowing. Data from the Department of Labor released Thursday morning showed 248,000 initial jobless claims were filed in the week ending June 7, flat from the week prior and above economists' expectations for 242,000. Meanwhile, 1.956 million continuing claims were filed, up from 1.902 million the week prior and the highest level seen since November 2021. Economists see an increase in continuing claims as a sign that those out of work are taking longer to find new jobs. Chime is set to debut on the Nasdaq later today under the ticker symbol CHYM. The digital bank raised $864 million in its IPO, and priced shares at $27 each for a valuation of $11.6 billion. Chime's entrance in the public markets has been viewed as another indicator of whether the IPO market is thawing after a freeze due to tariff-induced uncertainty. Other recent go-publics, like stablecoin issuer Circle (CRCL) and Nvidia-backed CoreWeave (CRWV), saw massive rallies after their IPOs. As my colleague Josh Schafer wrote yesterday, the largest tech stocks are once again leading the market higher, and that enthusiasm has trickled down to newly issued public offerings. In a June 9 research report, Carson Group associate portfolio manager Blake Anderson found that tech IPOs have been outperforming non-tech IPOs, with shares tied to tech IPOs rising an average of 108% from their deal price. Beyond Chime, other closely watched IPO hopefuls in the pipeline include crypto exchange Gemini; buy now, pay later firm Klarna ( AI chipmaker Cerebras ( and medical supplies company Medline. Read more here about the details of Chime's IPO. Bloomberg reports: Read more here. President Trump's Truth Social posts aren't moving markets like they used to, notes Yahoo Finance's Josh Schafer. Stocks barely budged as he posted on Wednesday that a US-China deal was "done" — something that would have swung markets around a month earlier. Instead, stocks found their direction from economic data, Josh reports: Read more here from today's Morning Brief. The dollar (DX=F) fell further on Thursday as concerns grew about US tariffs after President Trump said he would soon tell trading partners about unilateral levies. Bloomberg News reports: Read more here. Boeing stock fell on Thursday by 8% in premarket trading after an Air India aircraft carrying over 200 people crashed minutes after taking off from the western Indian city of Ahmedabad. Aviation tracking site Flightradar24 said the plane was a Boeing 787-8 Dreamliner, one of the most modern passenger aircraft in service. Air India confirmed the plane, which was headed to Gatwick Airport in the UK, crashed in a civilian area near the airport, but has not specified if there are any fatalities. It is still not clear what caused the crash. According to Reuters, Boeing confirmed it was aware of the crash and was working to gather more information. The news comes as the planemaker is trying to rebuild trust relating to the safety of its jets and increase production under new Chief Executive Officer Kelly Orthberg. "There's revised fears of the problems that plagued Boeing aircraft and Boeing itself in recent years," said Chris Beauchamp, analyst at IG Group. Economic data: Producer Price Index (May); Initial jobless claims (week ending June 7) Continuing claims (week ending May 31) Earnings: Adobe (ADBE), Lovesac (LOVE), RH (RH) Here are some of the biggest stories you may have missed overnight and early this morning: Boeing stock slides after plane crashes in India The $11 trillion gap in costing Trump's 'big, beautiful' bill Gundlach: 'Reckoning is coming' for US debt Trump says he will set unilateral tariff rates within weeks Americans flunk on retirement literacy. Here's why it matters. Nvidia, Samsung to take stakes in robot AI startup Skild US long-dated debt faces crucial test in $22 billion auction Oracle stock jumps as AI boosts revenue forecast Here are some top stocks trending on Yahoo Finance in premarket trading: Oracle (ORCL) stock rose 8% in premarket trading on Thursday after the tech company raised its annual forecast, driven by demand for its AI related cloud services. "Oracle's once-stodgy image levels up to 'cloud-native mage,' and the competitive map now looks less like a classic three-player real time strategy and more like a battle-royale with everyone dropping in, looking for compute loot", said Michael Ashley Schulman, partner at Running Point Capital Advisors. GameStop (GME) shares slumped on Thursday by 11% after announcing a convertible notes offering. The press release said: "GameStop intends to use the net proceeds from the offering for general corporate purposes, including making investments in a manner consistent with GameStop's Investment Policy and potential acquisitions." Boeing (BA) stock fell 8% before the bell on Thursday after a plane crashed in India, with more than 200 people on board, near the airport in the country's western city of Ahmedabad. The plane, which was headed to Gatwick airport in the UK, crashed in a civilian area. Oil prices pulled back early Thursday morning, reversing earlier overnight gains as traders assessed a US decision to pull some diplomats out of the Middle East. The decision to reduce staffing in Iraq came after Iran threatened to hit US assets in the region ahead of its talks with the US over nuclear-related activity. Brent crude futures fell to under $69 a barrel, while West Texas Intermediate crude traded below $68 a barrel — both down around 1%. Prices jumped over 4% on Wednesday amid reports of a potential evacuation. Reuters reports: Read more here. Gold (GC=F) rose for a second day in a row as tensions in the Middle East, coupled with Trump's claims of upcoming unilateral tariffs, pushed risk-averse investors toward the haven commodity. Bloomberg reports: Read more here. Sign in to access your portfolio
CBS News
25 minutes ago
- CBS News
Governor Wes Moore to announce initiative to lower energy costs in Maryland
Amid rising energy costs, Maryland Governor Wes Moore plans to announce a new initiative to lower energy costs Thursday morning. On Jan. 1, Baltimore Gas and Electric raised rates, increasing the average residential gas bill by 9% and the electric bill by 7%. The cost of energy in Maryland continued to rise BGE customers and state leaders publicly challenged the increases, which were a part of the company's planned multi-year utility rate hikes. In February, the Baltimore City Council called on state regulators to stop the increases, which totaled $602 million over the course of three years. BGE said the increase was necessary to cover the cost of continued investments in gas and electric distribution systems. In March, City Council President Zeke Cohen led a community walk, going door to door to collect signatures on a petition that asked the Maryland Public Service Commission (PSC) to stop the hikes. Some customers experienced price hikes larger than the stated increase rates, with some residents reporting that their winter bills climbed by more than $200. In response to the hikes, lawmakers passed a bill, the Next Generation Energy Act, which aims to reduce costs by directing the Public Service Commission to reject multi-year rate hikes that don't demonstrate customer benefit, and prohibiting utilities from charging ratepayers for certain expenses like trade association memberships and private planes. Why have energy costs increased? BGE said those additional increases seen by consumers were a result of an increase in the price of natural gas and increased gas usage. Then again on June 1, BGE's electricity cost to consumers rose by $16 monthly, which the company said was due to an unexpected spike in capacity auction prices and the Talen Energy reliability-must-run (RMR) fee. When BGE announced the increase, the Maryland General Assembly wrote a letter urging federal legislators to stop the increase. They blamed PJM Interconnection, the region's power grid operator, for miscalculating the supply and demand for electricity during the capacity market auction, a competitive bidding process where power companies promise to make their electricity generation available in the future.
