Wall Street Closes Lower as AI Growth Worries and Oil Surge Weigh on Markets
Nasdaq and S&P 500 close lower on Tuesday as concerns over AI growth prospects and oil prices above $112 weigh on markets ahead of Big Tech earnings.
Finance
US Budget Airlines Seek $2.5 Billion Federal Bailout as Iran War Drives Fuel Costs
The Association of Value Airlines, representing Spirit, Frontier, Allegiant, and Breeze, is seeking $2.5 billion in federal aid as the Iran war drives jet fuel prices to crippling levels for discount carriers.
UAE to Quit OPEC Oil Cartel, Ending Nearly 60 Years of Membership
The UAE will leave OPEC and OPEC+ next month, ending nearly 60 years of membership in what analysts describe as a major blow to the cartel.
UAE Announces Exit from OPEC; Analysts Call It 'the Beginning of the End'
The United Arab Emirates announces its withdrawal from the Organization of the Petroleum Exporting Countries, saying the move will help it meet growing global energy demand. Analysts describe it as the beginning of OPEC’s decline.
UAE Announces Withdrawal from OPEC and OPEC+ Amid Hormuz Crisis
The UAE officially announces its withdrawal from OPEC and OPEC+, dealing a major blow to the oil cartel amid escalating regional tensions.
Oracle, AMD, and CoreWeave Stocks Sink After OpenAI Misses Revenue Targets
Following WSJ’s report that OpenAI missed key revenue and user growth targets, stocks of AI infrastructure companies Oracle, AMD, and CoreWeave fell sharply.
BP Profits More Than Double as Iran War Sends Oil Prices Soaring
British Petroleum reports profits more than doubling year-over-year in its first quarter, driven by soaring global oil prices amid the Iran conflict.
UAE Announces Exit from OPEC on May 1, Ending Nearly 60 Years of Membership Amid Hormuz Crisis
The UAE will formally exit OPEC on May 1, ending nearly six decades of membership. The energy minister said the move aims to gain greater freedom to expand production capacity, targeting 5 million barrels per day by 2027.
US Stocks Open Lower as Iran Tensions and Oil Surge Spark Risk-Off Sentiment
The Nasdaq is set to open lower as stalemate in US-Iran peace talks and crude oil surging above $107/barrel trigger risk-off sentiment across markets, with gold climbing and Bitcoin retreating.
BP Q1 Profits More Than Double as Iran War Drives Oil Prices Higher
British oil giant BP reported Q1 profits more than double year-ago levels, driven by surging oil prices amid the ongoing Iran conflict.