2025-04-14 20:43
WASHINGTON, April 14 (Reuters) - The U.S. Department of Agriculture on Monday said it had canceled a $3 billion program for climate-smart farming projects after a review found it did not align with the priorities of the Trump administration. President Donald Trump has attempted to slash other climate efforts approved during the administration of former president Joe Biden, including a $20 billion funding program for projects that reduce greenhouse gases. Sign up here. The Partnership for Climate-Smart Commodities allocated $3 billion to 135 projects in every state that encouraged soil health, carbon sequestration, reduced methane emissions and other climate-friendly practices, according to a project dashboard on the USDA website. Some of the funded projects included organizations like the National Fish & Wildlife Foundation, companies like Archer-Daniels-Midland (ADM.N) , opens new tab, and trade groups for commodities like soybeans and rice. The USDA determined that the majority of the projects provided too little money to farmers and too much to administrative costs, said an agency press release. Some projects may be allowed to continue, or grantees can reapply to a reformed version of the program if they prove that a minimum of 65% of their funds will go to farmers and if they had distributed a payment to a farmer by December 31, 2024, the release said. https://www.reuters.com/world/us/trump-administration-cancels-3-billion-climate-friendly-farming-program-2025-04-14/
2025-04-14 20:40
April 14 (Reuters) - Pipeline operator South Bow (SOBO.TO) , opens new tab said Monday it is keeping an eye on inclement weather before proceeding with a planned controlled restart of its Keystone oil pipeline system. The Calgary, Canada-based company had previously indicated it was targeting Tuesday for full service restoration on the Keystone pipeline, which has been shut down since last Tuesday following an oil spill near Fort Ransom, North Dakota. Sign up here. In its latest update Monday, South Bow said it is carefully monitoring weather conditions before proceeding. The U.S. Pipeline Safety and Hazardous Materials Administration has approved the restart plan, but only under certain conditions laid out in a corrective action order issued by the regulator on Friday. Under the terms of the order, South Bow must operate at a reduced pressure rate in the U.S. The company has also said it will institute certain pressure restrictions on the Canadian section of Keystone. Keystone was pumping about 17,844 barrels of oil per hour when a part of the pipeline ruptured Tuesday, spilling an estimated 3,500 barrels onto agricultural land. The 4,327-km (2,689-mile) Keystone pipeline is a major conduit for crude oil supply from Alberta to U.S. refineries in Illinois, Oklahoma and along the U.S. Gulf Coast. https://www.reuters.com/business/energy/south-bow-watching-weather-before-proceeding-with-keystone-pipeline-restart-2025-04-14/
2025-04-14 20:24
Death cross occurs when 50-day moving average drops below 200-day moving average Historical data suggests worst of the decline often occurs before pattern appears Experts note despite some severe past losses after death crosses, many have resulted in quick, V-shaped recovery Analysts point to signs of market capitulation recently, implying selling pressure might be easing NEW YORK, April 14 (Reuters) - A tariff-induced selloff in the U.S. stock market faces another worry, the "death cross" pattern, but history shows the ominous sounding technical signal may not necessarily mean equities face more significant downside. A death cross occurs when the 50-day moving average (DMA), seen by technicians as a proxy for the intermediate-term trend, slips below the 200-DMA, a proxy for the long-term trend. Technical analysts view the occurrence as marking a spot where a shorter-term correction could turn into a longer-term downtrend. Sign up here. The S&P 500's 50-DMA ended on Monday at about 5,748, while the 200-DMA ended at nearly 5,754. While the benchmark stock index finished the day up 0.8%, the session marked the first fall for the intermediate-term measure below the long-term trend line since February 1, 2023. This follows a death cross occurrence for the Nasdaq Composite (.IXIC) , opens new tab on Wednesday. "It's a very ominous sounding signal in equity markets, but when you actually back-test the death cross throughout history, you're better off a buyer than a seller on the death cross," said Adam Turnquist, chief technical strategist for LPL Financial. Looking back over roughly 50 years, the S&P 500 has seen 24 death crosses. In 54% of the cases, the death cross occurred after the point of the index's maximum intraday decline, a Reuters analysis of LSEG data showed, meaning the worst of the slide had already happened before the death cross. In 46% of the cases, the selloff worsened, with the benchmark index logging an average decline from the point of the death cross of 19%. There have been instances of severe losses following the signal. After death crosses in 1981, 2000 and 2007, the ultimate declines of the ensuing selloffs were 21%, 45% and 55%, respectively. The S&P 500 has fallen 52% of the time 20 days after a death cross occurred, with an average loss of 0.5%, Bank of America technical strategist Paul Ciana said in a note analyzing nearly 100 years of data. But 30 days after the signal, the index was higher 60% of the time, with an average gain of 0.8%, Ciana said in the note on Monday. The severity of the selloff that the market has already endured - the S&P 500 came within about 1% of confirming a 20% correction this month - and the highs hit by various measures of bearish sentiment, including the Cboe Volatility Index (.VIX) , opens new tab, hint that a selling crescendo might be over, analysts said. "We had major signs of capitulation over the last week in the broader market," Turnquist said. "To me, looking at the charts, this is more 2018, 2020 kind of potential V-shaped recovery than something more drawn out," he said. https://www.reuters.com/markets/us/sp-500s-looming-death-cross-may-not-be-ominous-it-sounds-analysts-say-2025-04-14/
2025-04-14 20:00
Apple shares gain on exemptions on tariffs Goldman Sachs rises after results More earnings to come this week including from Netflix Indexes: Dow up 0.8%, S&P 500 up 0.8%, Nasdaq up 0.6% NEW YORK, April 14 (Reuters) - U.S. stocks ended higher on Monday, with Apple giving the S&P 500 its biggest boost as the White House exempted smartphones and computers from new tariffs. Uncertainty over future tariffs kept a lid on optimism, with the main indexes finishing off their highs of the day. Investors remain worried about how companies will manage supply chains as more changes are expected on the tariff front. Sign up here. The United States unveiled the exemptions on Friday, but President Donald Trump said on Sunday that he would be announcing the tariff rate on imported semiconductors over the next week. Global technology shares mostly rose on the news, especially for companies that rely on imports from China. Shares of iPhone maker Apple (AAPL.O) , opens new tab rose 2.2%. Dell Technologies (DELL.N) , opens new tab gained 4% and HP (HPQ.N) , opens new tab climbed 2.5%. At the same time, an index of semiconductors (.SOX) , opens new tab rose just 0.3% and shares of top chipmaker Nvidia (NVDA.O) , opens new tab were down 0.2% on the day. Monday's trading was choppy, as has been the case since Trump announced sweeping tariffs on April 2. Investors, worried that a global trade war will push the economy into recession, have seen some of the biggest swings in the market in years as the Trump tariff news changes. "Really what we have is just continued uncertainty and inability for consumers and businesses and investors to plan much going forward or have reason to commit to long-term spending plans," said Jed Ellerbroek, a portfolio manager at Argent Capital Advisors in St. Louis, Missouri. The Dow Jones Industrial Average (.DJI) , opens new tab rose 312.08 points, or 0.78%, to 40,524.79, the S&P 500 (.SPX) , opens new tab rose 42.61 points, or 0.79%, to 5,405.97 and the Nasdaq Composite (.IXIC) , opens new tab rose 107.03 points, or 0.64%, to 16,831.48. The CBOE Volatility Index (.VIX) , opens new tab, Wall Street's "fear gauge," eased to 30.89, its lowest closing level since April 3. Technical analysts noted, though, that the S&P 500 is now in a "death cross" pattern, which marks a spot where a shorter-term correction could turn into a longer-term downtrend. A death cross occurs when the 50-day moving average slips below the 200-day moving average. History suggests the ominous-sounding signal may not necessarily mean equities face more significant downside. The S&P 500 remains down about 8% for the year so far. Markets will be closed on Good Friday, but this week is still expected to bring some key results from U.S. companies. U.S. companies have begun to report results for the 2025 first quarter and, with tariff troubles looming, corporate executives may hold back on giving much guidance. "Everybody knows the future is going to look a fair amount different than the past, and management teams are going to be really hesitant to commit to much," Ellerbroek said. Still, shares of Goldman Sachs (GS.N) , opens new tab rose 1.9% on Monday after the bank reported higher first-quarter profit. Quarterly results from companies including Netflix (NFLX.O) , opens new tab and UnitedHealth Group (UNH.N) , opens new tab are also on the radar this week. Also gaining were some drugmakers after Pfizer (PFE.N) , opens new tab said it would end the of its experimental weight-loss pill. Pfizer shares ended 1% higher. On the Nasdaq, 3,266 stocks rose and 1,200 fell as advancing issues outnumbered decliners by about a 2.72-to-1 ratio. There were 43 new highs and 101 new lows. On the NYSE, advancing issues outnumbered declining ones by a 4.4-to-1 ratio . There were 45 new highs and 65 new lows. Volume on U.S. exchanges was 18.2 billion shares, compared with the roughly 18.7 billion average for the full session over the last 20 trading days. https://www.reuters.com/markets/us/futures-rally-tech-shares-jump-tariff-reprieve-some-electronics-2025-04-14/
2025-04-14 19:04
US LNG export feedgas on track to hit record high in April US gas output on track to hit record high in April US gas storage about 4% below five-year average April 14 (Reuters) - U.S. natural gas futures fell about 6% to a nine-week low on Monday on record output over the weekend and forecasts for less demand next week than previously expected. Gas futures for May delivery on the New York Mercantile Exchange fell 20.2 cents, or 5.7%, to settle at $3.325 per million British thermal units, their lowest close since February 7. Sign up here. The price drop came despite record flows to liquefied natural gas export plants and forecasts for higher gas demand this week than previously expected. Gas stockpiles were currently about 4% below normal levels for this time of year, after cold weather in January and February forced energy firms to pull large amounts of gas out of storage, including record amounts in January. Financial firm LSEG said average gas output in the Lower 48 U.S. states rose to 106.3 billion cubic feet per day so far in April, up from a monthly record of 106.2 bcfd in March. On a daily basis, output hit a record 107.4 bcfd on Saturday and Sunday, topping the prior all-time high of 107.3 bcfd on March 24. Looking forward, however, analysts said energy firms could cut back on oil drilling in coming weeks due to the roughly 14% drop in U.S. crude futures so far in April. The crude price drop was related in part to uncertainty tied to U.S. President Donald Trump's on-again off-again trade tariffs. Any reduction in oil drilling in shale basins such as the Permian in Texas and New Mexico and the Bakken in North Dakota could boost gas prices by cutting gas output associated with that production. WARMER WEATHER COMING Meteorologists projected temperatures in the Lower 48 states would remain mostly warmer than normal through April 29. With seasonally milder weather coming, LSEG forecast average gas demand in the Lower 48, including exports, will fall from 101.0 bcfd this week to 97.2 bcfd next week. The forecasts for this week were higher than LSEG's outlook on Friday, while its forecast for next week was lower. The average amount of gas flowing to the eight big LNG export plants operating in the U.S. climbed from a monthly record of 15.8 bcfd in March to 16.3 bcfd so far in April, on rising flows to Venture Global's (VG.N) , opens new tab 3.2-bcfd Plaquemines export plant under construction in Louisiana. The U.S. became the world's biggest LNG supplier in 2023, surpassing Australia and Qatar, as surging global prices fed demand for more exports due in part to supply disruptions and sanctions linked to Russia's 2022 invasion of Ukraine. Gas was trading around $12 per mmBtu at the Dutch Title Transfer Facility (TTF) benchmark in Europe and at an eight-month low of around $13 at the Japan Korea Marker (JKM) benchmark in Asia. https://www.reuters.com/business/energy/us-natgas-prices-drop-6-9-week-low-record-output-lower-demand-2025-04-14/
2025-04-14 18:31
Canadian dollar falls 0.1% against the greenback Touches five-month high at 1.3829 Price of US oil decreases 0.6% Bond yields ease across the curve April 14 (Reuters) - The Canadian dollar edged back on Monday from an earlier five-month high against its U.S. counterpart as oil prices fell and investors turned their attention to a Bank of Canada interest rate decision this week. The loonie was trading 0.1% lower at 1.3875 per U.S. dollar, or 72.07 U.S. cents, after touching its strongest intraday level since November 6, at 1.3829. Sign up here. “It had a good run over the last little bit. The rally ran out of steam,” said Rahim Madhavji, president of KnightsbridgeFX.com. “Everyone is looking towards the inflation report for Tuesday and then the Bank of Canada monetary policy decision on Wednesday.” Canada's consumer price report for March, due on Tuesday, is expected to show inflation matching the 2.6% annual rate it posted in February. Growing recession risks to Canada from the U.S.-led trade war will push the Bank of Canada to cut interest rates at least twice more this year, according to a Reuters poll, although a majority of the economists said policymakers will leave the benchmark rate unchanged at 2.75% on Wednesday. Investors see a 55% chance of a pause in rate cuts, swaps market data shows. The price of oil , one of Canada's major exports, was trading 0.6% lower at $61.15 a barrel on concerns that the trade war could weaken global economic growth despite exemptions for some electronics from U.S. tariffs. Speculators have reduced their bearish bets on the Canadian dollar to the lowest since October, data from the U.S. Commodity Futures Trading Commission showed on Friday. As of April 8, net short positions had decreased to 119,241 contracts from 130,016 in the prior week. Canadian bond yields moved lower across the curve as U.S. Treasury yields pulled back after an epic surge last week. The 10-year was down 13.6 basis points at 3.131%. https://www.reuters.com/markets/currencies/canadian-dollar-edges-off-5-month-high-ahead-boc-rate-decision-2025-04-14/
