2025-03-17 23:36
Intel up after report new CEO plots overhaul of manufacturing, AI operations February retail sales rise 0.2% New York factory activity tumbles in March Indexes up: Dow 0.85%, S&P 500 0.64%, Nasdaq 0.31% NEW YORK, March 17 (Reuters) - U.S. stocks gained for a second straight session on Monday as investors sought bargains after the Nasdaq and S&P 500's four-week tumble and assessed the latest economic data to gauge the impact of the Trump administration's policies. Retail sales rebounded marginally in February, but fell short of expectations, reflecting the increasing uncertainty over tariffs and large-scale firing of federal government employees. A separate report showed March factory activity in New York State plummeted the most in nearly two years. Sign up here. "The only signs of a bounceback in spending from January's weather-induced slump, and stocking up ahead of tariffs, was in online spending," said Brian Jacobsen, chief economist at Annex Wealth Management in Menomonee Falls, Wisconsin. "Sentiment is often a horrible predictor of spending, but the good vibes that have propped up spending are now a distant memory." The Dow Jones Industrial Average (.DJI) , opens new tab rose 353.44 points, or 0.85%, to 41,841.63, the S&P 500 (.SPX) , opens new tab gained 36.18 points, or 0.64%, to 5,675.12 and the Nasdaq Composite (.IXIC) , opens new tab gained 54.58 points, or 0.31%, to 17,808.66. In addition, U.S. homebuilder sentiment dropped to a seven-month low in March as tariffs on imported materials raised construction costs. When the Federal Reserve meets on Wednesday, it is widely expected to keep rates unchanged, according to CME's FedWatch Tool , opens new tab. Fed officials will also announce economic projections with their policy statement, giving the most tangible evidence yet of how U.S. central bankers view the likely impact of Trump administration policies that have clouded a previously solid economic outlook. The Federal Reserve Bank of Atlanta adjusted , opens new tab its forecast for first-quarter economic activity to show a 2.1% contraction, down from the March 7 estimate of a 1.6% contraction. Stocks have tumbled in recent weeks, with the S&P 500 dropping last week by more than 10% from its February record high, a drop that defines a correction. The market rebounded on Friday as investors shopped for shares that may fare better under Trump's policies. The blue-chip Dow index stood roughly 3% away from a correction after recent gains over the past two sessions, while the Nasdaq confirmed it was in correction territory on March 6. Of the 11 major S&P sectors, real estate (.SPLRCR) , opens new tab and energy (.SPNY) , opens new tab led gains while consumer discretionary (.SPLRCD) , opens new tab was the sole decliner. Over the weekend, Treasury Secretary Scott Bessent warned in an interview there are "no guarantees" the United States will escape a recession. Tesla (TSLA.O) , opens new tab stumbled 4.79% after brokerage Mizuho lowered its price target on the electric vehicle maker's stock to $430 from $515. The stock is down 41% on the year. Quantum computing stocks such as D-Wave Quantum (QBTS.N) , opens new tab and Quantum Corp (QMCO.O) , opens new tab surged 10.15% and 40.09%, respectively, as artificial intelligence chipmaker Nvidia (NVDA.O) , opens new tab kicked off its annual conference. Intel (INTC.O) , opens new tab shot up 6.82% after Reuters reported incoming CEO Lip-Bu Tan has considered significant changes to its chip manufacturing methods and AI strategies. Advancing issues outnumbered decliners for a 4.44-to-1 ratio on the NYSE and a 2.47-to-1 ratio on the Nasdaq. The S&P 500 posted nine new 52-week highs and one new low, while the Nasdaq Composite recorded 45 new highs and 111 new lows. Volume on U.S. exchanges was 13.86 billion shares, compared with the 16.53 billion average for the full session over the last 20 trading days. https://www.reuters.com/markets/us/futures-slip-treasury-secretarys-comments-eyes-upcoming-fed-meet-2025-03-17/
2025-03-17 23:21
TORONTO, March 17 (Reuters) - Toronto is no longer providing financial incentives for Tesla (TSLA.O) , opens new tab vehicles purchased as taxis or ride shares due to trade tensions with the United States, the city's mayor, Olivia Chow, said on Monday. The city is promoting the adoption of electric vehicles purchased as vehicles for hire by giving drivers and owners a reduction in licensing fees and renewal fees until the end of 2029, to help it lower emissions. Sign up here. But as of March 1, Tesla vehicles are no longer eligible for the incentives, Chow said at a news conference. "The vehicles for hire, like taxis, will have to find a different kind of car," she told Reuters after the news conference. "There are other electric cars they could purchase." The exclusion will continue until trade issues with the U.S. are resolved, she said. Tesla did not immediately respond to a request for comment. Chow told Reuters that the decision was made to target and respond to Tesla CEO Elon Musk, who is a top adviser to U.S. President Donald Trump. Trump has called for Canada's annexation and imposed tariffs on Canadian products, angering Canadians. "We have certainly said that if you want to buy a Tesla, go ahead, but don't count on taxpayer money to subsidize it," she said. Chow said the financial impact of the move would not be large. "It's more symbolic," she said. https://www.reuters.com/business/autos-transportation/toronto-excludes-tesla-ev-incentive-due-us-trade-war-2025-03-17/
2025-03-17 22:30
March 17 (Reuters) - Canary Capital Group, a digital assets investment firm, said on Monday that it is seeking the green light from regulators to launch an exchange-traded fund tied to the spot price of Sui, a cryptocurrency associated with Sui Network, a blockchain service provider. That brings Canary's list of cryptocurrency filings with the Securities and Exchange Commission to six, and again extends the roster of new ETF filings on a growing array of coins seeking regulatory approval submitted since the election of President Donald Trump last November. Sign up here. Trump's pledge to shake up the regulatory treatment of the digital assets space has fueled optimism that the SEC's new leadership will move rapidly to approve a large number of pending filings. "There's been a tremendous shift in the landscape and mood" among cryptocurrency market participants since the election, said Steven McClurg, founder of Canary. "I'm pretty optimistic that we're on track to see many of these approved before the end of 2025." Already, regulators have dropped enforcement actions against several large cryptocurrency industry participants and are considering scrapping rules proposed by the previous administration that would toughen custody requirements for investment advisors dealing in cryptocurrencies. The SEC is not likely to push ahead with approving new ETFs until Paul Atkins, Trump's nominee for SEC chair, is confirmed in that role by the Senate, McClurg said. Canary's filing represents the first seeking to launch an ETF tied to Sui, a coin that has a market capitalization of more than $7.4 billion, placing it within the 25 largest coins, according to CoinMarketCap, a digital assets data and trading firm. Issuers so far have filed for regulatory approval to list ETFs on at least 10 coins beyond bitcoin and ether. ETFs on those two coins made their debut in 2024. The most popular new coins among issuers are Solana and XRP, the coin tied to crypto company Ripple, each of which has six ETF applications pending with the SEC. https://www.reuters.com/technology/canary-capital-continues-flurry-us-crypto-etf-filings-with-sui-proposal-2025-03-17/
2025-03-17 22:15
March 17 (Reuters) - London-listed Glencore (GLEN.L) , opens new tab has made an offer to acquire Canadian lithium battery recycling company Li-Cycle (LICYN.MX) , opens new tab as part of a proposal to offset operational and financial issues. In a letter to a board chair, dated March 14, Glencore said it would like to commence discussions with the company and Li-Cycle's other stakeholders regarding the potential transaction as soon as possible. Sign up here. Li-Cycle's debt held by Glencore is convertible to roughly 84 million shares in the recycling company. The Toronto-based company also amended its limited duration shareholder rights plan last year to exempt Glencore Canada, allowing it to acquire more than 20% of the company. Li-Cycle, which has a market capitalization of $10.45 million, according to data compiled by LSEG, said its board has formed a special committee to evaluate Glencore's letter and the proposed acquisition. "There can be no assurance that any particular transaction will be proposed, recommended or consummated," said Li-Cycle spokesperson Louie Diaz, who declined further comment. The company has developed a network of facilities in Arizona, Alabama and Ontario, producing black mass, which is essentially shredded battery parts. A planned Rochester, New York, facility breaks down that black mass into lithium and other metals — the only facility of its kind in North America. In November last year, the U.S. Department of Energy finalized a $475 million loan for Li-Cycle, a financial lifeline for the company that kept running into cost overruns and technical issues. Glencore did not immediately respond to a Reuters request for comment. https://www.reuters.com/markets/deals/glencore-approached-battery-recycler-li-cycle-potential-deal-2025-03-17/
2025-03-17 22:01
March 17 (Reuters) - The U.S. Energy Information Administration said on Monday that natural gas pipeline projects completed in 2024 increased the country's liquefied natural gas (LNG) takeaway capacity by 17.8 billion cubic feet per day (bcfd). Takeaway capacity refers to the maximum amount of gas a pipeline can transport away from a production area or storage facility on a daily basis. Sign up here. The U.S. produced a record 103.2 bcfd of gas and consumed a record 90.4 bcfd of the fuel in 2024, according to U.S. EIA data. The EIA also noted that total pipeline capacity additions surpassed the previous year's additions for the second year in a row. Projects completed in the "U.S. natural gas-producing Appalachia, Haynesville, Permian, and Eagle Ford regions ... increased takeaway capacity by approximately 6.5 bcfd (to) deliver natural gas from the producing regions to demand centers in the mid-Atlantic and along the U.S. Gulf Coast," the agency said in a note. An additional "five pipeline projects completed last year in Texas and Louisiana increased capacity to deliver natural gas to LNG export terminals by approximately 8.5 bcfd." The agency also added that a handful of other relatively small interstate and intrastate pipeline projects added another almost 3.0 bcfd. https://www.reuters.com/business/energy/us-natural-gas-pipeline-completions-boosted-takeaway-capacity-eia-says-2025-03-17/
2025-03-17 21:39
SAO PAULO, March 17 (Reuters) - The controlling shareholder of Brazilian meatpacking giant JBS (JBSS3.SA) , opens new tab and government investment vehicle BNDESPar, the second largest shareholder in JBS, have signed a deal that puts the company closer to listing its shares in both the United States and Brazil. In a securities filing released on Monday, JBS (JBSS3.SA) , opens new tab said BNDESPar, which is the investment arm of Brazilian state development bank BNDES, agreed to abstain from voting at an upcoming meeting to discuss the proposed dual listing, leaving the final decision to other minority shareholders. Sign up here. J&F Investimentos, a holding company run by JBS's founding Batista family, which is the company's controlling shareholder, will not have a right to vote on the proposal at the shareholders' meeting, said BNDESPar in a separate statement confirming the arrangement. JBS is the world's biggest meatpacker. Beginning in 2007, a buying spree backed by BNDES transformed the meatpacker into a globe-spanning empire controlling brands like Swift and processors like Pilgrim's Pride (PPC.O) , opens new tab. Brazil's government has previously trumpeted JBS as an example of an industrial policy to foster "national champions," and the company is considered one of BNDESPar's most successful investments. BNDESPar owns nearly 21% of the meatpacker and said its stake in JBS will remain the same after the dual listing. A person familiar with BNDESPar's planning said it does not have any obligation or deadline to sell its stake if the company effectively executes the dual listing plan. As part of the deal with J&F, BNDESPar said it will have the right to receive a payment of up to 500 million reais ($88 million) if the price of JBS shares after the listing remains below a certain level during the second half of 2026. Neither BNDESPar nor JBS disclosed the price level. A person close to the situation said JBS is looking to secure approval for the dual listing by the end of this year from the U.S. Securities and Exchange Commission. JBS unveiled its dual listing proposal in July 2023, calling it "a transformative value proposition." But its plans to list shares in New York have met opposition from U.S. politicians and environmental groups, which raised concerns about greenwashing and previous corruption accusations involving its founders. If JBS's proposed dual listing is approved, the controlling and minority shareholders will hold shares in JBS N.V., a company based in the Netherlands. BNDESPar said it has invested approximately 8.1 billion reais ($1.42 billion) in JBS and has already received 4.9 billion reais in dividends. Its total estimated gain from the JBS investment reached 22.7 billion reais as of December 31, 2024, equivalent to an 11.35% internal rate of return, the firm said. ($1 = 5.6861 reais) https://www.reuters.com/markets/commodities/jbs-inches-closer-us-listing-state-shareholder-abstains-key-vote-2025-03-17/
