2025-12-15 21:02

Indexes close lower: Dow 0.09%, S&P 0.16%, Nasdaq 0.59% Key jobs, inflation reports due this week Hassett's Fed candidacy opposed, CNBC reports Dec 15 (Reuters) - Wall Street closed lower on Monday as investors braced for a slew of economic data later this week while assessing reports on Federal Reserve candidates and commentary from policymakers for clues on the interest rate outlook. The nonfarm payroll figures for October and November are due later this week, along with reports on retail sales, business activity and inflation. October's jobs data was delayed by the government shutdown earlier this quarter. Sign up here. “Markets today are struggling with where to find the leadership, in terms of not wanting all the eggs in the AI basket and not having a lot of data yet," said Carol Schleif, chief investment officer at BMO Family Office. "People will hold their breath a little bit before the jobs numbers this week and whether or not those are supportive of more rate cuts.” The S&P 500 and the Nasdaq had logged their steepest daily declines in more than three weeks on Friday amid concerns about inflation and debt-fueled AI investments. Traders also assessed a report that White House economic adviser Kevin Hassett's candidacy for the Fed chair role received some pushback from people close to U.S. President Donald Trump. Speculation has been rife over a possible frontrunner as Jerome Powell's term ends in May. Expectations for a dovish Fed chair have fueled bets for interest rate cuts next year. Also on Monday, New York Fed President said the central bank's interest rate cut last week leaves it in a good position, while Fed Governor argued that current inflation does not reflect the true supply-demand dynamics. The Dow Jones Industrial Average (.DJI) , opens new tab fell 41.49 points, or 0.09%, to 48,416.56, the S&P 500 (.SPX) , opens new tab lost 10.90 points, or 0.16%, to 6,816.51 and the Nasdaq Composite (.IXIC) , opens new tab lost 137.76 points, or 0.59%, to 23,057.41. Eight of the 11 S&P 500 major industry sectors rose, led by healthcare stocks (.SPXHC) , opens new tab, which popped 1.3%. Information technology (.SPLRCT) , opens new tab stocks slipped 1%, dragged down by ServiceNow (NOW.N) , opens new tab, which fell 11.5% following a report that the cybersecurity company is in advanced talks to buy startup Armis. In other company moves, Tesla (TSLA.O) , opens new tab rose 3.5% after CEO Elon Musk said the electric vehicle maker was testing its robotaxis without safety monitors in the front passenger seat. IRobot (IRBT.O) , opens new tab plunged 72.7% after the Roomba vacuum-cleaner maker filed for bankruptcy protection. Declining issues equaled advancers at a 1-to-1 ratio on the NYSE. There were 283 new highs and 93 new lows on the NYSE. On the Nasdaq, 1,715 stocks rose and 3,021 fell as declining issues outnumbered advancers by a 1.76-to-1 ratio. The S&P 500 posted 30 new 52-week highs and six new lows while the Nasdaq Composite recorded 133 new highs and 198 new lows. Volume on U.S. exchanges was 17.13 billion shares, compared with the 17.10 billion average for the full session over the last 20 trading days. https://www.reuters.com/business/wall-st-futures-edge-higher-start-data-packed-week-2025-12-15/

2025-12-15 20:58

Trump considers reclassifying marijuana as less dangerous drug Reclassification could boost cannabis industry and research funding Feds currently treat weed, alongside heroin, as having no accepted medical use WASHINGTON, Dec 15 (Reuters) - U.S. President Donald Trump said on Monday he is considering an executive order to reclassify marijuana as a less dangerous drug — a decision that could reshape the cannabis industry, ease criminal penalties and unlock billions in research funding. The shift would represent one of the most significant federal changes to marijuana policy in decades, reducing oversight to the level of common prescription drugs and potentially opening doors long closed to banks and investors. Sign up here. "We are looking at that very strongly," Trump told reporters in the Oval Office, responding to reports that he is looking at directing federal health and law enforcement agencies to treat marijuana as a Schedule III drug. 'A LOT OF PEOPLE WANT TO SEE IT,' TRUMP SAYS "A lot of people want to see it - the reclassification - because it leads to tremendous amounts of research that can't be done unless you reclassify," he said. Under the U.S. Controlled Substances Act, marijuana is listed as a Schedule I substance like heroin, ecstasy and peyote, implying it has a high potential for abuse and no currently accepted medical use. Local authorities often impose more lax regulations over weed, allowing medical or recreational use. Initial reports that Trump might loosen federal restrictions on the psychoactive drug sent stocks of cannabis-related companies higher. They stand to benefit by making more cannabis products. The shift could reshape the industry by potentially lowering taxes and making it easier to secure funding. Schedule III drugs include Tylenol mixed with codeine, ketamine and testosterone. Funding remains one of the biggest challenges for cannabis producers, as federal restrictions keep most banks and institutional investors out of the sector, forcing pot producers to turn to costly loans or alternative lenders. U.S.-listed cannabis-linked stocks, such as Canopy Growth, Organigram Global , SNDL , Aurora Cannabis , Trulieve Cannabis (TRUL.CD) , opens new tab and Tilray Brands closed down between 4% and 13%. The stocks are nonetheless still higher than after reports of the reclassification first emerged last week. "Should the U.S. move to reclassify cannabis - we see this as a meaningful step forward for the global industry and one that must also come with smart regulation," a spokesperson for Aurora Cannabis told Reuters. Trulieve Cannabis declined to comment, while several of the other companies did not immediately respond to Reuters' request for comment. A White House official said on Friday that "no final decisions have been made on the rescheduling of marijuana." Last year, the Biden administration asked the Department of Health and Human Services to review marijuana's classification, and the agency recommended moving it to Schedule III classification. The Drug Enforcement Administration has to review the recommendation and will decide on the reclassification. https://www.reuters.com/business/healthcare-pharmaceuticals/trump-says-he-is-considering-executive-order-reclassify-marijuana-2025-12-15/

2025-12-15 20:55

BERLIN, Dec 15 (Reuters) - German state-owned utility Uniper (UN0k.DE) , opens new tab will launch the sale of its 20% stake in the natural gas pipeline Opal, one of Europe's largest transmission corridors, the company said on Monday. Uniper's disposal of the asset was a condition set by the European Commission when it approved Berlin's bailout of the utility in December 2022, at the height of the European energy crisis triggered by Russia's invasion of Ukraine. Sign up here. In a statement, the company invited interested parties to submit their expression of interest by no later than January 29, 2026. Opal stretches around 740 kilometres from Lubmin in Germany to Brandov in the Czech Republic. Uniper's stake in Opal is held by subsidiary Lubmin-Brandov Assets GmbH & Co. KG. The remaining 80% is held by GASCADE Gastransport GmbH. https://www.reuters.com/business/energy/uniper-launch-sale-20-stake-opal-gas-pipeline-2025-12-15/

2025-12-15 19:46

Attack was a ransomware that hit PDVSA's administrative systems, source says Chevron-chartered tankers continue sailing under US authorization PDVSA orders workers to disconnect from systems Dec 15 (Reuters) - Venezuela's state-run oil company PDVSA has been subject to a cyberattack, it said on Monday, adding its operations were unaffected, even though four sources said systems remained down and oil cargo deliveries were suspended. Tensions are high between the U.S. and Venezuelan governments, amid a large-scale U.S. military buildup in the southern Caribbean, U.S. strikes on alleged drug trafficking boats and comments from U.S. President Donald Trump that land operations may begin soon in Venezuela. Sign up here. The Venezuelan government has said the U.S. is seeking regime change to take over the country's vast oil reserves. Last week the U.S. Coast Guard seized a very large crude carrier (VLCC) carrying some 1.85 million barrels of Venezuelan heavy oil sold by PDVSA. PDVSA and the oil ministry blamed the U.S. for the cyberattack on Monday, saying it was carried out by "foreign interests in complicity with domestic entities who are seeking to destroy the country's right to sovereign energy development." They alleged the attack was part of U.S. efforts to control Venezuela's oil through "force and piracy." However, a PDVSA source said the company had detected a ransomware attack days ago, and the antivirus software it used to try to fix the problem affected its entire administrative system. In a ransomware attack, malicious software encrypts a victim's files or locks its computer, with attackers sometimes also stealing data and threatening to leak it. These cyberattacks happen via phishing, malicious downloads or infected websites and can cause severe disruptions. The U.S. State Department did not immediately respond to a request for comment. PDVSA provided no further details, although the company said it had recovered from the attack. Venezuela's government regularly blames problems like blackouts on conspirators from the opposition and foreign entities like the U.S. Central Intelligence Agency, without giving evidence. Sources said the effects were ongoing. "There's no delivery (of cargoes), all systems are down," one company source said. A shipper involved in Venezuelan oil deals confirmed that all loading instructions for the export market remained suspended. Oil output, refining and domestic distribution were not affected, the sources said, but the company on Monday failed to restart administrative systems, forcing workers to keep written records of operations. Two other sources said PDVSA ordered administrative and operational workers to disconnect from the company's systems and to limit access of indirect workers to the company's facilities. TANKERS TURN AROUND Last week's VLCC seizure was the first interception of a tanker or cargo coming from Venezuela, which has been under U.S. sanctions since 2019, and a sign of growing pressure on President Nicolas Maduro. The seizure has already led to a sharp fall in Venezuelan oil exports, also hitting crisis-stricken Cuba, which is facing daily power cuts. More than 11 million barrels of oil are stuck on board other vessels in Venezuelan waters since last week. Among the few tankers setting sail are the ones chartered by oil firm Chevron, one of PDVSA's key partners, which continue departing to the U.S. under an authorization previously granted by Washington, according to shipping data. At least one crude tanker per day bound for Asia has been able to set sail since last week from Venezuelan waters in "dark mode," which means it navigates with all its localization systems off, the PDVSA source said. But a tanker carrying Russian naphtha for PDVSA and at least four supertankers due to pick up crude cargoes in Venezuela have made u-turns, ship monitoring data showed on Monday. Benin-flagged tanker Boltaris, which was carrying some 300,000 barrels of Russian naphtha bound for Venezuela, made a u-turn late last week and is now heading for Europe without having discharged, according to LSEG vessel monitoring data. At least four VLCCs that were in PDVSA's schedules to load crude at Venezuelan ports in the coming weeks have also made u-turns in recent days, monitoring service TankerTrackers.com said. Venezuela's crude output averaged 1.17 million barrels per day last month according to official figures, while oil exports rose to some 952,000 bpd, according to shipping data. https://www.reuters.com/world/americas/venezuelas-pdvsa-says-operations-unaffected-by-cyber-attack-blames-us-2025-12-15/

2025-12-15 19:22

Dec 15 (Reuters) - The U.S. Federal Trade Commission said on Monday that the agency and 21 states, along with the District of Columbia, have filed an amended complaint against ride-hailing app Uber (UBER.N) , opens new tab, alleging it engaged in deceptive billing and cancellation practices. The updated lawsuit, filed in the U.S. District Court for the Northern District of California, claims that Uber charged consumers for subscriptions without consent, failed to deliver promised benefits such as zero-dollar delivery fees and monthly savings, and made it difficult for users to cancel. Sign up here. Shares of Uber fell more than 3% following the news. The FTC first sued Uber in April over similar allegations. The amended complaint seeks civil penalties for alleged violations of the Restore Online Shoppers' Confidence Act and state consumer protection laws. Uber One, marketed as a monthly or annual subscription, promises perks including $0 delivery fees and up to $25 in monthly savings. But the FTC said many consumers reported paying delivery fees despite the promise and not receiving the advertised savings. The complaint also alleges that Uber enrolled users in the subscription without their knowledge, including those who signed up for free trials, and then charged them before the trial ended. Uber denied the allegations and said it does not sign up or charge consumers without their consent. Cancellation was also described as "exceedingly difficult," with users forced to navigate up to 23 screens and take as many as 32 actions to cancel, according to the filing. "The majority of cancellations take 20 seconds or less and can be done in the app anytime," Uber said in emailed statement, adding that "Prior to December 2024, as explained during sign up, consumers within 48 hours of their next billing period had to contact Support in order to cancel." States joining the FTC include California, New York, Texas and Illinois. https://www.reuters.com/world/us-ftc-21-states-file-amended-complaint-against-uber-alleging-deceptive-billing-2025-12-15/

2025-12-15 19:04

LONDON, Dec 15 (Reuters) - The U.S. Treasury has rejected an offer from a group led by U.S. bank Xtellus Partners for the foreign assets of Russian oil company Lukoil (LKOH.MM) , opens new tab, four people close to the matter told Reuters. Xtellus had been competing against U.S. oil majors Exxon Mobil (XOM.N) , opens new tab and Chevron (CVX.N) , opens new tab, Abu Dhabi group International Holding Company (IHC.AD) , opens new tab, Hungary's MOL (MOLB.BU) , opens new tab and U.S. private equity firm Carlyle (CG.O) , opens new tab, all of which still remain in the race. Sign up here. The U.S. Treasury declined to comment. Lukoil offered to sell the assets after the U.S. imposed sanctions on it and Kremlin-controlled rival Rosneft (ROSN.MM) , opens new tab in October to try to push Russia towards a peace deal with Ukraine. More than a dozen companies have bid for Lukoil's assets, which are valued at about $22 billion. The assets include upstream oil and gas projects, refining and more than 2,000 filling stations across Europe, Central Asia, the Middle East and the Americas. Xtellus had offered to organise a swap of Lukoil securities held by U.S. investors in a cashless deal to return them to Lukoil in exchange for the Russian company's global assets, sources told Reuters. The sources said Lukoil had favoured the Xtellus bid but it was complex to execute. Xtellus is advising bid partners American billionaire Todd Boehly and Emirati investor group Allied Investment Partners. One of the sources said Lukoil and the Xtellus-led group have already signed a share purchase agreement. The Treasury told the group that it doesn't have permission to use sanctioned securities in a transaction and that was why their proposal was rejected, the source said. Now the plan is to try to escalate their offer to a more senior decision-maker and get the rejection reversed. The group will also apply for a license to access these securities, they said. U.S. investment funds own large holdings of Lukoil shares that were frozen and written down after Russia's 2022 invasion of Ukraine, losing the funds billions of dollars. The idea was to transfer the shares back to Lukoil in exchange for the assets, sell the assets to energy companies and pay the investors. Last week the U.S. extended the deadline for negotiations with Lukoil to January 17. https://www.reuters.com/business/us-treasury-rejects-xtellus-bid-russias-lukoil-assets-sources-say-2025-12-15/