2025-01-07 00:29

Carmakers rise after report Trump aides seeking selective tariffs Citigroup gains on brokerage upgrade Fed's Barr to resign early; banks rise Indexes: Dow 0.06% down, S&P 500 up 0.55% and Nasdaq up 1.24% Jan 6 (Reuters) - The S&P 500 and the Nasdaq Composite rose on Monday to more than one-week highs, boosted by a rally in semiconductor stocks and a report that suggested the incoming Trump administration could adopt a less aggressive tariff stance than expected. The Dow Jones Industrial Average (.DJI) , opens new tab fell 25.57 points, or 0.06%, to 42,706.56, the S&P 500 (.SPX) , opens new tab gained 32.91 points, or 0.55%, to 5,975.38 and the Nasdaq Composite (.IXIC) , opens new tab gained 243.30 points, or 1.24%, to 19,864.98. Seven of the 11 S&P 500 sectors ended lower, but communication services (.SPLRCL) , opens new tab and tech stocks (.SPLRCT) , opens new tab climbed 2.13% and 1.44%, respectively. "What we're seeing is more of what happened last year, which is a rally concentrated on the largest stocks," said Michael Green, portfolio manager at Simplify Asset Management, adding that flows from 401(k) retirement plans are helping drive stocks higher. Chipmakers got a boost from Microsoft's (MSFT.O) , opens new tab plan to invest $80 billion to develop artificial-intelligence-enabled data centers, as well as Foxconn's (2317.TW) , opens new tab forecast-beating fourth-quarter revenue. Nvidia (NVDA.O) , opens new tab rose 3.43%, Advanced Micro Devices (AMD.O) , opens new tab gained 3.33% and Micron Technology (MU.O) , opens new tab was up 10.45%. The Philadelphia Semiconductor index (.SOX) , opens new tab jumped 2.84%. Tech stocks rose despite benchmark 10-year Treasury yields reaching the highest since May. U.S. stocks had rebounded sharply on Friday after a string of losses in December and the first few sessions of January, when concerns about high valuations, rising Treasury yields and thin liquidity saw traders pull back after a strong 2024 run. Automakers gained, with Ford (F.N) , opens new tab rising 0.40% and General Motors (GM.N) , opens new tab adding 3.40% after a newspaper report said President-elect Donald Trump's incoming administration is focused on imposing tariffs on every country, but only certain sectors deemed critical to national or economic security. Trump later refuted the report. "He did come out and say that he's not going to water down his tariff plan, but the seed has been planted that the Trump administration's tariff policies won't be quite as shocking as people originally feared," said Brian Jacobsen, chief economist at Annex Wealth Management. Automobile manufacturers are considered the most vulnerable to tariffs imposed on U.S. trade partners, given their vast supply chains. Leading to Trump's Jan. 20 inauguration, investors are seeking insights into his policies, which are broadly seen as beneficial for corporate America as well as the U.S. economy. Citigroup (C.N) , opens new tab moved 2.45% higher after a bullish rating from Barclays. An index tracking banks (.SPXBK) , opens new tab rose 0.22%. Fed Vice Chair for Supervision Michael Barr, who has sought a range of strict rules on the nation's biggest banks, said he will resign. In a week packed with economic data and speeches from U.S. Federal Reserve officials, investors will look for clues on the pace of monetary policy easing this year. Later in the week, the focus will be on a monthly payrolls report. While Trump's proposals could boost corporate profits and energize the economy, they also risk driving up inflation. Fed Governor Lisa Cook was the latest among a number of policymakers to caution that inflation risks remain in the new year. Advancing issues outnumbered decliners by a 1.01-to-1 ratio on the NYSE and a 1.1-to-1 ratio on the Nasdaq. The S&P 500 posted eight new 52-week highs and eight new lows, while the Nasdaq Composite recorded 97 new highs and 39 new lows. Volume on U.S. exchanges was 17.36 billion shares, compared with the 12.37-billion average over the last 20 trading days. Markets will be shut on Thursday for a national day of mourning to mark the death of former President Jimmy Carter. Sign up here. https://www.reuters.com/markets/us/futures-edge-higher-chip-stocks-rise-2025-01-06/

2025-01-07 00:07

Jan 6 (Reuters) - U.S. oil refiner Phillips 66 (PSX.N) , opens new tab said on Monday it will acquire EPIC Y-Grade GP and EPIC Y-Grade in an all-cash deal for $2.2 billion. The transaction is expected to be immediately accretive to earnings per share upon close, it added. Sign up here. https://www.reuters.com/markets/deals/oil-refiner-phillips-66-plans-acquire-epic-ngl-22-bln-deal-2025-01-07/

2025-01-06 23:56

Cars pay only once a day Applies to Manhattan zone south of 60th Street Projected to raise $500 million in first year Traffic has slowed to 7 mph on average due to congestion WASHINGTON, Jan 6 (Reuters) - New York City drivers on Monday had to pay $9 to enter Manhattan under the first such congestion fee in the U.S., which seeks to raise billions for mass transit and reduce traffic jams. The fee went into effect on Sunday after New Jersey failed on Friday to convince a judge to halt it pending an appeal. The city rushed to implement the charge before President-elect Donald Trump's inauguration on Jan. 20. Trump, who has a Manhattan residence, opposes the fee and said he would seek to block it. New York is imposing the $9 charge on passenger vehicles in the daytime in Manhattan south of 60th Street. Trucks and buses will pay up to $21.60. The fee is reduced by 75% at night. Charged via electronic license plate readers, private cars will pay once a day regardless of how many trips they make. Taxis will pay 75 cents per trip and ride-share vehicles reserved by apps like Uber (UBER.N) , opens new tab and Lyft (LYFT.O) , opens new tab will pay $1.50 per trip. While New York is the first U.S. city to impose such a toll, London implemented one in 2003, and the fee is now 15 pounds ($19). Sarah Kaufman, director of New York University's Rudin Center for Transportation, said Monday that the experience of other world cities shows that the charge initially is very unpopular. Then residents "began to appreciate the reduction in traffic and the increased transit services. So ideally, that's what will happen here in New York," she said. New York's Metropolitan Transportation Authority said the program will result in 80,000 fewer cars a day, about an 11% reduction, in what it called the most congested district in the United States. More than 700,000 vehicles enter the Manhattan central business district daily, slowing traffic to around 7 mph (11 kph) on average. That is 23% slower than in 2010. The city estimates the congestion charge will bring in $500 million in its first year. New York Governor Kathy Hochul said the money would underpin $15 billion in debt financing for investment in subways, buses and other mass transit improvements. Sign up here. https://www.reuters.com/world/us/manhattan-drivers-face-9-fee-first-such-us-effort-fight-gridlock-2025-01-06/

2025-01-06 23:49

Jan 7 (Reuters) - Australia's Syrah Resources (SYR.AX) , opens new tab said on Tuesday it has secured a waiver for default events under its United States International Development Finance Corporation (DFC) loan of $150 million, granting it relief following operational disruptions at its Balama Graphite operation in Mozambique due to ongoing nationwide protests. The company suspended operations at its flagship graphite mine in December, following disruptions caused by farmer-led protests since September 2024. Despite the suspension, Syrah has not defaulted on any loan payment obligations. The Melbourne-based miner received a $53 million tranche in November 2024, which is now available for Balama's working capital. While the remaining balance is committed, "further DFC loan disbursements are not available while Balama operations are blocked by the protest actions," Syrah said in a statement. "Operating conditions in Mozambique are challenging with ongoing nationwide protests associated with general elections causing widespread disruptions throughout the country," it added. Syrah said it is actively collaborating with the DFC and the U.S. Department of Energy regarding these default events as the nationwide protests continue to disrupt operations across Mozambique. Shares of the miner were up 2.3% to A$0.22 in early trade. Sign up here. https://www.reuters.com/markets/commodities/australias-syrah-resources-secures-loan-waiver-amid-mozambique-unrest-2025-01-06/

2025-01-06 23:30

HOUSTON, Jan 6 (Reuters) - Fuel oil deliveries into America's largest refining hub on the U.S. Gulf Coast fell to a record low in December, according to data from ship tracker Kpler, as Latin American supplies dried up. WHY IT'S IMPORTANT The drop in fuel oil imports comes as residual fuel oil stocks on the U.S. Gulf Coast averaged just 14.2 million barrels last month, their lowest December average since 2002, according to an analysis of data from the Energy Information Administration (EIA). CONTEXT Feedstocks like high sulfur fuel oil and other heavy residues can be refined into higher value products such as gasoline and diesel using secondary crude units. The four-week average refinery utilization rate on the U.S. Gulf Coast was at 94.9% in the week to Dec. 27, according to the EIA, up from 92.5% on the year. However, fuel oil flows from key-supplier Mexico fell in December to 92,000 barrels per day (bpd), marking a second straight month of decline. The new Olmeca refinery, owned by Mexican state energy company Pemex [RIC:RIC:PEMX.UL], was only working at nearly 17% of its 340,000 bpd capacity in November. KEY QUOTES "(The drop in fuel oil imports) looks supply-driven given that refinery utilization was strong on the U.S. Gulf last month," said Matt Smith, an analyst at Kpler. "Deliveries from Latin America dropped to their lowest in three-and-a-half years, driven by Mexico, which has been dealing with a number of refinery issues," Smith added. BY THE NUMBERS Fuel oil imports discharging along the U.S. Gulf Coast slipped to 222,000 bpd last month, a near-third decline on the month and marking the smallest volumes delivered since at least January 2017, when Kpler began collating the data. Deliveries from Latin American countries slipped to 115,000 bpd in December, down from 135,000 bpd in November and their lowest level since June 2021. Colombian fuel oil headed to the Caribbean and the Netherlands instead of the U.S. Gulf Coast, Kpler's Smith pointed out, while barrels from Middle Eastern suppliers such as Iraq and Kuwait were pulled east of the Suez Canal. Sign up here. https://www.reuters.com/business/energy/us-gulf-coast-fuel-oil-imports-hit-record-low-latam-deliveries-slow-2025-01-06/

2025-01-06 23:01

Jan 6 (Reuters) - Canadian oil and gas company Suncor (SU.TO) , opens new tab said on Monday it saw higher upstream production and throughput at its refineries in the fourth quarter. The Calgary, Alberta-based company's upstream quarterly production rose to 874,000 barrels per day (bpd) from 808,000 bpd during the same quarter last year. Suncor said its refinery throughput rose by 31,000 bpd to 487,000 bpd during the quarter, meanwhile its refinery utilization jumped to 104% from 98% last year. "Our strong operational performance also supported strong financial performance, including enabling us to achieve our $8 billion net debt target nine months ahead of the projection outlined in our May 2024 three-year plan," CEO Rich Kruger said. Last month, the Canadian producer forecast higher oil and gas production as well as lower spending in 2025, hoping to benefit from the increase in export capacity since the commencement of the Trans Mountain Pipeline expansion last year. Sign up here. https://www.reuters.com/business/energy/canadas-suncor-says-oil-gas-production-rose-fourth-quarter-2025-01-06/