Wall Street's two-day rally lost momentum Wednesday as investors reassessed the economic outlook after weak job numbers and a surprise contraction in the U.S. services sector cast fresh doubt over the strength of the economy.
After delivering its strongest monthly performance since November 2023, Wall Street entered June on a cautious note, with mounting geopolitical tensions and new trade tariffs clouding investor appetite for risk assets.
Cactus Inc. will acquire 65% of Baker Hughes' Surface Pressure Control business, valued at $344.5M. The joint venture aims to expand global oilfield equipment footprint.
On Saturday, the Organization of the Petroleum Exporting Countries and its allies, including Russia, pledged to raise production by 411,000 barrels per day in July.
Battle of oil titans Chevron and Exxon over Guyana oil project could impact top energy ETFs. M&A, arbitration, and activist investors add to the stakes.
ExxonMobil (NYSE: XOM) to sell its controlling interest in Esso SAF to North Atlantic France SAS, part of strategic shift to streamline global footprint.
Bloomberg News reported late last week that the Treasury Department will grant the waiver authorizing Chevron to carry out only critical upkeep and safety-related functions.
