Business
US market today: Wall Street slips as Walmart drags S&P 500 toward fifth straight loss, Jerome Powell speech in focus – Times of India
US stocks slipped again on Thursday, extending a run of modest losses that began after last week’s record high. The S&P 500 eased 0.3%, putting it on track for a fifth straight decline. The Dow Jones Industrial Average shed 236 points, or 0.5%, while the Nasdaq composite was down 0.1% in early New York trading, AP reported.Walmart was the biggest drag on the market, dropping 4% after its spring quarter profit came in weaker than analysts had projected. The retail giant reported solid revenue growth and raised its full-year profit guidance, but expectations had been high going into the earnings release. The Arkansas-based company’s stock had already gained 13.5% this year, well above the broader market.Investors continued to scrutinise Big Tech valuations, questioning whether stock prices had risen too far on artificial intelligence excitement. Several AI-linked companies have swung sharply this week, cooling some of the frenzy. On Thursday, Palantir Technologies slipped 0.2% after back-to-back steep losses earlier in the week, while chipmaker Nvidia added 0.6%.Coty sank 20.6% after posting a quarterly loss instead of the slight profit Wall Street had expected. The beauty products maker, whose brands include CoverGirl and Joop!, cited tariff uncertainty and weak retailer orders. On the upside, Nordson rose 7.4% after both profit and revenue for the quarter topped forecasts.In the bond market, Treasury yields edged higher even as fresh data pointed to economic softness. Weekly jobless claims rose, hinting at potential layoffs, while a mid-Atlantic manufacturing survey showed contraction. The 10-year Treasury yield inched up to 4.30% from 4.29%, and the two-year yield rose to 3.75% from 3.74%.Wall Street continues to expect the Federal Reserve to cut rates in September, which would be its first move this year. A rate cut could support growth by lowering borrowing costs for homes, cars, and business investment, though it risks fuelling inflation. Investors are watching closely for signals from Fed Chair Jerome Powell, who will speak at the Jackson Hole central banking conference on Friday.In Europe, Germany’s DAX slipped 0.3% after US and EU officials outlined a trade framework. Asian markets were mixed, with Japan’s Nikkei 225 down 0.6% following a survey that showed factory activity contracted again in August.
Business
West Asia conflict: Govt may ask companies to cut exports, increase auto fuel, LPG supplies – The Times of India
NEW DELHI: Amid fears of a shortage in crude supplies, govt is looking to nudge refiners to divert more auto fuel and LPG to the domestic market by cutting on exports and also increase cooking gas production so that there is no disruption in local supplies.While govt and oil companies insisted there’s no shortage, refiners are looking at alternate sources to partly compensate for crude coming from war-hit West Asia.
The tension has led to a spike in oil and gas prices, and given India’s dependence on imports, inflating the import bill and stoking inflationary pressures. Officials, however, said retail fuel prices may not rise immediately, as oil marketing companies follow a calibrated approach — absorbing losses when global prices are high and recouping them when prices soften. Retail petrol and diesel prices have remained unchanged since April 2022.Mantri meets oil cos to assess availability of crude and gasOn a day when Iranian drones damaged part of Saudi Aramco refinery and Qatar Energy’s facilities, the world’s largest LNG producer, announced an export pause, petroleum minister Hardeep Singh Puri and his team of officials met oil companies on Monday to assess the availability of crude and gas. “We are continuously monitoring the evolving situation, and all steps will be taken to ensure availability and affordability of major petroleum products in the country,” the oil ministry said in a post on X.India imports nearly 90% of its crude requirement. It also meets 60-65% of its LPG demand and about 60% of its LNG needs through imports, largely from West Asia, with shipments routed via Strait of Hormuz, which risks being choked due to the war.
According to the International Energy Agency, in 2023, 5.9% of the country’s production was being exported. Between April and Dec 2025, India exported petroleum products worth nearly $330 billion, with the Netherlands, UAE, the US, Singapore, Australia and China being the main destinations. In 2024, it also exported petroleum gas worth $454 million, mostly to Nepal, China, and Myanmar. The Reliance refinery in Jamnagar is the largest exporter in the country.An oil company executive said refiners are already in contact with traders to tie up capacities amid fears of the blockade of Strait of Hormuz. By Monday, the global market had caught the jitters from Qatar’s decision to suspend gas shipments.An oil executive said while disruption could cause difficulties in the immediate term, Indian players had a wide portfolio that they can tap for LNG, including the US, with vessels being routed through the Suez Canal.“Even if there is a force majeure, we have other sources of supply, which we can tap. Besides, no one is going to stop supplies indefinitely,” the executive said. While oil and gas prices rose Monday, the focus is on ensuring that supply lines remain open.
A display board shows canceled flights to Dubai and Doha amid regional airspace closures at Noi Bai International Airport, amid the U.S.-Israel conflict with Iran, in Hanoi, Vietnam, March 2, 2026. Picture taken with a mobile phone.
Thinh Nguyen | Reuters
Airline and travel stocks slipped Monday after airspace closures throughout the Middle East forced carriers to cancel thousands of flights, disrupting trips as far as Brazil and the Philippines.
Cruise lines stocks also fell sharply, with Royal Caribbean Cruises dropping 3% and Carnival Corp. losing more than 7%.
Norwegian Cruise Line Holdings‘ stock fell 10% after its earnings call disappointed investors. Elliott Investment Management said last month that it had built a more than 10% stake in the company and that it’s seeking changes. New CEO John Chidsey told analysts that “our strategy is sound, our execution and coordination have not been, and a culture of accountability is essential and necessary going forward.”
Oil prices also rose, potentially driving up airlines’ biggest cost after labor. Flights through the Middle East were grounded, including to destinations like Tel Aviv and Dubai.
United Airlines, which has the most international exposure of the U.S. carriers, fell nearly 3%. Service to Tel Aviv, Israel, one of the airline’s most profitable routes, was halted, but airlines were also was forced to pause flights to Dubai, in the United Arab Emirates, one of the busiest airport hubs in the world. Dubai is also a home base for the airline Emirates.
Shares of American Airlines lost 4% while Delta Air Lines fell 2%.
More than 11,000 Middle East flights have been canceled since the U.S.-Israeli strikes this weekend, according to aviation-data firm Cirium.
International travel has been a bright spot in the travel sector. In January, international air travel demand jumped 5.9% from a year ago while domestic flight demand was nearly flat, the International Air Transport Association, an airline industry group, said in a report Monday.
— CNBC’s Contessa Brewer contributed to this report.
Beverage and cannabis company Tilray acquires the brewery, the brand and 11 bars after Brewdog went into administration.
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