Finance
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Wall Street dumped nearly $1 trillion in tech stocks by midday—then clawed it back and bought peanut butter and paint
Today, the Nasdaq Composite looked like a V: down more than 4% by lunchtime, closing off just 1%. Nobody knows exactly why. Around noon, the AI jitters came back, and traders dumped the highest-beta names—the frothiest, most volatile stuff, like Strategy (MSTR), the leveraged bitcoin vehicle that had popped Monday; AppLovin (APP); the photonics maker…
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Tesla cofounder: ‘We should be really worried’ about the U.S. grid as China speeds ahead in the power race
China is building new power generation at an unprecedented pace to power the AI boom as the U.S. grid struggles to keep pace with the development of data centers, triggering more delays and project cancelations. “I think we should be really worried,” said Tesla cofounder JB Straubel at Fortune’s Brainstorm Tech conference in Aspen on…
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America’s grid is reeling. General Motors offers itself as a distributed utility in disguise
America’s electric grid is buckling under extreme weather, aging infrastructure, and an AI buildout that is quietly rewriting U.S. power demand—and General Motors wants to turn that crisis into a business. At a San Francisco event Tuesday called GM Empower, the automaker is pitching itself not just as an EV seller but as a de facto…
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BP’s new CEO Meg O’Neill rips up the energy giant’s playbook—and the ‘green’ era with it
New BP CEO Meg O’Neill is making fast work restructuring the struggling Big Oil giant, simplifying the organizational chart and eliminating the “low carbon energy” business unit as it reemphasizes its core oil and gas businesses. Fresh off BP’s controversial axing of chairman Albert Manifold for “unacceptable” conduct, O’Neill is demonstrating the transformation of the…
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China’s exports to the US are surging at a pre-Liberation Day pace, defying Trump’s tariff goals
China’s exports picked up pace in May, rising 19.4% from a year earlier, its customs agency said Tuesday, as technology-related shipments remained robust despite impacts from the Iran war. The stronger than expected performance was an improvement from April’s 14.1% year-on-year increase. Imports in May jumped 27.4%, also at a faster pace compared with April’s…
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Mystery NASDAQ selloff adds tension into a make-or-break week for the AI trade
Another sell-off for high-flying artificial-intelligence stocks is dragging Wall Street sharply lower on Tuesday. The S&P 500 dropped 1.7% after careening between an early gain of 1% and a loss of 2.3%, sinking further from its all-time high set a week ago. The Nasdaq composite was 2.9% lower, and the Dow Jones Industrial Average was…
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‘We are rapidly running out of time’ Watchdog sounds Social Security alarm after 22% cut confirmed for 2032
The new Social Security Trustees report released Tuesday confirms that the program is on track for automatic, across-the-board benefit cuts once its main retirement trust fund runs dry in the early 2030s, escalating pressure on lawmakers as voters overwhelmingly demand a plan to avert reductions. The projected shortfall would hit during the terms of senators elected…
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AI stocks are recovering after suddenly tanking last week as oil prices drop more than 3%
The U.S. stock market is ticking higher Tuesday as artificial-intelligence stocks regain more of their sudden and sharp losses from last week, while oil prices ease. The S&P 500 rose 0.2% and pulled back within 2.5% of its all-time high set a week ago. The Dow Jones Industrial Average was up 195 points, or 0.4%,…
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Current price of oil as of June 9, 2026
As of 9 a.m. Eastern Time today, oil is trading at $95.06 per barrel, based on the Brent benchmark we’ll explain in a bit. That’s $2.09 below yesterday morning’s level and about $27.50 higher than where it stood a year ago. Oil price per barrel % Change Price of oil yesterday $97.15 -2.15% Price of…
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How Michael Saylor’s preferred stock gamble could trigger a death spiral for Strategy
By late last week, the sudden drop in Bitcoin’s price was crushing shares of Strategy, controlled by the signature crypto currency’s most famous champion and beneficiary, Michael Saylor. What’s gone mainly unnoticed: Strategy’s still selling at a big premium to the underlying value of its assets, almost entirely parked in Bitcoin, less the multiple-billions it…