June 10, 2022

By Trevor Hunnicutt and Jarrett Renshaw LOS ANGELES (Reuters) -U.S. President Joe Biden on Friday accused the U.S. oil industry, and Exxon Mobil Corp in particular, of capitalizing on a supply shortage to fatten profits after a report showed inflation surging to a new 40-year record. U.S. consumer inflation accelerated in May https://www.reuters.com/markets/us/soaring-gasoline-food-prices-boost-us-consumer-inflation-may-2022-06-10 as gasoline…

(Corrects this June 8 story to remove reference to the United Arab Emirates and the Kingdom of Saudi Arabia in paragraph 2) (Reuters) – Lockheed Martin Corp expects to produce its new-build F-16 fighter jets next year and commence deliveries in 2024, its chief financial officer Jesus Malave said on Wednesday. The company has a…

By Akash Sriram and Hyunjoo Jin (Reuters) -Electric vehicle maker Tesla Inc on Friday proposed a three-to-one stock split, making its shares more affordable following recent sell-offs of the most valuable automaker. The company also said Oracle Corp co-founder Larry Ellison, a friend of Tesla Chief Executive Officer Elon Musk, will not stand for re-election…

By Caroline Valetkevitch NEW YORK (Reuters) – U.S. stocks posted their biggest weekly percentage declines since January and ended sharply lower on the day Friday as a steeper-than-expected rise in U.S. consumer prices in May fueled fears of more aggressive interest rate hikes by the Federal Reserve. Tech and growth stocks, whose valuations rely more…

(Reuters) – The U.S. Securities and Exchange Commission is looking into Goldman Sachs Group Inc’s asset-management division over its funds that look to invest based on environmental, social and governance (ESG) standards, the Wall Street Journal reported. The investigation is focused on Goldman Sachs’ mutual-funds division, the report said on Friday, citing people familiar with…

By David Randall and Davide Barbuscia NEW YORK (Reuters) -Blistering inflation is threatening to reignite twin declines in U.S. stocks and bonds, leaving investors with few places to hide from a Federal Reserve that appears headed for its most aggressive policy tightening in decades. Friday gave a hint of what investors may see in coming…

By Ann Saphir and Lindsay Dunsmuir (Reuters) -Stubbornly hot U.S. inflation is fueling bets that the Federal Reserve will get more aggressive about trying to cool price pressures and even potentially ditch its own forward guidance by delivering a jumbo-sized interest rate hike in coming months. Fed policymakers had already all but promised half-point interest…

(Reuters) – Cosmetics maker Revlon Inc is preparing to file for chapter 11 protection as soon as next week, the Wall Street Journal reported on Friday, citing people familiar with the matter. Revlon, whose shares declined 46%, did not immediately respond to a Reuters request for comment. The lipstick maker began talks with lenders ahead…

By Stephanie Kelly NEW YORK (Reuters) – Oil prices fell on Friday, after U.S. consumer prices rose more than expected and China imposed new COVID-19 lockdown measures. Brent crude fell $1.06 to settle at $122.01 a barrel. U.S. West Texas Intermediate crude fell 84 cents to settle at $120.67 a barrel. Both benchmarks still posted…