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Oil dropped after a government report showed US crude inventories rose the most in two months, overshadowing the lingering relief from the trade truce between the world’s two largest economies.

West Texas Intermediate dipped 0.8% to settle near $63 a barrel, snapping a four-session winning streak. Global benchmark Brent closed around $66. US crude stockpiles rose 3.45 million barrels, the biggest gain since March, the Energy Information Administration said Wednesday.

US Immigration and Customs Enforcement will allow members of Congress to inspect detention facilities with or without appointments, the head of the agency pledged to a House panel.

Acting Director Todd Lyons on Wednesday said he and his team are committed to allowing lawmakers to conduct oversight at immigrant jails, as laid out in federal law. Lyons testified after a May 9 incident at an ICE facility in Newark, N.J., involving several House Democrats during which the city’s mayor was arrested.

“We do acknowledge that any member of Congress does have the right to show up,” Lyons testified before the House Appropriations Committee’s homeland security panel.

Franklin Resources Inc. and Neuberger Berman reached multibillion-dollar investment deals with Saudi Arabia’s sovereign wealth fund, the latest signs that the country is attracting US money managers to invest in the kingdom.

Neuberger will work with the nation’s Public Investment Fund to start a Riyadh-based platform supporting as much as $6 billion of investments, according to an emailed statement Wednesday. Franklin signed a similar non-binding agreement for up to $5 billion of investment in Saudi stocks, bonds and private assets.

Microsoft Corp.’s recently announced job cuts fell hardest on the people who build the company’s products, showing that even software developers are at risk in the age of artificial intelligence.

In Microsoft’s home state of Washington, software engineering was by far the largest single job category to receive layoff notices, making up more than 40% of the roughly 2,000 positions cut, according to state documents reviewed by Bloomberg.

Microsoft on Tuesday said it would cut about 6,000 workers across the company. The Washington state data represents about a third of the total.

California Governor Gavin Newsom unveiled a budget proposal that aims to close a $12 billion deficit, marking the third consecutive fiscal year in which state lawmakers need to plug significant shortfalls.

Newsom, a second-term Democrat, said that a projected $363 million discretionary surplus for the upcoming fiscal year has morphed into a deficit in the months since his office unveiled his January budget proposal, as new federal trade policies under President Donald Trump have dampened California’s revenue projections and its economic outlook.

Wall Street’s epic rebound from April’s meltdown is showing signs of exhaustion on speculation stocks have run too fast amid risks stemming from a trade war to an economic slowdown and sticky inflation.

Following a 22% jump from last month’s intraday lows, the S&P 500 wavered. Most major groups fell, but big tech climbed. Boeing Co. gained after winning its largest-ever deal, with Qatar Airways placing an order for long-range jets during a visit to Doha by Donald Trump.

The dollar pared losses as Bloomberg News reported the US is not working to include currency policy pledges in trade accords. Bond yields rose as Federal Reserve rate-cut bets receded.

The IRS can share taxpayer data with federal immigration officials only in cases involving immigrants with final deportation orders or ongoing criminal investigations, according to a newly unsealed agreement between the Treasury and Homeland Security departments.

The 13-page memo, signed in April by Treasury Secretary Scott Bessent and Homeland Security Secretary Kristi Noem, was released Tuesday by order of a federal court in Washington. It permits Immigration and Customs Enforcement to request tax records under a section of the tax code that allows limited disclosures for non-tax criminal matters.

While the memo doesn’t specify what non-tax criminal cases may qualify, it does specify other rules. To obtain IRS data, ICE must provide a name, address, and deportation order date, and it’s required to safeguard any information received.

Negotiations between Pirelli SpA and Sinochem International Corp. to reduce the influence of the Chinese investor over the tiremaker and comply with new US rules ended without a deal.

The Italian company held talks over its shareholder structure with the Chinese investor as US laws prohibit the import or sale of connected vehicles with specific pieces of hardware or software linked to the Asian country.

An offer made by Pirelli to Sinochem has been rejected, while board members linked to the Chinese firm presented a counterproposal, the company said Wednesday in an earnings statement.

Millions of Americans from the upper Midwest to the Gulf Coast are facing the biggest threat of power supply shortfalls in the US this summer.

The shutdown of older power plants, potential forced outages and high demand on hot days are contributing to potential deficits, the North American Electric Reliability Corp. said in its annual summer assessment. Risk projections in the report are based on high temperatures rolling in this summer.

America’s ageing electric grids are being strained by extreme weather and mounting demand from data centers. They’re also increasingly dependent on wind and solar power, which rely on the whims of the air and sun.

Treasury yields climbed on Wednesday — sending the two-year note’s to the highest level since March — as traders further pared wagers on more than one Federal Reserve interest-rate cut by year-end.

Yields rose five to six basis points across maturities to the highest in weeks, with the two-year note’s reaching 4.05%. More sensitive than longer-maturity yields to expectations for the Fed, the two-year yield has climbed about 15 basis points this week.

TD Securities joined several other Wall Street banks in predicting the Fed will cut rates later than previously anticipated, and swap contracts ceased fully pricing in two quarter-point moves by year-end.

The dollar fell in late Asia trading on fresh speculation President Donald Trump favors a weaker greenback and will prod other governments to let their currencies rise in return for trade deals with the US.

The US currency extended an earlier decline on Wednesday after a Bloomberg News report that South Korea and US officials discussed exchange rate policies at a May 5 meeting in Milan and will continue to do so.

The won rose and the Japanese yen also climbed, helping to push the Bloomberg Dollar Spot Index down for a second day after it rallied on Monday following the announcement of a temporary truce in the US-China trade war. It erased its losses by early afternoon in New York.

The dollar fell in late Asia trading on fresh speculation President Donald Trump favors a weaker greenback and will prod other governments to let their currencies rise in return for trade deals with the US.

The US currency extended an earlier decline on Wednesday after a Bloomberg News report that South Korea and US officials discussed exchange rate policies at a May 5 meeting in Milan and will continue to do so.

The won rose and the Japanese yen also climbed, helping to push the Bloomberg Dollar Spot Index down for a second day after it rallied on Monday following the announcement of a temporary truce in the US-China trade war. It erased its losses by early afternoon in New York.

EToro Group Ltd. shares rose as much as 42% in its first session as a public company, after the trading and investment platform and some of its backers raised nearly $620 million in an upsized IPO.

Shares of the Israel-based firm traded at $72.11 each as of 12:23 p.m. on Wednesday in New York, above the initial public offering price of $52 apiece.

The trading gives EToro a market value of nearly $6 billion, based on the outstanding shares listed in an earlier filing. The company has a fully diluted value of close to $7 billion, including employee stock options and restricted share units.

US corporations with over a trillion in assets snapped up an unprecedented amount of short-term Treasuries when President Donald Trump announced a 90-day delay for most of his “Liberation Day” tariffs, according to Clearwater Analytics.

Data tracked by the investment analytics firm of more than 800 primarily non-financial US-based companies show the buying was part of a broader move, as these firms have extended the duration of cash holdings and safe securities over the past 18 months.

On April 9, the day that Trump said it was “a great time to buy” stocks, treasurers boosted their holdings further by purchasing about $5 billion of Treasuries that mature in one to three years, the Clearwater data show.

Uber Technologies Inc. is introducing a cheaper pooled rides option and a price-lock pass for commuters, underscoring its focus on attracting more daily users as consumers confront rising costs.

The rideshare company on Wednesday announced “Route Share,” a budget-focused offering that’s up to 50% cheaper than a regular UberX and only available during weekday commuting hours. In contrast, its existing pooled rides option cuts costs as much as only 20%.

But there’s a catch: Route Share pickups run every 20 minutes only “along busy corridors,” similar to a bus, and passengers may have to walk up to 15 minutes to the pick-up point and share a vehicle with two other people.

Boeing and GE Aerospace secured a $96 billion agreement to sell Qatar Airways up to 210 aircraft, the White House said Wednesday.

The deal for the 787 Dreamliner and 777X aircraft, struck during President Donald Trump’s state visit with the emir of Qatar, is Boeing’s “largest-ever widebody order and largest-ever 787 order,” according to the White House.

Canada has effectively suspended almost all of its retaliatory tariffs on US products, tamping down inflation risks and improving its growth outlook, according to Oxford Economics.

The government imposed new import taxes of 25% on about C$60 billion ($43 billion) of US-made goods in March in response to the first round of tariffs from the Trump administration. Canada also retaliated against US auto tariffs in early April by putting its own levies on US vehicles.

But Prime Minister Mark Carney’s government then announced a six-month tariff exemption for products used in Canadian manufacturing, processing and food and beverage packaging, and for items related to health care, public safety and national security. Automakers got a break, too: companies that manufacture in Canada, such as General Motors Co., are allowed to import some vehicles into Canada tariff-free.

China will suspend export controls and sanctions called the unreliable entity list over US entities, which were announced in April, as part of the trade agreements made by the world’s two biggest economies. The suspensions start Wednesday and will last for 90 days.

Boeing Co won an order from Qatar Airways amid a flurry of deals between Gulf nations and the US during President Donald Trump’s visit to the region.

The agreement signed by the Doha-based carrier is for 160 aircraft, according to the White House, in what it said is the largest order in the American company’s history.

The commitment provides a big commercial win for Boeing, which has come under pressure from Trump for delays on the latest Air Force One presidential jets. Qatar has long been a loyal Boeing customer, though the carrier also flies a large fleet of Airbus SE short- and long-haul aircraft.

In September, the crowded restaurant reservation business will officially get more crowded. That’s when Uber Eats will launch a new Dine Out icon, giving customers the chance to reserve tables on their app via the popular booking platform OpenTable. Details of the partnership between Uber Technologies and OpenTable, which was first announced in late March, are being released today.

The collaboration incentivises potential diners on several levels. Should you take an Uber to the restaurant you booked on Uber Eats, you’ll get a discount. At the same time, OpenTable members will be able to use their accrued points for Uber Eats orders and Uber bookings. Users with OpenTable VIP status will also get six months of Uber One membership, which offers discounts on food orders and delivery fees.

The crucial spring home-sales season in the US, barely off the runway, is already sputtering.

April is normally when transactions kick into overdrive, warmer weather drawing in buyers and sellers alike. But this year, the number of signed contracts was the lowest for the month since the Covid lockdown in 2020, according to seasonally adjusted data from Redfin Corp. Deals were down 3% from last April, already seen as a low mark.

Active listings for April also ballooned to the highest level since 2019, suggesting homes are piling up on the market. And annual median price growth, measured by completed purchases, was just 1.4%, compared with the almost 6% gain recorded in April 2024.

The UK government appointed Jim O’Neil, a senior investment banker at Bank of America Corp., to a top position in the Treasury as Chancellor of the Exchequer Rachel Reeves continues a drive to boost Britain’s economic growth rate.

O’Neil, a former chief executive of UK Financial Investments, which managed the government’s investments in Royal Bank of Scotland and Lloyds after the global financial crisis, in July will become the Treasury’s second permanent secretary, the government said in a statement on Wednesday.

O’Neil’s “extensive knowledge of the private sector will be vital in helping us deliver our number one mission to grow the economy,” Reeves said in the statement. “It’s fantastic to have him join the Treasury’s top team.”

Novo Nordisk A/S is partnering with US biotech Septerna Inc. on the development of oral pills for obesity in a deal potentially worth up to $2.2 billion.

The two companies will start with four development programs that use different ways to potentially treat obesity, type 2 diabetes and other diseases linked to obesity, the Danish maker of blockbuster weight-loss drug Wegovy said Wednesday.

The deal terms are linked to progress and milestones achieved and include more than $200 million in upfront and near-term payments. In the future, the US company could also receive royalties on the sales of any approved products.

AMD said on Wednesday that its board of directors approved $6 billion in share buybacks. The stock climbed 8%. The authorisation is in addition to $4 billion in existing approved share repurchases, the company said.

“Our expanded share repurchase program reflects the Board’s confidence in AMD’s strategic direction, growth prospects, and ability to consistently generate strong free cash flow,” AMD CEO Lisa Su said in a statement.

A JPMorgan Chase & Co. office in the City of London has been defaced, making it the latest firm in the Square Mile to draw protesters over the past few years.

The revolving glass doors of the Blackfriars complex, which houses the US bank’s asset and wealth management division, were shattered and red paint was sprayed on the exterior walls of the building, including the ornate Victorian facade of the building that used to house the City of London School. The main London office in Canary Wharf wasn’t affected.

Federal Reserve Vice Chair Philip Jefferson said tariffs and related uncertainty could slow growth and boost inflation this year, but monetary policy is well-positioned to respond as needed.

Jefferson stressed heightened uncertainty about government policies, and said it is not yet clear if tariffs will have a short-lived or more persistent effect on price growth. He marked down his economic growth forecast for this year, but said he still expects the economy to continue to expand.

“If the increases in tariffs announced so far are sustained, they are likely to interrupt progress on disinflation and generate at least a temporary rise in inflation,” Jefferson said Wednesday in prepared remarks for a conference organized by the New York Fed.

The Japanese government is likely to establish 1% growth in real wages as its first-ever official target for pay increases, a move that comes as prolonged inflation continues to exert a drag on domestic demand.

The government will set a goal of reaching 1% annual gains in real wages by the fiscal year starting in April 2029, according to a policy draft by Prime Minister Shigeru Ishiba’s new capitalism panel released Wednesday. The goal is based on the premise that stable and sustainable 2% inflation is in place.

Roche Holding AG said it would need to reconsider planned US investments if President Donald Trump implements an executive order to cut prescription drug costs.

Last month, Roche said it planned to invest $50 billion in pharmaceuticals and diagnostics in the US over the next five years, creating more than 12,000 jobs. That pledge came after Trump threatened tariffs on pharmaceutical imports, citing companies’ reliance on manufacturing sites around the world to supply the US.

Trump signed an executive order Monday asking drugmakers to lower prices voluntarily or else face regulatory measures. Pharmaceutical companies had expected — and feared — action on drug prices, but the order was far weaker than they’d anticipated.

US Federal Reserve Bank of Chicago President Austan Goolsbee said that it’s important for central bankers not to respond to day-to-day volatility in equities and economic policy pronouncements, noting that economic data remain steady for now.

“It’s important to remember that the Fed – our job is to be the steady hand, not respond to the daily gyrations either of the stock market or of policy pronouncements,” Goolsbee said in an interview on NPR that aired Wednesday morning. “And we’ve continued to get these numbers that at least suggest that it’s going OK.”

Goolsbee noted the risk of consumers and businesses pulling back on spending and investment plans due to concern about an uncertain environment. He said that last month was a moment when there was “a lot of dust in the air,” without detailing specifics. President Donald Trump on April 2 unveiled steep “reciprocal” tariffs on trading partners that roiled equities, though he later put most of them on pause.

Big tech stocks rallied in early trading, while the dollar weakened on speculation that the Trump administration is making currency policy a part of trade talks.

S&P 500 futures added 0.3%, with Nvidia Corp. and Advanced Micro Devices Inc. getting a boost in the pre-market session. Investors are continuing to snap up tech shares, with sentiment helped by signs that the US is paving the way for Saudi Arabia and the United Arab Emirates to win wider access to advanced AI chips.NewsLive TVMarketPopular CategoriesCalculatorsTrending NowLet's Connect with CNBCTV 18Network 18 Group :©TV18 Broadcast Limited. All rights reserved.