ConocoPhillips is set to buy Marathon Oil in a $17 billion deal that would boost its portfolio.
Traders work on the floor of the New York Stock Exchange during morning trading on May 24, 2024 in New York City.This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Like what you see? You can subscribenote rose for a second consecutive day following a lackluster auction of government bonds on Tuesday.
The world can be a confusing place at times. You would think we were in the midst of an energy transition, only for that environmental nirvana to be shattered by a multibillion dollar shale deal. ConocoPhillips is set toin a $17 billion deal that would boost its portfolio and push its market cap past that of BP, according to Enverus M&A analyst Andrew Dittmar.
No amount of federal aid for an energy transition — through Biden's $369 billion Inflation Reduction Act and the Infrastructure Investment and Jobs Act — can bring about an immediate end to our addiction to oil.on Tuesday that can use biofuels to meet tougher emissions standards. The Japanese marque is not the only one resorting to hybrid vehicles as EV sales stall due to range anxiety and insufficient charging infrastructure.
While markets are on pace to end on a high this month, Wolfe Research chief investment strategist Chris Senyek expects trading to become a lot "." He suggests sticking with large-cap technology stocks. This month, information technology stocks have outpaced all other S&P 500 sectors, up more than 13%. Nvidia alone has advanced more than 30% in May.
"If we're correct and trading becomes choppier, our sense is that investors are likely to stick with what has worked so far this year," Senyek wrote. "Said differently, our sense is that the 'Mag 7,' Secular Growers, and Momentum stocks will outperform over the summer."CNBC's Alex Harring, Pia Singh, Spencer Kimball, Sara Salinas, Scott Wapner, Jordan Novet and Leslie Josephs contributed to this report.
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