Stocks drop after oil spikes to high price

U.S. stocks sank after the price of oil spiked to its highest level since 2024. The S&P 500 fell 0.6% Thursday. The Dow Jones Industrial Average briefly dropped more than 1,100 points before finishing with a loss of 784. The Nasdaq composite slipped 0.3%

The losses came as financial markets around the world keep following the cue of the oil market. Oil prices gave back some of their big gains late in the day, which helped stocks in the U.S. moderate their losses at the end of trading.

Judge rules companies are entitled to refunds

In a defeat for the Trump administration, a federal judge in New York ruled Wednesday that companies that paid tariffs struck down last month by Supreme Court are due refunds.

Judge Richard Eaton of the U.S. Court of International Trade wrote that “all importers of record” are “entitled to benefit” from the Supreme Court ruling that struck down sweeping double-digit import taxes President Donald Trump imposed last year under the 1977 International Emergency Economic Powers Act (IEEPA).

Anthropic labeled a supply chain risk

The Trump administration is following through with its threat to designate artificial intelligence company Anthropic as a supply chain risk in an unprecedented move that could force other government contractors to stop using the AI chatbot Claude.

The Pentagon said in a statement Thursday it has “officially informed Anthropic leadership the company and its products are deemed a supply chain risk, effective immediately.” Anthropic CEO Dario Amodei said in response that the company has no choice but to challenge the Trump administration in court.

China’s hints at how big flying taxis can be

A Chinese company has developed what it claims is the world’s largest flying electrical vertical takeoff and landing vehicle, or eVTOL.

Named the Matrix, the 5-ton aircraft can carry as many as 10 passengers at once, hinting at how big flying taxis eventually may be. Industry and experts think this will take some time. AutoFlight, the Chinese firm behind the model, did recently a demonstration flight for The Associated Press in Kunshan, near Shanghai.

Elon Musk defends tweets in lawsuit

Elon Musk continued to defend his actions in the months leading up to his 2022 purchase of Twitter in court Thursday.

He faces a class action lawsuit claiming he misled investors. The civil trial in San Francisco centers on a class-action lawsuit filed just before Musk took control of Twitter, a social media service he renamed X, in October 2022, six months after agreeing to buy the embattled company for $44 billion, or $54.20 per share.

Berkshire Hathaway resumes buybacks

Berkshire Hathaway is buying back shares for the first time in nearly two years, and new CEO Greg Abel said he has no immediate plans to sell off Kraft Heinz shares now that the packaged food giant has shelved its plan to split the company into two.

Abel appeared on CNBC Thursday — less than a week after releasing his first letter to shareholders. Berkshire also took the unusual step of filing a formal notice about the share repurchases. Abel revealed that he used all $15.3 million of his take-home pay for 2026 to buy Berkshire stock, and he plans to continue doing that as long as he remains CEO.