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Stocks fell on Wall Street as another round of U.S. military strikes on Iran sent oil prices higher, stoking worries about stubbornly high inflation.
Bond yields moved higher, putting even more pressure on stocks. The S&P 500 fell 0.7% Tuesday. The Dow Jones Industrial Average dropped 419 points, or 0.8%. The Nasdaq composite fell 1%. Big Tech stocks like Nvidia and Amazon were the heaviest weights dragging the market lower. Brent crude rose 4.6% and U.S. oil closed above $90 for the first time in more than a month. The yield on the 10-year Treasury rose to 4.79%.
Chevron expected to expand in Venezuela
Oil giant Chevron is expected to soon announce it will expand operations in Venezuela, a U.S. official said.
The official, who briefed reporters Tuesday on the expected announcement, said that the company's officials and Energy Secretary Chris Wright are expected to visit Venezuela on Wednesday where the new investment will be formally unveiled. The official spoke under condition of anonymity under ground rules set by the White House for the call.
Platforms aim to know which users are children
Determining which accounts belong to children is the linchpin of online child safety measures that Meta, Google, TikTok, Roblox and other companies are ramping up as public and regulatory sentiment increasingly turns against them.
As countries like Australia, the U.K. and France are enacting or planning bans on social media for young teens and legal and regulatory pressure builds for tech platforms to do more to protect kids from online harms, most major platforms have announced ways they are trying to strengthen online age checks. But the fact remains that online age verification technology remains imperfect, while coming with privacy implications not just for children but for adults who may have to prove that they are over 18.
California deal on wildfire compensation falls apart
The California Assembly has opted not to vote on legislation meant to help wildfire victims. Lawmakers decided at the last minute Tuesday to push back a decision on the issue.
Gov. Gavin Newsom had unsuccessfully urged them to back a more ambitious plan to reduce electric companies' liability if their equipment sparks a blaze. The question of who should cover the cost of utility-sparked fires has persisted throughout his time in office.
US pitches financial literacy competition
Treasury Secretary Scott Bessent is pitching a financial literacy campaign to the world's largest economies. Bessent on Tuesday announced U.S. sponsorship for the "Financial Literacy Solutions Sprint."
He made the announcement in Asheville, North Carolina, where he's hosting finance ministers from the world's leading rich and developing nations. One of Bessent's first moves as Treasury secretary was to launch Financial Literacy Month to highlight building a budget and saving for the future. Critics say the issue has more to do with the lack of spare income caused by the rising cost of living.
Fast-fashion giant Shein's shares fall
Shares in fast-fashion online retail giant Shein have begun trading on Hong Kong's stock exchange after a long delay. Its shares fell to around 10% below its initial price, before ending the day mostly unchanged.
The company's $1.7 billion share listing in Hong Kong highlights its Chinese roots, though it moved its headquarters to Singapore several years ago.