Exxon Mobil is bracing for a future far less dependent on gasoline by drilling for something other than oil: lithium.
The Texas oil giant recently purchased drilling rights to a sizable chunk of Arkansas land from which it aims to produce the mineral, a key ingredient in batteries for electric cars, cellphones and laptops, according to people familiar with the matter.
Largest U.S. Pension Sells Apple, Intel, NIO, and Li Auto Stock
The largest public pension in the U.S. recently lowered positions in outperforming stocks in its portfolio.
The California Public Employees' Retirement System sold shares of iPhone maker Apple (ticker: AAPL), chip giant Intel (INTC), and Chinese electric-vehicle makers NIO (NIO) and Li Auto (LI) in the first quarter. Calpers, as the pension is known, disclosed the stock trades in a form it filed with the Securities and Exchange Commission.
America's Biggest Bank Is Everywhere-and It Isn't Done Growing
Thousands of banks call the U.S. home. Among them, JPMorgan Chase stands alone.
The bank has opened branches in 25 new states, plus Washington, D.C., since 2018. Its nearly 4,800 locations are in every state in the Lower 48, an achievement it alone has unlocked. It added another 93 earlier this month when it bought First Republic Bank in a government-backed fire sale.
Biden, McCarthy Attempt to Revive Budget Talks as Debt Default Looms
President Biden and House Speaker Kevin McCarthy agreed to meet Monday afternoon in a last-ditch effort to reach a deal to avoid a default on U.S. sovereign debt after negotiations to raise the federal borrowing limit reached an impasse.
Talks between White House and House Republican negotiators largely ground to a halt this weekend, with both sides blaming the other for a failure to bridge their differences over spending levels.
Biden says he likely has authority to use 14th Amendment on debt ceiling, but it may be too late
President Joe Biden said Sunday that he believes he has the authority to invoke the 14th Amendment to resolve the debt-ceiling crisis, but that it may be too late in the game to go that route.
"I'm looking at the 14th Amendment, as to whether or not we have the authority. I think we have the authority," Biden said, speaking to reporters in Japan following the G-7 summit.
China's PBOC Keeps Benchmark Loan Rates Unchanged
China's central bank on Monday kept the benchmark lending rates unchanged, as expected, despite recent data signaling a patchy economic recovery.
The steady rates were widely expected after the People's Bank of China kept its key policy rate-the medium-term lending facility interest rate which banks use to price LPR-unchanged last week as China's banks started to lower deposit rates amid narrowing interest margins.
Biden Sees Potential Thaw With China After Tough G-7 Statement
HIROSHIMA, Japan-President Biden said Sunday he expected a thaw in relations with China, a day after he and other Group of Seven leaders took steps to tackle what they see as Beijing's economic intimidation.
Biden said at a news conference wrapping up the G-7 meeting in Japan that the U.S. wants to open more lines of communication with China.
UK House Prices Jump to Record High in May, Outperforming Historical Averages
The average house price in the U.K. rose 1.8% in May to reach a new record high, significantly above the historical average for the month of 1%, according to new data from Rightmove PLC released on Monday.
The average price of property coming to the market in May rose by around 6,647 pounds ($8,249) on month to GBP372,894, the online property portal said. On an annual basis, house price growth has eased back to 1.5% from 1.7% in April.
Fed Official Is Open to Forgoing June Rate Hike
Minneapolis Fed President Neel Kashkari said he could support holding interest rates steady at the central bank's next meeting to give officials more time to assess the effects of past rate increases and the inflation outlook.
"I'm open to the idea that we can move a little bit more slowly from here," he said in an interview Friday.
Debt-Ceiling Talks Devolve Into Finger Pointing and Frustration as Deal Remains Elusive
WASHINGTON-Just days ago, White House officials and Republican lawmakers alike expressed cautious optimism that a deal to raise the federal government's borrowing limit was within reach.
Now, negotiations have hit an impasse, with frustrations boiling over on both sides as the deadline for avoiding a first-ever default approaches.
Bakhmut Is Largely Under Russian Control, Says Ukrainian General
KOSTYANTYNIVKA, Ukraine-Ukrainian forces have lost effective control of the eastern city of Bakhmut, Ukraine's top commander in the region said, as Moscow declared its first significant conquest since last summer after months of relentless fighting that has cost thousands of lives and obliterated the city.
Col. Gen. Oleksandr Syrskiy said Ukrainian forces were clinging to a tiny part of Bakhmut and advancing around its flanks, but acknowledged that the city was largely under Russian control.
NAACP Issues Travel Advisory for 'Openly Hostile' Florida
The NAACP issued a travel advisory for Florida over the weekend to warn potential tourists of state laws and policies that the group sees as hostile to LGBT people and people of color.
The advisory is in response to Gov. Ron DeSantis's "aggressive attempts to erase Black history" and restrict diversity, equity and inclusion programs in Florida schools, the advisory said.
Seeking a Bigger Bang, U.S. Invests in Advanced Explosives
American Switchblade suicide drones successfully deployed by Ukraine against Russia have a special ingredient: a warhead packed with a material that carries a bigger punch than more commonly used explosives.
That explosive material, called CL-20, was developed by the U.S. in the 1980s but is used in only a handful of the Pentagon's weapons. It is up to 40% more powerful than older explosives, yielding a bigger explosion and giving shells more range.
Write to ina.kreutz@wsj.com TODAY IN CANADA
Earnings:
Nothing major scheduled
Economic Indicators (ET):
Nothing major scheduled
Stocks to Watch:
Logistec: Principal Shareholder Sumanic Investments Told Board It Is Interested in Considering Sale of All or Part of Its Shrs; Sumanic Wants the Corp. to Start Process to Pursue a Strategic Transaction to Maximize Shareholder Value; Board Formed Special Committee to Consider Sumanic Request to Review the Strategic Alternatives, Including Potential Sale Transaction; TD Securities Engaged as Fincl Advisors to the Corporation
Expected Major Events for Monday
05:00/JPN: Apr Convenience Store Sales
10:00/UK: Apr Aluminium Production report
All times in GMT. Powered by Onclusive and Dow Jones.
Expected Earnings for Monday
Air Industries Group (AIRI) is expected to report for 1Q.
Arcimoto Inc (FUV) is expected to report for 1Q.
Capital Southwest Corp (CSWC) is expected to report $0.60 for 4Q.
Celularity Inc (CELU) is expected to report for 1Q.
Gatos Silver Inc (GATO) is expected to report for 1Q.
Global-E Online Ltd (GLBE) is expected to report for 1Q.
Heico Corp - A Share (HEI,HEIA) is expected to report $0.73 for 2Q.
HyreCar Inc (HYRE) is expected to report for 1Q.
Newcore Gold Ltd (NCAU.V) is expected to report for 1Q.
Nordson Corp (NDSN) is expected to report $2.13 for 2Q.
PetMed Express (PETS) is expected to report $0.11 for 4Q.
Reeds (REED) is expected to report for 1Q.
Remark Holdings Inc (MARK) is expected to report for 1Q.
Ryvyl Inc (RVYL) is expected to report for 1Q.
T2 Biosystems Inc (TTOO) is expected to report for 2Q.
Transcat (TRNS) is expected to report $0.38 for 4Q.
Vyant Bio Inc (VYNT) is expected to report for 1Q.
Zoom Video Communications Inc (ZM) is expected to report for 1Q.
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ANALYST RATINGS ACTIONS
Amphenol Cut to Neutral From Outperform by Credit Suisse
Bloom Energy Raised to Overweight From Neutral by JP Morgan
Disney Cut to Neutral From Outperform by Macquarie
EOG Resources Raised to Buy From Neutral by Mizuho
First Commonwealth (PA) Raised to Overweight From Equal-Weight by Stephens & Co.
Gap Inc Raised to Neutral From Sell by Citigroup
Gulfport Energy Raised to Buy From Neutral by Mizuho
MaxLinear Raised to Neutral From Underperform by Exane BNP Paribas
Noodles Cut to Equal-Weight From Overweight by Stephens & Co.
PBF Energy Cut to Neutral From Buy by Mizuho
Range Resources Raised to Buy From Neutral by Mizuho
SciPlay Cut to Hold From Buy by Deutsche Bank
Shake Shack Raised to Equal-Weight From Underweight by Morgan Stanley
Urstadt Biddle Properties Cut to Neutral From Overweight by Piper Sandler
Wendy's Raised to Buy From Hold by Argus Research
This article is a text version of a Wall Street Journal newsletter published earlier today.
(END) Dow Jones Newswires
05-22-23 0619ET
