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Airline stocks were among the hardest hit by Donald Trump's tariff announcement. Demand has been waning, but analysts expect airfares to rise.

Wall Street fell sharply for a second straight session on Friday, pushing the Nasdaq toward a bear market, after China imposed fresh tariffs on all U.S. goods in response to the Trump administration's sweeping levies, escalating a global trade war. The Nasdaq Composite fell 3.69% to 15,940.08 by 09:41 a.m. ET, shedding 20% from its all-time closing high touched in December. If the index closes below that mark, it would confirm a bear market.

The British energy company said Lund is likely to step down sometime next year, as activist investor Elliott Management pushes for changes at the British oil major.

Oil majors are suffering after eight OPEC+ countries unexpectedly agreed to increase oil output in May, while tariffs imposed by U.S. administration had a muted effect on the sector, Eni's top executive Francesco Gattei said on Friday. He added that energy groups could react to the possibility of tariffs denting global economic growth, reducing demand for power. The actual increase in OPEC+ production could result lower than announced when taking into account a stricter U.S. embargo on Venezuela and the potential drop in Kazakhstan's oil flows, Gattei added, speaking on the sidelines of a business conference.

XRP has a few things going for it that most other cryptocurrencies don't, starting with its rapid speed and low transaction fees. Perhaps the most important factor driving its long-term viability is that by design it aims to cater to financial institutions rather than investors specifically. Financial institutions are a good class of customers to have because they tend to be relatively stable and conservative with their funds rather than being flighty.

Spain's crude oil imports from Venezuela in January and February rose roughly 59% from a year earlier as a key sanctions deadline set by U.S. President Donald Trump's administration approaches. In the first two months of 2025, Spain imported 449,000 tons of crude from Venezuela, up from 283,000 tons in the same period last year, according to data released on Friday by Cores, an arm of Spain's energy and environment ministry. U.S. authorities announced last week a 25% tariff on goods from countries buying Venezuelan crude and gas and moved to revoke authorisations it had granted to foreign partners of state-run oil company PDVSA to operate and export from the OPEC nation.

NEW YORK (Reuters) -Shares of Yeti Holdings tumbled in December and again in March when President Donald Trump threatened tariffs against China, where the company had some of its biggest factories. Behind the headlines, Yeti, the Austin, Texas-based maker of $300 coolers and $40 travel mugs, was facing another problem. Hedge fund Engaged Capital was pushing management to return cash to shareholders, expand into new geographies, and be more transparent with investors, according to people familiar with the talks.

The markets are spooked, the Fed's in a jam, a trade war is brewing, and recession chatter is growing louder.

Investors are looking for signs the selling in the U.S. stock market may have reached a crescendo, but say that the check marks are not yet all ticked and there is room for further pain. President Donald Trump's announcement of sweeping tariffs on Wednesday extended U.S. stocks' selloff this year with the S&P 500 down 12% from its February record high and the tech-heavy Nasdaq index down 18% - close to being in a bear market. "We're definitely not at 'get me out!' levels," Steve Sosnick, chief strategist at Interactive Brokers, said.

WASHINGTON (Reuters) -President Donald Trump's new tariffs are "larger than expected" and the economic fallout including higher inflation and slower growth likely will be as well, Federal Reserve Chair Jerome Powell said on Friday in remarks that pointed to the potentially difficult set of decisions ahead for the central bank. "We face a highly uncertain outlook with elevated risks of both higher unemployment and higher inflation," undermining both of the Fed's mandates of 2% inflation and maximum employment, Powell said in prepared remarks for a business journalists' conference in Arlington, Virginia. Powell spoke as global markets continued a swoon that has wiped some 10% off major U.S. stock indexes since Trump announced a raft of new tariffs on Wednesday.