TheStreet’s Conway Gittens brings the latest business headlines from the floor of the New York Stock Exchange as markets open for trading Wednesday, May 29.
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Full Video Transcript Below:
CONWAY GITTENS: I’m Conway Gittens reporting from the New York Stock Exchange. Here’s what we’re watching on TheStreet today.
Stocks are off to a mixed start to the week with the tech heavy Nasdaq blowing past a record high Tuesday thanks to Nvidia’s recent rally. All three major averages are set to close out the month with solid gains as a better than expected earnings season comes to a close.
Meanwhile, investors are looking ahead to Fed speakers and a key inflation report due out Friday for hints into the Federal Reserve’s next move.
In other news - Another mega merger has been announced in the oil industry. ConocoPhillips is acquiring Marathon Oil in a $22.5 billion deal. If the deal clears regulatory hurdles, ConocoPhillips will take over Marathon’s operations in North Dakota, Texas, and Delaware — and will see its stockpile increase by about two billion barrels. Marathon Oil stockholders will receive about a one-quarter share of ConocoPhillips for every one share of Marathon they hold.
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ConocoPhillips CEO Ryan Lance released a statement saying, “This acquisition of Marathon Oil further deepens our portfolio and fits within our financial framework, adding high-quality, low cost of supply inventory adjacent to our leading U.S. unconventional position.”
This deal is just the latest in a string of big mergers in the industry. In October of 2023, ExxonMobile acquired Pioneer Natural Resources for $60 billion. And earlier this week, Hess shareholders voted to finalize the company’s $53 billion merger with Chevron.
That’ll do it for your daily briefing. From the New York Stock Exchange, I’m Conway Gittens with TheStreet.
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