Company will not restart refining, citing the site’s lack of viability
Assets will be integrated into the Humber Refinery to boost supply flexibility
Unions and officials raised concerns about jobs and future use of the site
Jan 5 (Reuters) – U.S. refiner Phillips 66 said on Monday it had agreed to acquire the assets and infrastructure of Lindsey Oil Refinery in northern England following the site’s liquidation, and will integrate the key facilities into its Humber Refinery.
The Lindsey refinery closed in July last year after previous owner Prax fell into insolvency, putting the 420 jobs at the site at risk.
Phillips 66, which did not disclose a deal value, said that after a detailed review during the bidding process, it had decided not to restart standalone operations at the refinery as the site is unviable in its current form.
Storage and infrastructure assets from Lindsey will be integrated into the Humber Refinery complex, which will improve supply flexibility and support traditional and renewable fuel production, Phillips 66 said.
“In the coming months, we will deepen our understanding of the new assets and develop strategic plans for their integration into the Phillips 66 Limited portfolio following completion of the transaction,” a Phillips 66 spokesperson said.
The announcement follows a bidding process managed by FTI Consulting, which was appointed as special manager of the Lindsey oil refinery assets after the official receiver was named liquidator in June.
None of the bids that were credibly put forward had proposed a return to refining operations at Lindsey in the next few years, the official receiver said.
The remaining 250 staff at the site are guaranteed employment until the end of March, the official receiver said in November, after redundancies began last September.
“We are purchasing the assets of the Prax companies in liquidation and not the companies. While we understand the impact on Prax employees, at this stage we cannot guarantee how many new roles will be created,” the Phillips 66 spokesperson added.
UK Energy Minister Michael Shanks said in a statement: “This will expand the company’s ability to supply fuel to UK customers, boosting domestic energy security and securing jobs – including hundreds of new construction jobs over the next five years.”
The UK Department for Energy Security and Net Zero did not immediately respond to a request for follow-up comment on how the deal might impact UK fuel supply, and the status of the remaining jobs after March.
“Lindsey oil refinery is a critical piece of UK energy infrastructure. Phillips 66 should not be allowed to just mothball the site and turn it into a glorified storage tank,” said Unite union general secretary Sharon Graham.
(Reporting by Pranav Mathur in Bengaluru, Robert Harvey, Shadia Nasralla; Editing by Shreya Biswas and Jan Harvey)
U.S. oil and refining shares rose on prospects of renewed access to Venezuelan crude
Trump said U.S. companies could invest after American forces arrested Venezuela’s president
Chevron, refiners and oilfield services firms led gains
Analysts caution recovery will take time due to sanctions, decay and underinvestment
Jan 5 (Reuters) – U.S. oil companies‘ shares jumped on Monday, fueled by the prospect of access to Venezuela’s vast oil reserves after President Donald Trump said the U.S. would take control of the South American nation following the arrest of its president.
Venezuela holds the world’s largest oil reserves, but production plummeted in recent decades due to mismanagement, limited foreign investment following the nationalization of its oil industry and sanctions.
Trump told reporters aboard Air Force One on Sunday that he spoke to “all” of the U.S. oil companies “before and after” American forces seized Venezuelan President Nicolas Maduro from Caracas about his plans for investing in the country.
“They want to go in so badly,” Trump said. “We’re going to have the big oil companies going and they’re going to fix the infrastructure. They’re going to invest money. We’re not going to invest anything.”
The Trump administration has told U.S. oil executives in recent weeks that they would need to return to Venezuela quickly and invest significant capital in the country to revive the damaged oil industry if they wanted compensation for assets expropriated by Venezuela two decades ago, Reuters previously reported.
Shares of Chevron, the only U.S. major currently operating in Venezuela’s oil fields, climbed more than 4% in morning trade.
Meanwhile, U.S. refiners Marathon Petroleum, Phillips 66, PBF Energy and Valero Energy were up between 5.7% and 9%.
Oil prices gained more than 1%, with analysts noting that in a global market with plentiful supply, any further disruption to Venezuela’s exports would have little immediate impact on prices. [O/R]
Trump has said that the embargo on all Venezuelan oil exports would stay fully in effect for now.
Venezuelan crude is a heavy sour with high sulfur content, making it suitable for producing diesel and heavier fuels, albeit at lower margins compared with other grades, particularly those from the Middle East.
“This type of crude aligns well with the configuration of U.S. Gulf Coast refineries which were historically designed to process such grades,” said Ahmad Assiri, research strategist at Pepperstone.
Chevron’s existing presence in Venezuela under a U.S. waiver has positioned it as a potential early beneficiary of any policy shift, while refiners stand to gain from increased availability of heavy crude closer to home.
RETURN OF ASSETS
The U.S. action could also pave the way for the return of assets seized by Venezuela in 2007 under late leader Hugo Chavez, analysts at J.P. Morgan said.
They said ConocoPhillips and Exxon Mobil have significant arbitration awards pending, which have a higher chance of recovery.
“In total, ConocoPhillips has outstanding claims approaching $10 billion, while Exxon’s outstanding damages appear to be in the $2 billion range against their original claims that exceeded $15 billion,” the analysts said.
Shares reflected the optimism, with Exxon Mobil rising 5% and ConocoPhillips gaining 3.4%.
Shares of oilfield services firms, whose technology would be crucial to boosting Venezuela’s crude production, also climbed. Baker Hughes, Halliburton and SLB were up between 4.5% and 7.7%.
Still, analysts cautioned that any meaningful recovery would likely take time, given political uncertainty, infrastructure decay and years of underinvestment.
Venezuela was producing as much as 3.5 million barrels per day (bpd) in the 1970s, accounting for more than 7% of global output.
Production slid below 2 million bpd in the 2010s and averaged about 1.1 million bpd last year, or roughly 1% of global supply.
(Reporting by Arunima Kumar and Vallari Srivastava in Bengaluru and Jarrrett Renshaw in Philadelphia; Editing by Maju Samuel, Sriraj Kalluvila and Chizu Nomiyama)
After 24 years with Cushman & Wakefield | Thalhimer, David R. “Chip” Dustin plans to retire as chief financial officer of the Glen Allen-based commercial real estate firm in the first quarter of this year. He will be succeeded by Keishee Hill, who joined Cushman & Wakefield | Thalhimer on Jan. 2.
Dustin joined the firm in 2002 as director of property accounting. He later served as controller, vice president of operations and senior vice president and treasurer before being named CFO in 2014. He has a degree in business administration and finance from the University of Richmond and an MBA from Loyola University Maryland.
“Chip’s leadership and financial stewardship have been instrumental to Thalhimer’s growth and long-term success,” Cushman & Wakefield | Thalhimer CEO Lee Warfield said in a news release. “His deep understanding of our business, coupled with his integrity and strategic vision, has strengthened our financial foundation and positioned the firm to navigate change while continuing to grow. We are grateful for Chip’s many years of service and the lasting impact he has made on our company.”
Hill joins Cushman & Wakefield | Thalhimer with more than 15 years of real estate accounting experience. Previously, Hill worked more than eight years for Vanderbilt Office Properties, a Chicago-based vertically integrated real estate investment manager. There, she served for nearly three years as vice president of finance and accounting. At Vanderbilt, Hill oversaw financial reporting, cash management, budgeting, audit processes and tax functions.
She also worked at JLL, where she led financial planning and analysis and financial reporting, as well as corporate and shared services, and designed and managed annual budgets and forecasts for more than 140 offices across eight business lines.
Hill earned her bachelor’s degree in psychology from the University of Florida and an MBA with a concentration in accounting from Loyola University Chicago.
“Adding Keishee to our team is the culmination of a national talent search during which many qualified candidates were presented,” Cushman & Wakefield | Thalhimer President Eric Robison said in a statement. “Her extensive real estate background and personal communication style set her apart from other candidates. Keishee has all the tools to lead the financial side of Thalhimer’s operations and keep us on the right path as we continue our growth and success.”
Virginia’s housing market experienced a modest slowdown during November 2025, which Virginia Realtors attributed to both a seasonal dip and uncertainty stemming from the recent federal government shutdown.
According to a report from the trade association, Virginia saw 7,492 sales close statewide in November, 361 fewer than in November 2024, representing a nearly 5% decline year-over-year. Sales were also down 16.8% from the prior month’s 9,006 closed sales, which the association says demonstrated a seasonal slowdown as the fall homebuying season came to a close.
“The slight slowdown in sales activity we saw in November reflects a combination of typical seasonal patterns and uncertainty caused by the federal government shutdown and ongoing federal employment and contracting cuts in some of our larger regions,” said Virginia Realtors Chief Economist Ryan Price in a statement.”
The 43-day federal shutdown from Oct. 1 to Nov. 12, 2025, was the longest in U.S. history.
“As delayed data has become available following the shutdown’s end on Nov. 12, we’re gaining a clearer picture of current economic conditions,” Price said.
Year-to-date sales activity through November 2025 was 0.7% higher than at the same time in 2024, which Virginia Realtors attributes to increased activity in summer and fall 2025. The association reports that more than half of Virginia’s counties and cities saw more cumulative sales through November 2025 than the year prior.
Pending sales rose for the ninth consecutive month, with 7,107 pending sales in November 2025 — a 3.6% increase from November 2024’s 6,863. However, pending sales were down from October 2025’s 8,450.
There were 22,978 active listings across Virginia at the end of November 2025, 4,108 more than November 2024’s 18,870, a nearly 22% increase. Homes took an average of 21 days to sell in Virginia in November 2025, up from 16 days in November 2024.
The statewide median sales price rose to $425,000 in November 2025, up $10,000 from a year prior —a 2.4% increase.
Despite home prices increasing, fewer sales led to a 3.1% decline in sold dollar volume, with approximately $4 billion sold in Virginia in November 2025, $100 million less than at the same time in 2024.
“Lower mortgage rates are bringing more buyers off the sidelines,” Virginia Realtors 2026 President Curt Reichstetter said in a statement. “Combined with higher inventory, this could create more opportunities for buyers as the market heads into early 2026.”
Based in Glen Allen, Virginia Realtors represents about 34,000 Realtors and is the state’s largest trade association.
Abigail Spanberger will become Virginia’s first woman governor on Jan. 17
She outlines plans to address affordability, housing supply and workforce issues
Spanberger warns federal cuts to Medicaid and SNAP could strain Virginia’s budget
She aims to return Virginia to No. 1 in CNBC’s Top States for Business rankings
On Jan. 17, Abigail Spanberger will become Virginia’s 75th governor and the first woman to serve as the commonwealth’s chief executive.
A three-term member of Congress, the 46-year-old Spanberger was a U.S. postal inspector, like her father, focusing on narcotics and money laundering cases before later serving as a CIA case officer. In Congress, she was best known as a moderate Democrat who turned a formerly GOP stronghold district blue in 2018, defeating incumbent Tea Party Republican Dave Brat.
Spanberger announced in 2024 that she would not run for a fourth term in Congress, instead setting her sights on Virginia’s Executive Mansion. In November 2025, she won a resounding victory of more than 15 points over Lt. Gov. Winsome Earle-Sears, leading a Democratic sweep of all three statewide offices and gaining a 64-seat Democratic majority in the Virginia House of Delegates.
In an early December interview conducted at the Virginia Museum of History & Culture in Richmond, Spanberger spoke about her plans to lower costs for Virginians, help create more affordable housing and see the state regain the coveted No. 1 spot in CNBC’s Top States for Business — all while contending with decreased federal funds for Medicaid, SNAP and other programs that have economic forecasters making gloomy projections for 2026’s state budget.
On the personal side, Spanberger and first gentleman Adam Spanberger, along with their three daughters, will be moving into the Executive Mansion shortly.
“I think our family is a little bit nervous about the changes, but we did have the opportunity to tour the house with the kids just last weekend,” she says. “I think that was helpful to them, understanding that at the end of the day, it’s a very historic place, but it will be their home.”
Virginia Business:You won by one of the widest-ever margins in the state’s history, and some politicos deemed your victory a rebuke of President Donald Trump’s policies. Given that, what do you consider your mandate to be as governor?
Spanberger: In thinking through what is the mandate of my election and what motivated so many people to get out and vote, I think about the things I talked about on the campaign trail — issues of affordability and housing, health care, energy. It’s really standing up for the federal workforce and recognizing [that] the strength of Virginia’s economy is intertwined with the federal government.
Having a federal government that continues to attack, in many ways, Virginia’s economy is detrimental to Virginia. Chaotic policies, such as the trade and retaliatory tariffs that have been impacting so much of Virginia’s economy, [are] difficult.
What I believe is my mandate is to stand up for the people of Virginia and ensure … that those policies are focused on the core tenets of my campaign, whether it’s lowering costs or strengthening public education, or really ensuring that our communities feel the support and the vibrancy of a governor who is deeply focused on the long-term success of our commonwealth.
Spanberger says the state cannot backfill a budget hole created by federal funding cuts, but there are actions she can take to mitigate it. Photo by Jay Paul
VB:A lot has been made about Virginia’s ranking in CNBC’s Top States for Business falling from No. 1 to No. 4 in 2025. What do you plan to do to get the state back to the top?
Spanberger:First and foremost, when those new rankings came out, I spent time digging into what it takes to be No. 1. What is the formula that they use?
They look at education, they look at housing availability, they look at transportation infrastructure, business-friendly climate, whether we have the talent pool for businesses, whether they’re in manufacturing or high-tech or whatever it may be.
And as I look at the pathway towards getting us back to being No. 1 — sorry, North Carolina! — it is making sure that we are prioritizing not just the things that CNBC cares about, but the things that Virginians care about. Housing affordability, housing supply in communities where there are jobs, and quality schools — but also ensuring that we are creating a workforce that is ready, whether it’s to go into the manufacturing field or into high-tech fields, and that we are recognizing the strengths of our universities … and community colleges.
Then there’s recognition that in the CNBC report, they attribute one of the things that impacted their [ranking of Virginia] was the fact that [Department of Government Efficiency] attacks were deeply impacting Virginia and our economy.
I would imagine that it became hard for CNBC to say this is the No. 1 place for business when hundreds of thousands of Virginia’s workforce are under attack, and the governor’s not standing up for them.
VB:A lot of those things cost a lot of money, and federal funding cuts to Medicaid and SNAP are forecast to create a budgetary hole in the billions. How do you propose Virginia handle that?
Spanberger:I think it’s an important part of the conversation that the federal government, under the Trump administration, is pulling back from its obligations. We pay our federal taxes, and then programs such as SNAP utilize and leverage the strength of the federal government to support people here in the commonwealth of Virginia. The same is true for Medicaid.
And there just are not enough dollars in a state budget to be able to backfill what we are sending federal dollars to Washington to be able to fund. But at the state level, there are actions that we can take to try and mitigate the worst of the harms, [such as] the error rate within SNAP. You want to make sure that SNAP dollars are going to those who deserve them and that those who deserve them are not accidentally or incorrectly being rejected from the program.
Virginia is on the path to lose millions upon millions of federal dollars for SNAP because of the current error rate, and so we need to make quick, quick changes and improvements to our SNAP delivery.
VB:Is there anything from the Youngkin administration that you view as needing an immediate fix?
Spanberger: I think the day-one priority is focused on strengthening some of our state agencies. Certainly, some have seen a large outflow of talent and of knowledge, whether it’s public health or education or transportation, and in fact, it’s a before-day-one priority, as I’m thinking through the appointments that I’m making to lead our secretariats.
VB:In 2020 and 2021, Democrats controlled the legislature and the governorship and passed progressive legislation like abolishing the death penalty and legalizing marijuana. You have the same advantage for 2026 and 2027, so what can Virginians expect from you?
Spanberger:The budget plays a part in everything. In addition to the constitutional requirement that we have a balanced budget, it’s imperative that we keep our AAA bond rating. That really does impact the choices that we can make. And you know, over the past number of years, in part because of federal dollars from the Inflation Reduction Act and the [American Rescue Plan Act] bills that I voted for [in Congress], there were additional federal dollars flowing to the states.
That will not be the case during the four years that I am governor, unless there’s a major shift in the choices made at the federal level, which I don’t expect. And so, what voters should expect is that I will be working on the priorities I talked about along the campaign trail — principally lowering costs, increasing housing supply, improving public education. Some of the bills that address those priorities do not have a budgetary impact, and some do. And so, it is all a balance.
VB:Regarding right-to-work legislation, you’ve said several times you oppose a full repeal, but what reforms would you agree to?
Spanberger: I’m sure you’re aware members of the Senate have introduced a [right-to-work repeal] bill, and yes, I’ve been clear that I won’t sign it, and if it gets to my desk, I’ll veto it. But I think that there is a lot that we can continue to do to ensure the strength of Virginia as a place for business, but also for our workforce.
I support increasing the minimum wage. I also support the eventual right for state employees to be able to collectively bargain, and that does fall under the right-to-work statute in Virginia.
VB:How will you deal with the Medicaid shortfall’s impact on hospitals and clinics?
Spanberger:As governor, I certainly can’t replace those dollars. But I’m looking into a multistate compact for the delivery of certain types of medical services, where you can pull a little bit of the pressure off of some of our hospital systems, or where they can downsize a bit, as they are doing with their staffing, and ideally patients won’t see the impact.
The other terrible element within [the Big, Beautiful Bill] that hasn’t gotten much media coverage is the restrictions they impose on federally backed loans for education.
If you are someone who wants to go to medical school in the commonwealth of Virginia, you cannot fund your education through federally backed loans, because the cost of that degree will be greater than the limits they are putting. So, my big concern also exists for the long-term impact on the pipeline of doctors and nurses, the workforce that we will or won’t see 10 to 15 years down the road.
VB:Virginia is seeing a lot of growth in biotech and pharmaceutical manufacturing. How do you plan to support and continue this progress?
Spanberger: During my time in Congress, I worked on legislation that was really responsive to the needs at a national level as it relates to the active pharmaceutical agreement, ingredient stockpiles and … having the versatility and ability to manufacture medications here in the United States.
As governor, I’ll continue to build on the work, [including] working to recruit businesses and investment to Virginia. Frankly, it’s a national security priority that we’d be able to provide life-saving medications to our fellow Virginians and our fellow Americans, but it’s also an extraordinary industry of development and innovation. There’s just a tremendous amount of research that’s occurring throughout Virginia and continuing to build on that and nurture this industry is a priority.
VB:Which other industries do you think could use a boost in Virginia?
Spanberger:We have often built up many of our industries around investments coming from the federal government. Certainly, I would continue to do that. And as we see manufacturing coming back in waves to the United States, newer technologies, particularly adjacent to the defense and intelligence space, [are] something I’ll continue to support.
During my time in Congress, I was proud to be present for some of the investments in my old district related to drone technologies. The uses are expansive and valuable. A real differentiator for Virginia is the strength of our university systems and the research that is occurring, whether it’s in the agriculture space or the pharmaceutical space.
VB:Some people are saying that the Virginia Clean Economy Act, which mandates that utilities move to renewable energy sources by 2045 and 2050, needs to be adjusted to reflect AI use, data center growth and higher energy demands. What is your view?
Spanberger: I think it’s important that we not abandon the goals of the Virginia Clean Economy Act. Just as we have seen real shifts in the types of technology that are using energy, we’ve also seen real shifts in some of the technologies that are part of the solutions.
We can make some changes, reforms, adjustments based on the technologies now available to us. Principally, I’ll mention battery storage. Technological advancements in battery storage can help in getting at some of those clean economy goals. We’re not on the trajectory to meet the goals of the Virginia Clean Economy Act at this moment, and that doesn’t mean we just abandon it.
VB:Does the state need more say in approving big data center campuses that currently are decided by localities?
Spanberger:In “approving,” I would say no, [but] in supporting localities as they are making decisions about what to approve, there’s information the state can provide that would be useful to localities as they’re making decisions.
But some of the legislation that we put in for drafting relates to overall transparency of anticipated usage. Part of the challenges we face is if X company might be proposing a data center in three different localities — knowing that they’re only going to build one — the accounting of whether we as a commonwealth should be planning for three or planning for one. There isn’t great transparency on that. There isn’t clear tracking of what’s actually coming, and then what’s the impact on the larger grid?
VB:Regarding university boards, would you remove anybody for malfeasance from any of the Virginia boards of visitors?
Spanberger: My priority right now is being ready day one, which is Jan. 17, to make multiple appointments, particularly for our boards that are far under complement because they have not had confirmed members.
VB:Hundreds of University of Virginia faculty members and others have said that their rector and vice rector need to go. Would you consider removing them?
Spanberger:At times it seems daily, or certainly weekly, that an important constituency [at U.Va.] has voiced their complete lack of confidence [in their board and] in some cases [are] calling on them to step down. As governor-elect, I take note of the varied voices, very strong voices, who have clear reasons that they have articulated in resolutions that have passed, letters that have been written about the distrust they have. But I certainly would think it’s premature for me to make any announcements.
VB:You haven’t taken office yet, but are you thinking about your legacy as governor and what you want to convey to younger Virginians who are watching you?
Spanberger:I want to make sure that they know that government, state government, has a function. It has a purpose. The policies that people vote on — whether at the local level, the state level or the federal level — they impact people’s lives. [The Big, Beautiful Bill] will have, across the board, negative impacts.
Or they can move us in the right direction. They can enable progress. They can enable growth of housing supply to bring down costs. They can raise the minimum wage. They can support the strengthening of our public schools.
I am eyes wide open and clear-eyed about the challenges in front of us. I may not be able to deliver on everything I want to deliver on, but I know that I can deliver progress and move us in the right direction.
Henrico County-based Fortune 500health care logistics and supply company Owens & Minor on Wednesday completed the divestiture of its Products & Healthcare Services segment and the Owens & Minor brand to California-based private equity firm Platinum Equity for $375 million, as it simultaneously rebranded its publicly traded parent company as Accendra Health.
The name change affects only the parent corporation, not its subsidiaries. Accendra Health will continue to operate its Apria and Byram health care brands.
Accendra Health (then Owens & Minor) first announced the agreement to sell its Products & Healthcare Services segment, along with the Owens & Minor brand, on Oct. 7, 2025. The sale reduces the corporation’s size, allowing it to focus on its Patient Direct service, a profitable sector that provides home medical equipment.
“Today’s announcement marks an inflection point in the strategic transformation of Owens & Minor into Accendra Health, a leading nationwide pure play home based care platform,”Accendra President and CEO Edward A. Pesicka said in a statement. “The completion of the sale of the P&HS segment enables the company to become a more focused and resilient organization that is well equipped to deliver on our commitment to supporting patients with chronic conditions by providing what they need for home-based care.”
As part of the transaction, the company will retain a 5% interest in the P&HS sector, as well as certain tax assets that exceed $150 million.
Based in Beverly Hills, California, Platinum Equity has regional offices worldwide and manages four private equity fund vehicles. The company has invested in multiple health care and supply businesses over its 30-year history.
Accendra Health’s common stock began trading today on the New York Stock exchange under its new name and ticker symbol, ACH.
“We’re energized by what lies ahead and are confident that our comprehensive product portfolio, expansive payor contracts, and national footprint position us advantageously for the future evolution of home-based care,” said Pesicka in a statement. “With Accendra’s full attention dedicated to our Apria and Byram brands, our capital deployment, corporate strategy, and operational execution are focused and aligned to support durable growth and create long-term value.”
Accendra Health and Platinum Equity did not immediately return requests for comment.
Accendra Health reported $10.7 billion in fiscal 2024 revenue, up from $10.3 billion in 2023.
S&P 500 and Nasdaq fall after early gains in first session of 2026
Consumer discretionary stocks, including Tesla and Amazon, weigh on markets
Chip, industrial and utility stocks provide limited support
Investors watch Fed policy and upcoming labor market data
Jan 2 (Reuters) – The S&P 500 and the Nasdaq pared early gains and then dipped on Friday in the first session of the new year, with declines in communications and consumer discretionary stocks dragging the indexes which notched double-digit gains in 2025.
Industrials were up 1% and utilities gained 1.3%, the top boosts to the S&P 500 and the Nasdaq. Both sectors were set for their biggest one-day percentage gain in weeks.
Chip stocks also provided a boost, with the Philadelphia SE Semiconductor index up 3.5%.
The S&P 500 and the Nasdaq, however, reversed course as losses in consumer discretionary stocks, including Amazon, weighed. Tesla slid 1.4% after its annual sales fell for a second year.
At 1:50 p.m. the Dow Jones Industrial Average was up 28.89 points, or 0.06%, to 48,092.18, but the S&P 500 lost 20.93 points, or 0.31%, to 6,824.57 and the Nasdaq Composite lost 117.18 points, or 0.50%, to 23,124.81.
“Stocks trade expensive on 18 of 20 measures, and we see elevated risks to the index level in the near term,” said Savita Subramanian, Bank of America’s equity and quant strategist, in a note.
From a historical perspective, today’s S&P is higher quality, more asset light and less leveraged, “but risks to the index abound in 2026,” the note said.
Caterpillar and Boeing rose over 3% each, boosting the Dow.
The S&P 500 and the Nasdaq are set for their fifth session in the red, dashing expectations for a “Santa Claus rally” in which markets tend to get a late boost over the last five trading days of December and the first two of January, according to the Stock Trader’s Almanac.
The S&P 500 and the Dow were set for their steepest weekly decline in over a month.
All three main indexes ended 2025 with double-digit gains – their third consecutive year in the green, a run last seen during 2019-2021.
The Federal Reserve‘s monetary policy trajectory will set the tone for global markets in 2026, after recent economic data and expectations of a new dovish Fed chair prompted investors to price in further reductions.
“The next Fed Chair is probably going to be much more dovish than Jerome Powell. So I would imagine that we actually see in the second half of this year that interest rates go down substantially,” said Dennis Dick, chief market strategist at Stock Trader Network.
“And that’s going to be good for all stocks, not just tech stocks.”
A key highlight for January will be next week’s labor market data, especially after Powell, at the central bank’s December meeting, cautioned against further interest rate cuts until there was more clarity on jobs.
Wall Street had made a stellar comeback in 2025 from April’s lows when Trump’s ‘Liberation Day’ tariffs sparked a meltdown in global markets, sent investors away from U.S. stocks and threatened growth by clouding the interest rate outlook.
Tariff surprises from Trump will be on the radar, especially after he signed a proclamation to delay increases in tariffs for upholstered furniture, kitchen cabinets and vanities for another year, the White House said.
Shares of furniture retailers Wayfair, Williams-Sonoma and RH were up 5.9%, 4.9% and 8.7%, respectively.
Advancing issues outnumbered decliners by a 1.5-to-1 ratio on the NYSE. There were 179 new highs and 82 new lows on the NYSE.
On the Nasdaq, 2,535 stocks rose and 2,069 fell as advancing issues outnumbered decliners by a 1.23-to-1 ratio.
The S&P 500 posted 8 new 52-week highs and 9 new lows while the Nasdaq Composite recorded 45 new highs and 70 new lows.
(Reporting by Purvi Agarwal and Nikhil Sharma in Bengaluru and Saeed Azhar in New York; Editing by Krishna Chandra Eluri and David Gregorio)
BYD overtakes Tesla as global EV sales leader for the first time
Tesla deliveries fall for a second straight year amid fierce competition
End of U.S. EV tax credits weighs on demand and pricing
Musk shifts focus toward robotaxis and AI as auto sales slow
Jan 2 (Reuters) – Tesla ceded its crown as the world’s top electric vehicle maker to China’s BYD, after annual sales fell for a second year, hit by rising competition, the expiry of U.S. tax credits and brand backlash.
With global EV sales rising 28% last year, BYD outsold Tesla for the first time on an annual basis, helped by rapid growth in Europe, where the Chinese automaker has been widening its lead over the U.S. rival.
Tesla, whose sales fell about 8.6% in 2025, is facing intense competition, especially in Europe, raising questions about its ability to revive the core auto business as CEO Elon Musk steers the company towards robotaxis and humanoid robots.
Shares of the company fell about 2% in afternoon trading.
“Investors are so focused on the future with Tesla that they are ignoring delivery numbers. It’s about Optimus, Robotaxi and physical AI,” said Dennis Dick, a trader at Triple D Trading, which owns Tesla shares.
END OF TAX CREDIT IN U.S. PINCHES TESLA
Tesla’s fourth-quarter figures come after third-quarter deliveries were supported by a rush to lock in $7,500 in federal tax credits after President Donald Trump’s administration decided to pull the plug on the incentive in September.
In the U.S., EVs accounted for 6.2% of retail vehicle sales in the quarter, down 3.6 percentage points from a year earlier, while average transaction prices rose nearly $6,000 to $53,300, according to J.D. Power data.
Tesla said it delivered 418,227 vehicles in the October-December quarter, down 15.6% from 495,570 a year earlier. Analysts expected 434,487 vehicles, or a 12.3% drop, according to Visible Alpha.
For the full year, Tesla delivered 1.64 million vehicles, compared with 1.79 million in 2024. Analysts polled by Visible Alpha had expected deliveries of about 1.65 million vehicles.
The decline in deliveries was not a major surprise, given the market had already priced in weaker demand after U.S. EV tax credits ended, said Seth Goldstein, senior equity research analyst at Morningstar.
Meanwhile, Tesla said it deployed 14.2 GWh of energy storage products, a record high. It is set to report fourth-quarter results on January 28.
INTENSIFYING COMPETITION IN NORTH AMERICA AND EUROPE
Growing competition from Chinese and European automakers such as BYD, Volkswagen and BMW has weighed on Tesla’s sales momentum.
Tesla registrations declined across much of Europe in December but jumped in Norway, where record sales contrasted with shrinking market share in rest of the region in 2025.
BYD said sales outside of China climbed to a record 1 million vehicles in 2025, up about 150% from 2024. The company has said it aimed to sell as many as 1.6 million vehicles outside China in 2026, though it has not disclosed an overall sales target.
Tesla in October launched stripped-down “Standard” versions of the Model Y and Model 3, priced about $5,000 below the previous base models, as it sought to defend sales volumes after the tax credit loss and appeal to customers in Europe looking for cheaper options.
The move disappointed some investors who had expected a larger price cut or a meaningfully new mass-market product.
Even as vehicle deliveries have weakened, Tesla shares rose about 11.4% in 2025, boosting Musk’s wealth.
(Reporting by Akash Sriram in Bengaluru; Editing by Anil D’Silva)
Greg Abel takes over amid share underperformance and fewer acquisitions
Berkshire holds a record $381.7B cash pile, raising investor questions
Buffett remains chairman and will continue advising from Omaha
Jan 2 (Reuters) – Berkshire Hathaway’s post-Buffett era began quietly Friday, as shares slipped slightly after the “Oracle of Omaha” handed Greg Abel the top job following six decades at the helm.
The world’s most famous conglomerate now must protect its record without its chief architect, who remade modern investing and transformed the company from a struggling textile business into an investment giant worth more than $1 trillion.
“It’s hard to imagine that there will be the same cult following,” said Brian Jacobsen, chief economic strategist at Annex Wealth Management.
Known for a long-term strategy and a focus on buying high-quality businesses at reasonable prices, Warren Buffett delivered steady gains that outpaced broader markets and made him a trusted steward of capital.
But Buffett’s longtime lieutenant Greg Abel takes over at a sensitive time for the company. Berkshire shares underperformed the benchmark S&P 500 index in 2025, and Buffett has said that it is difficult to find an acquisition capable of “moving the needle” for the conglomerate.
RECORD CASH, FEWER DEALS
Berkshire has been whittling down its stake in longtime holdings such as Apple and Bank of America, while building a record cash pile that has worried some investors.
Still, Abel, 63, inherits one of corporate America’s biggest war chests. The company held $381.7 billion in cash and equivalents, as of September 30.
While leadership changes can be difficult and Buffett’s name was deeply tied to Berkshire, he has prepared the company for this transition, Jacobsen said.
Abel joined Berkshire in 2000 after it acquired MidAmerican Energy, now known as Berkshire Hathaway Energy.
He has served as vice chairman overseeing Berkshire’s non-insurance businesses since 2018.
The company’s Class B shares, which trade at a more accessible price point, edged down 0.4% to $500.7 in New York on Friday. Class A shares dipped 0.5% to $751,000.
Wall Street‘s main indexes, meanwhile, rose on Friday. [.N]
“The Oracle of Omaha’s exit as CEO can be a psychological tripwire,” said Michael Ashley Schulman, partner and chief investment officer at Running Point Capital Advisors.
Berkshire is often viewed as the market’s safe, reliable choice. While it tends to lag when investors are rushing into higher-risk bets, it seems like a wiser hold when market sentiment becomes more cautious, Schulman added.
Berkshire Hathaway owns a sprawling collection of businesses, including insurer GEICO, BNSF Railway, dozens of manufacturing and energy operations, and consumer brands such as Dairy Queen, Fruit of the Loom and See’s Candies.
Buffett will remain chairman and has said he plans to continue coming to Berkshire’s office in Omaha each day, about 2 miles (3.2 km) east of his home, to support Abel.
(Reporting by Niket Nishant and Manya Saini in Bengaluru; Editing by Tasim Zahid)
Tysons global event marketing and management company Cvent announced this week that it plans to acquire software development company ON24 for $400 million in an all-cash transaction.
Founded in 1998 and based in San Francisco, ON24 provides a platform that uses artificial intelligence to help companies run webinars, online events and digital presentations, while tracking how users interact with these experiences.
“ON24 has earned the trust of enterprise organizations and marketers by delivering reliable, outcome-driven digital engagement,” said Cvent CEO Reggie Aggarwal in a statement. “We look forward to supporting ON24 as they continue to deliver value and working together to expand how brands engage audiences across digital and in-person experiences.”
The companies on Tuesday jointly announced the proposed deal, which ON24’s board of directors has unanimously approved. The purchase is expected to close in the first half of this year, pending approval by ON24 shareholders, regulatory approvals and customary closing conditions.
“We are pleased to announce this transformative transaction, which marks an important new chapter for ON24,” said ON24 CEO, Chairman and co-founder Sharat Sharan. “We’re proud of our global, AI-powered, intelligent engagement platform which enables enterprises to effectively interact with their customers. I would like to thank our talented team around the globe for what they have helped build at ON24, and I look forward to the next phase of ON24’s journey.”
Once the transaction is completed, ON24’s common stock will no longer be publicly listed, and ON24 will become a privately held company.
A Cvent spokesperson declined to comment on how many employees would join the company from ON24, or what would happen to ON24’s leadership.
“Given the transaction has not yet closed, it is our policy not to speculate on specific positions, roles or organizational structures,” the spokesperson said in an email.
Founded in 1999, Cvent has more than 5,000 employees and about 30,000 customers worldwide.
Manage Consent
This website uses cookies, web beacons, pixels, tags, software development kits, and related tracking technologies, as described in our Privacy Policy and Cookie Policy, for purposes that may include website operation, analytics, analyzing site usage, enhancing site navigation optimizing a user's experience, and third-party advertising or marketing purposes. Through these technologies, we and certain third parties may automatically collect information about your interactions with our website, such as your browsing behavior and page views. We also may share this information about your activity on our website with our social media, advertising, analytics, and other business partners. By clicking “Accept All”, you consent to the use of these technologies and that we can share information about your activity on our website with third parties in accordance with our Privacy Policy and Cookie Policy. If you do not agree with our use of non-essential tracking technologies, please click “Reject All.” You may opt out of certain non-essential technologies by clicking “Cookie Settings.”
Functional
Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
The technical storage or access that is used exclusively for statistical purposes.The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Advertisement
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.