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2026 Forty Under 40: PETER ASKIN

Askin has built a distinguished career as a civil litigator and appellate , shaped by back-to-back judicial clerkships at the Supreme Court of Virginia and the . At ThompsonMcMullan, Askin frequently puts his Spanish language skills to work. “My Spanish-speaking clients are frequently taken for granted by others and must navigate their linguistic barriers to understand their rights and remedies,” he says. Since 2025, he’s sat on the Greater Richmond Bar Foundation board.

GREATEST PROFESSIONAL ACCOMPLISHMENT: Having the honor and experience of appearing before the Supreme Court of Virginia for oral arguments. It is an incredible court full of wonderful, smart justices who will always challenge you to think deeper about your case.

WHERE I SEE MYSELF IN 10 YEARS: Taking my two daughters to soccer practice in preparation for their eventual World Cup appearances and appearing behind the podium to argue some of the more consequential and important cases in Virginia.

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S&P 500, Nasdaq, close slightly higher in cautious start to a heavy earnings week

Summary:

NEW YORK, April 27 (Reuters) – The S&P 500 and the Nasdaq eked out modest gains on Monday in muted trading, as investors took a breath at the top of an eventful week, with earnings, economic data, the U.S. Federal Reserve’s rate decision and the ebb and flow of all crowding the docket.

All three major U.S. stock indexes wavered throughout the session, showing little conviction in either direction after last week’s rally. The S&P 500 and the Nasdaq notched their latest in a series of record closing highs.

The session began with the S&P 500 up over 100% since the bull market began in October 2022.

“The market is just trying to deal with the rally that’s been going on and digest the latest all-time highs that we’ve made on the indices,” said Robert Pavlik, senior portfolio manager at Dakota Wealth in Fairfield, Connecticut. “And it’s trying to figure out whether or not those all-time highs are justified.”

First-quarter earnings season has hit full stride, with a host of high-profile firms slated to report this week, including five of the Magnificent Seven technology megacaps, Amazon, Alphabet, , Apple and Microsoft. Investors will assess the extent to which these companies are beginning to reap benefits from their massive expenditures on artificial intelligence.

As of Friday, 139 companies in the S&P 500 have posted first-quarter results. Of those, 81% have beaten estimates. Analysts now see aggregate S&P 500 earnings growth of 16.1% year-on-year, up from 14.4% on April 1, according to LSEG I/B/E/S.

The companies due to report this week account for roughly 44% of the S&P 500’s market capitalization, according to Raymond James.

“Guidance has been pretty good. We’re seeing earnings growth of 15%, and I would classify that as a very good environment, except the road has gotten a lot more bumpy,” Pavlik added, referring to geopolitical tensions in the .

Attempts to revive peace talks between the U.S. and Iran continue, following President Donald Trump’s decision to call off negotiators’ trip to for another round of face-to-face talks. Iran continues to restrict shipments through the , with Iranian officials demanding that Washington lift its blockade as a precondition to further negotiation.

On Tuesday, the Federal Reserve is scheduled to convene for its two-day policy meeting, widely expected to culminate in the decision to leave interest rates unchanged. The accompanying statement and Fed Chair Jerome Powell’s press conference will be scrutinized for clues regarding the central bank’s assessment of U.S. economic health and the inflationary impact of spiking energy prices resulting from the U.S.-Israeli war on Iran.

The Dow Jones Industrial Average fell 62.67 points, or 0.13%, to 49,168.04, the S&P 500 gained 8.85 points, or 0.12%, to 7,173.93 and the Nasdaq Composite gained 50.50 points, or 0.20%, to 24,887.10.

Of the 11 major sectors in the S&P 500, communication services enjoyed the largest percentage gain, while consumer staples dropped the most.

Verizon advanced 1.5% following the telecom company’s annual forecast hike due to stronger-than-expected subscriber adds.

Domino’s Pizza slid 8.8% after the food delivery chain missed first-quarter sales estimates.

Nvidia jumped 4.0%, extending the prior session’s 4.3% surge. The company has reclaimed a market valuation of more than $5 trillion.

Advancing issues outnumbered decliners by a 1.1-to-1 ratio on the NYSE. There were 336 new highs and 47 new lows on the NYSE.

On the Nasdaq, 2,189 stocks rose and 2,499 fell as declining issues outnumbered advancers by a 1.14-to-1 ratio.

The S&P 500 posted 17 new 52-week highs and nine new lows while the Nasdaq Composite recorded 123 new highs and 92 new lows.

Volume on U.S. exchanges was 15.59 billion shares, compared with the 18.28 billion average for the full session over the last 20 trading days.

(Reporting by Stephen Culp; Additonal reporting by Niket Nishant and Utkarsh Hathi in Bengaluru; Editing by David Gregorio)

 

Oliver to close Chesterfield County plant, lay off 72 employees

New York-based package manufacturing company plans to shut down its plant this summer, laying off 72 employees.

The company notified the state of the in a letter sent April 21, in compliance with the federal (WARN) Act. Oliver Chief Human Resources Officer Diane Ferrante wrote that the company anticipates closing its entire facility located at 8001 Greenpine Road.

She wrote that the affected employees have no representative and that the layoffs are expected to be permanent. The company anticipates that closing will begin on or around July 21, with the laying off of 66 employees. The remaining six employees are expected to be laid off on Sept. 18.

The plant at 8001 was previously operated by Pohlig Bros., a folding-carton manufacturer, before Oliver acquired it in 2017. Under Oliver, the facility operated as a manufacturing plant. The company produces folding cartons, labels and other printed packaging materials.

The eliminated jobs span a mix of production and administrative positions, including press operators, die cutters, material handlers, maintenance technicians and management roles.

Oliver did not state why the closure was happening, nor whether the employees would have the chance to transfer elsewhere within the company. The company did not immediately return requests for comment.

Oliver’s website previously listed the Greenpine Road facility as a Virginia plant location, though the company’s current main contact page no longer includes the Virginia site. Founded in 1924 and based in Hauppauge, New York, Oliver has five plants, not including its Chesterfield County location.

Virginia home sales rise in March, indicating strong spring

Virginia’s housing market enjoyed its strongest first quarter since 2022 this year, according to a Friday report from .

There were 20,850 homes sold through April 15 this year, a 6.4% increase from the same period last year when 19,596 homes sold.

There were 8,388 homes sold statewide in March, an 8.8% increase from last year’s 7, 709, and up nearly 27.5% over February’s 6,581 sales, which is “consistent with typical seasonal patterns,” according to the trade association, which represents nearly 34,000 Realtors.

Inventory conditions also continued to improve across Virginia, with 14,846 new listings in March, up 6.7% from March 2025 and nearly 43% from February. In March, there were 20,979 active listings, up 6.3% from a year ago. That’s the highest March inventory level since 2020.

There were 10,121 pending sales in March, up 7.3% from last year and up a whopping 42.2% from February. Virginia Realtors stated the rise in pending sales outpaces typical seasonal trends and signals “strong buyer engagement heading into spring.”

Courtesy Virginia Realtors

“Sales are rising, inventory is expanding and buyers are responding to improved conditions,” Virginia Realtors Chief Economist Ryan Price said in a news release. “While remain sensitive to global events and inflation pressures, the underlying demand in Virginia is still very strong. How rates move in the coming weeks will be a key factor in determining whether this pace continues through late spring.”

In mid-April 2026, the average rate on a 30-year fixed mortgage was 6.3%. At this time last year, the average rate for a 30-year fixed mortgage was 6.83%.

The statewide median sales price in March was $425,000, about a 3.7% increase from February and a 1.7% increase from March 2025. More than half of Virginia’s local markets recorded higher median prices than a year ago.

The statewide median days on the market was 16 in March, four days slower than the same period last year.

“We’re seeing a spring market that feels more balanced than in recent years,” Virginia Realtors President Curt Reichstetter said in a news release. “With more listings coming online and steady buyer interest, many communities are experiencing a healthier level of activity. Realtors are helping clients navigate these shifting conditions, and there is optimism as we move further into the spring season.”

Based in Glen Allen, Virginia Realtors is the state’s largest trade association.

Oil prices hit two-week high as Iran talks stall and Strait shipments lag

Summary:

NEW YORK, April 27 (Reuters) – Oil prices climbed about 2% to a two-week high on Monday as between the U.S. and Iran stalled and shipments through the Strait of Hormuz remained limited, keeping global oil supplies tight.

Brent futures rose $2.16, or 2.1%, to $107.49 a barrel at 10:01 a.m. EDT (1401 GMT), while U.S. West Texas Intermediate (WTI) crude rose $1.32, or 1.4%, to $95.72.

That put Brent up for a sixth day in a row for the first time since March 2025 and on track for its highest close since April 7.

Work has not halted to bridge gaps between the and Iran, sources from mediator Pakistan said, despite the failure of face-to-face diplomacy after U.S. President called off a trip by his envoys and said Iran should phone when it wants a deal.

“The diplomatic stand-off means that every day 10-13 million barrels of oil fail to get to the international market, worsening an already tight oil balance. Therefore, there is only one direction for oil prices to go,” said analyst Tamas Varga.

At least seven ships – mainly – have crossed the Strait of Hormuz in the past 24 hours, in line with muted activity in recent days. That represents a fraction of the average 140 daily passages before the Iran war began on February 28 when around 20% of global oil supplies passed through the Strait.

INFLATION WORRIES

The meets on Thursday, with an Iran war ceasefire easing the pressure on it for an immediate interest rate hike.

But with the status of peace talks unclear and no sign of the Strait of Hormuz reopening soon, traders still anticipate high oil prices will boost inflation and force the bank to hike interest rates later this year.

Central banks like the ECB use interest rates to keep inflation in check. Higher interest rates increase consumer borrowing costs, which can reduce economic growth and oil demand.

Goldman Sachs raised its oil price forecasts for the fourth quarter to $90 a barrel for Brent and $83 for WTI, citing reduced output from the .

“The economic risks are larger than our crude base case alone suggests because of the net upside risks to oil prices, unusually high refined product prices, products shortages risks and the unprecedented scale of the shock,” GS analysts led by Daan Struyven said in a note on Sunday.

U.S. gasoline futures closed on Friday at their highest prices since July 2022. That also boosted the gasoline crack spread, which measures refining profit margins, to its highest since July 2022.

Elsewhere in the Middle East, the ceasefire between Israel and Lebanon was also on shaky ground.

The Israeli military began carrying out strikes in eastern Lebanon on Monday, expanding the scope of its bombing campaign during a ceasefire that has failed to fully halt hostilities with the Iran-backed Lebanese armed group Hezbollah.

(Reporting by Scott DiSavino in New York and Seher Dareen in London; Additional reporting by Florence Tan and Sudarshan Varadhan; Editing by David Goodman and Joe Bavier)

 

Shipping traffic through Hormuz remains muted with no US-Iran deal in sight, data shows

LONDON, April 27 (Reuters) – At least seven ships – mainly – have crossed the in the past 24 hours, in line with muted activity in recent days, shipping data showed on Monday, while talks between and the have stalled.

The vessels included ships leaving from Iraqi ports and one dry bulk vessel from an Iranian port, according to ship tracking data from and separate satellite analysis from data analytics specialists SynMax.

passing through the crucial ‌waterway at the entrance to the Gulf during an uneasy ceasefire between Washington and Tehran represents a fraction of the average 140 daily passages before the Iran war began on February 28.

The has redirected 37 vessels since a was imposed on Iran on April 13, the military said on April 25.

Six Iranian tankers returned to Iranian ports and sailed back through Hormuz in recent days with some 10.5 million barrels of oil, according to satellite analysis from .

Around four million barrels of Iranian oil onboard tankers sailed through the U.S. blockade on April 24, according to separate satellite analysis from TankerTrackers.com.

(Reporting by Jonathan SaulEditing by David Goodman and Bernadette Baum)

 

OpenAI breaks off Microsoft exclusivity to free up path for Amazon, Google deals

Summary:
  • OpenAI ends exclusive AI model access for
  • Microsoft remains primary cloud partner through 2032
  • OpenAI can now sell technology to and

April 27 (Reuters) – Microsoft is losing exclusive access to OpenAI’s technology, clearing the way for the creator to sell its products across rival in a sweeping change to one of the artificial intelligence era’s most consequential alliances.

The reworked tie-up, announced jointly by the companies on Monday, retains Microsoft as OpenAI’s primary cloud partner with a license to the startup’s through 2032. It also paves the way for OpenAI to take its models to Amazon.com’s cloud unit, without any technical workarounds.

In a post on LinkedIn, Amazon CEO Andy Jassy said that OpenAI’s models will be available directly to developers on Amazon Web Services “in the coming weeks” and that the two firms would share more details at an event in San Francisco on Tuesday.

“With this, builders will have even more choice to pick the right model for the right job,” Jassy wrote.

But the software giant will no longer share revenue for the OpenAI products it sells on its cloud. Revenue OpenAI must share with Microsoft through 2030 will now have a cap for the total number and no longer tied to the startup’s technology milestones – including if it achieves artificial general intelligence, the point at which AI matches or surpasses human ability.

The change is meant to simplify a complex relationship between OpenAI and its one of its biggest and earliest backers.

Microsoft’s early bet on OpenAI allowed the company to roll out AI across its products and powered sales growth at its cloud-computing business, turning the company into one of one the biggest players in the high-stakes race for the technology.

But tensions have been rising between the companies as OpenAI strikes cloud deals with rival providers to secure more computing power and build out an enterprise business that can compete better with Anthropic ahead of a potential IPO.

The Financial Times reported last month Microsoft was weighing action against Amazon and OpenAI over a $50 billion that may breach its exclusive cloud tie-up.

In an internal memo reported by CNBC, OpenAI said that the Microsoft partnership had been foundational but had limited the startup’s enterprise reach, adding that demand since OpenAI launched on Amazon’s cloud had been staggering.

“The new deal with Microsoft was essential for OpenAI to be successful in the enterprise market,” said Gil Luria, analyst at D.A. Davidson & Co. “AWS and Google Cloud enterprise customers have been limited in their ability to integrate OpenAI’s products because of the exclusive relationship and will now be more likely to consider OpenAI alongside Anthropic,” he added.

MICROSOFT WORKS TO REDUCE OPENAI RELIANCE

Microsoft shares initially fell 1.3% on the news but were up 0.30% by midday.

shares were up 2.3%, while Amazon was down 0.73%.

Microsoft and OpenAI had also announced restructured their tie-up in October, removing major constraints on the startup’s ability to raise capital and secure computing resources.

The software giant has in recent months been working to reduce its reliance on OpenAI by developing its own AI models and rolling out those developed by the likes of Anthropic in its products including the 365 Copilot for enterprises.

It has also said that it has been constrained on AI capacity, which has limited growth for its cloud business.

“From Microsoft’s perspective, it does not need to build out all the data center needs for OpenAI, freeing up capital for Copilot and other cloud capacity,” Barclays analysts said, calling the move a positive for both Microsoft and OpenAI.

Ending the exclusivity pact may help Microsoft fight antitrust scrutiny in the UK, the U.S. and Europe over whether its OpenAI tie-up give it an unfair advantage in the cloud and enterprise AI markets.

(Reporting by Aditya Soni and Akash Sriram in Bengaluru and Stephen Nellis in San Francisco, additional reporting by Anhata Rooprai; Editing by Mrigank Dhaniwala, Nick Zieminski, Arun Koyyur)

Republic National Distributing could lay off 428 in Virginia

 

SUMMARY:

  • Republic National Distributing Co. could lay off 428 employees in
  • distributor set to sell operations in 10 states, including Virginia, and D.C.
  • Buyer, Reyes Beverage Group, might offer jobs to “many” current employees

One of the country’s largest wholesale alcoholic beverage distributors is potentially laying off 428 employees in Ashland, part of a wider possible multistate workforce reduction tied to sales of operations in some markets.

According to a Thursday notice to the state sent to comply with the Act, Texas-based Republic National Distributing Co. could lay off 428 employees currently working at its facility at 14038 Washington Highway in Ashland.

The company expects to lay off any affected employees on or within 14 days of June 21. According to the notice, it “has on file a list of the job titles of positions expected to be terminated … and the number of affected employees in each job classification,” but the company did not include the list in its letter.

The potential would result from RNDC’s sale of multiple operations to Reyes Holdings’ Reyes Beverage Group unit. The companies announced March 20 they’d entered into purchase agreements for RBG to acquire RNDC’s operations in Virginia, Arizona, Colorado, Florida, Hawaii, Louisiana, Maryland, Oklahoma, South Carolina, Texas and Washington, D.C.

The transaction could close “as early as the end of May,” according to a news release, and Reyes plans to run the businesses separately from its current operations. The acquisition would be RBG’s largest to date.

RNDC said in a statement to Virginia Business: “As part of this process, RNDC has issued conditional WARN notices to certain associates in impacted markets. This is a step intended to provide advance notice and to comply with any potential requirements and does not represent final employment decisions.”

In its notice to the state, RNDC wrote: “The company understands that Reyes or its affiliate intends to extend offers of employment to many of the company’s employees at or reporting to the facilities included in the transaction, including the [Ashland] facility.”

Additionally, RNDC said it might continue to employ some corporate or other employees, including to provide transition services.

RNDC wrote that “there is no guarantee” that RBG will offer employment to the potentially affected employees, “as discussions remain ongoing,” and that RNDC doesn’t yet know who it will continue to employ.

Since RNDC expects to end operations at the facility, all terminations would be permanent, and the affected employees wouldn’t have bumping rights for other positions within the company.

Founded in 1996, RNDC is a privately-owned company that specializes in wine and spirits and currently has locations in more than 35 states. According to Forbes, it had 13,000 employees as of December 2025 and brought in $10.5 billion in 2025 revenue.

The company has had a string of lost business over the past year, with Jack Daniel’s and Woodford Reserve maker Brown-Forman moving its California distribution to RBG in 2025, leading RNDC to exit the state. Proximo Spirits, the owner of Jose Cuervo, changed its distributor from RNDC in all but two states, according to January news reports.

In January, RNDC announced it’d finalized an agreement with “its lenders” to secure “significant additional financing.”

Reyes Beverage Group has more than 10,000 full-time employees and over 124,000 customers, as well as 55 facilities across the U.S. The company says it delivers 320 million cases annually.

S&P 500, Nasdaq close at records on tech lift, Iran peace talk hopes

Summary:
  • S&P 500 gained 0.79% to 7,164.73 points
  • shares hit record high on strong revenue forecast
  • Iran expected in Islamabad with U.S. envoy

NEW YORK, April 24 (Reuters) – The S&P 500 and Nasdaq closed at record highs on Friday, bolstered by optimism for potential negotiations between the U.S. and Iran to end their war and a surge in Intel shares that extended the rally in .

Pakistani government sources said Iran’s foreign minister, Abbas Araqchi, was expected in the Pakistani capital, Islamabad, on Friday to discuss proposals for restarting peace talks.

In addition, White House Press Secretary Karoline Leavitt said in an interview with Fox News that President Donald Trump’s special envoy and son-in- Jared Kushner will travel to Islamabad on Saturday morning for talks with Iran mediated by Pakistan.

Markets had rallied in recent weeks on hopes that a resolution to the Iran war was on the horizon, along with expectations of strong , but gains have been tempered this week as optimism for a peace deal dimmed, with the remaining shuttered.

“The Iran thing feels kind of tenuous, we’ve had a lot of back and forth. I assume that will continue, but for now, some rays of sunlight,” said Jed Ellerbroek, portfolio manager at Argent Capital Management in St. Louis, Missouri.

According to preliminary data, the S&P 500 gained 56.33 points, or 0.79%, to end at 7,164.73 points, while the Nasdaq Composite gained 395.35 points, or 1.61%, to 24,833.86. The Dow Jones Industrial Average fell 83.25 points, or 0.17%, to 49,221.11.

Semiconductors, one of the market’s strongest performers on the year, continued to rally. The Philadelphia SE Semiconductor Index advanced to extend its record run of gains to 18 consecutive sessions.

Intel hit a record high and was the best performer on the benchmark S&P index, following a better-than-expected revenue forecast for the second quarter.

“All the doubts and fears about the (return on investment) on the AI CapEx from the big tech companies – Amazon and and and Meta – those concerns are fading real fast, and that’s propelling the chip stocks and the contractors and all the industrial companies,” said Ellerbroek.

Fellow chipmakers AMD and Arm also shot higher.

The S&P 500 technology index was the best-performing of the 11 major S&P sectors. Tech stocks also managed to shrug off DeepSeek’s preview of its highly awaited new model.

The S&P 500 and the Nasdaq recorded a fourth consecutive week of gains, their longest streak since the fourth quarter of 2024. The Dow, however, snapped a three-week run higher.

FED MEETING AWAITED

Attention is also shifting to the meeting next week, which will be scrutinized for clues on rate cuts and the central bank’s leadership succession.

The U.S. Justice Department is closing its investigation into Fed Chair Jerome Powell, clearing an obstacle to the confirmation of Kevin Warsh, Trump’s pick to lead the central bank.

Markets were pricing in a roughly 39% chance for a cut of at least 25 basis points at the Fed’s December meeting, according to CME’s FedWatch Tool, up from about 23% in the prior session.

A strong start to earnings season has helped buttress stocks against volatile Iran news. Earnings growth expectations for the first quarter now stand at 16.1%, according to LSEG data, up from 14.4% at the start of April.

(Reporting by Chuck Mikolajczak in New York; Addtional Reporting by Niket Nishant and Avinash P in Bengaluru; Editing by Devika Syamnath, Maju Samuel and Matthew Lewis)

 

Judge approves $425M Capital One settlement

A federal judge granted final approval Monday to ‘s revised $425 million class action with customers who alleged the bank deceptively paid lower interest rates on “360 Savings” accounts while offering higher rates on similarly named “360 Performance Savings” accounts.

U.S. District Judge David Novak in Alexandria rejected an earlier proposed settlement on Nov. 6, 2025, writing that it was “neither reasonable nor adequate on substance.” That settlement would have put $300 million toward restitution and $125 million toward raising the interest of those who continued to hold the 360 Savings accounts.

Under the settlement approved Monday, will pay $425 million to a settlement fund and pay the interest rate for the 360 Performance Savings account to holders of the 360 Savings account going forward.

The settlement will resolve claims that 360 Savings accounts were capped at 0.3% interest rates, while 360 Performance Savings rates hit a high of 4.35% in 2024.

The settlement paves the way for money to be sent to eligible Capital One customers who held a 360 Savings account between Sept. 18, 2019, and June 16, 2025. Each member of the class will receive an amount determined by a number of variables, such as how much interest the customer would have received if enrolled in the 360 Performance Savings product.

Additionally, the judge ordered that the 26 settlement class representatives each receive a service award of $10,000. Lawyers representing the class will be paid $32 million in fees and more than $1.8 million in expenses out of the settlement fund.

If any funds are left after distributions are made, that money will go to Richmond-based nonprofit Feed More, according to the order.

Capital One denies any wrongdoing. Neither Capital One nor attorneys representing the plaintiffs immediately responded to requests for comment. 

Multiple parties filed lawsuits against Capital One over its flagship 360 Savings account. In January 2025, during the final days of President Joe Biden’s term, the Consumer Financial Protection Bureau sued Capital One and its holding company, Capital One Financial, alleging that the companies cheated millions of customers out of more than $2 billion in interest payments. However, under the Trump White House, CFPB dropped the lawsuit in February 2025.