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Central Garden & Pet to close Henrico facility, laying off 94

Central Garden & Pet will soon close its eastern dog treat facility and lay off 94 employees as it consolidates operations.

The facility operates as part of the company’s TDBBS pet treat business, which Central acquired in 2023.

The company notified the state of the in a letter sent on April 14 to comply with the federal (WARN) Act. said it was permanently closing its facility at 5701 Eastport Blvd., near Richmond International Airport. The phased will be complete by June 30.

Friederike Edelmann, a vice president with the company, said Central Garden & Pet is shifting its Richmond-area production to an existing plant in Neptune, New Jersey, part of an effort to consolidate its dog treat business. She called the consolidation “a natural next step” that will improve efficiency and allow the company to scale by integrating TDBBS into its broader platform.

The Henrico site, which has operated since 2008, produces natural dog chews and treats sold under brands including Best Bully Sticks, Barkworthies and Paw Love. Central acquired TDBBS to expand its presence in the growing dog treats category and strengthen its e-commerce capabilities.

Most production roles at the Richmond facility will be eliminated, though the company expects to retain about 15 employees who worked in remote roles.

Affected workers will receive severance and transition support.

Headquartered in California, Central Garden & Pet makes and sells products for pets and lawn and garden care. It employs more than 6,000 people and operates over 100 locations, primarily in the United States.

Boeing unveils satellite platform, targets 26 deliveries in 2026

April 16 (Reuters) – and its unit are working together to expand and launch a new satellite platform as they look to fulfill a growing backlog of orders, the aerospace firms said on Thursday.

Boeing is targeting 26 in 2026, up from 11 in 2025.

The company is looking to tap increasing reliance on satellite infrastructure from and sectors.

The new mid-class satellite platform, , will address missions that require “more capability than a traditional small satellite can provide, with greater speed and flexibility than a typical large satellite program,” Boeing said in a release.

Boeing said it will invest in integrating its products with that of Millennium’s to boost production.

, from to , are increasingly shaping modern conflict. The tech was used during the U.S. strikes in Venezuela and in the U.S.-Israeli war on Iran this year.

(Reporting by Nandan Mandayam in Bengaluru; Editing by Sahal Muhammed)

Myseum takes flight after Allbirds in fresh AI rebrand wave 

Summary:

By SApril 16 (Reuters) – A day after Allbirds rose 582% on its plan to “pivot its business to AI compute infrastructure,” firm Myseum was up 181% early on Thursday in the latest sign of an investor mania for artificial intelligence stocks.

Early on Wednesday, Allbirds said it would rebrand itself as “,” having agreed to sell off most of its assets and intellectual property for $39 million last month. Allbirds said at the time that it planned to seek shareholder approval for the “dissolution ​and wind-down of the company.”

After the close on Wednesday, Myseum said it is “now operating under the new name Myseum.AI,” in an effort that “illuminates the company’s core technology platform that will integrate proprietary privacy-first artificial intelligence (AI) into its secure messaging and social media platforms.”

The firms’ advertised pivot to AI underscores how the sector’s status as a magnet for investment capital can also provide small firms with struggling legacy businesses a chance to raise funds — potentially at the expense of investors who buy in after the shares have already run up. On Thursday, Allbirds was down 29.5%.

“It does seem like this is peak AI when you’ve got companies like Allbirds pivoting to data centres and GPUs,” said Kathleen Brooks, research director at XTB.

“It definitely encapsulates the amount of frenzy that there is in the AI market, but maybe they’re just a bit late. Allbirds are not the early birds, that’s for sure.”

This pivot echoes past efforts by small U.S. firms ​that reshaped their business models to tap investor enthusiasm.

​In 2017, ⁠beverage maker Long Island Iced Tea Corp pivoted to blockchain technology under the name Long Blockchain. U.S. securities regulators later brought an insider trading case that resulted in one defendant agreeing to pay $75,000 without admitting or denying the allegations.

Allbirds’ Wednesday announcement sent its shares up as much as 872% on Wednesday. The company said it would execute a $50 million convertible financing agreement ‌with an unnamed institutional investor and plans to use the proceeds to acquire graphics processing units (GPUs).

“A $50 million investment is a drop in the bucket in the broader neocloud market, where most companies run capex budgets well into the billions of dollars,” William Blair analysts led by Dylan Carden said in a note. The analysts dropped their coverage on the stock.

“There is no valuation metric here with the wind-down of the footwear business and deep uncertainty about its new endeavors in cloud compute.”

Allbirds lost $77.3 million for the year ended December 31, 2025, and lost $93.3 million a year earlier.

HOW THE MARKET TOOK IT

A record $3.87 billion worth of Allbirds shares changed hands on Wednesday, per LSEG data. also jumped in and bought more than $5.2 million worth of its shares in the biggest one-day move on record, according data from Vanda Research.

It was among the most actively traded U.S. stocks by on Wednesday, ranking third by buy orders after Tesla and Nvidia, according to J.P.Morgan data.

The company’s market capitalization swelled up to almost $148 million as of last close, surging from $21.7 million – which was down 99% from levels seen around its 2021 debut.

More than 16.3% of Allbirds’ free floated shares are shorted and Wednesday’s spike left short sellers with mark-to-market losses of approximately $13.6 million, according data analytics firm Ortex.

 

(Reporting by Shashwat Chauhan and Avinash P in Bengaluru; editing by Arpan Varghese and Colin Barr)

 

Ex-Virginia Lt. Gov. Justin Fairfax and wife found dead in murder-suicide, police say

Summary:
  • shot wife, Cerina Wanzer Fairfax, and then himself
  • Incident occurred amid ongoing domestic dispute
  • Children were home during shooting in

Former lieutenant governor Justin Fairfax and his wife, Cerina Wanzer Fairfax, were found dead in their Northern Virginia home early Thursday morning in what police say was an apparent .

Chief Kevin Davis said Fairfax first shot his wife several times in the basement of their home in the Annandale area, then shot and killed himself in an upstairs bedroom.

“This has been an ongoing domestic dispute surrounding what seems to be a complicated or messy divorce,” Davis said at a news conference Thursday morning outside the couple’s home.

Fairfax, a , was elected to Virginia’s second-highest office in 2017, becoming the second African American elected statewide in Virginia. He served with former governor and was once a favorite to become the state’s governor before allegations of sexual assault effectively ended his political ambitions.

But his career was derailed when two women accused him of sexual assault in years past – allegations that Fairfax denied and fought vociferously for years after.

Davis said that Fairfax, 47, was recently served paperwork related to an upcoming court proceeding. The couple, he said, were separated but living together. They married in 2006.

Both of the couple’s children, a teenage boy and girl, were at home when the shooting occurred, Davis said. The couple’s son called 911, he said.

In January, Davis said, Justin Fairfax called police and reported that he had been assaulted by his wife. Police responded and determined by viewing footage from cameras installed inside the home by Cerina Fairfax that no assault had occurred. Davis said it was the only time the Fairfax police department had been to the home.

The leafy street on which the Fairfax family lived in the Woodburn neighborhood of Annandale was quiet late Thursday morning. Police tape cordoned the property. Neighbors in nearby homes declined to comment. Shortly after 10 a.m. two stretchers were wheeled from the home into a waiting van and driven away.

News of the murder-suicide reverberated across the Commonwealth Thursday, evoking expressions of sympathy for surviving family members from political and community leaders.

“Pam and I are devastated by this heartbreaking news. I had the privilege of getting to know the Fairfaxes while our families served together,” former Gov. Ralph Northam (D), who was in office when Fairfax was lieutenant governor, said in the statement Thursday morning that mentioned the couple’s children. “We are praying for … the entire Fairfax family during this incredibly difficult time.”

Virginia Gov. Abigail Spanberger (D) also expressed her sympathy for the family, calling the incident “a horrific tragedy.”

“Dr. Fairfax was a devoted mother, beloved dentist in the Fairfax County community, and engaged supporter of her alma mater, Virginia Commonwealth University,” Spanberger said in a statement. “My prayers are with the Wanzer and Fairfax families as they mourn their own loss, endeavor to make sense of this tragedy, and comfort the Fairfax children.”

Former Attorney General, Jason Miyares, a Republican, posted on X: “My heart goes out to the Fairfax family today, particularly the children. For anyone struggling with this kind of darkness, the most courageous thing you can do is ask for help. There is more help and friendship out there than we realize.”

Cerina Fairfax was a dentist with her own practice, Dr. Fairfax & Associates, in the Fairlee area of Fairfax County. She graduated from Duke University in 1999 and Virginia Commonwealth University’s Medical College of Virginia School of Dentistry in 2005, according to the dentistry practice website. Justin Fairfax also attended Duke, graduating in 2000.

A voice recording at Cerina Fairfax’s practice Thursday morning said the office was closed because of a family emergency.

Attempts to reach family members, friends and colleagues of Cerina Fairfax Thursday were unsuccessful.

“The death of Cerina Fairfax leaves an immeasurable void in the lives of all who knew and loved her,” her divorce lawyer Amy Spain, counsel at Boies Schiller Flexner, said in a statement. “Above all else, Cerina was a devoted mother to her beautiful children, who were the very center of her world.”

Spain called the incident “an absolute tragedy” and said that Cerina Fairfax would be remembered “for the beautiful spirit she brought to the world.”

The couple had separated in June 2024 but continued living together in their Annandale home and signed a post-nuptial agreement in December of that year, according to court documents.

“While it is their hope that their marriage will be long and happy, [they] desire at this time to anticipate and plan now for contingencies in order to preserve their marriage at this time as well as in the future,” the agreement said, according to a court decision.

But those efforts proved unsuccessful. In June 2025, Cerina Fairfax told her husband through a lawyer of her intent to divorce him, according to court documents. She filed for divorce the following month. A dispute over whether her intent to separate had been permanent led to a protracted legal fight in which Justin Fairfax represented himself. A circuit judge ruled in his favor over a technical dispute in the divorce in January 2026.

Justin Fairfax was raised in his grandparents’ home in a Northeast Washington – where his pharmacist mother moved Fairfax and his three older siblings after her divorce. He told reporters in 2017 that he had a good relationship with his father, a Harvard-educated consultant to nonprofit organizations.

Fairfax attended DeMatha Catholic High School in Hyattsville and Duke University on a scholarship. He worked as a staffer for the Senate Judiciary Committee for two years before moving to New York to earn his law degree at Columbia Law School.

Fairfax rose to prominence as a federal prosecutor in Northern Virginia. His ambition and ingratiating style rubbed some the wrong way, but his out-of-nowhere challenge to insider favorite Mark Herring for the Democratic Party’s state attorney general nomination in 2013 put him on the political map.

An outsider from Democratic Party circles, Fairfax came closer than expected in that primary, losing to Herring by three percentage points. He then won the party’s nomination for lieutenant governor in 2017.

His victory in the general election that fall made him only the second Black person elected statewide in Virginia since Reconstruction, after former governor L. Douglas Wilder, whom Fairfax considered a mentor and confidant.

On the day he was inaugurated, Fairfax carried in his pocket a copy of the manumission document that freed his ancestor, Simon Fairfax – born into slavery but emancipated on June 5, 1798. Fairfax’s father had shown him the document that morning for the first time. His wife and young children joined him for the swearing-in.

“I was reminding myself what our ancestors had to go through to get to a point like we’re having now,” Fairfax said of the moment a few days after taking office. “We can make progress if we keep our eyes on the future.”

In a little over a year, Fairfax was embroiled in an executive branch scandal that, for a moment, raised the possibility that he would be elevated to governor. Northam had been tied to a racist photo in a medical school yearbook from decades earlier; Northam first apologized for wearing blackface in the image and then denied that it was him in the photo, but admitted that he had worn blackface in a separate incident a few years later.

With Democratic leaders universally calling for Northam to step down, Fairfax summoned a handful of reporters to his office on a Saturday and discussed the logistics of his presumed rise to the governorship.

But Northam stayed in office, and within a matter of days Fairfax also faced calls to resign when two women came forward to accuse him of sexual assault decades earlier. Fairfax denied the charges, stayed in office and called for an investigation.

While Northam recovered his popularity and put the racial scandal behind him, Fairfax was never able to shed the stigma of the . Shunned by the party, he ran for the Democratic gubernatorial nomination in 2021 and came in fourth place, with just over 17,600 votes. He spent the years since then struggling to resume his law practice and attempting to clear his name, but never got the FBI investigation or court vindication that he sought.

If you or someone you know needs help, visit 988lifeline.org or call or text the Suicide & Crisis Lifeline at 988.

This is a developing story and will be updated.
Joe Heim, Juan Benn Jr., Gregory S. Schneider, The Washington Post

Oil prices rise on doubts US-Iran peace talks will ease Hormuz disruption

LONDON, April 16 (Reuters) – Oil prices rose over 1% on Thursday, reversing earlier declines as the market questioned whether peace talks between the U.S. and Iran would achieve a deal to end the war that has disrupted energy supplies from the Middle East.

Brent crude futures climbed $1.68, or 1.8%, to $96.61 a barrel at 1309 GMT. U.S. West Texas Intermediate crude futures were up $1.17, or 1.3%, to $92.46 a barrel.

“We remain sceptical of any immediate solving of this war,” said PVM oil market analyst John Evans. “Pick any headline and there is always a counter.”

The U.S.-Israeli war with Iran has caused unprecedented disruption of global oil and gas. It has led to the halting of traffic through the Strait of Hormuz, which typically carries about 20% of the world’s oil and liquefied natural gas flows.

POSSIBLE RESUMPTION OF PEACE TALKS

U.S. and Iranian officials were considering returning to Pakistan for further talks as early as the coming weekend. Pakistan’s army chief arrived in Tehran on Wednesday as a mediator.

A source briefed by Tehran told Reuters that Iran could consider allowing ships to sail freely through the Omani side of the Strait of Hormuz in the event of a deal to prevent renewed conflict after a two-week ceasefire started on April 8.

In another sign of a potential easing of military actions, Israel’s cabinet met on Wednesday to discuss a possible ceasefire in neighbouring Lebanon, a senior Israeli official said, more than six weeks into its war with Iran-backed Hezbollah.

Analysts from ING estimate that roughly 13 million barrels per day of oil flow has been disrupted by the of the Strait, after taking into consideration pipeline diversions and the trickle of tankers that have passed through the gateway.

With the U.S. blockade on Iranian ports announced after the collapse of peace talks over the weekend, the disruption could increase, although some U.S. sanctioned tankers have made it through.

U.S. Treasury Secretary Scott Bessent said that Washington will not be renewing sanction waivers for some Iranian and Russian oil.

Highlighting the constraints on global crude and oil product supply, U.S. inventories of oil, gasoline and distillate fuels fell last week, the Energy Information Administration said on Wednesday, as countries seeking barrels to replace the disrupted flows drove exports and meant imports shrank.

(Additional reporting by Stephanie Kelly in London, Yuka Obayashi in Tokyo and Siyi Liu in Singapore; Editing by Lincoln Feast, Christian Schmollinger, Thomas Derpinghaus, Barbara Lewis and Jane Merriman)

 

Fed leadership transition on shaky ground as clock ticks on Powell’s term

Summary:

April 16 (Reuters) – The prospect of a smooth-and-on-time transition to U.S. President ‘s pick for the next chief, Kevin Warsh, looks increasingly to be on shaky ground, setting up a possible clash over who runs things in the meantime.

There are growing doubts that Warsh will win confirmation from the full Senate by the end of current Fed Chair Jerome Powell’s leadership term on May 15, even as the is set to proceed next Tuesday with a hearing on the nomination.

The storm clouds have gathered over Warsh’s confirmation largely as a result of opposition from Republican Senator Thom Tillis, who has vowed to block the process until the ends an investigation of Powell’s oversight of renovations to the Fed’s headquarters in Washington, D.C.

And while Republican Senator Tim Scott, who chairs the banking committee, says he is confident the DOJ will wrap up its probe in the next “several weeks,” there’s no sign of an off-ramp. Trump said he wants to see the investigation through, even after a federal judge this month quashed the government’s subpoenas as no more than a pretext for putting pressure on Powell to lower interest rates, as the president wishes.

U.S. Attorney for the District of Columbia Jeanine Pirro, a close ally of Trump, has promised to appeal the judge’s decision, and on Tuesday two government prosecutors and an investigator visited the Fed’s renovation job site and asked to tour it, but were turned away.

The incident drew an emailed rebuke from a Fed lawyer and a tweet from Tillis with a photo of the notoriously hapless “Three Stooges” comedy troupe.

WHAT HAPPENS AFTER MAY 15?

If Warsh is not confirmed by May 15, Powell has said he will serve as the “pro tem” chair of the Fed’s seven-member Board of Governors, because “that is what the law calls for” and that is what the central bank has done previously.

Trump said on Wednesday that he would fire Powell if he stayed on. Such a move would be unprecedented and would surely invite a legal challenge, as did the president’s attempt last summer to fire Fed Governor Lisa Cook.

That case is pending at the U.S. Supreme Court, and Cook remains in her job.

The White House also could try to appoint another Fed governor – perhaps Stephen Miran, Trump’s former economic advisor – in Powell’s place, analysts said.

Whether such a move would hold up in the courts is not clear.

In 1978, President Jimmy Carter avoided a gap in the Fed leadership when he appointed Arthur Burns to remain as acting Fed chief while Carter’s pick for the top job was going through the confirmation process.

But that move occurred before the law changed to require Senate approval of a president’s Fed chief pick. Another piece of legislation enacted since then – the Federal Vacancies Reform Act of 1998 – bars the president from designating an acting officer to run a multi-member board at agencies.

“On the White House side, it’s their choice whether or not to challenge it,” said Derek Tang, an analyst with forecasting firm LH Meyer. “If the White House does go after the nuclear option and start suing and challenging things, then it might shake the (market’s) confidence in the Fed,” though he added that markets so far seem unfazed by the potential drama ahead.

TRICKY TIMING

With high oil prices from the Iran war pushing up inflation and squeezing family budgets, the Fed is seen as unlikely to deliver a rate cut anytime soon.

“Political pressure on the central bank at a time of an energy price shock is not risk-free, even if it ultimately goes nowhere,” Evercore ISI Vice Chairman Krishna Guha said. “It increases – at least at the margin – the risk inflation expectations could rise on fears the Fed will not be able to do whatever is required to return inflation to target in the medium term.”

At next week’s Senate banking panel hearing, Warsh is likely to face a friendly Republican majority and hostile questioning from Democratic lawmakers who worry that confirming Trump’s pick for the job will imperil the central bank’s independence.

“The White House remains focused on working with the Senate to swiftly confirm Kevin Warsh as the next chairman of the Federal Reserve,” White House spokesman Kush Desai said.

Tillis’ opposition aside, the timing is tight. The Senate has squeezed a Fed nominee through from hearing to confirmation in less than a month only once, and that was just for a regular Fed governor, not for the leader of the world’s most important central bank.

Trump administration officials have expressed confidence that Warsh will be confirmed in time.

It may be a case of “be careful what you wish for.”

“In the next few months, the reality on the ground is inflation is going to be really high,” LH Meyer’s Tang said. “Do you really want one of your guys in place to be the fall guy for keeping rates high?”

(Reporting by Ann Saphir, Jacob Bogage, Howard Schneider and Michael S. Derby; Editing by Dan Burns and Paul Simao)

 

Allbirds shares jump over 400% on plans to pivot to AI from sneakers

Summary:

April 15 (Reuters) – Shares of Allbirds surged more than five-fold on Wednesday after the said it was raising capital and pivoting towards .

The , California-based company said that it would execute a $50 million convertible financing agreement with an institutional investor and plans to use the proceeds to acquire graphics processing units (GPUs).

Allbirds also plans to rebrand itself as “NewBird AI” and, over time, shift focus to offering cloud computing capacity and AI services, though it did not provide additional details on its new strategy.

The overhaul comes amid robust investor enthusiasm for AI-related stocks and the data-centre infrastructure that supports it, hoping to benefit from the hundreds of billions of corporate investment pouring into the technology.

“It looks like an attempt to capitalize on the AI movement. I don’t see how Allbirds brings anything to the table beyond name recognition,” said Bruce Winder, an independent retail consultant.

Allbirds has been shutting most of its brick-and-mortar stores over the last few months owing to muted demand and switch to online partnerships. Last month, Allbirds said it had sold its brand and footwear assets to for $39 million.

The stock was last up 435% at $13.33, valuing the company at $116 million, according to LSEG data. Allbirds was also among the most active orders on Fidelity’s trading platform on Wednesday, signalling interest from .

The move echoes past efforts by small U.S. firms that reshaped their business models to tap investor enthusiasm. In 2017, beverage maker Long Island Iced Tea Corp pivoted to blockchain technology under the name Long Blockchain

Allbirds made its debut in 2021 at a valuation of $3 billion, but shed about 99% of its market value as of its last closing price.

(Reporting by Purvi Agarwal in Bengaluru; additional reporting by Savyata Mishra; Editing by Diti Pujara)

 

Virginia casinos report $100.1M in March revenue

SUMMARY:

  • earned $101.1 million in March, up 17.46% from last year’s $85.19 million.
  • in reported the largest adjusted revenue for last month, approximately $34.23 million.
  • March taxes from casino adjusted gaming revenues totaled about $18.01 million

March gaming revenues at Virginia’s three permanent casinos and Norfolk’s new temporary casino totaled $100.1 million, according to data released Wednesday.

Norfolk’s temporary Interim Gaming Hall, which opened Nov. 7, 2025, reported adjusted gaming revenue (wagers minus winnings) of about $1.068 million during the month. All of that came from its roughly 132 slots, as the temporary casino doesn’t have table games. A permanent $750 million Norfolk casino, being developed by Boyd Gaming and the Pamunkey Indian Tribe, is anticipated to open in 2027.

And the temporary Petersburg casino reported about $15.19 million in AGR in March, with nearly $11.17 million coming from 926 slots and $4.02 million coming from 32 table games. The temporary casino opened on Jan. 22. Baltimore-based The Cordish Cos. and Virginia Beach developer Bruce Smith Enterprise broke ground in March 2025 on the $1.4 billion Live! Casino & Hotel Virginia, slated to open in 2027.

Virginia’s newest permanent casino, Caesars Virginia in Danville, opened in December 2024 and reported the largest adjusted gaming revenue for last month: approximately $34.23 million. Of that, roughly $24.91 million came from its 1,517 slots, and the remaining nearly $9.32 million came from its 88 table games.

Rivers Casino , which opened as Virginia’s first permanent casino in January 2023, generated $19.66 million from its 1,415 slots and $7.83 million from its 84 table games, for a total AGR of approximately $27.49 million in March.

Last month, the reported about $20.08 million in AGR, with about $18.4 million of that coming from its 1,278 slots and about $3.68 million coming from its 73 table games. The Bristol casino’s temporary facility opened in July 2022, making it the first operating casino in Virginia. The permanent Hard Rock Bristol opened in November 2024.

March’s total AGR for Virginia casinos is up about 5.16% from February’s AGR of $95.2 million and up 17.46% from March 2025’s $85.19 million.

Virginia law assesses a graduated tax on a casino’s adjusted gaming revenue. For the month of March, taxes from casino AGRs totaled roughly $18.01 million.

Under Virginia law, 6% of a casino operator’s AGR goes to its host locality until the operator passes $200 million in AGR for the year, at which point the host locality’s tax rate rises to 7%. If an operator passes $400 million in AGR in the calendar year, that rises to 8%.

For March, all localities received 6% of the respective casino’s AGR. Danville received about $2.05 million from Caesars Virginia. Portsmouth netted nearly $1.65 million from the ‘s AGR. For the Bristol casino, the locality tax collected on its adjusted gaming revenue — coming to about $1.33 million last month — goes to the Regional Improvement Commission, which the General Assembly established to distribute Bristol casino tax funds throughout Southwest Virginia. Norfolk received $64,066 from the temporary casino, while Petersburg received $911,556.

The Problem Treatment and Support Fund receives 0.8% of total taxes — approximately $144,094 last month. The Family and Children’s Trust Fund, which funds family violence prevention and treatment programs, receives 0.2% of the monthly total, which was approximately $36,023 in March. The Interim Gaming Hall will give $10,678 (1% of the monthly total) to the Virginia Indigenous People’s Trust Fund, as state legislation directs 1% of gaming proceeds from any tribe-operated casino be given to a fund to assist the other Virginia tribes that are federally recognized. The remaining almost $11.82 million in taxes goes to the state’s Gaming Proceeds Fund.

NY jury finds Live Nation illegally monopolized live event markets

April 15 (Reuters) – New York won its case against and its parent , as a jury on Wednesday found that the company illegally monopolized parts of the live-events industry, Attorney General Letitia James said.

Shares of the company were down 6.3% in afternoon trading following the verdict, first reported by Bloomberg News. Shares of competitors Vivid Seats and StubHub rose 9.3% and 3.5%, respectively.

The world’s largest live-event company will likely face further court hearings on what measures it must take to restore competition. Live Nation has faced ongoing criticism from fans and lawmakers over high ticket fees and ticket reselling practices.

The company already agreed to some measures in a settlement last month with the U.S. , but the verdict is a win for New York and a coalition of other states, including , that continued on in the case after the DOJ settlement.

“This is a landmark victory to protect New Yorkers from harmful monopolies,” James said in a post on site X.

Virginia added in a tweet, “Today’s decision is a win for Virginia! We are pleased the jury saw Live Nation and Ticketmaster for what they are — an illegal . We look forward to the court deciding on an appropriate remedy for live music and entertainment consumers.”

A spokesperson for Live Nation did not immediately respond to a request for comment.

(Reporting by Juby Babu in Mexico City and Jody Godoy in New York; Editing by Maju Samuel and Franklin Paul)

S&P 500, Nasdaq push to closing records on earnings and Middle East optimism

Summary:
  • S&P 500 closes at record high of 7,022.21 points
  • and report profit growth
  • U.S. targets Iran oil infrastructure with new sanctions

April 15 (Reuters) – On Wall Street, the benchmark S&P 500 and tech-heavy rallied to record closing highs on Wednesday as investors were encouraged by and hopeful of progress in .

Equities have found support this week from investor hopes that Washington and Tehran could return to the negotiating table with a view to ending the war, which has caused widespread disruption in global , reignited inflation concerns and muddied the interest-rate outlook.

White House press secretary Karoline Leavitt told reporters that discussions about a second round of talks with Iran were ongoing and productive but said reports that the U.S. requested a ceasefire in the Iran war were wrong. Meanwhile, the U.S. Treasury Department said it was targeting Iran’s oil transportation infrastructure with sanctions on more than two dozen individuals, companies and vessels.

The benchmark S&P 500 index hit its first intraday record since the conflict erupted and notched a record closing high on Wednesday after ending Tuesday’s session slightly below the 6,978.60 record of  January 27.

The gains suggest that war-weary investors are ready to rotate into risk assets at the slightest indication of a de-escalation in the conflict. Jeff Schulze, head of economic and market strategy at ClearBridge Investments, said a ceasefire extension or progress in U.S.-Iran negotiations would be “a pretty good development for the energy market and then the U.S. economy.”

“Markets rarely wait for information to be complete,” he said. “Although there is still uncertainty out there with regard to the energy disruption, markets are rightly assessing that the risks are declining and the path of least resistance is up.”

Schulze also said that while earnings season is still relatively young, “it’s off to a good start so far.”

Shares of Bank of America rose after the second-biggest U.S. lender reported growth in first-quarter profit. Shares of Wall Street heavyweight Morgan Stanley rallied after it reported a jump in quarterly profit. They helped boost the S&P 500 financial index.

According to preliminary data, the S&P 500 gained 54.83 points, or 0.79%, to end at 7,022.21 points, while the Nasdaq Composite gained 375.34 points, or 1.59%, to 24,014.43. The Dow Jones Industrial Average fell 75.44 points, or 0.16%, to 48,460.55.

Wall Street’s fear gauge, the CBOE volatility index,  hit its lowest level since February 26 earlier on Wednesday.

The S&P 500 information technology index advanced, with a boost from software stocks as the S&P 500 software and services index rallied in its third straight day of gains.

Industrials and materials were among the lagging sectors.

MORE EVIDENCE NEEDED

Some strategists cautioned that new catalysts may be needed to sustain market momentum.

“We’re going to need more concrete evidence now that the folks that want to get together and talk about peace are able to accomplish something before the deadline of this ceasefire,” said Art Hogan, chief market strategist at B. Riley Wealth.

The International Monetary Fund cut its global growth outlook on Tuesday, citing the war-driven energy price spikes, and warned that an extended conflict could push the world to the brink of recession. Meanwhile, Bank of Cleveland President Beth Hammack said that while she sees no imminent need for the central bank to change its interest-rate target setting, it is possible cuts or even hikes could lie ahead.

Oil prices rose very slightly on Wednesday and were still well above pre-war levels.

 

Among quantum computing stocks, Rigetti Computing, D-Wave Quantum and Arqit Quantum rallied sharply.

Among other stock movers, Broadcom advanced after Meta extended its custom chips deal with the firm.

Snap shares rose after it said it would lay off about 1,000 employees, while shares surged following an announcement that it would pivot to AI infrastructure.

(Reporting by Sinéad Carew in New York; Additional reporting by Niket Nishant and Utkarsh Hathi in Bengaluru; Editing by Shilpi Majumdar and Matthew Lewis)