TheStreet's Conway Gittens brings the latest business headlines from the New York Stock Exchange as markets open for trading on Wednesday, May 29.
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Full video transcript below:
CONWAY GITTENS: I'm Conway Gittens reporting from the New York Stock Exchange. This is what we are seeing today on TheStreet.
stocks have had a mixed start to the week, as the tech-heavy Nasdaq surpassed an all-time high on Tuesday thanks to Nvidia's recent rally. All three major averages are expected to close the month with solid gains as a better-than-expected earnings season comes to a close.
Meanwhile, investors await Federal Reserve speakers and the key inflation report due out on Friday for clues about the Fed's next move.
In other news: Another mega merger has been announced in the oil industry. ConocoPhillips to acquire Marathon Oil in $22.5 billion deal. If the deal clears regulatory hurdles, ConocoPhillips will take over Marathon's operations in North Dakota, Texas and Delaware, and see its reserves increase by about two billion barrels. Marathon Oil shareholders will receive approximately one-quarter of ConocoPhillips shares for each Marathon share they own.
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ConocoPhillips CEO Ryan Lance issued a statement saying: “This acquisition of Marathon Oil further deepens our portfolio and fits within our financial framework, adding high-quality, low-cost supply inventory alongside our position. leader in unconventional products in the United States”.
This deal is just the latest in a series of major mergers in the industry. In October 2023, ExxonMobile acquired Pioneer Natural Resources for $60 billion. And earlier this week, Hess shareholders voted to finalize the company's $53 billion merger with Chevron.
That will be enough for your daily report. From the New York Stock Exchange, I'm Conway Gittens of TheStreet.
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