Business, Finance & Tech
Wall Street Retreats from Records as Middle East Tensions Send Oil Surging to $114
NEW YORK, NY — The U.S. stock market retreated from its all-time highs today as geopolitical instability and surging energy costs rattled investor confidence. The Dow Jones Industrial Average led the decline, falling more than 550 points, while oil benchmarks reached their highest settlement value in nearly four years.
The market's slide was triggered by a sudden escalation in the Middle East that has placed the fragile, month-old ceasefire with Iran under extreme duress. Following reports that the United Arab Emirates, a key U.S. ally, came under fire for the first time since early April, Brent crude futures leaped 5.8% to settle at $114.44 per barrel.
The hostilities appear to be a direct response to President Donald Trump’s launch of "Project Freedom," a high-risk initiative announced Sunday to use the U.S. military to guide commercial tankers through the blockaded Strait of Hormuz. While the U.S. military reported successful transits for two American-flagged vessels on Monday, the broader uncertainty regarding global supply sent energy prices soaring from their pre-war levels.
Corporate Shocks and the Yield Curve
Beyond the energy sector, broader market indices were weighed down by a significant shift in the retail and logistics landscape. Amazon’s announcement of its new "Amazon Supply Chain Services" sent shares of FedEx and UPS tumbling nearly 9% each, as the e-commerce giant prepares to open its massive logistics network to third-party businesses.
Wall Street was also stunned by an ambitious $56 billion unsolicited bid from GameStop to acquire eBay. The proposal, valued at $125 per share, sent eBay shares up 5.6% as investors gauged the feasibility of the massive cash-and-stock deal.
Looking Ahead
Despite the day’s volatility, market analysts noted that tech stocks remained relatively buoyant, cushioning the Nasdaq from deeper losses. However, with national gas prices already averaging $4.46 a gallon and the 10-year Treasury yield climbing to 4.41%, fears of persistent "war-time inflation" are mounting. Investors are now looking toward Friday’s April jobs report for a clearer indication of the economy’s resilience.
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By: CNN Newsource
May 4, 2026
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Palm Desert’s future takes center stage next week. The Palm Desert Area Chamber of Commerce presents the 2026 State of the City Address & Luncheon on Friday, September 18, at the JW Marriott Desert Springs Resort. The event brings together local business leaders, community members and city stakeholders for an inside look at the priorities, opportunities and future of Palm Desert. Friday, September 18 11:30 a.m. – 1:30 p.m. JW Marriott Desert Springs Resort Palm Desert Individual tickets are $85 for Chamber members and $95 for non-members. Get the details and registration information from the Palm Desert Area Chamber of Commerce. #PalmDesert #StateOfTheCity #CoachellaValley #PalmDesertBusiness #GreaterPalmSprings #PalmDesertChamber
25 years later, the memories of 9/11 remain vivid for the firefighters who witnessed the tragedy firsthand. A longtime FDNY firefighter reflects on the trauma, loss and moments that have stayed with him a quarter-century after the attacks. #911 #September11 #NeverForget #FDNY #Firefighter #911Anniversary #25YearsLater #NewYorkCity #Remembering911 #NBCTPalmSprings
A troubling history is coming to light in a Palm Desert husband’s death. 65-year old Vicky Kim is accused in the death of her husband — but prosecutors say she had previously faced several domestic violence cases involving him. The Riverside County District Attorney’s Office says it had secured protective orders against Kim before a judge later resolved her cases as misdemeanors, released her from custody and terminated those orders. Now, Kim is expected to be arraigned in connection with her husband’s death. Court records allege the weapon used was a flagpole.
☕️🔥 How hot is TOO hot? A new study finds that drinking scalding-hot beverages may be linked to nearly 3 times the risk of esophageal cancer—the most common type of cancer affecting the esophagus. The takeaway? Let that coffee, tea or other hot drink cool down before taking a sip. ❤️ #HealthNews #EsophagealCancer #CancerRisk #HotBeverages #Coffee #Tea #CancerAwareness #HealthyHabits #HealthTips
☕️ Social Time with Thalia & Jerry. The squishy craze!
Coachella city council unanimously approved an anti-nepotism rule that ban an any Councilmember from appointing a family member or household member to the city’s commissions and committees. Tune in to our 11 p.m newscast as our @newsbyalondra breaks down the policy.
An anti-nepotism rule will be discussed and voted on at tonight’s Coachella City Council meeting - that would ban city council members from appointing their own family members or household members to commissions and committees. Tune in to our 8:30 p.m newscast and our socials and website as our @newsbyalondra brings us the latest details on that final vote.
☕️ Social Time with Thalia & Jerry. What’s your favorite NFL team?
A major cleanup is underway after powerful waves damaged 14 beachfront homes near Capistrano Beach in Orange County. Residents are concerned their homes could remain vulnerable without protective measures in place. Crews are clearing debris, while efforts to bring in protective boulders were delayed by high tide. #California #OrangeCounty #CapistranoBeach #CoastalWaves #Beachfront #WeatherNews
Two new Girl Scout cookies are coming in 2027 🍪 Meet Sparkables: a crunchy oatmeal cookie with chocolate chips and colorful sprinkles, developed with Partake in a facility designed to avoid the nine major food allergens. And for the pups: Patch Pals 🐾 Soft-baked, blueberry muffin-flavored dog cookies in four adorable designs. Both will be available online beginning in January. Which one are you most excited to try? #GirlScouts #GirlScoutCookies #NewCookies #DogTreats #FoodAllergyFriendly #CookieSeason