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U.S. Stocks Open Lower
NEW YORK – U.S. stocks edged lower as investors digested recent records and weakness overseas ahead of comments from a Federal Reserve official and President Barack Obama.
The Dow Jones Industrial Average dropped 10 points, or 0.1%, to 15966 in early trade. On Monday, the Dow rose above 16000 for the first time intraday, reaching a high of 16030.38 early in the session, before paring gains to close up 14 points, or 0.1%. The blue-chip index still closed at its fourth-straight record high, and 39th record of the year.
The S&P 500 index declined five points, or 0.3%, to 1787, and the Nasdaq Composite Index fell 13 points, or 0.3%, to 3936. The S&P 500 traded above 1800 intraday on Monday before reversing to close down 0.4%.
“Looks like we have another digestive tone in the market today,” said Bryan Piskorowski, head of markets and product strategy at Wells Fargo Advisors, which has $1.3 trillion in assets under management. “The markets have had a good run, so to see [a pullback] here shouldn’t come as too much of a surprise.”
“Our position in this time frame is built around position-squaring and rebalancing,” Mr. Piskorowski said. The strength of the U.S. market this year has helped increase investors’ weightings toward U.S. stocks, so he has been recommending clients rebalance their portfolios to get back to benchmark weightings.“We’re bullish, but we’re willing to concede that a [26%] run on the S&P 500 this year is a pretty good year,” he said.
Recent lackluster economic data and dovish comments from Fed chair nominee Janet Yellen last week have fueled the belief that the Fed will keep its highly accommodative monetary policy, including its $85-billion-a-month bond-purchasing program, intact for the foreseeable future. That in turn has helped underpin the market’s rise to record highs.
But on Tuesday, a report from the Organization for Economic Co-operation and Development tempered investor enthusiasm after it said the uncertain future of U.S. fiscal and central-bank policies poses a growing risk to a global economic recovery that has already been weakened by a slowdown in growth in many developing economies.
Separately, the OECD cut its 2014 growth forecasts for the U.K. and the euro zone and said that deflation risks for the euro area have risen.
Tuesday afternoon, investors will weigh comments from Chicago Fed President Charles Evans, a voting member of the central bank’s policy committee, scheduled for 1 p.m. EST. Later, Mr. Obama is scheduled to speak at 3 p.m. at the Wall Street Journal CEO Council’s annual meeting in Washington.Investors are also looking forward to data later in the week on retail sales, retail inflation and existing-home sales and the release of the minutes to Fed’s October policy meeting on Wednesday, to gauge the strength of the U.S. economy. Further, a Senate banking committee panel is slated to vote on the nomination of Ms. Yellen to head the Federal Reserve on Thursday.
The yield on the 10-year Treasury yield inched up to 2.689% from 2.678% late Monday.
Dow component Home Depot rose after the home-improvement retailer reported fiscal third-quarter earnings and revenue that exceeded analyst estimates, boosted by improving same-store sales and transaction volume, and raised its full-year outlook.
J.P. Morgan Chase gained after The Wall Street Journal reported the banking giant agreed to a $13 billion settlement with the U.S. Justice Department, ending several investigations and lawsuits aimed at soured mortgage bonds issued before the financial crisis.
Best Buy slid after fiscal third-quarter earnings and revenue topped estimates, but the consumer electronics retailer cautioned that it would be facing an increasingly promotional environment during the holiday season. Leading up to the results, the stock had nearly quadrupled year to date.In Europe, the Stoxx Europe 600 fell 0.6%, pulling back from a 5½-year high reached in the previous session. Germany’s DAX 30 index lost 0.2%, France’s CAC 40 dropped 1% and the U.K.’s FTSE 100 shed 0.5%.
“We’ve had a good run and it’s no surprise there’s a bit of profit-taking,” said Julian Chillingworth, chief investment officer at Rathbones, which manages £20 billion ($32.11 billion) in assets. “We’ve had Janet Yellen’s dovish statement and China’s economic reforms so, in the short term, we’ve run out of positive news.”
The German ZEW sentiment survey showed that the economic expectations indicator rose to a four-year high of 54.6 in November from 52.8 in October, but missed expectations of 55.0. Meanwhile, the current conditions indicator slipped to 28.7 from October’s 29.7, compared with expectations of a rise to 30.4.
The dollar gained some ground against the euro, but edged slightly lower against the yen.
December crude-oil futures declined 0.2% to $92.86 a barrel. Gold futures tacked on 0.2% to $1,275 an ounce.
Asian markets were mostly lower. China’s Shanghai Composite slipped 0.2% after running up 5.2% over the past three sessions. Japan’s Nikkei Stock Average eased 0.3%.
– WALL STREET JOURNAL
With Aviation Kerosene (Jet A1) price persistently skyrocketing of late, Nigerian airlines have been forced to prune down their operations.
The airlines claim that the continuous spike in fuel price has pushed operating expenses to unsustainable levels, forcing tough decisions on route frequency and scheduling.
The latest to announce a reduction on flights is Ibom Air.
The airline, on Monday, said it may reduce flight operations to sustain services to its customers and the nation as the jet fuel crisis bites harder.
In a statement by the airline’s Group Manager, Marketing and Communication, Aniekan Essienette, Ibom Air described the worsening fuel price situation as an unprecedented crisis for Nigeria’s domestic operators, revealing that the cost of fueling one of its aircraft has more than tripled between January and today.
ALSO READ: Waltersmith Doubles Refining Capacity to 10,000 Bpd
He said: “From an average of N2.1m per flight in January, as of today, the 26th of April, we are paying approximately N7.6m to fuel every flight. This is a more than 350 per cent increase since the beginning of March, a space of just seven weeks! And our aircraft are some of the most fuel efficient in the domestic market.
“At this point, domestic airlines are baffled at why the price of aviation fuel in Nigeria has ballooned to this level, way above the rest of the world, while the fuel marketers obtain 95 per cent or more of their aviation fuel from Dangote Refinery.
The situation is exacerbated by the fact that a combination of competitive pressures and patriotism have prevented a commensurate increase in our fares, meaning that we and our fellow domestic airlines have had to absorb the immense operating losses resulting from this situation.
“We chose to do this believing that the crisis would pass in a week or two, but it has persisted now for nearly two months, continuously increasing, with no reprieve in sight as at today. While we continue to do everything we can to maintain normal operations, it is clear to us that the current conditions are unsustainable,” the airline said.
The airline also called on the fuel marketers to seriously reconsider the pricing of aviation fuel to make the airline business model continue to work in Nigeria.
Recently, Air Peace also announced that it has reduced its Abuja to London flights to three times a week starting from July 1.
The airline said this is due to the current aviation fuel supply which is affecting flight operations nationwide and around the world.
In a statement, it said: “We wish to inform you that our Abuja to London service has been temporarily adjusted to three weekly flights until July 1.
“This measure is necessary to maintain the highest standards of safety and operational reliability during this period, with full operational frequency on our London service scheduled to resume from July 1.
“We recognise that this adjustment may impact your travel plans, and we deeply appreciate your patience and understanding.” In the past few weeks , Nigerian airlines have raised the alarm over the astronomical cost of aviation fuel. Struggling to stay afloat amid a suffocating operating space, they called on the federal government to urgently cushion the heavy losses they suffered following a 300 per cent surge in Jet A1 prices imposed by oil marketers.
The spokesperson of the AON, Prof. Obiora Okonkwo, said in a recent television interview that fuel marketers are to be blamed for what they describe as deliberate price manipulation and artificial scarcity, accusations the marketers have denied.
He added that the spike in the price of Jet A1 fuel cannot be justified and that just a month ago, airline operators were purchasing Jet A1 at below N1,000 per litre, with prices ranging between N950 and N970 but that today, that same litre is being sold at prices ranging from N2,500 to as high as N3,300, an increase of between 150 and 300 percent depending on the location.
One of Nigeria’s domestic refineries, Waltersmith Petroman Oil Limited, has marked a major milestone in the drive for local energy self-sufficiency, with the successful expansion of its refinery’s capacity to 10,000 barrels per day (bpd).
The achievement was highlighted during an official inspection visit by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and the Nigerian Content Development and Monitoring Board (NCDMB) to the company’s Phase 2 facility at Ibigwe, Imo State, at the weekend.
The delegation led by NMDPRA’s Authority Chief Executive, Saidu Mohammed, alongside representatives of the NCDMB, assessed the operational readiness of the upgraded facility. The Phase 2 expansion effectively doubles Waltersmith’s refining capacity from 5,000 to 10,000 bpd, positioning the company as a key contributor to Nigeria’s domestic refining ambitions.
“What WalterSmith has accomplished is no small feat. This is a powerful demonstration that Nigerians have both the capability and responsibility to take charge of the midstream sector which is the true engine room of our economy,” NMDPRA’s Mohammed said.
Besides, the NMDPRA highlighted the company’s compliance with the Petroleum Industry Act (PIA) 2021 and praised its operational standards.
Chairman of Waltersmith, Abdulrazaq Isa, emphasised that the expansion reflects both technical discipline and alignment with national energy policy objectives while maintaining strict adherence to regulatory standards, particularly those set by the NMDPRA.
“We are moving Nigeria beyond an extractive oil economy to one focused on value creation. By refining locally, integrating upstream resources, and building an industrial hub, we are laying a sustainable foundation for long-term economic growth,” Isa said.
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The upgraded facility introduces an expanded product slate, including Premium Motor Spirit (PMS) and Aviation Turbine Kerosene (ATK). These additions are expected to improve supply reliability for Nigeria’s transportation and aviation sectors, while reinforcing the broader goal of transitioning from a crude-export-dependent economy to one focused on value addition.
Regulatory approval is nearing completion, Waltersmith said, with the visit serving as a final assessment ahead of the issuance of a Licence to Operate (LTO) for full commercial operations of Phase 2.
Looking forward, Waltersmith said it plans to expand beyond refining through the development of the Waltersmith Industrial and Innovation Park, a Free Trade Zone (FTZ) anchored by gas-to-power infrastructure.
The initiative, it stressed, aims to attract petrochemical and manufacturing companies, supporting Nigeria’s “Decade of Gas” strategy and fostering long-term industrial growth.
“As we enter this next phase, our continued collaboration with the Authority is critical. We are not just building a refinery; we are building a self-sustaining industrial city that contributes meaningfully to Nigeria’s energy security and regional economic development,” Isa emphasised.
A defining feature of the Waltersmith project, the organisation said, is its partnership with the NCDMB, which holds a 30 per cent equity stake.
NCDMB’s Executive Secretary, Felix Ogbe, represented by the Director of Legal Services, Naboth Onyesoh, said the investment has not only catalysed a scalable refining operation but has also created substantial jobs for Nigerians.
“Our partnership with WalterSmith underscores the power of collaboration in driving local content development. This investment has not only catalysed a scalable refining operation but has also created substantial jobs for Nigerians and strengthened our collective capacity to reduce dependence on imports while improving national living standards,” he stated.
The project, Waltersmith stressed, also has strong financial backing, combining private investment with institutional funding from the Africa Finance Corporation (AFC) and the Bank of Industry (BoI). This blended financing approach, it explained, highlights the viability of public-private partnerships in advancing large-scale energy infrastructure.
President of the Dangote Group, Aliko Dangote, has announced that the expansion of the Dangote Refinery to a production capacity of 1.4 million barrels per day will generate employment for no fewer than 95,000 skilled workers at peak construction.
Dangote disclosed this at the weekend in Lagos during his induction as an Honorary Fellow of the Nigerian Academy of Engineering (NAE), describing the project as a major milestone in Nigeria’s industrial transformation.
According to him, the expansion underscores the Group’s continued commitment to engineering excellence, job creation, and sustainable economic growth.
“This award is particularly meaningful because it recognizes what we are doing in the industry, especially our commitment to employing engineers and skilled professionals. At the peak of construction for this expansion, we expect to have about 95,000 skilled workers on site, and we will continue to grow,” Dangote said.
Upon completion, the expanded Dangote Refinery will surpass the Jamnagar Refinery in India to become the largest refinery in the world, significantly strengthening Nigeria’s refining capacity.
ALSO READ: PwC Recommends Nigeria’s Oil Sector to South African Investors
Dangote noted that the project would rely heavily on Nigerian expertise, creating substantial opportunities for engineers, technicians, artisans, and other skilled professionals. He added that the expansion reflects the Group’s long-term vision for industrialization in Nigeria and across Africa.
Beyond employment generation, the refinery expansion is expected to stimulate local manufacturing, enhance technology transfer, and deepen Nigeria’s oil and gas value chain. It will also improve fuel security, reduce dependence on imported petroleum products, and deliver significant foreign exchange savings for the Nigerian economy.
“The scale of this expansion reflects our confidence in Nigerian capacity and our belief that Africa has the ability to build world-class infrastructure that meets global standards,” Dangote stated.
In his remarks, President of the Nigerian Academy of Engineering, Engr. Prof. Rahamon Bello, described the honour as well deserved, noting that Dangote’s impact transcends physical infrastructure.
“What makes this recognition fitting is not only what has been built, but what has been inspired. Alhaji Aliko Dangote’s journey continues to motivate a new generation of engineers, entrepreneurs, and innovators to think boldly, act decisively, and believe in the immense possibilities within our continent,” Bello said.
Photo Caption
From Left: GED Oil & Gas, Dangote Industries Limited, Fatima Aliko Dangote; GED Operations, Dangote Sugar Refinery Plc, Mariya Aliko Dangote; President/CE, Dangote Industries Limited, Aliko Dangote; President, The Nigerian Academy of Engineering, Engr. Prof. Rahamon Bello, at The Nigerian Academy of Engineering Induction of Aliko Dangote as Honorary Fellow in Lagos on Friday, April 24, 2026.
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