Surging oil prices could wipe out benefits from Trump’s ‘big beautiful bill’
Estimates from Wall Street project that if oil prices stay elevated for too long, consumers will lose as much as they gain from the new tax law.

Estimates from Wall Street project that if oil prices stay elevated for too long, consumers will lose as much as they gain from the new tax law.
The planned listing would give public investors a stake in Ackman's investment platform, which oversees a concentrated portfolio of large-cap companies
Oil prices plunged after Trump warned that Tehran would be hit "twenty times harder" if it attempted to halt oil flows through the Strait of Hormuz.
Iran has defended its strikes against its Gulf countries but its neighbors say attacks have damaged trust for a long time.
Sen. Thom Tillis, R-N.C., has refused to advance Warsh's confirmation until a probe into Fed Chair Jerome Powell is dropped.
Oracle's $300 billion deal with OpenAI established it as a major player in AI cloud computing alongside Amazon, Google and Microsoft.
Jeep maker Stellantis is leaning on technologies from automotive suppliers for its newest hybrid vehicles, CNBC has learned.
Olaplex, a prestige hair care brand, has seen its sales and stock price plummet after a lawsuit. Now, the company is trying to turn its business around.
Lego on Tuesday reported a 12% jump in revenue for fiscal year 2025 and reported consumer sales that far outpace the broader toy industry.
The Social Security payroll tax is capped at $184,500 in 2026. Some high earners have already stopped paying into the program for the year.
Mandiant founder Kevin Mandia is staying in cybersecurity after selling his prior company to Google, but now he's focused on AI.
Volkswagen reported a more than 50% drop in annual operating profit, citing the impact of U.S. tariffs, currency effects and a strategic shift at Porsche.
Lee maintained that even if the assets were moved out of the country, its deterrence capability against North Korea will not be affected.
Bluesky was born out of Twitter by Jack Dorsey in 2019 and rose to popularity as an alternative to X after Elon Musk's acquisition.
Russia is shaping up to be a major beneficiary of the escalating energy crisis in the Persian Gulf, analysts told CNBC.
The NAACP has accused Mississippi regulators of rushing a meeting to approve xAI plans for a massive, methane-burning power plant in Southaven.
Democrats are vowing to interrupt normal order in the Senate unless Pete Hegseth and Marco Rubio testify publicly.
Every weekday, the Investing Club releases the Homestretch; an actionable afternoon update just in time for the last hour of trading.
Anthropic's partnerships with Amazon and Palantir helped it make inroads into the DOD, and its blacklisting is concerning to many industry experts.
An environmental catastrophe poses a massive risk in a region that has glittering high-rise buildings, posh beachfront resorts and booming commercial centers.
U.S. stock market indexes rose earlier in the day after an initial report that President Donald Trump said he believed the Iran war was largely finished.
High inflation and slow growth present a double threat, as measures like interest rate cuts and government spending only aggravate inflation.
Nvidia is planning to lean into the agentic AI craze and launch an open-source platform for AI agents called 'NemoClaw,' according to a report.
India is trying to preserve its long-standing neutral foreign policy as escalating tensions around Iran threaten its oil supply and expose New Delhi to pressure from both Washington and Beijing.