United Arab Emirates says it will leave OPEC

(NEW YORK) — Tech giant Amazon said on Wednesday it planned to cut about 16,000 employees as it seeks to “strengthen” its business by reducing “layers” and “bureaucracy” within its workforce.

“The reductions we are making today will impact approximately 16,000 roles across Amazon, and we’re again working hard to support everyone whose role is impacted,” Beth Galetti, a senior vice president, said in an email to staff, according to the company.

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(NEW YORK) — The S&P 500 hit a record high on Wednesday as the ceasefire between the U.S. and Iran entered its second week, appearing to boost hopes of a resolution to the Middle East conflict.

The uptick in markets came hours after President Donald Trump reiterated his desire to wind down the conflict, saying the war is “very close to over” in a portion of an interview with Fox News’ Maria Bartiromo that aired on Tuesday.

The S&P 500 climbed 0.5% on Wednesday, registering at 7,005.78 points. The index reached a previous high of 7,002.28 points on Jan. 28.

The Dow Jones Industrial Average fell 125 points, or 0.2%, while the tech-heavy Nasdaq increased 1.1%.

Markets have swung dramatically over the weeks following the start of the U.S.-Israel attacks on Iran on Feb. 28, as investors weathered a historic global oil shock and digested mixed signals from Trump.

Stocks moved higher on a largely consistent basis in April, however, in response to an apparent willingness on the part of both sides to end fighting and negotiate a temporary truce.

The U.S. continues to mount a naval blockade of Iranian ports in the Strait of Hormuz, exerting pressure on Tehran by choking off a key source of revenue.

On Wednesday, the commander of the Khatam Al-Anbiya Central Headquarters of Iran’s armed forces said the U.S. blockade of Iranian ports is a “violation of the ceasefire,” in a statement published by the official Islamic Republic News Agency.

The war prompted Iran’s effective closure of the Strait of Hormuz, a critical waterway that facilitates the transport of about one-fifth of the global supply of oil and natural gas.

The disruption amounted to the “most severe oil supply shock in history,” the International Energy Agency (IEA) said in a new report on Tuesday. Oil and gasoline prices soared, prompting some economists to warn of a possible recession.

U.S. oil prices have fallen from a recent peak achieved in the early days of the war, but costs remain nearly 40% higher than pre-war levels.

U.S.-Iran talks in Pakistan over the weekend failed to secure a peace deal. Trump said that Iran’s alleged unwillingness to abandon its nuclear program was the key sticking point, and that the U.S. would respond with a blockade of the Strait of Hormuz, which began Monday.

Israel, meanwhile, has continued ground operations and intense strikes in Lebanon, where it is engaged with the Iran-backed Hezbollah militia. Israeli Prime Minister Benjamin Netanyahu said he supported the ceasefire with Iran, but that Lebanon was not covered by the agreement, despite Iranian protests.

ABC News’ David Brennan, Meredith Deliso, and Nadine El-Bawab contributed to this report.

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(NEW YORK) — Stocks ticked lower in volatile trading on Thursday after President Donald Trump delivered a televised address vowing to hit Iran “extremely hard” over the coming weeks.

The Dow Jones Industrial Average fell 75 points, or 0.1%, after opening down by 600 points, while the S&P 500 dropped 0.06%. The tech-heavy Nasdaq declined 0.1%.

Each of the major indexes tumbled more than 1% in early trading, but they quickly recovered most of those losses.

The rollercoaster trading followed losses across Asian and European markets. Tokyo’s Nikkei 225 index slipped 2.3% and the pan-European STOXX 600 fell 0.6%.

Oil prices, meanwhile, surged as traders feared a persistent supply shortage amid the ongoing U.S.-Israeli war with Iran. U.S. oil prices climbed more than 10% on Thursday, registering about $111 a barrel.

Gasoline prices in the U.S. ticked up to $4.08 on average per gallon, marking a leap of $1.09 over the past month, AAA data showed.

Speaking at the White House on Wednesday, Trump voiced mixed messages about his plans for the Middle East conflict. He said Iran is no longer a threat to the U.S. and the war in Iran is “nearing completion.” However, he added, the U.S. plans to continue striking Iran over the next two or three weeks.

“We’re going to bring them back to the stone ages where they belong,” Trump said.

The trading volatility on Thursday interrupted an upswing for markets earlier in the week. On Tuesday, the Dow Jones Industrial Average soared more than 1,100 points, adding another 220 points on Wednesday as traders anticipated Trump may signal an off-ramp from the war in his evening remarks.

Since the war with Iran began on Feb. 28, Trump has issued conflicting signals about the expected duration of the war. On several occasions, stocks have climbed or fallen as markets weighed the implications of Trump’s comments.

The war prompted Iran’s effective closure of the Strait of Hormuz, a maritime trading route that facilitates the transport of about one-fifth of the global oil supply.

The vast majority of fuel delivered through the strait is bound for Asia, placing the heaviest pressure on energy supply in that continent. Since oil and gas are sold on a global market, however, the shortage has sent prices rising for just about everyone.

On Wednesday night, Trump urged other countries to take responsibility for reopening the strait.

“The countries of the world that do receive oil through the Hormuz Straight must take care of that passage,” Trump said. “We will be helpful, but they should take the lead in protecting the oil that they so desperately depend on.”

A potential U.S. exit from the war without ensuring that the strait is open could cast uncertainty over the path to a resumption of normal tanker traffic and a remedy for the current global oil shortage.

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