Transportation Secretary Sean Duffy announced a number of relief measures for Spirit Airlines customers and employees on Saturday.

The four major U.S. airlines — United, Delta, JetBlue and Southwest — “are all capping ticket prices specifically for Spirit customers who now need to rebook canceled flights,” Duffy said in a Saturday post on X. The airlines will offer Spirit customers who validate they have booked Spirit flights a one-way ticket costing around $200, Duffy said in a Saturday morning press conference. 

“I would recommend that if you have a ticket with spirit that you actually try to book with these airlines as soon as possible, these offers are not going to be open forever,” he said.

The press conference followed Spirit’s early Saturday statement that the company would be shutting down operations. 

TRUMP SAYS HE WANTS ‘SOMEBODY’ TO BUY SPIRIT AIRLINES, OPPOSES UNITED-AMERICAN MERGER

Transportation Secretary Sean Duffy during a news conference in Terminal A at Newark Liberty International Airport (EWR) in Newark, New Jersey, on Saturday, May 2, 2026. (Adam Gray/Bloomberg via Getty Images / Getty Images)

Additional relief measures for both customers and former Spirit employees will also be implemented, including a pathway for preferential employment interviews at other airlines, Duffy wrote.

“There’s a demand for aviation workers. So, even American and United have drafted or crafted microsites for Spirit employees to potentially jump the line, jump the queue and get preferential treatment in the application process for the many airlines that are now hiring, whether it’s pilots, flight attendants, baggage workers, or even those who have worked in the call centers, you can go to the individual websites to see what’s offered by each of the individual airlines,” Duffy said. 

Spirit Airlines announced the shutdown of operations early Saturday morning.

AMERICAN AIRLINES CEO SAYS MERGER WITH UNITED WOULD BE ‘BAD FOR CUSTOMERS’

“This morning at 3 a.m., Spirit Airlines ceased operations. So what that means is Spirit does not have airplanes in the air flying as of this morning. Also, their call centers are closed, and they don’t have staff at ticket counters. So if you have a flight scheduled with Spirit Airlines, don’t show up at the airport. There will be no one here to assist you,” Duffy said.

Duffy also bashed Democrats, particularly the Biden administration, for what he said was their role in quashing a failed Spirit-JetBlue merger. 

“Why are we here today?” Duffy asked. “There was a proposed merger between JetBlue and Spirit, and Joe Biden and [Biden Transportation Secretary] Pete Buttigieg, along with the Biden DOJ, decided that they did not want that merger to take place.” 

A Spirit Airlines aircraft undergoes operations in preparation for departure at the Austin-Bergstrom International Airport on Feb. 12, 2024, in Austin, Texas. (Brandon Bell/Getty Images / Getty Images)

“And at the time, the Biden and Buttigieg DOJ bragged and said, as they canceled the option for this merger, that this was a victory for U.S. travelers who deserve lower prices and better choices,” Duffy continued.

“This merger should have been allowed. And this, today would indicate this is not better for travelers. This is not better for pricing. This is not better for competition. Actually. It’s worse. We had an airline go down because the markets were trying to allow two airlines to merge, make them stronger and offer more competition for the American consumer,” he said. 

Duffy also blamed Sen. Elizabeth Warren, D-Mass., for championing the merger’s blocking. 

“Elizabeth Warren at the time chaired the blocking of the merger, saying… this was a Biden win for flyers. So again, I think it’s important that we always look with a keen eye when airlines want to merge. We care about pricing for consumers,” Duffy said. 

Additional relief measures Duffy announced included reduced fares from American and Delta on high-volume Spirit routes and price freezes on routes that they’ve shared with Spirit. Allegiant Air, a budget airline with similar prices to Spirit’s, will offer 50% discounts on base fares until May 10, Duffy announced.

Duffy did reveal that the Trump administration was exploring all options for ways to bail out Spirit. 

President Biden and Transportation Secretary Pete Buttigieg during an event at the White House in Washington, D.C., on Monday, Nov. 27, 2023.  (Michael Reynolds/EPA/Bloomberg via Getty Images / Getty Images)

“There was a number of ideas being floated on how the government could step in and be helpful to Spirit Airlines. The president was like a dog on a bone trying to figure out a way to keep Spirit afloat,” Duffy recalled.

“In the end, this was a creditor issue. Again, they have the final say of whether they want to do a deal with the government, but also, from the government’s perspective, we oftentimes don’t have half a billion dollars lying around in a spare account that we can put into a bailout of an airline. So there was creative thinking on how it could happen, those two things never materialized.” 

Duffy also downplayed broader risks for the budget airline sector, rejecting the notion that the ongoing war in Iran played a factor in Spirit’s downfall.

MAJOR AIRLINE AXES 20,000 ‘UNPROFITABLE’ FLIGHTS AS JET FUEL COSTS SOAR

“Spirit was in dire straits long before the war with Iran. Multiple times they had filed for bankruptcy. Their model wasn’t working. They couldn’t get the fiscal health. So this was not the impetus. The war was not the impetus for Spirit,” he said. 

He did reference a recent request from other budget airlines for $2.5 billion, but said it was not necessary. 

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“You’ve heard that other airlines have talked about requesting a $2.5 billion bailout. I am in continual contact, and my team is in contact with all the CEOs of the airlines. I would say that at this point, I don’t think it’s necessary. They do have access to cash. If they want to come to the US government, we would be a lender of last resort. If they can find dollars in the private markets, I think that’s better for them,” Duffy said. 

This is a developing story. Please check back for updates.

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Wall Street closed out the week on a strong note Friday, with Apple shares climbing nearly 4% after the company posted its best-ever March quarter, capping a week that saw Alphabet smash Q1 estimates with $109.9B in revenue and Google Cloud surging 63% year-over-year past $20B for the first time.

Oil prices gapped down Friday after Iran reportedly submitted its response via Pakistani mediators to the latest U.S. amendments to a draft deal to end the Middle East war, reviving hopes for an agreement to end the conflict. Still, U.S. President Donald Trump said later in the day he is “not satisfied” with the new offer.

Investors will be looking forward to the Federal Reserve speakers for next week, with Vice Chair for Supervision Michael Barr scheduled to speak on banking regulation on Tuesday and Federal Reserve Bank of Chicago President Austan Goolsbee and St. Louis President Alberto Musalem scheduled to speak at separate events on Wednesday.

The consumer confidence data, along with housing numbers, is scheduled for Tuesday. On Thursday, jobs data and the quarterly GDP numbers will be released. ISM PMI data is scheduled for Friday.

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Earnings spotlight: Monday: Palantir Technologies (PLTR), Tyson Foods (TSN). See the full earnings calendar.

Earnings spotlight: Tuesday: AMD (AMD), Pfizer (PFE), Marriott (MAR), Rivian (RIVN). See the full earnings calendar.

Earnings spotlight: Wednesday: Disney (DIS), Uber (UBER), Arm Holdings (ARM), Instacart (CART), Shopify (SHOP). See the full earnings calendar.

Earnings spotlight: Thursday: Coinbase (COIN), Airbnb (ABNB), DoorDash (DASH), Gilead

LOS ANGELES — Los Angeles Lakers star Luka Doncic remains sidelined with a Grade 2 left hamstring strain, casting uncertainty over his availability as the team potentially prepares to face the Oklahoma City Thunder in the Western Conference semifinals. The Slovenian superstar has missed the majority of the first-round series against the Houston Rockets, and latest reports indicate he will not be ready for the opening games against OKC if the Lakers advance.

Doncic suffered the injury on April 2 during a matchup against the Thunder, ironically the team the Lakers could meet next. He has made limited progress in controlled on-court work, including movement drills and spot shooting, but has not advanced to full-contact activities or scrimmages. Recovery timelines for Grade 2 strains typically range from four to six weeks, placing his potential return in mid-to-late May at the earliest.

Latest Medical and Team Updates

Lakers coach JJ Redick and medical staff continue a cautious approach to Doncic’s rehabilitation. Recent updates from sideline reporters and insiders describe a “slow build” with no firm timetable. The 27-year-old has traveled for specialized treatment, including sessions in Europe, to accelerate healing while minimizing re-injury risk.

Team sources express growing optimism for a mid-series return if the Lakers advance deep into the second round, potentially Games 3 or 4 against Oklahoma City. However, availability will hinge on how his body responds to increased loading over the coming weeks. Doncic’s presence around the team for meetings and encouragement has been noted as a positive, even if he cannot yet contribute on the court.

Austin Reaves and other key rotation players have stepped up in Doncic’s absence, helping the Lakers navigate the Rockets series. LeBron James continues anchoring the lineup, but the team clearly misses Doncic’s playmaking, scoring and size against smaller guards.

Impact on Lakers Playoff Run

The Lakers have shown resilience without their All-NBA guard, but a prolonged absence would test depth against a Thunder team that dominated regular-season matchups. Oklahoma City swept the season series, winning by an average of more than 20 points per game, highlighting defensive and athletic mismatches the Lakers must address.

Doncic’s scoring punch and facilitation would be vital in a high-paced series. His absence forces adjustments in offensive sets and increased minutes for supporting cast members. If the Lakers advance without him, any return would provide a massive boost for deeper playoff runs.

Medical experts note that rushing a hamstring return often leads to setbacks, potentially sidelining players longer. The organization prioritizes long-term health, especially with Doncic’s contract and future value in mind.

Thunder Perspective and Series Outlook

Oklahoma City enters any series against the Lakers as heavy favorites, bolstered by MVP candidate Shai Gilgeous-Alexander and a deep, athletic roster. The Thunder’s defensive intensity and transition game could exploit the Lakers’ temporary lack of star firepower.

Thunder coach Mark Daigneault has prepared his team for various Lakers lineups, acknowledging Doncic’s impact when healthy. OKC players express respect for the challenge but focus on executing their system regardless of opponent availability.

A Doncic-less Lakers team remains dangerous due to James’ experience and role players’ shooting. However, the Thunder’s youth and regular-season dominance suggest a tough test. Series projections shift dramatically based on Doncic’s status.

Broader NBA Injury Management Trends

Doncic’s situation reflects league-wide caution with soft-tissue injuries during the physical playoff grind. Teams increasingly use load management and advanced rehab protocols to protect stars. Hamstring strains, in particular, require patience to avoid chronic issues.

The NBA’s medical staff and player health initiatives emphasize data-driven return-to-play decisions. Fans and analysts often push for faster returns, but organizations balance short-term wins against long-term roster health.

Doncic’s history of durability concerns adds scrutiny. His previous injuries, while not overly frequent, highlight the need for conservative timelines at this stage of his career.

Fan Reactions and Betting Implications

Lakers fans express frustration over the timing but rally behind the current roster. Social media buzzes with optimism for a potential mid-series return while acknowledging the slow rehab process. Betting markets reflect uncertainty, with odds adjusting based on injury reports for potential series.

Gamblers monitor daily updates closely, as Doncic’s status could swing series odds significantly. Prop bets on his return date or games played offer additional angles.

What’s Next for Doncic and Lakers

The Lakers focus on closing out the Rockets while monitoring Doncic’s daily progress. If they advance, preparation for Oklahoma City will include contingency plans with and without their star. Medical milestones over the next 10–14 days will clarify the picture.

Doncic’s return, whenever it occurs, would energize the fan base and provide a playoff spark. Until then, the supporting cast must elevate to keep championship hopes alive in a loaded Western Conference.

The hamstring injury adds another chapter to the Lakers’ injury-plagued playoff narratives in recent years. How the organization manages this latest setback could define their postseason fate and Doncic’s availability for a deep run.

As Game 6 against Houston loomed, all eyes remained on the medical staff’s updates and the team’s resilience without its Slovenian superstar. The Thunder await a formidable but potentially hobbled opponent if the series advances.

The firm doled out $9.38 billion in compensation last year — more than double the amount in 2024 — as the market maker vaulted past its biggest Wall Street rivals, according to people familiar with the matter who asked not to be identified citing private information.

Jane Street’s rise has been a boon for the employees and shareholders that have tagged along. On a per-employee basis, that equates to $2.68 million on average — almost seven times as much as rival Goldman Sachs Group Inc.

The market-making firm has become a giant in a corner of finance, helping to facilitate trades in assets from stocks to corporate bonds and exchange-traded funds. The company pulled in about $39.6 billion in trading revenue last year — a haul that outranked Wall Street banks and market-making peers.

Jane Street’s members’ equity — or the firepower the company uses to support its trading operations without having to tap outside capital — has swelled nearly 2,000% since 2016 to $45 billion, said the people.

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That funding provides a steady foundation for the firm to use by capitalizing on market swings and piling into startups at early stages. It’s also helped Jane Street score big on bets on Anthropic PBC, the AI startup that’s received offers for a new funding round that would value the company at about $800 billion or more.
Jane Street also has more capacity it can tap thanks to loans, as well as bonds it issued in the public debt market in recent years.A representative for Jane Street declined to comment.

Bloomberg

Founded in 2000, Jane Street got its start trading American depository receipts, and then expanded to exchange-traded funds on the floor of the American Stock Exchange. The firm continued to grow alongside the electronification of asset classes such as corporate bonds, which it can more rapidly buy and sell to help facilitate trading.

The market maker is known for recruiting mathematicians and puzzle aficionados to power its technology. Even Jane Street’s corporate structure is unconventional. While Rob Granieri is one of the last founders still at the firm, the company doesn’t have a chief executive officer or other formal top-down leadership structures. Instead, Jane Street is governed by a few dozen partners who hold equity stakes.

The firm has benefited in some ways because it’s not bound by the same rules that many of the big bank trading desks must follow. Wall Street has long viewed Washington’s matrix of banking regulations as overly complex and burdensome. JPMorgan Chase & Co. recently warned that new regulatory proposals would force the bank to hold onto $20 billion more of capital “for no good reason,” according to Chief Executive Officer Jamie Dimon.

Bloomberg

Jane Street also is able to plow some of its money into stakes in companies such as Anthropic. The firm is also in funding talks for cloud-computing startup Fluidstack Ltd. and recently invested an additional $1 billion in AI cloud services provider CoreWeave Inc.

Most bank trading desks and some market-making peers don’t count such long-term investments in their trading results. Goldman had a group making bets with its own balance sheet, but spun that business out of its trading unit a few years back.

Jane Street has been able to maintain its lead despite facing controversy in recent years. In July, regulators in India accused the firm of manipulating markets while running what had once been one of its most lucrative trading strategies. Jane Street has denied those allegations.

The firm also urged a judge to throw out a separate lawsuit accusing it of trading on inside information ahead of the $40 billion crash of cryptocurrencies associated with Terraform Labs.

Despite those recent challenges, the firm keeps topping its previous records for revenue and outpacing peers. Jane Street’s 2025 trading haul beat Ken Griffin’s Citadel Securities, which set its own firm record with $12.2 billion of trading revenue last year.

It’s set to expand even more. Jane Street recently placed an offer to lease a new London office that will double its footprint in the UK capital.

The recent US-Iran war has pushed crude oil prices above $125 per barrel, reigniting inflation concerns and adding to global market uncertainty. Despite these headwinds, heightened geopolitical risk, and pressure from rising energy costs, here are 10 largecap stocks that could give meaningful returns to investors.

Bharti Airtel – With a target price of Rs 2,266, the brokerage implies an upside potential of 20% from current levels. Premiumisation, supported by rising 5G penetration and continued expansion of 5G network sites, remains a key driver of ARPU growth. With peak 5G capex largely behind, FCF generation is expected to strengthen, aiding balance sheet deleveraging.

Kotak Mahindra Bank – The brokerage has pegged the target price at Rs 500, implying an upside of 30% from current levels. The lender is well placed to maintain healthy double-digit credit growth over the medium term, supported by strong traction in SME and secured retail segments, along with a recovery in unsecured lending excluding MFI as stress levels ease.

Fortis Healthcare – The brokerage has pegged the target price at Rs 1,050, forecasting a 14% upside. The hospital’s margins have expanded by 550 bps year-on-year over FY23 to 9MFY26, reaching 23%, and further improvement is expected. This is likely to be supported by a better case and payor mix, ongoing cost rationalisation efforts, and the ramp-up of the Manesar and Greater Noida units, along with new brownfield bed additions.

Investors closely monitor the portfolios of prominent players on Dalal Street. In line with this interest, ETMarkets examined the investment holdings of renowned investor Madhusudan Kela. As per the latest data for the March 2026 quarter, Kela publicly disclosed holdings in about 19 stocks, with a total estimated value of around Rs 2,290 crore as of April 30. This list includes only companies where his stake exceeds 1% and may not reflect his entire investment portfolio.

A closer look reveals that 10 stocks in Kela’s portfolio posted negative double-digit returns over the past year, including five that fell more than 25%. At the same time, a few holdings performed strongly, with five stocks gaining between 35% and 135% over the same period. The portfolio also added four new stocks during the March quarter. (Data Source: ACE Equity, Trendlyne)

PORT MORESBY, Papua New Guinea — Elon Musk announced Saturday that Starlink satellite internet service is now officially available in Papua New Guinea, marking a significant expansion of the SpaceX-owned network into one of the world’s most remote and geographically challenging nations. The announcement, posted on X shortly after midnight GMT, highlighted the potential for high-speed connectivity in a country long hampered by rugged terrain, scattered islands and limited terrestrial infrastructure.

Musk’s message — “Starlink now in Papua New Guinea! 🇵🇬” — quoted an official Starlink post detailing the launch, complete with a map showing coverage across the Pacific island nation. The move brings low-latency broadband to remote villages, mountain communities and outer islands where traditional fiber or mobile networks have struggled to reach. Officials from Starlink confirmed the service is operational immediately for approved users, with kits available through the company’s website for Papua New Guinea.

Papua New Guinea, home to more than 10 million people across roughly 600 islands and mountainous mainland terrain, has one of the lowest internet penetration rates in the Asia-Pacific region. Many communities rely on expensive and unreliable satellite or radio links, with some villages lacking electricity altogether. Starlink’s arrival is expected to transform education, healthcare, business and disaster response in a nation where more than 800 languages are spoken and road access to many areas remains seasonal or nonexistent.

Rapid Global Expansion Under Musk’s Vision

The launch represents the latest milestone in Starlink’s aggressive rollout, which now serves customers in more than 100 countries and territories. SpaceX has deployed thousands of satellites into low-Earth orbit, creating a constellation capable of delivering speeds comparable to urban fiber networks even in the most isolated locations. Musk has repeatedly described the project as a means to “connect the unconnected,” emphasizing its role in bridging the digital divide.

In Papua New Guinea, early adopters include schools, clinics and small businesses eager for reliable online access. Government officials welcomed the development, noting potential benefits for tourism, agriculture and emergency services. One local education leader in the highlands described how teachers could now access global teaching resources without traveling hours to the nearest town with internet.

Starlink’s entry follows regulatory approvals and coordination with Papua New Guinea’s communications authorities. The company has navigated similar processes in other developing markets, often partnering with local providers to ensure compliance while maintaining service quality. Pricing for kits and monthly plans remains consistent with global offerings, though subsidies or bulk purchases for institutions could accelerate adoption.

Impact on Remote Communities and Broader Implications

For many Papua New Guineans, Starlink could mean life-changing improvements. Students in remote schools will gain access to online learning platforms, potentially narrowing educational gaps with urban centers. Health workers can consult specialists via telemedicine, improving outcomes in areas where medical evacuation is difficult. Farmers and fishers may use market data and weather forecasts more effectively, boosting economic opportunities.

Disaster preparedness stands to benefit enormously. Papua New Guinea is prone to earthquakes, volcanic activity and flooding. Real-time communication during crises could save lives and speed recovery efforts. During past events, responders relied on limited satellite phones; Starlink’s mesh capabilities offer broader coverage and higher bandwidth.

Musk’s announcement drew immediate global attention, with reactions ranging from celebration to pointed contrasts. Some users highlighted Starlink’s use in conflict zones and authoritarian regimes, where the technology has provided uncensored access despite government blackouts. Others noted challenges, including equipment costs that may limit initial uptake among lower-income households.

Starlink has faced regulatory hurdles in various markets, from spectrum licensing to national security concerns. In Papua New Guinea, the government expressed confidence that the service would complement existing efforts to expand digital infrastructure. International development organizations have long advocated for satellite solutions in similar geographies, viewing them as faster and more cost-effective than laying cables across jungles and oceans.

Starlink’s Technical Edge and Future Plans

The constellation’s design — with satellites in low orbit — delivers latency under 50 milliseconds in many cases, far superior to traditional geostationary systems. Users in Papua New Guinea report initial tests showing download speeds exceeding 100 megabits per second, sufficient for video streaming, video calls and cloud-based applications.

SpaceX continues launching batches of satellites to densify coverage and add capacity. Musk has signaled ambitions to reach every corner of Earth, including polar regions and oceans, with maritime and aviation versions already in use. Future iterations may incorporate direct-to-cell connectivity, allowing standard smartphones to connect without specialized hardware.

The Papua New Guinea launch aligns with Starlink’s push into the Asia-Pacific, where demand from remote communities, cruise ships and expedition teams continues growing. Company executives have indicated further announcements for neighboring Pacific islands in coming months.

Economic and Geopolitical Context

Starlink’s expansion carries broader implications for global connectivity and competition. Traditional telecom providers face pressure as satellite options undercut prices in hard-to-serve areas. Governments weigh the benefits of rapid internet access against concerns over data sovereignty and foreign technology dependence.

In Papua New Guinea, economic analysts predict positive ripple effects. Reliable internet could attract foreign investment in tech-enabled sectors and support small enterprises selling goods online. Tourism operators envision virtual tours and real-time booking systems enhancing visitor experiences.

Critics caution that affordability remains a barrier. While Starlink has offered discounted kits in some humanitarian programs, standard pricing may still exceed local incomes. Long-term sustainability will depend on local training, maintenance support and integration with existing power sources.

Musk’s Track Record and Public Reaction

Musk, who also leads Tesla, xAI and other ventures, uses X to share updates on his companies directly with followers. The Papua New Guinea post quickly amassed tens of thousands of likes, reposts and comments, reflecting strong interest in Starlink’s humanitarian potential. Supporters praised the technology’s role in empowerment, while some raised questions about environmental impacts of satellite mega-constellations or competition with local carriers.

The timing coincides with ongoing discussions about digital inclusion at international forums. Development experts view satellite internet as a key tool for achieving United Nations sustainable development goals in education, health and economic growth.

As Starlink activates service in Papua New Guinea, the focus shifts to real-world results. Early users will test reliability during the country’s wet season, when landslides and flooding often isolate communities. Success here could pave the way for similar deployments in other underserved regions across Africa, South America and the Pacific.

Musk’s announcement underscores a private-sector approach to global challenges once dominated by governments and large NGOs. Whether Starlink can scale equitably while maintaining profitability will shape its legacy. For now, millions in Papua New Guinea stand to gain a digital lifeline previously unimaginable in their remote corners of the world.

The launch adds another chapter to Starlink’s story of rapid innovation and ambitious global reach. As more users connect in the coming weeks, the true measure of its impact will emerge through stories from classrooms, clinics and villages newly linked to the wider world.