On Tuesday, shares of Dutch semiconductor-equipment maker ASML Holding and smaller rival ASM International were up 0.4% and 0.3%, respectively. BE Semiconductor Industries, the Dutch supplier of semiconductor assembly equipment, was up 0.4%. German chip maker Infineon Technologies declined 0.6%. STMicroelectronics shares fell 0.7%.

Continental Resources on Wednesday announced that it reached an agreement with Venezuela’s state-owned oil company to develop oil in the South American country’s prolific Orinoco Belt.

The memorandum of understanding with Petroleos de Venezuela S.A. (PDVSA) will see Continental Resources operate and develop the Ayacucho 2 Block in the Orinoco Belt, which is the main oil field in the country. The announcement indicated that the two parties plan to enter into a long-term production agreement in the coming weeks.

The Ayacucho 2 Block is located north of the Orinoco River in the Venezuelan state of Anzoategui and covers about 126,000 acres, with an estimated 30 billion barrels of oil in the tract. Once the long-term production agreement is executed, Continental will operate the block with a 100% interest, according to the release.

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A Petroleos de Venezuela SA (PDVSA) oil storage tank in Cabimas, Zulia state, Venezuela, on Friday, Sept. 4, 2026. (Gaby Oraa/Bloomberg via Getty Images)

Continental Resources said in its announcement that “Ayacucho 2 represents one of the most significant resource opportunities in Continental’s nearly 60-year history,” expanding its long-term development inventory and an expansion of its international presence in a portfolio anchored by its U.S. base.

The company said in its announcement that the Trump administration’s call for American energy companies to help rebuild the Venezuelan oil industry led it to perform an independent evaluation of opportunities in the country. That evaluation, along with changes made by Venezuela’s government to its legal framework for hydrocarbons, opened the door for Continental to pursue the opportunity.

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“We are excited to participate in the revitalization of Venezuela’s energy industry, bringing further economic strength to Venezuela and its people as well as global energy markets. Ayacucho 2 is an extraordinary addition to our portfolio and will contribute significantly to Continental’s growth trajectory,” said Continental Resources CEO Doug Lawler.

“Continental was built to recognize great resource opportunities and have the conviction to pursue them,” said Harold Hamm, founder and chairman emeritus of Continental Resources. “What this company is doing today builds on that foundation while taking Continental to an entirely new level. I could not be more proud of the company, our people and the future we are building.”

Oil pumping hammers are seen in an oil field in Lagunillas, Zulia, Venezuela, on April 28, 2026. (Jose Bula Urrutia/UCG/Universal Images Group via Getty Images)

Continental said the memorandum of understanding allows it to bring private capital, technology, technical expertise and large-scale operating capabilities to the effort to redevelop Venezuela’s oil industry. It added that it plans to evaluate additional opportunities in the country, as well as those in the U.S. and around the world.

An analysis by the U.S. Energy Information Administration (EIA) that was last updated in February 2024 noted Venezuela had the world’s largest proven crude oil reserves in 2023, with about 303 billion barrels, which represented 17% of global reserves.

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Despite having a significant share of the world’s oil reserves, Venezuela only produced 0.8% of global crude oil output in 2023, and the total output of 742,000 barrels per day represented a 70% cumulative decline from the country’s production levels in 2013.

Venezuela’s oil output has lagged over the last decade due to a lack of international investment and operational expertise, EIA reported. (Ed Lallo/Getty Images)

Most of Venezuela’s reserves are extra-heavy crude oil from the Orinoco Belt, and the EIA noted that the “extraction of extra-heavy crude oil requires a higher level of technical expertise, which international oil companies possess but their involvement has been limited by international sanctions.”

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“Furthermore, budgetary constraints at Venezuela’s state oil company PDVSA and a lack of qualified technical personnel and foreign direct investment have all hampered Venezuela’s oil and natural gas development,” EIA added.

Sometimes, the simplest explanation for something works. And in the case of the Treasury market, it appears that the main reason bond yields are rising is because short-term

interest rates are likely to rise.

There are many risks that can frighten the bond market. Runaway inflation. Unsustainable fiscal deficits. Excessive bond issuance by tech companies. And as 10-year Treasury yields have climbed toward 5%, there has been no shortage of headlines about those threats.

This story about the September 2026 FOMC meeting will be updated with further details.

The Federal Reserve on Wednesday raised its benchmark interest rate for the first time in over three years amid concerns over stubborn inflation that has been driven recently by higher energy prices.

Fed policymakers voted 12-0 to raise the federal funds rate from a range of 3.5% to 3.75% to a new target rate of 3.75% to 4%. The 25-basis-point increase marks the first interest rate hike since July 2023 and comes after the Fed left rates unchanged at its first five meetings this year.

The Federal Open Market Committee (FOMC), the central bank’s panel responsible for monetary policy moves, noted that “Economic activity is expanding at a solid pace. While uncertainty remains elevated owing, in part, to geopolitical developments, domestic spending has been resilient. Productivity growth is strong, and capital investment is robust.”

“Job gains have kept pace with the workforce, and the unemployment rate has changed little. Inflation remains elevated. Today’s policy action will support a timelier return to the Committee’s 2% goal,” the FOMC added.

Federal Reserve Chair Kevin Warsh will discuss the interest rate hike at a press conference. (Eric Lee/Reuters)

The FOMC’s rate hike announcement was accompanied by a summary of economic projections made by policymakers. The median member of the panel projected one more 25-basis-point rate hike this year on the so-called “dot plot” as the FOMC is set to meet again in October and December where further moves could occur.

Fed Chair Kevin Warsh will hold a press conference at 2:30 p.m. ET.

CHICAGO — The Kraft Heinz Co. is innovating in its Capri Sun beverage portfolio with the launch of Capri Sun Big Pouch. The limited-edition product is roughly three times the size of a classic Capri Sun pouch, according to the company.

The supersized pouch will be available exclusively in a fruit punch flavor, and consumer response to the limited run will determine if the beverage earns a permanent spot on the brand’s line.

“Capri Sun fans have strong feelings about the pouches that shaped their childhoods, and that passion plays an important role in how we think about innovation,” said Claire Lukaszewski, associate brand director of Capri Sun. “There’s an emotional connection to this brand that spans generations, and we don’t take that for granted. We want our fans to have a meaningful role in shaping what we do and the Big Pouch is one way we’re putting that belief into practice.”

The pouches will launch at Walmart stores beginning Sept. 21 through a series of daily drops while supplies last, according to the company.