The Federal Reserve is working on a plan to raise the asset thresholds that trigger tougher oversight for large banks, potentially easing requirements for some lenders and encouraging consolidation. Under current rules, stricter standards kick in at $100 billion, $250 billion and $700 billion in assets, and banks say crossing $100 billion brings major compliance costs. The proposal would reindex the highest threshold closer to $1 trillion and shift some lower-tier requirements closer to about $150 billion.

ExxonMobil and Chevron reported a combined $26.5 billion in net profit for the third quarter of 2023. Exxon posted $14.5 billion in earnings, doubling from a year earlier, while Chevron reported $12.0 billion, up $9.6 billion year over year. With the U.S. average gasoline price above $4 a gallon and midterm elections approaching, members of Congress are blaming high pump prices on oil-company windfalls. The developments are closely tied to crude commodity prices and the fundamentals of the two oil stocks.

Nvidia CEO Jensen Huang said wider adoption of artificial intelligence would improve lives and help drive faster economic growth and scientific breakthroughs. He said the United States needs to strengthen its energy supply as power-hungry data centers expand, while calling for a cautious but open approach to AI safety and regulation. Huang also addressed concerns about job losses, national security and export controls, arguing the U.S. should remain open to global competition in AI, according to an Associated Press interview.