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Stocks on Wall Street ended mostly lower on Friday, weighed down by a decline in shares of Nvidia (NASDAQ: NVDA), which dragged down the technology sector. Despite this, it was a generally positive week for the stock market. The Dow Jones Industrial Average rose 1.4% for its best weekly performance since May, the S&P 500
In recent years, central banks globally have battled inflation by curbing demand, which drives up prices. While some nations are now cutting rates, citing progress, the US Federal Reserve seems poised to keep rates high for longer, a move sparking criticism from desperate investors fearing an economic downturn. Fed Chair Jerome Powell and his colleagues
The East Coast, particularly the corridor from New York City to Washington, D.C., is bracing for extreme heat and humidity this weekend. Utility company Con Edison has already reduced voltage in parts of Queens and urged residents to minimize their electricity usage. In New York, Central Park temperatures are forecasted to soar to 96°F (36°C)
Global corporate bond spreads are poised for their first month of widening since late last year, reigniting discussions about the relative value of credit compared to other fixed-income assets as we move into the latter half of 2024. In June, spreads on corporate bonds, encompassing both high-yield and investment-grade notes, have widened by approximately 10
Mortgage rates in the United States have declined for the third consecutive week, reaching their lowest level since early April. According to Freddie Mac, the average rate for a 30-year fixed mortgage dropped to 6.87%, down from 6.95% the previous week. While this series of rate reductions offers some relief to potential homebuyers, many are
West Texas Intermediate (WTI) futures on NYMEX surged to a six-week high, trading near $80.70 during Wednesday’s Asian session. The rise in oil prices is attributed to growing expectations of Federal Reserve rate cuts starting in September and escalating geopolitical tensions in the Middle East and Europe. Analysis: The CME FedWatch tool indicates a 67%
Joe Gebbia, a director at Tesla, disclosed that CEO Elon Musk had considered purchasing a house from Gebbia’s startup, raising concerns about the independence of Tesla’s special committee. This revelation comes as Gebbia, co-founder of Airbnb and head of the startup Samara, stepped down from the special committee overseeing key decisions about Tesla’s future, including
Global factory activity exhibited signs of recovery last month, with contractions slowing in the eurozone and manufacturing activity gaining momentum in several of Asia’s largest economies. However, the U.S. stood apart with its output weakening for a second consecutive month, according to private business surveys released on Monday. Despite the softness in U.S. manufacturing, improved
In a significant move with potential market implications, U.S. Senate Majority Leader Chuck Schumer and 22 Democratic Senators have requested an investigation into alleged collusion and price-fixing between the oil industry and the Organization of the Petroleum Exporting Countries (OPEC). This call for action, directed at Attorney General Merrick Garland and Antitrust Chief Jonathan Kanter,
China’s flagship economic cooperation program is resurging after the pandemic, with a significant focus on Africa. According to a Reuters analysis of lending, investment, and trade data, China is reaffirming its commitment to African modernization and mutual cooperation through substantial financial commitments and record trade figures. However, the relationship remains primarily extractive, not fully aligning
