U.S. stocks opened higher on Friday, setting up Wall Street for a strong quarterly performance, as Apple shares hit record high and signs of easing inflation offered relief to investors worried about more interest rate hikes. The Dow Jones Industrial Average rose 147.50 points, or 0.43 percent, at the open to 34,269.92. The S&P 500…
Wall Street Opens Higher as Apple Hits Record High, Inflation Cools
June 30, 2023
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Joby Aviation Gets FAA Approval to Start Flight Tests of Electric Air Taxi
June 30, 2023
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Joby Aviation received approval from the Federal Aviation Administration (FAA) for test flights of its electric air taxi after receiving a $100 million investment from South Korea’s SK Telecom. Joby announced on June 23 that the federal aviation regulator gave the nod to start tests of its flying air taxi, as the innovative design steps…
US Weekly Jobless Claims Post Biggest Drop in 20 Months as Economy Shows Stamina
June 30, 2023
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WASHINGTON—The number of Americans filing new claims for unemployment benefits fell last week by the most in 20 months, the latest sign of the economy’s resilience that could push the Federal Reserve to resume raising interest rates in July. The unexpected decline in applications reported by the Labor Department on Thursday reversed a recent jump,…
Nvidia Reacts to Possible US Chip Restrictions to Beijing
June 30, 2023
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Nvidia is downplaying possible U.S. chip-export restrictions to China by the Biden administration. The Wall Street Journal reported on June 27 that the White House was mulling even more restrictions on artificial intelligence (AI) chip exports to China. A potential chip ban could affect Nvidia’s status as the world’s leader for the graphics processors needed to…
Dollar Firm Ahead of PCE Numbers, Briefly Pokes Head Above 145 Yen
SINGAPORE/LONDON—The yen briefly weakened past the closely watched 145 per dollar level on Friday although traders’ fears of intervention by Japanese authorities kept it in check, while the dollar was also strong more broadly ahead of U.S. inflation data. Barring unexpected interventions, the day’s main event for FX markets is the U.S. personal consumption expenditure…
Oil Heads for 4th Straight Quarterly Decline
LONDON—Oil prices declined towards $74 a barrel on Friday and were on course for a fourth consecutive quarter of losses amid concerns over sluggish global economic activity and fuel demand. Benchmark Brent crude futures for September delivery were down 5 cents, or 0.1 percent, at $74.46 a barrel by 1120 GMT after earlier rising by…
Stocks Show Resilience to Wall of Rates and Inflation Worries
June 30, 2023
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LONDON—Global shares were steady on Friday as investors scrutinized inflation data from both sides of the Atlantic to cap a rollercoaster quarter for markets that upended bets on interest rates peaking. Oil was poised for its first monthly gain this year, as a big drawdown in U.S. oil stocks outweighed concerns that fuel demand will…
Stock Market Today: Stocks Rise and Bond Yields Jump After the Latest Signs of a Resilient Economy
NEW YORK—Most stocks ticked higher on Wall Street Thursday following the latest signs that the U.S. economy remains stronger than feared. The S&P 500 rose 19.58 points, or 0.4 percent, to 4,396.44 and is on track for its sixth winning week in the last seven. The Dow Jones Industrial Average gained 269.76, or 0.8 percent,…
Closing Prices for Crude Oil, Gold, and Other Commodities (June 29)
June 29, 2023
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Benchmark U.S. crude oil for August delivery rose 30 cents to $69.86 a barrel Thursday. Brent crude for August delivery rose 31 cents to $74.34 a barrel. Wholesale gasoline for July delivery rose 1 cent $2.62 a gallon. July heating oil rose 1 cent to $2.42 a gallon. August natural gas rose 3 cents to…
Banks Pass Fed Stress Test With Mixed Outlook for Higher Payouts
June 29, 2023
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The top U.S. banks all passed the Federal Reserve’s annual stress test, which is closely watched by the financial industry, which brought much relief to investors. The 23 financial institutions subject to the Fed’s annual bank stress test were expected to pass with little issue. The assessment was a major hurdle towards paying billions of dollars to…
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