Wall Street indexes opened higher on Friday as Tesla shares jumped on a tie-up with General Motors, though investors largely remained on the sidelines ahead of inflation data and U.S. monetary policy decision next week. The Dow Jones Industrial Average rose 18.83 points, or 0.06 percent, at the open to 33,852.44. The S&P 500 opened…
GM Will Join Tesla’s EV Charging Network, Making It the De Facto Industry Standard
June 9, 2023
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General Motors said it will adapt its electric vehicles to the Tesla Supercharger network, after Ford Motor Co. made a similar deal last month. This move will all but ensure that Tesla’s charging ports will become the North American standard. On June 8, GM CEO Mary Barra revealed in a talk with Tesla CEO Elon…
Dollar Peels Off 2-Week Lows Ahead of Central Bank Deluge
LONDON—The dollar bounced off two-week lows on Friday, shrugging off some of the weakness that has set in this month as expectations have grown that the Federal Reserve may not raise interest rates again for some time. Next week is packed with key monetary policy meetings, including those of the Federal Reserve, the European Central…
Oil Price Gains Capped by Demand Fears
LONDON—Oil prices rose on Friday and were broadly flat on the week as concern over oil demand growth was balanced by Saudi output cuts. Brent crude futures rose 36 cents, or 0.5 percent, to $76.32 a barrel by 0932 GMT while U.S. West Texas Intermediate crude was up 34 cents, or 0.5 percent, at $71.63….
Global Shares Edge Up as Fed Pause Bets Bolster Sentiment
June 9, 2023
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LONDON, TOKYO—Global equities were set for a small weekly gain on Friday following a Wall Street rally overnight, as rising bets the Federal Reserve will skip a rate increase next week overshadowed worries about U.S. markets being drained of cash. MSCI’s broad index of global shares edged 0.2 percent higher, on track for a weekly…
Stock Market Today: Bulls Run Again on Wall Street as S&P 500 Climbs 20% Above October Low
NEW YORK—Stocks rose just enough Thursday for Wall Street to barrel into a new bull market as the S&P 500 keeps rallying off its low from last autumn. The index rose 0.6 percent to carry it 20 percent above a bottom hit in October. That means Wall Street’s main measure of health has climbed out of…
Closing Prices for Crude Oil, Gold, and Other Commodities (June 8)
June 8, 2023
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Benchmark U.S. crude oil for July delivery fell $1.24 to $71.29 a barrel Thursday. Brent crude for August delivery fell 99 cents to $75.96 a barrel. Wholesale gasoline for July delivery fell 3 cents $2.61 a gallon. July heating oil fell 1 cent to $2.39 a gallon. July natural gas rose 2 cents to $2.35…
How Major US Stock Indexes Fared June 8
Stocks rose just enough for Wall Street to barrel into a new bull market Thursday as the S&P 500 keeps rallying off its low from last autumn. The index rose 0.6 percent to carry it 20 percent above a bottom hit in October. That means Wall Street’s main measure of health has climbed out of…
High Interest Rates, High Inflation, and Record Debt
June 8, 2023
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Commentary Financially, it’s going to be an interesting summer. At the moment mortgage rates are hitting 7 percent, median rent prices are at $1,850 per month, and the average car payment is around $950 per month. Household debt is currently at $17.1 trillion, mortgages are at $12 trillion, and auto loans are at $1.6 trillion….
‘Constrained’ Home-Purchase Activity: Mortgage Applications Register Fourth Consecutive Weekly Drop
June 8, 2023
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Mortgage applications have fallen for the fourth straight week amid elevated mortgage rates, according to a recent report by the Mortgage Bankers Association (MBA). The volume of mortgage loan applications fell by 1.4 percent for the week ended June 2, on a seasonally adjusted basis, said an MBA press release on June 7. On an…
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