The U.S. Securities and Exchange Commission (SEC) on June 6 sued one of the largest cryptocurrency platforms in the world, sending the company’s stock down. Coinbase, the platform, has been operating its crypto platform without registration, violating federal law, according to the lawsuit. “Coinbase has never registered with the SEC as a broker, national securities…
Wall Street Opens Lower as Mixed Data Fuels Fed Policy Uncertainty
Wall Street’s main indexes opened slightly lower on Tuesday as investors assessed chances of the Federal Reserve holding interest rates at its meeting next week, with mixed data adding to uncertainty around the policy outlook. The Dow Jones Industrial Average fell 15.19 points, or 0.05 percent, at the open to 33,547.67. The S&P 500 opened…
Aussie Jumps on RBA Hike, US Dollar Steady
LONDON—The Australian dollar jumped to its highest since mid-May on Tuesday after the Reserve Bank of Australia (RBA) raised interest rates, in a decision that many analysts had said would be a close call between a hike and a pause. The U.S. dollar was steady, below last week’s 2–1/2-month highs versus major peers, after unexpectedly…
Oil Falls as Economic Fears Overshadow Saudi Output Cut
June 6, 2023
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LONDON—Oil prices tumbled more than $1 a barrel on Tuesday, after a strong rally in the previous session as worries about the global economic growth outweighed Saudi Arabia’s pledge to deepen output cuts. Brent crude futures were down $1.33, or 1.73 percent, to $75.38 a barrel by 0923 GMT. U.S. West Texas Intermediate crude fell…
World Stocks Tread Water as Traders Eye Fed Pause Prospects
June 6, 2023
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LONDON—European stocks started Tuesday mixed, as soft U.S. economic data reinforced expectations the Federal Reserve may skip an interest rate hike when it meets next week. The pan-European STOXX 600 index was up 0.1 percent to 460.40 at 0830 GMT. In the previous session, the index dropped as data pointing to tepid U.S. business activity…
Experiment Drug Touted as Breakthrough for Intractable Brain Cancer
June 6, 2023
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A new experimental drug therapy has shown some promising signs of slowing down the progression of a type of brain cancer by more than 16 months on average. French drug developer Servier Labratories released results of a new medication that may become one of the earliest targeted therapies for a type of brain tumor affecting adults…
JPMorgan Flags Some Signs of Emerging De-dollarization
LONDON -Signs of de-dollarisation are unfolding in the global economy, strategists at the biggest U.S. bank JPMorgan said on Monday, although the currency should maintain its long-held dominance for the foreseeable future. The strains of steep U.S. interest rate rises and sanctions that have frozen Russia out of the global banking system have seen a…
US Treasury Can Meet All Obligations After Debt Ceiling Suspension
June 5, 2023
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WASHINGTON—The U.S. Treasury said it can now meet the federal government’s payment obligations after a debt ceiling suspension, following earlier warnings that it would run short of funds on Monday if Congress failed to act. “Now that Congress has acted to suspend the debt limit, Treasury has the tools needed to ensure that the U.S….
Stock Market Today: Wall Street Slips After Tepid Report on Economy
NEW YORK—U.S. stocks drifted lower Monday to start what could be a quiet stretch following their best week since March. The S&P 500 lost 8.58 points, or 0.2 percent, to 4,273.79. The Dow Jones Industrial Average fell 199.90, or 0.6 percent, to 33,562.86, while the Nasdaq composite slipped 11.34, or 0.1 percent, to 13,229.43. The majority…
Closing Prices for Crude Oil, Gold, and Other Commodities (June 5)
June 5, 2023
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Benchmark U.S. crude oil for July delivery rose 41 cents to $72.15 a barrel Monday. Brent crude for August delivery rose 58 cents to $76.71 a barrel. Wholesale gasoline for July delivery rose 2 cents $2.52 a gallon. July heating oil rose 2 cents to $2.38 a gallon. July natural gas rose 8 cents to…
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