Artificial intelligence could come with both advantages and risks in the financial system, cautions the Federal Reserve’s chief banking regulator. Michael S. Barr, the Fed Vice Chair for Supervision, told the National Fair Housing Alliance 2023 National Conference on July 18 that underserved communities could have greater access to housing because AI technology, such as…
Top Fed Regulator Cautions AI Risks Violating Lending Laws
July 19, 2023
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artificial intelligenceBusiness & MarketseconomyFederal ReserveMarketsMichael S. BarrPolicies & ImpactsUSUS News
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Stock Market Today: Wall Street’s AI Frenzy and Strong Bank Profits Send Stocks Higher
NEW YORK—Wall Street’s frenzy around artificial intelligence helped push stocks to their best level in more than 15 months on Tuesday, along with stronger-than-expected profit reports from several big financial companies. The S&P 500 rose 32.19, or 0.7 percent, to 4,554.98 and its highest finish since early April 2022. The Dow Jones Industrial Average rallied…
How Major US Stock Indexes Fared July 18
Wall Street’s growing frenzy around artificial intelligence pushed stocks to their best level in more than 15 months. The S&P 500 rose 0.7 percent Tuesday to its highest finish since early April 2022. The Dow added 366 points, or 1.1 percent, and the Nasdaq composite climbed 0.8 percent. Microsoft was the biggest force pushing the…
American Startups Facing a Tough Situation in 2023, With Little Sign of Relief
July 18, 2023
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Business & MarketsCompanieseconomic policieseconomyinflationInvestmentMarketsMedia & Big TechrecessionSilicon ValleystartupsTechTech NewsUSUS Newsventure capital
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It is becoming more apparent that American startups are facing a bad year, and financial relief is far from coming. Higher interest rates, a shaky U.S. economy, and the recent banking crisis have led to a shortage of funds for capital-hungry startups in their early stages, along with less opportunity for those in late-stage development…
S&P 500 Inches Down as Investors Digest More Big Bank Earnings
The benchmark S&P 500 edged lower on Tuesday as investors digested earnings reports from top lenders Morgan Stanley and Bank of America, after the markets rallied last week in anticipation of the results and signs of inflation cooling. The Dow Jones Industrial Average rose 11.73 points, or 0.03 percent, at the open to 34,597.08. The…
Dollar Slips Towards 15-month Low, Euro Scales 17-month Peak
LONDON—The dollar drifted near a 15-month low against its major peers on Tuesday, as investors awaited fresh catalysts to gauge for downside in the wake of last week’s cooler-than-expected U.S. inflation. The U.S. dollar index, which measures the greenback against a basket of six currencies, fell as low as 99.587, languishing near Friday’s trough of…
Oil Inches Higher as Investors Eye US Crude Supplies
LONDON—Oil prices edged higher on Tuesday as investors weighed a possible tightening of U.S. crude supplies against weaker-than-expected Chinese economic growth. Both contracts fell more than 1.5 percent on Monday, following lacklustre Chinese data and the partial restart of some Libyan oilfields. Brent crude was up 51 cent at $79.01 a barrel by 0956 GMT,…
World Stocks Near 15-month High; China Data Weighs on Markets
July 18, 2023
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Business & MarketsCompanieseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsrecessionstocks
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LONDON—World shares were steady near their recent 15-month highs and the dollar held close to a one-year low on Tuesday as investors paused to take stock of weak economic data from China and waited for U.S. retail sales data and earnings. Asian stocks fell earlier in the session as markets caught up with growth data…
Stock Market Today: Wall Street Pushes Higher as Earnings Season Ramps Up
NEW YORK—Wall Street pushed higher Monday ahead of a week full of updates about where profits for big U.S. companies are heading. The S&P 500 rose 17.37, or 0.4 percent, to 4,522.79 and its highest closing level in 15 months. The Dow Jones Industrial Average gained 76.32, or 0.2 percent, to 34,585.35, and the Nasdaq…
Closing Prices for Crude Oil, Gold, and Other Commodities (July 17)
July 17, 2023
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Benchmark U.S. crude oil for August delivery fell $1.27 to $74.15 a barrel Monday. Brent crude for September delivery fell $1.37 to $78.50 a barrel. Wholesale gasoline for August delivery fell 1 cent $2.63 a gallon. August heating oil fell 4 cents to $2.56 a gallon. August natural gas fell 3 cents to $2.51 per…
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