Tesla won a contract with the state of Texas among a series of victories that will likely pave the way in making the electric vehicle (EV) maker’s charging technology the dominant standard for powering electric vehicles in the United States. Texas announced on June 20 that it would require EV charging companies to include both…
Texas Requires State Charging Stations to Include Tesla’s Plug in Another Victory for Musk
June 21, 2023
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Housing Starts See Biggest Monthly Gain Since 1990, but Trend Unsustainable
June 21, 2023
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New U.S. housing starts registered the biggest monthly increase in more than 30 years in May, but some experts raised doubts about whether the trend is sustainable. “Privately owned housing starts in May were at a seasonally adjusted annual rate of 1,631,000. This is 21.7 percent above the revised April estimate of 1,340,000,” according to…
Wall Street Opens Lower as Powell Doubles Down on Inflation Fight
Wall Street’s main indexes opened lower on Wednesday as Federal Reserve Chair Jerome Powell remained firm in bringing inflation back to 2 percent target, spurring worries of more monetary tightening. The Dow Jones Industrial Average fell 63.31 points, or 0.19 percent, at the open to 33,990.56. The S&P 500 opened lower by 8.70 points, or…
Dollar Firm Ahead of Powell Testimony, Sterling Falls After Inflation Data
SINGAPORE/LONDON—The dollar was firmer on Wednesday leading into Federal Reserve Chair Jerome Powell’s appearance before Congress, where he is expected to strike a hawkish tone, while sterling slipped after hotter-than-expected British inflation data. The annual pace of British consumer price gains was steady at 8.7 percent in May, against hopes it had cooled since April….
Oil Holds Steady Ahead of Powell’s Congressional Testimony
LONDON—Oil prices stabilised on Wednesday ahead of Federal Reserve Chair Jerome Powell’s congressional testimony later in the day and as data showing British inflation remained sticky raised the possibility of a hawkish Bank of England policy decision this week. Brent futures were flat at $75.90 a barrel by 0929 GMT and U.S. West Texas Intermediate…
Stocks Uneasy in Case Powell Embraces His Inner Hawk
June 21, 2023
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SYDNEY/LONDON—Stocks slipped on Wednesday on negative news including a lack of new stimulus from Beijing, bearish British inflation data, and a further slump in European real estate, as markets await direction from Federal Reserve Chair Jerome Powell. The world’s most powerful central banker faces lawmakers in two days of testimony and is sure to be…
US Industrial Production Unexpectedly Falls in May After 2 Months of Gains
June 21, 2023
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U.S. industrial production unexpectedly slipped in May, after two months of gains. Factories in the mid-Atlantic region saw a decline in activity for the first time since 2021 in June, according to the Federal Reserve Bank of Philadelphia. Production fell 0.2 percent last month, as manufacturing struggled under the weight of higher interest rates, after…
Stock Market Today: Wall Street Falls and Takes a Step Back After Its Big Rally
NEW YORK—Stocks pulled back Tuesday in their first trading after a five-week rally carried Wall Street to its highest level since the spring of last year. The S&P 500 fell 20.88 points, or 0.5 percent, to 4,388.71. The Dow Jones Industrial Average dropped 245.25, or 0.7 percent, to 34,053.87, and the Nasdaq composite lost 22.28,…
Closing Prices for Crude Oil, Gold, and Other Commodities (June 20)
June 20, 2023
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Benchmark U.S. crude oil for July delivery fell $1.28 to $70.50 a barrel Tuesday. Brent crude for August delivery fell 19 cents to $75.90 a barrel. Wholesale gasoline for July delivery fell 7 cents $2.61 a gallon. July heating oil fell 7 cents to $2.48 a gallon. July natural gas fell 14 cents to $2.49…
How Major US Stock Indexes Fared June 20
Stocks closed lower in Wall Street’s first trading after a five-week rally carried it to its highest level since the spring of last year. The S&P 500, the Dow Jones Industrial Average and the Nasdaq composite fell. The U.S. stock market took a step back after rising on hopes the economy can avoid a recession…
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