Wall Street’s main indexes eked out gains at the open on Thursday on optimism sparked by passage of a bill by lawmakers to suspend the nation’s debt ceiling, while dismal earnings from Salesforce kept gains in check. The Dow Jones Industrial Average rose 21.58 points, or 0.07 percent, at the open to 32,929.85. The S&P…
Euro Steadies Near 2-month Low as Inflation Drops in Relief for ECB
LONDON—The euro steadied on Thursday near a two-month low after data showed eurozone inflation eased more than expected last month, backing arguments for only cautious further rate hikes by the European Central Bank (ECB). Inflation in the 20 nations sharing the euro eased to 6.1 percent in May from 7.0 percent in April, below expectations…
Oil Steadies on a Potential Pause in US Interest Rate Hikes and Passing Debt Limit Deal
LONDON—Oil steadied on Thursday on a potential pause in U.S. interest rate hikes and the passing of a crucial vote on the U.S. debt ceiling bill. U.S. Federal Reserve officials on Wednesday suggested interest rates could be kept on hold this month and the U.S. House of Representatives passed a bill suspending the government’s debt…
Shares Gain on US Debt Bill Passage, Fed Pause Talk
June 1, 2023
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LONDON/TOKYO—Global shares rose on Thursday amid receding bets for a U.S. rate hike this month and relief over the passage through the U.S. House of Representatives of a bill to suspend the federal debt ceiling. A divided House passed a bill to suspend the $31.4 trillion debt ceiling—and avert a catastrophic default—with majority support from…
Republican Presidential Candidate Vivek Ramaswamy ‘Deeply Concerned’ Over Musk’s China Visit
June 1, 2023
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Republican Presidential candidate Vivek Ramaswamy is “deeply concerned” that Tesla CEO Elon Musk met with China’s foreign minister this week, while reportedly revealing an opposition to economic decoupling between the United States and China. Taking to Twitter on May 31, Ramaswamy said he was breaking an “unspoken rule in the GOP” by sharing his concerns about the billionaire’s…
Stock Market Today: Wall Street Slips as Stocks Slump Worldwide
NEW YORK—Wall Street slipped as stocks slumped worldwide Wednesday on worries about the strength of the global economy and inflation. The S&P 500 fell 25.69, or 0.6 percent, to 4,179.83. The Dow Jones Industrial Average dropped 134.51, or 0.4 percent, to 32,908.27, and the Nasdaq composite lost 82.14, or 0.6 percent, to 12,935.29. Stock markets…
Closing Prices for Crude Oil, Gold, and Other Commodities (May 31)
May 31, 2023
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Benchmark U.S. crude oil for July delivery fell $1.37 to $68.09 a barrel Wednesday. Brent crude for July delivery fell 88 cents to $72.66 a barrel. Wholesale gasoline for June delivery fell 4 cents to $2.56 a gallon. June heating oil fell 2 cents to $2.26 a gallon. July natural gas fell 6 cents to…
How Major US Stock Indexes Fared May 31
Wall Street closed lower as worries rise about the strength of the global economy and inflation. The S&P 500 fell 0.6 percent Wednesday. The Nasdaq composite fell a similar amount, and the Dow Jones Industrial Average fell 0.4 percent. Markets in Asia fell even more following discouraging data on manufacturing in China. In the United…
‘Big Short’ Investor Warns of Potential $200 Billion Housing Market Crash Due to Underestimated Flood Risks
Dave Burt, CEO of DeltaTerra Capital and renowned “Big Short” investor who foresaw the 2008 housing crisis, has voiced his concern over a potential repeat of the crisis. His worry is centered on what he sees as an underestimation of the systemic risk flooding poses to the mortgage market. Burt’s successful prediction of the subprime…
Cleveland Fed President Says There Is No ‘Compelling’ Reason to Pause Rate Hikes
May 31, 2023
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Loretta Mester, president of the Federal Reserve Bank of Cleveland, said there was no “compelling” reason to wait for another interest-rate hike, in a recent interview. Mester told the Financial Times in a recent interview that more must be done to bring U.S. inflation under control, rather than await for more economic results. Some Fed policymakers have suggested that…
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