The big red tariff button on the Oval Office desk was smashed multiple...
The big red tariff button on the Oval Office desk was smashed multiple times yesterday as President Trump revealed a slew of new trade policies. First, he slapped a 25% tariff on India, plus a “penalty” for the country buying energy and military equipment from Russia. He later hit Brazil with an added 40% tax, partly in retaliation for what he claims is a “witch hunt” against former President Jair Bolsonaro. Trump ended the day by slapping a 50% tariff on all copper imports and then revoking the de minimis exception, which exempts packages worth less than $800 from tariffs, for allcountries (he had suspended the provision for packages just from China and Hong Kong in May). The president also said he will not extend tomorrow’s deadline for his reciprocal tariffs to restart on countries that have not made new trade deals with the US.
Microsoft cloud revenue is soaring. The House that...
Microsoft cloud revenue is soaring. The House that Gates Built is as strong as ever, reporting fiscal fourth-quarter revenue that demolished Wall Street’s expectations, thanks to big-time growth in cloud computing. Microsoft’s cloud unit, which includes the Azure platform, generated nearly $30 billion in revenue last quarter, up by 26% from the same period a year ago. Azure produced more than $75 billion in fiscal 2025, Microsoft said—the first time the tech giant has disclosed Azure’s numbers. Microsoft shares were up 20% prior to yesterday’s earnings report and then jumped another 7% in after-hours trading.
TikTok is officially rolling out its community fact-checking feature, Footnotes, to US users.
Palo Alto Networks, a leading US cybersecurity company, is buying Israeli security provider CyberArk for $25 billion, CNBC reported.
Amazon is paying the New York Times at least $20 million a year to license its content to train its AI models, the Wall Street Journal reported.
YouTube loosened its profanity rules, now allowing creators to swear within the first seven seconds of a video and still get monetized.
Oreo and Reese’s are combining for two new absurdly delicious treats in a rare team-up of two rival snack companies.
Oil rises over 1% as investors weigh Trump's Russia stance, tariff threats
(Reuters) - Oil prices settled 1% higher on Wednesday as investors focused...
(Reuters) - Oil prices settled 1% higher on Wednesday as investors focused on developments on U.S. President Donald Trump's tighter deadline for Russia to end the war in Ukraine and his tariff threats to countries that trade its oil.
The Brent crude September contract, which was set to expire on Thursday, closed up 73 cents, 1.01%, higher at $73.24.U.S. West Texas Intermediate crude was up 79 cents, or 1.14%, at $70, with investors largely shrugging off mixed U.S. data on crude and fuel inventories.
Both contracts had fallen nearly 1% earlier in the day.
The more active Brent October contractsettled up 79 cents, or 1.1% higher, at $72.47.
Dow falls 170 points after Fed signals no decision made yet on September cut
U.S. stocks finished lower on Wednesday after the Federal...
U.S. stocks finished lower on Wednesday after the Federal Reserve decided to leave interest rates unchanged, but Chair Jerome Powell said no decision has been made yet on whether policymakers are ready to cut interest rates in September.
The Dow Jones Industrial Average lost 171.71 points, or nearly 0.4%, to end at 44,461.28, according to preliminary data from FactSet. The blue-chip index has fallen for three consecutive trading days.
The S&P 500 was off 7.96 points, or 0.1%, at 6,362.90.
The Nasdaq Composite rose 31.38 points, or 0.2%, ending at 21,129.67.
The U.S. central bank on Wednesday left rates unchanged for a fifth straight meeting, keeping them in a range of 4.25-4.5%. But Powell, in his post-meeting press conference, mentioned risk of persistent inflation as a result of President Donald Trump's tariff plans. He also said the Fed is prepared to maintain a wait-and-see stance when it comes to delivering rate cuts.
As a result, the odds of a September rate cut moved down substantially after the press conference. Fed-funds futures traders saw a 45% chance of a September cut, down from around 63% earlier in the day, according to the CME FedWatch Tool.
The American Petroleum Institute (API) estimated...
The American Petroleum Institute (API) estimated that crude oil inventories in the United States rose this week, adding 1.539 million barrels in the week ending July 25. This is a stark contrast to the expected 2.5 million barrel draw that analysts had expected.
So far this year, crude oil inventories are up nearly 13 million barrels, according to Oilprice calculations of API data.
Gasoline inventories fell in the week ending July 25 by 1.739 million barrels, after falling by 1.228 million barrels in the week prior. As of last week, gasoline inventories were slightly above the five-year average for this time of year, according to the latest EIA data.
Distillate inventories rose substantially again this week, by 4.189 million barrels after rising by 3.48 million barrels in the week prior. Distillate inventories were 19% below the five-year average as of the week ending July 18, the latest EIA data shows.
Cushing inventories—the benchmark crude stored and traded at the key delivery point for U.S. futures contracts in Cushing, Oklahoma—rose by 465,000 barrels in the week. In the week prior, Cushing inventories had risen by 314,000 barrels.
