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• ☕️What Else is Brewing Thursday Morning
  US measles cases have reached a 33-year high. A little...
  US measles cases have reached a 33-year high. A little more than halfway into 2025, the US has reported 1,288 measles cases, marking the highest yearly total since 1992, according to data from the Centers for Disease Control and Prevention. An outbreak in Texas contributed to both the high number of cases and the first measles-related US deaths in a decade, though cases have been reported in 39 states. The US declared measles eliminated in 2000, but cases have been spiking as vaccination rates have waned. Of the people in the US infected this year, 92% were unvaccinated or had an unknown vaccination status.
  
  WK Kellogg, the company that makes your 5-year-old self’s favorite foods like Froot Loops and Frosted Flakes, is said to be nearing a deal to be acquired by chocolate company Ferrero for ~$3 billion.
  
  OpenAI is reportedly preparing to launch a web browser to compete with Google Chrome. The company also closed its deal to buy former Apple designer Jony Ive’s hardware startup.
  
  Merck is buying UK-based Verona Pharma for $10 billion as it seeks to move beyond its profitable cancer drug, whose patent is due to expire in 2028.
  
  A federal appeals court blocked the FTC’s “click to cancel” rule, which would have forced companies to make it easier to cancel subscriptions and memberships.
  
  Christian Horner has been fired from his role as Red Bull team principal after 20 years in the position and leading the team to F1 dominance.
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• Oil steady on strong gasoline demand, Red Sea attacks while Trump tariffs loom
  (Reuters) - Oil prices were steady on Wednesday as investors...

  (Reuters) - Oil prices were steady on Wednesday as investors weighed strong U.S. gasoline demand data and attacks on shipping in the Red Sea, while U.S. copper tariffs loomed.

  
  

  Brent crude futures settled up 4 cents, or 0.06%, to $70.19 a barrel. U.S. West Texas Intermediate crude settled up 5 cents, or 0.07%, to $68.38 a barrel.

  
  

  After months of calm in the Red Sea, attacks in the major global shipping lane were renewed in the past week. Rescuers pulled six crew members alive from the Red Sea on Wednesday and 15 were still missing from the second of two ships sunk in recent days in attacks claimed by Yemen's Iran-aligned Houthi militia after months of calm.

  
  

  Oil prices were also supported by an EIA forecast on Tuesday that the U.S. will produce less oil in 2025 than previously expected, as declining prices have prompted U.S. producers to slow activity.

  
  

  On Tuesday, U.S. President Donald Trump said he would impose a 50% tariff on copper, aiming to boost U.S. production of a metal critical to electric vehicles, military hardware, the power grid and many consumer goods.

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• Nasdaq closes at new record as stocks rally after Fed minutes point to rate cuts
  U.S. stocks finished higher on Wednesday, with a surge...

  U.S. stocks finished higher on Wednesday, with a surge in shares of Nvidia Corp. propelling the Nasdaq Composite to a fresh intraday and closing record.

  
  

  The Dow Jones Industrial Average rose over 200 points, or 0.5%, to end near 44,458, according to preliminary data from FactSet.

  
  

  The Nasdaq Composite was up 0.9%, to end at around 20,611, a new all-time closing high.

  
  

  The S&P 500 advanced 0.6%, to finish near 6,263.

  
  

  Federal Reserve minutes from the central bank's June policy meeting were a focus, hinting that rate cuts this year looked likely as of the meeting last month.

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• Imported fuel oil falls out of favor with US Gulf refiners
  US Gulf Coast refiners' increased preference for heavy crude caused...
  US Gulf Coast refiners' increased preference for heavy crude caused fuel oil imports to the region to fall to a record low of 213,000 barrels per day in June, down from 233,000 bpd month over month and 430,000 bpd in June 2024, Kpler data show. Analysts attribute the shift to higher fuel oil prices amid global supply tightness and a longer-term trend toward greater use of domestic refinery residue and medium-to-heavy crude slates.
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• Growing domestic output shrinks energy import share in 2024
  Imports accounted for 17% of the US energy supply in 2024, the lowest...
  Imports accounted for 17% of the US energy supply in 2024, the lowest level in nearly four decades and half the peak recorded in 2006, according to the Energy Information Administration, which attributes the decrease to rising domestic energy production and declining imports. The US maintained its net energy exporter status last year as several domestic energy sources, including crude oil and natural gas, set production records, the EIA noted.
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