Ernesto knocked out out Puerto Rico’s power and became a hurricane. As...
Ernesto knocked out out Puerto Rico’s power and became a hurricane. As a tropical storm, Ernesto deluged Puerto Rico with rain and brought 74 mph wind gusts, leaving more than 700,000 homes and businesses—representing half of all power customers on the island—without power. Another 46,000 customers lost power in the Virgin Islands. Traveling north, the storm strengthened into a Category 1 hurricane, and it is expected to become even stronger over open waters in the Atlantic, potentially stirring up strong waves and currents along the East Coast of the US.
Hamas said it won’t take part in Gaza cease-fire negotiations that were scheduled for today in Qatar because Israel would not commit to sticking to the plan outlined by President Joe Biden. But Reuters reports that mediators might still meet with Hamas representatives. Meanwhile, as concerns of a wider regional war grow, the US approved a $20 billion weapon sale to Israel—though most of the weapons won’t get there for years.
Cisco will lay off 7% of its workforce to cut costs, although it projects an improvement in sales.
Japan’s Prime Minister Fumio Kishida will step down next month amid controversy over his handling of a fundraising scandal.
RIP: Wally Amos, the founder of Famous Amos cookies, died from complications of dementia at age 88. Oscar-nominated actress Gena Rowlands, who was diagnosed with Alzheimer’s in 2019, died at age 94.
Nasdaq ekes out slight gain in final minutes of trading, S&P 500 advances for fifth session
U.S. stocks finished higher on Wednesday, with the S&P...
U.S. stocks finished higher on Wednesday, with the S&P 500 and Nasdaq Composite scoring their fifth consecutive trading day of gains after a mild July consumer-price index reinforced expectations for a September rate cut by the Federal Reserve.
Based on preliminary data, the Dow Jones Industrial Average closed up by 242.75 points, 0.6%, at 40,008.39. It was the index's second straight session of gains.
The S&P 500 closed up by 20.78 points, or 0.4%, at 5,455.21.
The Nasdaq Composite eked out a slight gain in the final minutes of trading to finish higher by 4.99 points at 17,192.60.
"July’s inflation data was remarkably as expected," said BMO Capital Markets rates strategists Ian Lyngen and Vail Hartman. "Had the Fed not already set the stage for a cut in September, this CPI print would have solidified one."
Big-picture view of CPI: U.S. inflation continues to cool. But hot spots remain
Inflation has cooled considerably over the past year,...
Inflation has cooled considerably over the past year, but there are still a few hot spots. The biggest is the cost of shelter - rent and housing. It accounted for about 90% of the increase in the consumer price index in July.
Still, the report is unlikely to prevent the Federal Reserve from reducing interest rates in September as widely expected.
The big question for investors is whether it will be a 1/4-point cut or a larger 1/2-point reduction. The July CPI probably doesn't settle the question.
For now, betting markets suggest a smaller cut is more likely.
Sam Altman-backed startup Heimdal has opened the largest US carbon dioxide...
Sam Altman-backed startup Heimdal has opened the largest US carbon dioxide capture facility in Shidler, Oklahoma, capable of removing 5,000 tons of CO2 annually at a cost of less than $200 per ton. The company channels the captured gas into enhanced oil recovery, setting it apart from competitors who focus solely on CO2 storage.
Nearing hurricane strength, Tropical Storm Ernesto is projected to bring...
Nearing hurricane strength, Tropical Storm Ernesto is projected to bring heavy rain and cause power outages as it skirts Puerto Rico today. It could also bring dangerous rip currents along the East Coast next week.
