Consumers spent less in May, but were happier in June. Last...
Consumers spent less in May, but were happier in June. Last month, US consumers pulled back for the first time since January, and personal incomes also fell, data released yesterday by the Commerce Department showed. Meanwhile, the personal consumption expenditures price index—the Fed’s favorite inflation gauge—ticked up slightly. But the economic data wasn’t all a bummer, because as the most recent survey results from the University of Michigan revealed, consumer sentiment rose this month, with Americans feeling rosier about their economic future as the initial fears raised by the president’s aggressive tariffs began to subside.
The US and China have signed trade agreements that should have China reviewing export licenses for rare earth minerals again, while easing some US restrictions on China.
President Trump said he may not stick to an early July deadline for steep tariffs on countries that haven’t struck deals with the US, saying, “We can do whatever we want.”
California legislators voted to approve a $750 million film tax credit in an effort to lure production back to Hollywood.
Jurors are expected to start deliberating Monday in the sex trafficking case against music mogul Sean “Diddy” Combs following closing arguments yesterday.
S&P 500, Nasdaq end at record highs despite Trump calling off Canada trade talks
The U.S. stock market closed higher Friday, with the...
The U.S. stock market closed higher Friday, with the S&P 500 and Nasdaq Composite each ending at record highs.
The Nasdaq clinched its first record closing high since December, while the S&P 500 eclipsed its previous record peak notched in February, according to Dow Jones Market Data.
The S&P 500 rose 32.05 points, or 0.5%, to end at 6,173.07.
The Nasdaq advanced 105.55 points, or 0.5%, to finish at 20,273.46.
The Dow Jones Industrial Average gained 432.43 points, or a sharp 1%, to close at 43,819.27.
The S&P 500 and Nasdaq ended at fresh all-time peaks after briefly falling into the red Friday afternoon following President Donald Trump’s post on social media about terminating trade discussions with Canada. He said on Truth Social that Canada’s decision to put a digital-services tax on American tech companies was an "attack" on the U.S.
All three major U.S. stock benchmarks booked strong weekly gains. The S&P 500 rallied 3.4% to snap back-to-back weekly losses, while the technology-heavy Nasdaq jumped 4.2% for the week and the Dow climbed 3.8%, according to Dow Jones Market Data. Both the Dow and Nasdaq logged back-to-back weekly gains.
Oil inches up on US demand strength; fading Mideast supply risks offset gains
(Reuters) - Oil prices edged higher on Thursday as crude...
(Reuters) - Oil prices edged higher on Thursday as crude inventories in the United States fell on higher demand as summer driving season ramped up, while concerns over Middle East supply risks eased, offsetting some gains.
Brent crude futures settled up 5 cents, or 0.07%, higher to $67.73 a barrel. U.S. West Texas Intermediate crudegained 32 cents, or 0.49%, to $65.24 a barrel.
Both benchmarks climbed nearly 1% on Wednesday, recovering from losses earlier in the week after data showed resilient U.S. demand. Brent futures were trading below their close of $69.36 on June 12, the day before Israel started airstrikes on Iran.
The U.S. driving season had started slowly but was now stoking demand, ANZ analysts said.
"The market is starting to digest the fact that crude oil inventories are very tight all of a sudden," said Phil Flynn, senior analyst with the Price Futures Group.
U.S. crude oil and fuel inventories fell in the week to June 20 as refining activity and demand rose, the Energy Information Administration said on Wednesday.
Crude inventories fell by 5.8 million barrels, the EIA said, exceeding analysts' expectations in a Reuters poll for a 797,000-barrel draw.
S&P 500, Nasdaq book big gains, barely miss record closes
Stocks closed sharply higher after a cliff-hanger session...
Stocks closed sharply higher after a cliff-hanger session on Thursday, in which the Nasdaq Composite and S&P 500 both briefly surpassed their prior closing highs but ultimately came up short in the final moments of trade.
The S&P 500 index gained 48.86 points, or 0.8%, closing at 6,141.02. It needs to close above 6,144.15 for a new record.
The Nasdaq Composite rose 194.36 points, or 1%, ending at 20,167.91. Its level to beat is 20,173.89.
The Dow Jones Industrial Average gained 404.41 points, or 0.9%, finishing at 43,386.84. That was 3.6% off its record close from Dec. 4, 2024, according to Dow Jones Market Data.
Stock-market bulls have been looking to seize fresh records since oil prices began retreating and Israel and Iran agreed to a cease-fire. Bond yields also have been easing, helping fuel a more risk-on tone on Wall Street.
What the Iran conflict means for gas prices this summer
History shows that turmoil in the Middle East usually means a stateside...
History shows that turmoil in the Middle East usually means a stateside spike in gas prices. But even with the US and Israel launching strikes against Iran, experts believe there’s no reason to turn your car around this summer.
The average cost for a gallon of regular gas is currently $3.21—that’s ~23 cents cheaper than it was a year ago, according to the US Energy Information Administration. In fact, oil prices are lower now than when the Israel-Iran conflict began on June 10, and they may hold steady for awhile:
🟢Unlike in similar situations that led to more expensive gas, the US has produced much more oil since the shale revolution of the early 2010s, creating an abundance that should prevent pain at the pump.
🟢The Persian Gulf region is also less willing than it used to be to withhold its oil to spite the US for its support of Israel, per the Washington Post.
Of course, this can all change in an instant if the tenuous ceasefire is broken, or if there’s a disruption in the body of water that everyone suddenly became an expert on two weeks ago—the Strait of Hormuz.
Patrick De Haan, head of petroleum analysis at GasBuddy, told the Wall Street Journal that he expects gas prices to hold between $3 and $3.20 this summer.
