The macroeconomics version of a gender reveal is kicking off at 2pm ET...
The macroeconomics version of a gender reveal is kicking off at 2pm ET today, when the Fed will announce the first interest rate cut in over four years. Financial watchers are split between two predictions: a standard 0.25% cut or a more aggressive one of 0.5% (investors are betting on the latter, while many analysts think the former). Regardless of its size, today’s rate cut and subsequent ones are expected to make borrowing cheaper for consumers and businesses, with ripple effects throughout the economy.
FanDuel’s parent company made a $2.6b play for Italy. Flutter,...
FanDuel’s parent company made a $2.6b play for Italy. Flutter, the company behind FanDuel, bought Italian gambling service Snaitech for $2.6 billion, CNBC reported, as the US gambling giant pushes further into international markets. The move comes a few days after Flutter purchased a majority stake in NSX Group, one of Brazil’s biggest gambling operators. The global expansion differs from the strategy of Flutter’s main rival, DraftKings, which is focused on the US market, per CNBC. Also yesterday: FanDuel and DraftKings were sued by the Major League Baseball Players Association for allegedly using players’ names and likenesses without permission.
Sam’s Club, the Walmart-owned membership store chain, is raising wages for workers to stay competitive with rival Costco.
Uber will verify passengers’ account info with a third-party identification service as part of a growing effort to keep drivers safer.
JPMorgan is in talks with Apple to replace Goldman Sachs as the issuer of the tech company’s credit card, the Wall Street Journal reported.
Snap revealed a new version of its AR glasses, Spectacles, which cost ~$1,200 and are only intended for software developers.
The Trump family launched their enigmatic crypto platform, “World Liberty Financial,” which is co-run by a former YouTube pickup artist.
Crude oil inventories in the United States rose by 1.96 million...
Crude oil inventories in the United States rose by 1.96 million barrels for the week ending September 13, according to The American Petroleum Institute (API). Analysts had expected a 100,000-barrel drop.
The API reported a 2.79-million-barrel decrease in crude inventories for the week prior.
According to API data, crude oil inventories are 10.9 million barrels below their peak at the beginning of the year.
Cushing inventories saw yet another large draw, with a loss of 1.4 million barrels, according to API data, on top of the 2.6-million-barrel draw from the previous week.
Oil prices end higher after exploding-pagers attack on Hezbollah members in Lebanon
U.S. crude oil rose above $71 per barrel on Tuesday, as optimism grows that the Federal Reserve will...
U.S. crude oil rose above $71 per barrel on Tuesday, as optimism grows that the Federal Reserve will cut interest rates this week and production is still disrupted in the Gulf of Mexico.
“Supply disruptions are making their mark, including Hurricane Francine’s impact on US Gulf of Mexico infrastructure,” said Svetlana Tretyakova, senior analyst at Rystad Energy.
“Expectations of a US Federal Reserve rate cut are gaining momentum, which could be good news for demand,” Tretyakova said.
Here are Tuesday’s closing energy prices:
West Texas Intermediate October contract: $71.19 per barrel, up $1.10, or 1.57%. Year to date, U.S. crude oil is down 0.64%.
Brent November contract: $73.70 per barrel, up 95 cents, or about 1.31%. Year to date, the global benchmark has fallen more than 4%.
RBOB Gasoline October contract: $2.0019 per gallon, up 1.71%. Year to date, gasoline has declined nearly 5%.
Natural Gas October contract: $2.324 per thousand cubic feet, up 2.06%. Year to date, gas has pulled back more than 7%.
Blue chips lag as U.S. stocks edge upward ahead of Fed rate decision
U.S. stocks finished mostly higher on Tuesday as investors...
U.S. stocks finished mostly higher on Tuesday as investors prepared for the Federal Reserve’s first interest-rate cut since 2020.
The S&P 500 was up 1.49 points, ending flat at around 5,634.58. It briefly touched its previous all-time closing high of 5,667.20 in the morning session. The large-cap benchmark index has risen for seven straight days, scoring its largest seven-day point and percentage gain since August 21.
The Dow Jones Industrial Average lost 15.90 points, or less than 0.1%, to remain nearly flat at 41,606.18. This snapped the blue-chip index's four-day winning streak.
The Nasdaq Composite rose 35.93 points, or 0.2%, ending at 17,628.06.
The Federal Reserve is set lower interest rates on Wednesday at the conclusion of its two-day policy meeting. While a rate cut is widely expected, Wall Street is still split between predicting a 25-basis-point cut and one of 50-basis-point cuts.
