Pow’s building reno is getting a lot of attention. Federal...
Pow’s building reno is getting a lot of attention. Federal Reserve Chair Jerome Powell asked the central bank’s inspector general to review a $2.5 billion building renovation project after its budget overruns prompted severe criticism from the White House. The request came after National Economic Council Director Kevin Hassett told ABC on Sunday that the president could fire Powell “if there’s cause.” With President Trump having previously expressed a desire to axe Powell for not lowering interest rates, many Fed watchers see the building project as a potential cause the White House could use to get rid of Powell before his term ends and install someone new.
Andrew Cuomo is staying in the race to be NYC’s mayor, with the former governor going independent after losing the Democratic primary to Zohran Mamdani. Current Mayor Eric Adams also plans to run as an independent.
The EU is delaying retaliatory tariffs on the US to help get a trade deal in place by Aug. 1, when President Trump said a 30% tariff would kick in.
A fire at an assisted living facility in Fall River, MA, on Sunday killed nine people and left dozens hospitalized.
Starbucks called its corporate workers back to the office four days per week.
Tesla is facing its first jury trial over a crash involving a car using its autopilot feature. And potential jurors have a lot of thoughts about Elon Musk.
Oil falls as Trump gives Russia 50 days to avoid new sanctions
(Reuters) - Oil prices settled down on Monday by more...
(Reuters) - Oil prices settled down on Monday by more than $1, as investors weighed new threats from U.S. President Donald Trump for sanctions on buyers of Russian oil that may affect global supplies, while still worried about Trump's tariffs.
Brent crude futuressettled down $1.15, or 1.63%, to $69.21 a barrel. U.S. West Texas Intermediate crude futureslost $1.47, also 2.15%, to $66.98.
Trump announced new weapons for Ukraine and threatened to slap new sanctions on buyers of Russian exports unless Moscow agrees to a peace deal in 50 days.
Oil prices rallied early, on expectations that Washington would impose steeper sanctions. But prices retreated as traders weighed whether the U.S. would actually impose steep tariffs on countries that continue to trade with Russia.
"The market took it as a negative because there seemed to be a lot of time to negotiate," said Phil Flynn, senior analyst with Price Futures Group. "The fear of immediate sanctions on Russian oil is further off in the future than the market thought this morning."
China and India are among the top destinations for Russian crude oil exports.
Nasdaq ends at fresh record high as U.S. stocks climb despite tariff jitters
U.S. stocks closed higher on Monday as investors awaited...
U.S. stocks closed higher on Monday as investors awaited tariff developments, watched Treasury yields climb and looked forward to Tuesday's CPI inflation update.
The Dow Jones Industrial Average rose 88.14 points, or 0.2%, ending at 44,459.65.
The S&P 500 added 8.81 points, or 0.1%, finishing at 6,268.56.
The Nasdaq Composite rose 54.80 points, or 0.3%, closing at 20,640.33 — a new record high.
On Monday, President Trump told Russia it has 50 days to reach a peace deal with Ukraine or face increased economic pressure from Washington.
Of note, the 30-year Treasury yield edged up to 4.971%, closing in on its one-year high of 5.089% from May.
US oil serves as geopolitical stabilizer, experts say
Robust US oil production has muted the market impact of recent Middle...
Robust US oil production has muted the market impact of recent Middle East tensions and given President Donald Trump room to pursue aggressive foreign policy, said former Energy Secretary Dan Brouillette at a recent energy event. American Petroleum Institute Vice President of Economics and Research Mason Hamilton echoed the sentiment, crediting the US oil and natural gas industry's consistency and flexibility for containing the price spike from the recent Israel-Iran conflict to just $10 per barrel.
The president posted letters addressed to European Commission President...
The president posted letters addressed to European Commission President Ursula von der Leyen and Mexican President Claudia Sheinbaum on his Truth Social account, saying the import taxes would be placed on Mexico and the European Union effective August 1. Both trading partners have been negotiating with the American coterie for weeks, but neither has been able to finalize a deal. They responded by saying they will continue to seek agreements before the deadline.
