The US is in the midst of a "freight recession," meaning there are fewer trucks delivering...
The US is in the midst of a "freight recession," meaning there are fewer trucks delivering goods around the country.
That slowdown, in turn, has dragged diesel prices down by almost half since last May, with the Wall Street Journal reporting wholesale diesel falling from $5.34 to $2.65.
The key industrial fuel, which is used to power machines and vehicles in countless sectors, began to dip first during the warmer-than-expected winter. Diminishing factory output and weaker demand for trucks has dragged prices down further.
The bank is teetering, with the stock down 93% in 2023. It had won wealthy clients with the offer of...
The bank is teetering, with the stock down 93% in 2023. It had won wealthy clients with the offer of jumbo mortgage loans that required no principal payments for a decade. Now, First Republic is reversing course. More here.
Oil dropped 2% to its lowest this month on Tuesday after two sessions of gains, as deepening...
Oil dropped 2% to its lowest this month on Tuesday after two sessions of gains, as deepening concerns of an economic slowdown and a stronger dollar outweighed hopes of higher Chinese demand.
Brent crude fell by $1.96, or 2.4%, to settle at $80.77 a barrel, its lowest close since March 31, before OPEC announced plans to cut production.
U.S. West Texas Intermediate crude dropped $1.69, or 2.2%, to close at $77.07, also its lowest this month.
Stocks close near their lows of the day, with the S&P 500 losing 1.5%
U.S. stocks ended sharply lower Tuesday, ending a long stretch...
U.S. stocks ended sharply lower Tuesday, ending a long stretch of quiet trade, after earnings from First Republic Bank renewed worries over regional banks.
Poorly received results from United Parcel Service weighed on transportation stocks, fanning recession worries.
Meanwhile, a busy week of earnings from Big Tech companies kicked off after the opening bell, with results due from Microsoft and Google parent Alphabet Inc.
The Dow Jones Industrial Average ended the day down around 344 points, or 1%, near 33,532, according to preliminary figures, while the S&P 500shed 1.6% and the Nasdaq Compositedropped 2%.
Yellen says impacts of a U.S. debt default would be felt ‘into perpetuity’
U.S. Treasury Secretary Janet Yellen on Tuesday warned of severe...
U.S. Treasury Secretary Janet Yellen on Tuesday warned of severe economic consequences if Congress does not address the debt ceiling, as Republicans were readying a House vote on the matter.
“It is unlikely that the federal government would be able to issue payments to millions of Americans, including our military families and seniors who rely on Social Security,” she said in remarks prepared for delivery to the Sacramento Metropolitan Chamber of Commerce.
“In the longer term, a default would raise the cost of borrowing into perpetuity,” she said.
