Nasdaq closes at record as stocks climb after Trump denies plan to fire Powell
U.S. stocks closed higher on Wednesday, with the Nasdaq Composite at another record close,...
U.S. stocks closed higher on Wednesday, with the Nasdaq Composite at another record close, after President Donald Trump said he's not thinking about firing Federal Reserve Chair Jerome Powell despite reports to the contrary.
The Dow Jones Industrial Average rose 231.49 points, or 0.5%, to close at 44,254.78, based on preliminary data.
The S&P 500 advanced 19.94 points, or 0.3%, to end at 6,263.70.
The Nasdaq Composite rose 52.69 points, or 0.3%, to finish at 20,730.49. It finished with its ninth record close of the year.
Drilling in the San Juan Basin has surged to its highest level in a decade,...
Drilling in the San Juan Basin has surged to its highest level in a decade, fueled by a rise in natural gas prices.
Private San Juan operators are currently running six rigs across the basin, the most since 2015, according to East Daley Analytics. Four rigs are drilling in the San Juan’s gas window to the north, while two rigs are targeting the basin’s “Gallup” oil play to the south.
Drilling activity is picking up, and operators are increasingly landing in the deeper, richer Mancos Shale, where IPs can range between 2.3 MMcf/d and 2.5 MMcf/d, according to East Daley.
The latest inflation numbers show a situation akin to an ironed button-down...
The latest inflation numbers show a situation akin to an ironed button-down with a pea-sized mustard stain—looks suitable, but noticeably blemished.
Prices rose 2.7% in the year leading up to June, up from 2.4% in May, according to government data released yesterday. Though it’s not far above the Fed’s target of 2% annual inflation, economists who dug into the inflation report’s nitty-gritty see signs that tariffs might be starting to show up at the checkout, with prices in import-dependent shopping categories growing faster than others.
JPMorgan kicked off earnings season with a solid beat, posting $15 billion in profit as corporate dealmaking rebounded more than expected last quarter. Citigroup, meanwhile, smashed expectations, reporting total revenue that was up by 16% from the same period a year ago. Wells Fargo also reported higher Q2 profits after the Federal Reserve lifted its asset cap, though its stock fell after it lowered its annual forecast for net income. Overall, it was a more-good-than-bad day for the US’ biggest banks, providing further evidence that they’re weathering the tariff-induced economic uncertainty better than most.
Jamie Dimon said Fed independence is “absolutely critical.” The...
Jamie Dimon said Fed independence is “absolutely critical.” The JPMorgan CEO threw his unwavering support behind the concept of an independent Federal Reserve amid President Trump’s ongoing attacks on Chairman Jerome Powell. “Playing around with the Fed can often have adverse consequences, absolutely opposite of what you might be hoping for,” Dimon said yesterday. Treasury Secretary Scott Bessent suggested that the process to identify Powell’s successor has already started, and he claimed that Trump’s criticism of the chairman is simply “working the refs” to cut interest rates. Powell’s term as Fed chair ends next year, but his term as one of the Fed governors isn’t up until 2028.
The US House voted against taking a procedural step to begin the process of advancing a series of crypto-friendly bills, delivering a temporary blow to “Crypto Week.”
Amazon is delaying the launch of a web-based version of its voice assistant, Alexa, the Washington Post reported.
The DOJ shut down two investigations into predictions platform Polymarket, potentially laying the foundation for its entry into the US market, Bloomberg reported.
SiriusXM is launching its first ad-supported tier, which will cost ~$7 a month and feature limited commercials.
