Economic growth picked up more than expected in the spring, as cooling inflation and a strong labor market allowed consumers to keep spending even as high interest rates weighed on their finances.
The Commerce Department said on Thursday that gross domestic product, adjusted for inflation, increased at a 2.8 percent annual rate in the second quarter. That was faster than the 1.4 percent rate recorded in the first quarter, but it was down from the unexpectedly strong growth in the second half of last year.
Netanyahu defended the war in Gaza to (some of) Congress amid...
Netanyahu defended the war in Gaza to (some of) Congress amid protests. As thousands protested outside the US Capitol, Israeli Prime Minister Benjamin Netanyahu addressed a joint session of Congress yesterday—though more than 60 Democrats chose not to attend, including former House Speaker Nancy Pelosi and Kamala Harris (nearly 100 interns also called in sick as a protest). Harris cited a scheduling conflict and will meet with him later in the week, as will Donald Trump. In his pugnacious speech, Netanyahu pledged to achieve “total victory” in Gaza and did not mention the status of ongoing negotiations for a cease-fire and return of hostages. He said the US and Israel must stand together and praised both Trump and President Joe Biden, while dismissing the protesters as “Iran’s useful idiots.”
Salt Lake City will host the 2034 Olympics—though the decision came only after the IOC pressured Utah to help stop an FBI investigation into an Olympic doping scandal.
Here in 2024, the opening ceremony isn’t until tomorrow, but the Olympic Games are off to quite a start. During the first match of the men’s soccer tournament, Morocco fans ran onto the field to protest a goal for Argentina that was ultimately disallowed, cementing Morocco’s win.
Monday was the world’s hottest day ever on record. It broke the previous record set by…Sunday.
The shooter who tried to assassinate Donald Trump googled “How far away was Oswald from Kennedy?” a week before the rally, FBI Director Christopher Wray told a Congressional committee.
The UK’s King Charles is getting a £45 million ($58 million) pay raise after profits at the public estate that supports the monarchy more than doubled. He’s also planning to convert two of the Bentleys that he’s driven around in to biofuel cars in keeping with his green ambitions.
Nasdaq, S&P 500 post worst days since 2022 after brutal Big Tech stock selloff
U.S. stocks finished sharply lower on Wednesday, led by a 3.6% drop in...
U.S. stocks finished sharply lower on Wednesday, led by a 3.6% drop in the Nasdaq Composite, after disappointing earnings from megacap technology companies triggered a flight to safety by investors.
Based on preliminary data, the Dow Jones Industrial Average finished by 504.22 points, or 1.3%, at 39,853.87. It closed lower for the fourth time in the past five sessions.
The S&P 500 closed down by 128.61 points, or 2.3%, at 5,427.13. It had its worst day on a percentage basis since Dec. 15, 2022.
The Nasdaq Composite ended down by 654.94 points, or 3.6%, at 17,342.41. On a percentage basis, the index had its worst day since Oct. 7, 2022.
Wednesday's market moves were "very much a continuation of the rotational activity we were seeing last week, but it hasn’t turned into an outright derisking yet," said Michael Reinking, a senior market strategist for the New York Stock Exchange.
Nonetheless, Reinking wrote in a note that "as volatility increases and fast trends begin to break, that does trigger a systematic reduction of risk, and we could enter into that feedback loop."
Settlement clears path for Golden Pass LNG completion
The stalled $11 billion Golden Pass LNG export project in Texas could...
The stalled $11 billion Golden Pass LNG export project in Texas could move forward after a settlement with bankrupt original contractor Zachry Holdings enables owners QatarEnergy and ExxonMobil to appoint Chiyoda International as the new lead contractor. The agreement puts the facility on track to begin LNG production in 2025, a delay from the initially planned end of 2024.
