Dow seals 22nd record close of year while tech stocks drag down Nasdaq, S&P 500
U.S. stocks finished mostly lower on Wednesday as a continued pullback...
U.S. stocks finished mostly lower on Wednesday as a continued pullback in mega-cap technology stocks weighed on the S&P 500 and Nasdaq Composite.
The Biden administration said it was considering stricter export restrictions to China, while Donald Trump attacked Taiwan's dominance in the chip-manufacturing industry.
Dow industrials rose 243.60 points, or 0.6% to end at 41,198.08, its 22nd record close of the year. According to Dow Jones Market Data, the blue-chip index has gained for six consecutive sessions and logged its largest six-day point gain since October 2022.
The Nasdaq Composite tumbled 512.42 points, or 2.8% to finish at 17,996.92. It was the biggest daily percentage decline for the tech-heavy index since December 15, 2022.
The S&P 500was down 78.93 points, or 1.4%, ending at 5,588.27.
US Silica Investors OK Apollo’s $1.85B Take-private Deal
U.S. Silica approved a sale...
U.S. Silica approved a sale to Apollo Global Management in a deal that will take the proppant services company private.
The company said after markets closed that the $1.85 billion cash transaction was approved during a special meeting of U.S. Silica stockholders held on July 16.
More than 75% of U.S. Silica’s outstanding shares approved the merger; approximately 78% of outstanding shares were represented during the stockholder meeting.
Trump’s VP pick, Sen. JD Vance agrees with his energy stances
Ohio U.S. Sen. J.D. Vance is former President Trump’s running mate—picked...
Ohio U.S. Sen. J.D. Vance is former President Trump’s running mate—picked Monday just two days after Trump survived an assassination attempt in Pennsylvania.
But what do we know about Vance and his stands on energy? Politico’s The Hill reported Vance, the Republican from Ohio, is closely aligned with Trump when it comes to climate and environmental issues.
He not only calls electric vehicles a “scam” but has played down the threat of climate change.
As The Hill further reported, Vance hasn’t called climate change a “hoax” as the former President has done. But two years ago on the Clay Travis and Buck Sexton national radio show, he didn’t support any suggestion of a “climate crisis we need to destroy the economy to deal with.”
He also said at one point in 2022, “I’m skeptical of the idea that climate change is caused purely by man.”
According to the American Petroleum Institute (API), crude oil inventories...
According to the American Petroleum Institute (API), crude oil inventories in the United States fell sharply this week by 4.44 million barrels for the week ending July 12.For the week prior, the API reported a 1.9 million barrel draw in crude inventories.
This week marks the third week in a row of API-estimated crude oil inventory draws, with a total loss of 15.5 million barrels.
On Tuesday, the Department of Energy (DoE) reported that crude oil inventories in the Strategic Petroleum Reserve (SPR) rose by 0.6 million barrels as of July 12. Inventories are now at 373.7 million barrels—the highest level since December 2022, but still well below the 656 million barrels in inventory in June 2020.
Cushing inventories fell this week by 746,000 barrels, according to API data, after falling by 1.2 million barrels in the previous week.
Former President Donald Trump is leaning into crypto, and Silicon Valley...
Former President Donald Trump is leaning into crypto, and Silicon Valley donors are lining up to give him money. Marc Andreessen and Ben Horowitz, big-name VCs who invest in startups like Open AI and SpaceX, told employees of their firm that they will be making large donations to Trump’s presidential campaign, The Information reports.
Andreessen and Horowitz, who have donated $30+ million to pro-crypto super PACs in the past year, have said they are “non-partisan, one issue voters”—and that issue is crypto.
Zyn is opening a new $600 million manufacturing plant in Colorado to boost the dwindling supply of the popular nicotine pouches.
Skechers is suing LL Bean for allegedly stealing two of its design patents.
Elon Musk claimed in a post on X that the headquarters for SpaceX and X will be moving from California to Texas in response to a CA law barring school districts from requiring that parents be notified of a student’s gender identification.
Kaspersky, the Russian cybersecurity giant, said it will shut down operations in the US after the Commerce Department banned the sale of its antivirus software in the country.
Retail sales, excluding autos, rose in June by the most in three months, showing consumers continued to spend despite inflation.
Ingrid Andress, the country singer who went viral for her historically bad rendition of the national anthem at the Home Run Derby, said she was drunk during the performance and is now checking into rehab.
