Summary Of the Markets Today:
- The Dow closed up 97 points or 0.24%,
- Nasdaq closed up 0.21%,
- S&P 500 closed up 0.20%,
- Gold $2,546 up $53.00,
- WTI crude oil settled at $77 down $1.44,
- 10-year U.S. Treasury 3.883 down 0.043 points,
- USD index $102.44 down $0.54,
- Bitcoin $59,665 up $2,114 or 3.67%,
- Baker Hughes Rig Count: U.S. -2 to 586 Canada unchanged at 217
*Stock data, cryptocurrency, and commodity prices at the market closing.
Today’s Highlights:
Stocks End in the Green: On Friday, the S&P 500 and Nasdaq Composite closed modestly higher, securing their best week of the year. Consumer Sentiment and Economic Data: The main economic data release on Friday showed an increase in consumer sentiment in August, marking the first rebound in five months. This positive sentiment, along with strong retail sales and Walmart’s earnings report, helped alleviate recession fears. Federal Reserve Rate Cut Expectations: Following the positive economic data, investors adjusted their expectations for Federal Reserve rate cuts. The odds of a 0.25% rate cut next month are now at 66%, while a 0.50% cut stands at 33%. This is a shift from the previous near-certainty of a 0.50% cut amid market turbulence. Upcoming Federal Reserve Update: Investors are looking ahead to next Friday when Fed Chair Jay Powell will speak at the annual Jackson Hole Symposium, which could provide further insights into the Fed’s monetary policy direction.
Click here to read our current Economic Forecast – August 2024 Economic Forecast: New Recession Flag
Today’s Economic Releases Compiled by Steven Hansen, Publisher:
Privately-owned housing units authorized by building permits in July 2024 was 7.0% below July 2023 rate. Privately-owned housing starts 16.0% below July 2023. Privately-owned housing completions was 13.8 % above July 2023 rate. Let’s put these numbers in perspective: permits, starts and completions are on the high side for the period since the 2007 Great Recession. So whilst the umbers are lower than the previous months – they are still economically positive.
Here is a summary of headlines we are reading today:
- China’s Steel Industry Braces for Painful Consolidation
- U.S. Oil and Gas Rig Count Falls for Second Week
- China and Saudi Arabia Emerge as Largest Buyers of Russia’s Fuel Oil
- Red Sea Ship Detours Boost Fuel Consumption by 500,000 Bpd
- A Review of Geopolitical Risk in Russia and the Middle East
- Stocks close higher Friday as market comeback lifts S&P 500 to best week of 2024: Live updates
- The 60/40 portfolio excelled during the market storm — and Vanguard sees a strong decade ahead
- Cadillac reveals new ‘Opulent Velocity’ performance EV concept
- Ford upgrades Lincoln Navigator to include spa mode, 48-inch display for videos and gaming
- Bayer shares soar 11% after key U.S. legal win against Roundup cancer claims
- Gold Price Today: Yellow metal jumps by Rs 1,200/10 gram, silver dearer by Rs 2,500/kg. Here’s why
- Treasury yields finish mostly lower following big spike on Thursday
Click on the “Read More” below to access these, other headlines, and the associated news summaries moving the markets today.
The Market in Perspective
| Here are the headlines moving the markets. | |
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Oil Baron Autry Stephens Dies at 86The richest oilman in the United States has died, according to a Friday statement from Endeavor Energy Resources LP. Autry Stephens, founder of Midland-based Endeavor Energy Resources LP, died at 86 years old, the statement said, after he disclosed to the Wall Street Journal in February that he had been diagnosed with prostate cancer. Following his cancer diagnosis, Stephens agreed to sell Endeavor to Diamondback Energy for $26 billion, making him the richest oil driller in the United States. Stephans had already amassed a net worth of $14.8… Read more at: https://oilprice.com/Latest-Energy-News/World-News/Oil-Baron-Autry-Stephens-Dies-at-86.html |
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China’s Steel Industry Braces for Painful ConsolidationSome economists warn that central banks, including the Federal Reserve, have pushed their interest rate hiking cycle too far. Meanwhile, Chinese investors are wary of the growth prospects for the world’s second-largest economy. The troubling trends in the world’s two biggest economies have sparked concerns that the global economic landing might be far more turbulent than initially anticipated. For instance, this morning, the world’s biggest steel producer in China, China Baowu Steel Group, warned that the steel industry is plunging into a… Read more at: https://oilprice.com/Metals/Commodities/Chinas-Steel-Industry-Braces-for-Painful-Consolidation.html |
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Guyana Anticipates Seventh Exxon Oil Project Development Plan in Early 2025Guyana expects to receive the development plan for Exxon’s seventh oil project offshore the South American country early next year, Natural Rsources Minister Vickram Bharrat has said. “We have not received the field development plan as yet,” Bharrat said, as carried by Reuters. “That will probably be in the first quarter of 2025, and then we will conduct the necessary due diligence with the view of issuing the license once everything is okay,” the minister added. Earlier this year, U.S. supermajor… Read more at: https://oilprice.com/Latest-Energy-News/World-News/Guyana-Anticipates-Seventh-Exxon-Oil-Project-Development-Plan-in-Early-2025.html |
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U.S. Oil and Gas Rig Count Falls for Second WeekAccording to new data published by Baker Hughes on Friday, the total number of active oil and gas drilling rigs in the United States fell this week. The total rig count fell by 2 to 586 this week, compared to 642 rigs this same time last year. The number of oil rigs fell by 2 this week after rising by three in the week prior. Oil rigs now stand at 483—down by 37 compared to this time last year. The number of gas rigs rose by 1 this week to 98, a loss of 19 active gas rigs from this time last year. Miscellaneous rigs fell from 6 to 5.… Read more at: https://oilprice.com/Energy/Crude-Oil/US-Oil-and-Gas-Rig-Count-Falls-for-Second-Week.html |
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EU Tariffs Force China to Seek New Biodiesel MarketsChina is looking to win over new markets for its biodiesel and other biofuel products as its largest buyer so far, the EU, imposed on Friday anti-dumping duties on Chinese imports, analysts and executives told Reuters. The European Commission opened in December 2023 an investigation into biodiesel products originating from China. As part of the anti-dumping investigation, the EU decided last month to impose provisional anti-dumping duties on imports of Chinese HVO (hydro-treated vegetable oil) and FAME (fatty acid methyl ester) on August… Read more at: https://oilprice.com/Latest-Energy-News/World-News/EU-Tariffs-Force-China-to-Seek-New-Biodiesel-Markets.html |
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Kazakhstan Calls for a Russia-Free Defense Bloc in Central AsiaA diplomat before he became a politician, Kazakh President Qasym-Zhomart Toqaev has mastered the art of getting a timely message across while leaving his audience pondering what the message means. His call last week for closer defense cooperation among Central Asian countries is a case in point.The proposal didn’t go unnoticed by the pro-Kremlin commentariat in Russia, which sees Central Asian security as well within its sphere of privileged interests, despite the war in Ukraine.And it won a ringing endorsement from a pro-government media outlet… Read more at: https://oilprice.com/Geopolitics/International/Kazakhstan-Calls-for-a-Russia-Free-Defense-Bloc-in-Central-Asia.html |
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China and Saudi Arabia Emerge as Largest Buyers of Russia’s Fuel OilAs many Russian refineries completed planned maintenance, Russia raised its seaborne exports of fuel oil in July, sending a large part of the volumes to China and Saudi Arabia, which were joint top buyers of the Russian oil product, Reuters reported on Friday, citing data from LSEG. Total Russian shipments of fuel oil and vacuum gasoil (VGO) increased by 7% month-on-month in July, to 4 million metric tons, according to the data and trade sources who spoke to Reuters. Of these 4 million tons, China and Saudi Arabia imported 700,000 tons… Read more at: https://oilprice.com/Latest-Energy-News/World-News/China-and-Saudi-Arabia-Emerge-as-Largest-Buyers-of-Russias-Fuel-Oil.html |
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Saudi Arabia to Prioritize Non-Oil Sectors in $1 Trillion Investment PlanSaudi Arabia is set to direct to its oil industry a smaller portion of its $1-trillion strategic investments than previously estimated, Goldman Sachs said in a report this week. The capex plan through 2030 of the world’s top crude oil exporter will see a “capex super-cycle” with $1 trillion worth of investments across six strategic sectors by 2030. “But the oil industry is likely to receive a smaller portion of this than previously forecast,” analysts at Goldman Sachs wrote. Saudi… Read more at: https://oilprice.com/Energy/Crude-Oil/Saudi-Arabia-to-Prioritize-Non-Oil-Sectors-in-1-Trillion-Investment-Plan.html |
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Red Sea Ship Detours Boost Fuel Consumption by 500,000 BpdTankers and container ships that have been avoiding the Red Sea route are set to burn additional 500,000 barrels per day (bpd) of fuel oil this year due to the longer alternative route via the Cape of Good Hope in Africa, commodity trading giant Trafigura has estimated. Since the end of 2023, many ship owners and vessel charterers have opted to use the longer route via Africa to avoid passing through the Red Sea, where the Iran-aligned Houthis have targeted Western and Israeli-flagged or owned vessels. Tensions in the region have been… Read more at: https://oilprice.com/Latest-Energy-News/World-News/Red-Sea-Ship-Detours-Boost-Fuel-Consumption-by-500000-Bpd.html |
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Conflict Is Brewing in Libya Once AgainPolitics, Geopolitics & Conflict The Libyan Parliament (controlled by the eastern Tobruk-based government) on Tuesday voted to end the rival Tripoli-based Government of National Unity (GNU), led by Prime Minister Abdul Hamid Dbeibah, who was originally intended as an interim PM but then refused to step down until elections could be held. The Libyan Parliament also voted that the eastern-based government of Osama Hammad was the only legitimate government in Libya until elections could be held to vote for a new, unified government. At the… Read more at: https://oilprice.com/Energy/Energy-General/Conflict-Is-Brewing-in-Libya-Once-Again.html |
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Escalating Tensions in the Middle East Keep Oil Markets on EdgeThe most significant factor driving crude oil prices this week has been the escalating geopolitical tension in the Middle East. The ongoing conflict between Israel and Hamas has created a volatile situation that threatens to spill over into a broader regional conflict. The assassination of a Hamas leader has prompted Iran to promise a severe response, heightening fears of potential retaliation. The Middle East is a crucial oil-producing region, and any disruption to supply could have significant impacts on global oil markets. The U.S. has responded… Read more at: https://oilprice.com/Energy/Energy-General/Escalating-Tensions-in-the-Middle-East-Keep-Oil-Markets-on-Edge.html |
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A Review of Geopolitical Risk in Russia and the Middle EastTwo conflicts (Gaza, Ukraine) have escalated significantly this week, with Ukraine launching a ground incursion into Russia’s Kursk region in a surprise move that Moscow was unable to thwart, and with Iran indicating on Tuesday that a Gaza ceasefire deal would “delay” retaliation against Israel. In combination with this, there are indications that Libya’s period of calm before the rival government storm is dissipating, with the Libyan National Army (LNA) strongman General Khalifa Haftar invited to talks in Egypt to the extreme… Read more at: https://oilprice.com/Energy/Energy-General/A-Review-of-Geopolitical-Risk-in-Russia-and-the-Middle-East.html |
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India’s Thirst for Crude Drives Record Russian Oil ImportsThe world’s third-largest oil importer, India, remained Russia’s number-two crude buyer in July, importing $2.8 billion worth of Russian crude, according to the latest monthly data of Russian fossil fuel exports by the Centre for Research on Energy and Clean Air (CREA). Last month, India was the second-largest buyer of Russian fossil fuels, CREA’s analysis showed. Nearly 80% of India’s fossil fuel imports from Russia were crude oil, valued at $2.8 billion (2.6 billion euros). China bought 47% of Russia’s… Read more at: https://oilprice.com/Latest-Energy-News/World-News/india-crude-drives-record-russian-imports.html |
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U.S. Solar Panel Makers Push for Fair Trade EnforcementA group of leading U.S. solar panel manufacturers are calling on the U.S. Administration to slap retroactive duties on cheap imports from Vietnam and Thailand to safeguard American businesses and jobs. The American Alliance for Solar Manufacturing Trade Committee, which includes large solar panel makers, has filed a complaint with the U.S. Commerce Department asking it to consider retroactive tariffs on the two Southeast Asian countries. In recent months, exports of solar panels from Vietnam and Thailand have soared after the U.S. started… Read more at: https://oilprice.com/Latest-Energy-News/World-News/US-Solar-Panel-Makers-Push-for-Fair-Trade-Enforcement.html |
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California’s Bold Move to Prevent Gas Price GougingCalifornia’s governor, Gavin Newsom, has proposed a measure forcing refiners in the state to maintain a certain level of gasoline stocks in order to avoid shortages that lead to price jumps at the pump. “Price spikes at the pump are profit spikes for Big Oil,” Newsom said in a news release. “Refiners should be required to plan ahead and backfill supplies to keep prices stable, instead of playing games to earn even more profits. By making refiners act responsibly and maintain a gas reserve, Californians would save money at… Read more at: https://oilprice.com/Latest-Energy-News/World-News/Californias-Bold-Move-to-Prevent-Gas-Price-Gouging.html |
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Stocks close higher Friday as market comeback lifts S&P 500 to best week of 2024: Live updatesThe S&P 500 gained for a seventh day in a row. Read more at: https://www.cnbc.com/2024/08/15/stock-futures-are-little-changed-as-wall-street-heads-for-a-winning-week.html |
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Amazon’s troubled drone delivery program faces latest challenge in Texas: Annoyed residentsAmazon is seeking FAA approval to expand its drone delivery service in College Station, Texas, but many residents aren’t too happy. Read more at: https://www.cnbc.com/2024/08/16/amazons-drone-expansion-plans-spur-pushback-from-texas-residents.html |
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Frequent media bidder Byron Allen draws ire with late payments to ABC, CBS and NBCAllen’s late payments of tens of millions of dollars stand in stark contrast to his proposed multibillion-dollar bids for media assets. Read more at: https://www.cnbc.com/2024/08/16/byron-allen-draws-abc-cbs-and-nbc-ire-with-late-payments.html |
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Harris economic plan features new tax cuts, housing incentives and price capsVice President Kamala Harris’ policies would aim to lower the cost of groceries and prescription drugs, expand affordable housing and cut taxes. Read more at: https://www.cnbc.com/2024/08/16/kamala-harris-economic-policy.html |
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The 60/40 portfolio excelled during the market storm — and Vanguard sees a strong decade aheadThe 60/40 portfolio recently passed its first real test since the 2022 bond market rout. Read more at: https://www.cnbc.com/2024/08/16/the-60/40-portfolio-shined-during-the-market-turbulence-.html |
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GOP megadonor Miriam Adelson plans to do whatever it takes to help Trump win with $100 million PACDonald Trump may see a major funding boost from Miriam Adelson come Election Day. Read more at: https://www.cnbc.com/2024/08/16/donald-trump-miriam-adelson-campaign-funding.html |
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Streaming is getting more expensive for consumers. Here’s whyLegacy media companies employ cheaper, ad-supported models, bundles and more, though price hikes have shown more immediate results toward profitability. Read more at: https://www.cnbc.com/2024/08/16/streaming-getting-more-expensive-for-consumers.html |
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Disney’s ‘Deadpool & Wolverine’ becomes the highest-grossing R-rated film of all timeThe feat not only showcases the MCU’s durability at the box office, but also suggests that Marvel Studios can delve into darker content. Read more at: https://www.cnbc.com/2024/08/16/deadpool-wolverine-is-the-highest-grossing-r-rated-film-of-all-time.html |
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Trump owns more than $1 million in crypto and made $300K on branded Bibles, financial disclosure showsTrump’s public positions on crypto have shifted since he first took office, when he said the digital currency was a scam. Read more at: https://www.cnbc.com/2024/08/16/trump-owns-more-than-1-million-in-crypto-and-made-300k-on-branded-bibles-financial-disclosure-shows-.html |
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Cadillac reveals new ‘Opulent Velocity’ performance EV conceptGM’s new all-electric Cadillac concept car is designed to preview how the automaker plans to keep its high-performance V-Series vehicles relevant for EVs. Read more at: https://www.cnbc.com/2024/08/16/cadillac-opulent-velocity-performance-electric-vehicle-concept.html |
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Ford upgrades Lincoln Navigator to include spa mode, 48-inch display for videos and gamingThe new features come as the automaker has redesigned the exterior and interior of the Lincoln Navigator for the 2025 model year. Read more at: https://www.cnbc.com/2024/08/15/ford-2025-lincoln-navigator-spa-mode-48-inch-display-for-gaming.html |
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Bayer shares soar 11% after key U.S. legal win against Roundup cancer claimsBayer shares rose as the company said it scored a legal victory in its suit over claims that exposure to its popular Roundup weed killer led to cancer. Read more at: https://www.cnbc.com/2024/08/16/bayer-shares-soar-after-us-legal-win-against-roundup-cancer-claims.html |
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San Francisco City Attorney Sues Sites That “Undress” Women With AIAuthored by Jesse Coghlan via CoinTelegraph.com, San Francisco’s City Attorney has filed a lawsuit against the owners of 16 websites that have allowed users to “nudify” women and young girls using AI.
The office of San Francisco City Attorney David Chiu on Aug. 15 said he was suing the owners of 16 of the “most-visited websites” that allow users to “undress” people in a photo to make “nonconsensual nude images of women and girls.” A redacted version of the suit filed in the city … Read more at: https://www.zerohedge.com/technology/san-francisco-city-attorney-sues-sites-undress-women-ai |
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Operation ‘Harris For President’ Is One Of The Shadiest In Media HistoryAuthored by David Harsanyi via PJMedia.com, The past month has likely been the most eventful in American political history. Yet the two top officials of the most powerful nation in the world won’t answer any genuine questions.
Three weeks have passed since Joe Biden was pushed out of the 2024 presidential race over deteriorating physical and mental abilities, and he has yet to publicly clarify with any specificity why he took this unprecedented step — or why, if he’s incapable of campaigning for the presidency, he’s fit to serve out his term in the White House. Then again, not one journalist in the corporate or legacy media has explained how Biden’s obvious senility could turn from a democracy-corroding MAGA misinformation operation into an accepted reality in a single day. If they … Read more at: https://www.zerohedge.com/political/operation-harris-president-one-shadiest-media-history |
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Watch Live: Harris Unveils Plan To Fix Last 4 Years Of Economic Destruction(Update: 1445ET): Watch live:
* * * Read more at: https://www.zerohedge.com/political/harris-unveils-plan-fix-last-4-years-economic-destruction |
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ICE Agents Arrest Illegal Alien Serial Killer Wanted For 23 Murders In Peru After Biden-Harris Released Him In USVice President Kamala Harris is a far-left radical with soft-on-crime policies who has supported open southern borders while failing the nation in her role as ‘Border Czar.’ Under her watch, millions of illegal aliens flooded the country, including criminals on the FBI’s terror watch list. Her running mate, Gov. Tim Walz (D-MN), is another leftist radical. He participated in a 2018 “Abolish ICE” protest while she has pushed hard over the years to reduce funding for Immigration and Customs Enforcement (ICE).
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LNER train drivers to stage fresh weekend strikesAslef said the action, separate to the recent pay dispute, was due to a breakdown in industrial relations. Read more at: https://www.bbc.com/news/articles/cj9le7vdw91o |
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New homes and end to price-gouging: Harris sets economic goalsVice-president Kamala Harris targets housing costs and price gouging in newly-released economic plans. Read more at: https://www.bbc.com/news/articles/cy8xqy0jv24o |
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Fortnite app returns to iPhones – but only in the EUThe boss of the game’s publisher says he hopes to bring it to UK iPhones in 2025. Read more at: https://www.bbc.com/news/articles/c70j5rx72yvo |
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Gold Price Today: Yellow metal jumps by Rs 1,200/10 gram, silver dearer by Rs 2,500/kg. Here’s whyGold prices jumped by 1.7% or Rs 1,200 per 10 gram on Friday taking cues from prices in the international market. The rally was on the back of growing hopes of the September interest rate cut by the US Federal Reserve following a benign July inflation number. Read more at: https://economictimes.indiatimes.com/markets/commodities/gold-price-today-yellow-metal-jumps-by-rs-1200/10-gram-silver-dearer-by-rs-2500/kg-heres-why/articleshow/112573054.cms |
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Madhabi Puri Buch earned revenue in potential rules violation, documents showThe head of India’s markets regulator, Madhabi Puri Buch, continued to earn revenue from a consultancy firm during her seven-year tenure, potentially breaching rules for regulatory officials, according to public documents reviewed by Reuters. Read more at: https://economictimes.indiatimes.com/markets/stocks/news/madhabi-puri-buch-earned-revenue-in-potential-rules-violation-documents-show/articleshow/112571855.cms |
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JSW Cement files DRHP for Rs 4,000 crore IPO. Check detailsIndia’s JSW Cement filed draft papers for an initial public offering worth up to 40 billion rupees ($476.7 million) on Friday, aiming to cash in on the country’s booming stock market and strong demand for the building material. Read more at: https://economictimes.indiatimes.com/markets/ipos/fpos/jsw-cement-files-for-477-million-ipo/articleshow/112571118.cms |
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Treasury yields finish mostly lower following big spike on ThursdayYields on U.S. government debt closed slightly lower on Friday, a day after fading recession fears led to an aggressive selloff in Treasurys and the 2-year rate’s biggest one-day spike in four months. Read more at: https://www.marketwatch.com/story/bond-yields-ease-after-huge-spike-af96cff3?mod=mw_rss_topstories |
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U.S. oil prices end lower for the week as demand fears outweigh Middle East war jittersOil futures settled with a loss on Friday, pulling U.S. benchmark prices lower for the week as worries about demand proved persistent and overshadowed fears of a retaliatory strike by Iran on Israel. Read more at: https://www.marketwatch.com/story/oil-prices-turn-negative-on-week-as-demand-fears-outweigh-middle-east-war-jitters-1471a443?mod=mw_rss_topstories |
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Harris and Trump campaigns compete on child tax credit as VP outlines economic agendaVice President Kamala Harris outlined her economic platform in a speech Friday, proposing a slew of measures meant to lower costs for Americans — including a plan to greatly increase the child tax credit, an idea that has bipartisan support from the Republican Party and the Trump-Vance campaign. Read more at: https://www.marketwatch.com/story/harris-trump-campaigns-compete-on-child-tax-credit-ahead-of-key-speech-29a1843a?mod=mw_rss_topstories |
