U.S. stocks end lower Friday as S&P 500 logs worst week since April
The U.S. stock market finished down Friday, with the S&P 500’s...
The U.S. stock market finished down Friday, with the S&P 500’s information-technology sector under pressure this week.
The Dow Jones Industrial Average finished 0.9% lower, while the S&P 500 index fell 0.7% and the Nasdaq Composite dropped 0.8%, according to preliminary data from FactSet. The S&P 500’s tech sector fell a sharp 1.3%, increasing its weekly decline to more than 5%.
For the week, the S&P 500 dropped 2%, its worst performance since April, the preliminary data show. The Dow saw a weekly gain of 0.7%, while the tech-heavy Nasdaq fell around 3.7% for the week.
Midwest gasoline prices up as refinery outage cuts supply
Power outages from severe storms forced the shutdown of ExxonMobil's...
Power outages from severe storms forced the shutdown of ExxonMobil's 251,800-barrel-per-day Joliet refinery in Illinois, prompting a gasoline rush among refineries and driving up prices in the Midwest. As a result, Chicago CBOB differentials for Wolverine and Buckeye barrels shifted into premiums over NYMEX August RBOB futures this week.
2022 Cook Inlet oil lease halted over flawed analysis
Judge Sharon Gleason of the US District Court for the District of Alaska...
Judge Sharon Gleason of the US District Court for the District of Alaska has suspended the sole lease from a 2022 oil and natural gas sale in Alaska's Cook Inlet after determining that the Bureau of Ocean Energy Management improperly analyzed the impacts on endangered beluga whales. The ruling mandates a supplemental environmental review before the lease can proceed.
Global tech outage grounds flights and hits businesses
A massive IT outage disrupted businesses, banks, airlines, media outlets,...
A massive IT outage disrupted businesses, banks, airlines, media outlets, and emergency services worldwide. The problem appeared to be caused by a CrowdStrike update that affected Microsoft Windows devices, per the WSJ. Microsoft 365 said it was working on a fix and was “observing a positive trend in service availability.” But chaos still reigns.
Trump recounts assassination attempt, attacks Dems in RNC speech. Former...
Trump recounts assassination attempt, attacks Dems in RNC speech. Former President Trump closed out the Republican National Convention with a speech describing in vivid terms his near-death experience at a rally last Saturday. But after beginning with a message of unity, Trump returned to familiar attacks and insults of his political opponents over the course of the speech, which lasted more than 90 minutes. Meanwhile, President Biden faces mounting pressure to drop out of the presidential race as he recovers from a bout with Covid. Former President Barack Obama is the latest major Democratic figure to reportedly tell allies that Biden should reconsider his candidacy, per the Washington Post.
Bob Newhart, the legendary comedian and star of the eponymous 1970s sitcom, died at 94.
The SEC sued Patrick Orlando, the former CEO of the shell company that merged with Trump Media, for alleged fraud.
Warner Bros. Discovery is reportedly considering splitting the company in two to boost its share price. Our suggestion: “Warner Bros.” and “Discovery.”
John Deere announced it is slashing diversity and inclusion initiatives after weeks of conservative backlash.
Grok, Elon Musk’s “anti-woke” AI chatbot, has gone woke, Wired reported.
