Dow snaps 8-day winning streak as Wall Street eyes upcoming inflation data
U.S. stocks closed mostly lower on Monday as investors prepared for inflation...
U.S. stocks closed mostly lower on Monday as investors prepared for inflation data to be released later this week.
The Dow Jones Industrial Average went down 81.33 points or 0.2% on Monday to close at 39,431.51, snapping an eight-day winning streak, according to Dow Jones Market Data. The S&P 500 edged down 1.3 points or less than 0.1% to finish at 5,221.4. The Nasdaq Composite went up 47.37 points or 0.3% to end at 16,388.24.
As water levels in the Panama Canal improve, the canal's administration is actively engaging with US liquefied natural gas producers to explore ways to accommodate rising demand for transit, centering discussions on adjusting slot allocations and streamlining passage for LNG vessels. Meanwhile, the canal's plans for constructing water reservoirs to prevent future water shortages are pending government approval.
Because of their high quality and low cost (thanks to heavy government...
Because of their high quality and low cost (thanks to heavy government subsidies), Chinese EVs represent an existential threat to American automakers, industry journalists and execs have argued. The average cost of an EV in the US is $47,500, compared to $28,000 in China, according to Dunne Insights.
And by all accounts, they’re great cars: Inside EVs writer Kevin Williams went to the Beijing Auto Show last week and was floored by the vehicles he saw. His conclusion: “Western automakers are cooked.”
Tesla CEO Elon Musk agrees. In January, he said Chinese EVs “will pretty much demolish most other car companies in the world” if countries don’t slap tariffs on them.
Putin makes biggest security shake-up in over a decade
Being Vladimir Putin’s ...
Being Vladimir Putin’s fishing buddy doesn’t grant you job security—just ask Sergei Shoigu, who was removed by Putin as defense minister after serving in the role since 2012. The leadership shuffle is the result of growing frustration with the economic cost of Russia’s invasion of Ukraine: The Kremlin set aside a record $118.5 billion for defense spending in the current year, and its security budget has grown to account for 6.6% of GDP, according to the FT. Longtime Putin economic advisor Andrei Belousov will replace Shoigu.
Investors gird for inflation data, and earnings. Remember...
Investors gird for inflation data, and earnings. Remember when the Fed said higher inflation readings in January and February were a hiccup? Then March came in hot, delaying rate cuts even further? Well, April’s numbers drop on Wednesday, and the consumer price index is expected to climb 3.4% over last year—just about in line with last month’s reading and well above the 2% target. On the earnings front, Home Depot, Cisco, and Walmart will report Q1 financials this week.
Swiss singer Nemo won the Eurovision Song Contest, becoming the first nonbinary artist to do so.
Dozens of students walked out of Duke University’s commencement ceremony when Jerry Seinfeld, a public supporter of Israel, was introduced to give a speech.
Employees at the Apple store in Towson, MD, voted to authorize a strike. Date: TBD.
A 62-year-old man who received the first-ever pig kidney transplant two months ago at Massachusetts General Hospital has died. The hospital said there was no indication that his death was due to the transplant.
Donald Trump may owe the IRS more than $100 million for claiming improper tax breaks, according to the New York Times and ProPublica.
Kingdom of the Planet of the Apestopped the box office with a strong $56.5 million haul at North American theaters. It had zilch for competition.
