SCOTUS upheld a tax on foreign income. The Supreme...
SCOTUS upheld a tax on foreign income. The Supreme Court’s 7–2 ruling to validate a Trump-era tax provision on US businesses’ foreign profits was overshadowed by a decision it didn’t make on the wealth tax. Experts thought the court might use the foreign income case to preemptively rule on the constitutionality of a tax on Americans’ net worths, which the Biden administration and other Democrats have proposed. But the justices made a narrow ruling, punting on the wealth tax issue for now. Some saw that as a win for Biden, as it keeps alive the possibility of a tax on wealthy Americans’ estates. The court still has a number of significant cases to decide this session, including one on Trump’s demand for total immunity.
McDonald’s announced that its $5 meal deal—a McDouble or McChicken sandwich, small fries, four-piece Chicken McNuggets, and small soft drink, all for five bucks—will launch on June 25 for a limited time.
Sony Music bought the Queen music catalog for ~$1.3 billion, making it one of the most valuable rock songbooks.
Rapper Travis Scott was arrested yesterday in Miami on charges of trespassing and disorderly intoxication.
Snap agreed to pay $15 million to settle a gender discrimination lawsuit that alleged the social media platform paid women less and offered them fewer promotions.
The Los Angeles Lakers reportedly hired former NBA player and current podcaster JJ Redick to be its next head coach, despite his having no coaching experience.
API urges Trump, Biden to unleash US energy prowess
The American Petroleum Institute has outlined an energy policy roadmap...
The American Petroleum Institute has outlined an energy policy roadmap that calls on presidential candidates to fight inflation and boost energy security by repealing restrictive EPA vehicle emissions rules, resuming LNG project approvals, easing leasing restrictions, streamlining energy permitting and adopting pro-oil and gas tax policies. "At a time of persistent inflation and geopolitical instability, the American people need more affordable energy and less political gamesmanship," said API President and CEO Mike Sommers.
Benchmark U.S. crude oil for July delivery rose 60 centsto $82.17 per barrel Thursday. Brent crude for August delivery rose 64 cents to $85.71 per barrel.
Wholesale gasoline for July delivery rose 2 centsto $2.50 a gallon. July heating oilwas unchanged at $2.52 a gallon. July natural gasfell 17 cents to $2.74 per 1,000 cubic feet.
U.S. stocks end mostly lower as Nvidia drops sharply
Major U.S. stock indexes closed mostly lower Thursday, with the technology-heavy...
Major U.S. stock indexes closed mostly lower Thursday, with the technology-heavy Nasdaq Composite posting the biggest losses.
According to preliminary data from FactSet, the Nasdaq dropped 0.8%, the S&P 500 fell 0.3%, and the Dow Jones Industrial Average gained 0.8%. Chip maker Nvidia Corp. finished sharply lower Thursday, erasing earlier gains in the session as the S&P 500’s tech sector struggled.
Both Treasury yields and gold rose on today’s economic readings, including a small decline in jobless claims. Gold hit a new two-week high.
Bitcoin continued to recover from its lows earlier this month, though it stumbled today due to high selling among whales.
Russia and North Korea signed a mutual defense pact
Russian President Vladimir Putin visited North Korea, and the two increasingly...
Russian President Vladimir Putin visited North Korea, and the two increasingly isolated nations agreed to come to one another’s aid in the event of “aggression” against either of them. Though full details of the apparently sweeping deal to tighten their relationship were not released, the AP reported it could represent the strongest collaboration between the two countries since the Cold War.
