NEW YORK—Wall Street fell again Wednesday as stocks tumbled worldwide on worries about the economy. The S&P 500 dropped 0.7 percent after House Speaker Kevin McCarthy said Republicans and Democrats remain “far apart” in their efforts to prevent a potentially disastrous default on the U.S. government’s debt. The main U.S. stock index is on track…
How Major US Stock Indexes Fared Wednesday
Wall Street fell again, part of a worldwide swoon for stocks as worries about the economy pile higher. The S&P 500 fell 0.7 percent Wednesday after House Speaker Kevin McCarthy said Republicans and Democrats remain far apart in efforts to prevent a default on the U.S. government’s debt. The main U.S. stock index is on…
Closing Prices for Crude Oil, Gold, and Other Commodities (May 24)
May 24, 2023
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Benchmark U.S. crude oilBrightBusiness & MarketsgoldGold and CommoditiesinvestingMarketspersonal finance
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Benchmark U.S. crude oil for July delivery rose $1.43 to $74.34 a barrel Wednesday. Brent crude for July delivery rose $1.52 to $78.36 a barrel. Wholesale gasoline for June delivery rose 6 cents to $2.72 a gallon. June heating oil rose 5 cents to $2.41 a gallon. June natural gas rose 8 cents to $2.40…
US Tech Sector Continues Laying Off Large Number of Employees
American tech firms have announced thousands of layoffs this year so far, with reasons for these terminations ranging from over-hiring during the pandemic, worries about a potential recession, and efforts to cut costs. Salesforce set the tone for the tech industry’s layoffs this year in January when it announced that 8,000 employees would be terminated….
China Is Both Supplier and Saboteur of America’s Electric Grid, Experts Say
May 24, 2023
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Business & MarketsChina Newschinese tech risksCompanieseconomic policieseconomyenergyinfrastructure actNational SecurityPolicies & ImpactsThe Green New DEalUSUS Electric Grid
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Simultaneous with efforts by the Biden administration to “green” America’s energy infrastructure, Chinese companies have become key suppliers of hardware to the U.S. electric grid that analysts fear could give China the ability to crash the grid if hostilities were ever to escalate. Americans have become so used to an uninterrupted supply of electricity that…
Oklahoma Offers Enel Solar Panel Manufacturing Facility $180 Million Incentive Package
Enel North America, through its affiliate 3Sun USA, LLC, announced on May 22 that it plans to build a solar cell and panel manufacturing facility in Inola, Oklahoma, after the state legislature agreed to a $180 million incentive package. Enel North America, a part of Italian energy company Enel Group, will receive up to $36 million…
Not Raising Debt Limit in ‘Timely Manner’ Could Harm Financial System: Fed Minutes
Not raising the debt limit in a “timely manner” could pose a substantial risk to the financial system and the broader U.S. economy, according to minutes from the May Federal Open Market Committee (FOMC) policy meeting. FOMC participants assessed the Treasury Department’s forecast that the federal government would be unable to fully satisfy its obligations…
Netflix Seeks to Limit Password Sharing in US
Streaming giant Netflix is cracking down on the practice of subscribers sharing passwords with non-household members in the United States. “Your Netflix account is for you and the people you live with—your household,” the company said in an email posted to a blog on May 23. Netflix gives two options for subscribers looking to share…
US Debt Ceiling Default Deadline Is Still Early June, Yellen Warns
May 24, 2023
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Business & Marketscongressdebt ceilingeconomic policieseconomyExecutive BranchJanet YellenMarketsPoliticsUSUS News
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Treasury Secretary Janet Yellen reiterated her projection that the U.S. debt ceiling default deadline is still early June, when her department might exhaust the extraordinary measures employed since January. Yellen confirmed at a virtual Wall Street Journal CEO Summit on May 24 that she would soon update Congress about government finances, adding that payment prioritization…
Microsoft Integrating AI ‘Personal Assistant’ Into Windows 11
Microsoft is adding its centralized AI-assisted feature Copilot to Windows 11, the company announced on May 22. In a blog post, Panos Panay, Microsoft’s chief product officer, said the new chatbot—which like Chat GPT-4 is powered by artificial intelligence that uses large language models (LLMs)—will help assist users to complete complex tasks. Such tasks will…
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