Wall Street’s main stock indexes opened lower on Wednesday after stronger-than-expected retail sales data underscored a resilient U.S. economy, which could offer more room for the Federal Reserve to raise interest rates. The Dow Jones Industrial Average fell 80.64 points, or 0.24 percent, at the open to 34,008.63. The S&P 500 opened lower by 16.63…
Wall Street Opens Lower as Strong Retail Sales Data Adds to Rate Hike Fears
Dollar Climbs After US Inflation Data and Tough Fed Talk
LONDON/SINGAPORE—The dollar rose on Wednesday in the wake of stubbornly high U.S. inflation data and firm words on interest rates from Federal Reserve officials. U.S. consumer price index (CPI) inflation accelerated month-on-month in January, rising 0.5 percent as expected, due in part to higher rental and food costs. Year-on-year, prices rose 6.4 percent. That was…
Oil Drops on US Interest Rate Worries
February 15, 2023
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Business & Marketseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsOilrecessionstocks
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LONDON—Oil dropped for a second day on Wednesday as expectations of further interest rate hikes sparked concern over fuel demand and the economic outlook. Brent crude futures fell 46 cents, or 0.5 percent, to $85.12 a barrel by 1130 GMT, and U.S. West Texas Intermediate (WTI) crude dropped 60 cents, or 0.8 percent, to $78.46….
Global Stocks Mixed After US Inflation Feeds Rate Hike Fears
February 15, 2023
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BEIJING—Asian stocks fell and European markets opened mixed Wednesday after U.S. inflation edged down less than expected, fueling concern the Federal Reserve might think more interest rate hikes are needed. London, Tokyo, and Shanghai declined. Frankfurt advanced. Oil prices fell by more than $1 per barrel. Wall Street futures were lower after official data Tuesday…
Australia’s Largest Bank Posts $5.15 Billion Half-Year Profit Amid Interest Rate Hikes
The largest commercial bank in Australia has posted a solid half-year financial result as interest rate hikes, and business lending growth lifted its profit after tax significantly. On Feb. 15, the Commonwealth Bank of Australia (CBA) announced that it made a cash profit of $5.15 billion (US$3.6 billion) in the first half of the 2022-2023…
Closing Prices for Crude Oil, Gold and Other Commodities (Feb. 14)
February 14, 2023
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Benchmark U.S. crude oil for March delivery fell $1.08 to $79.06 a barrel Tuesday. Brent crude for April delivery fell $1.03 to $85.58 a barrel. Wholesale gasoline for March delivery fell 4 cents to $2.49 a gallon. March heating oil rose 3 cents to $2.94 a gallon. March natural gas rose 17 cents to $2.57…
Wall Street Ends Mixed After Swerving on Inflation Report
NEW YORK—Several sharp reversals for stocks left Wall Street mixed on Tuesday after a report showed inflation is continuing to slow, but perhaps not as quickly or as smoothly as hoped. The S&P 500 finished the day virtually where it started, edging down by less than 0.1 percent, after swerving between gains and losses. The…
Ford Halts Production and Shipment of Electric F-150 Lightning Pickup Due to Battery Failure
February 14, 2023
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Business & MarketsCompanieseconomyelectric vehicleenergyFord F-150 LightninginflationInvestmentMarketsproduction haltUS
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Ford Motor Co. halted the production and shipment of its F-150 Lightning electric pickup after it discovered a potential battery failure during pre-delivery check up inspections. The news of the suspension in deliveries of the automaker’s electric vehicle (EV) version of its classic pickup truck was first announced on Feb. 14 by Motor Authority. “We are…
Regulatory Framework for Cryptocurrency Sector Explored at Senate Banking Committee Hearing
The cryptocurrency sector has rebounded this year as its market capitalization returned above $1 trillion. Bitcoin prices have rallied more than 30 percent, Ethereum has risen 29 percent, and even Dogecoin has surged close to 20 percent. But, according to U.S. lawmakers and regulators, the damage has been done to consumers and investors during last…
US Companies Face More Pain as Expected ‘Earnings Recession’ Looms
February 14, 2023
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Business & MarketsCompanieseconomic policieseconomyinflationMarketsMedia & Big TechrecessionresultsstocksUSUS News
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NEW YORK—U.S. companies’ earnings woes are likely to extend beyond the weak fourth quarter, as a booming labor market weighing on margins looks set to hurt results in the first half of this year. Expectations for U.S. earnings to decline in the first and second quarter come amid weaker-than-expected fourth-quarter results for 2022, which Credit…
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