By Stephen Culp NEW YORK (Reuters) – U.S. stocks advanced in a broad rally on Tuesday, and the dollar softened as robust economic data eased recession fears and stoked investors’ risk appetite. All three major U.S. stock indexes closed well into positive territory, with tech-related megacaps – particularly those involved in a nascent AI frenzy…
By Stephanie Kelly NEW YORK (Reuters) -Oil prices slumped over 2% on Tuesday on signals that central banks may not be done with interest rate hikes, while investors awaited data that could shed light on U.S. fuel consumption during the peak summer driving season. Brent crude futures settled down $1.92, or 2.6%, at $72.26 a…
By Nivedita Balu and Fergal Smith TORONTO (Reuters) – Canada’s record pace of interest rate hikes has led to the repayment period for many variable rate mortgages lengthening to over 30 years, helping to shield households from higher borrowing costs but raising debt loads and worrying regulators. Variable rate mortgages in Canada typically require borrowers…
By Jonathan Stempel (Reuters) – A U.S. judge has rejected Apple’s bid to throw out a class-action lawsuit that accused Chief Executive Tim Cook of defrauding shareholders by concealing falling demand for iPhones in China. U.S. District Judge Yvonne Gonzalez Rogers’ decision late Monday night clears the way for shareholders led by a British pension…
(Reuters) – Swedish carmaker Volvo Cars said on Tuesday it had signed an agreement with Tesla to give its electric vehicles (EVs) access to the EV maker’s Supercharger network in the United States, Canada and Mexico. The deal makes Volvo the first European automaker to adopt Tesla’s North American Charging Standard (NACS), adding to the…
By Luc Cohen NEW YORK (Reuters) -A U.S. judge on Tuesday denied Sam Bankman-Fried’s bid to have criminal charges against him thrown out, paving the way for the founder of now-bankrupt cryptocurrency exchange FTX to face trial starting Oct. 2. Federal prosecutors in Manhattan say Bankman-Fried, 31, stole billions of dollars in FTX customer funds…
By Dawn Chmielewski, Danielle Broadway and Sachin Ravikumar LOS ANGELES/GLASTONBURY, England (Reuters) – Call it Beyflation. Or maybe Swiftflation. The cost of certain goods is retreating in some places, but that doesn’t include live music. Concert tickets have surged in price, to the point where economists are noticing. Fans are shelling out a fortune for…
By Manya Saini (Reuters) -Credit card giant American Express Co said on Tuesday Chief Financial Officer Jeffrey Campbell has decided to retire, and Deputy CFO Christophe Le Caillec would succeed him. Campbell will step down from his role effective Aug. 14. He joined American Express as CFO in 2013, and will remain with the company…
WASHINGTON (Reuters) – New orders for key U.S.-manufactured capital goods unexpectedly rose in May, but the prior month’s data was revised down, indicating that businesses remained cautious about new capital investment because of higher borrowing costs and an uncertain economic outlook. Orders for non-defense capital goods excluding aircraft, a closely watched proxy for business spending…
(Reuters) -Walgreens Boots Alliance on Tuesday cut its profit forecast for the year on lower demand for COVID-19 tests and vaccines as well as sluggish consumer spending, sending its shares down 7.5% premarket. The United States declared an end to the COVID public health emergency in May; while the emergency was in place, millions of…
