Connect with us

Hi, what are you looking for?

Smart Success Strategy – Investing and Stock NewsSmart Success Strategy – Investing and Stock News

Economy

Weekly News Summary for June 30 to July 06

Weekly News Summary for June 30 to July 06

Friday: June 30: US Consumer Spending Went Down

Consumer spending in America weakened as households held back from purchasing new light trucks and other manufactured goods due to higher borrowing costs. The data hinted that the economy slowed down in the second quarter. The low consumer spending steered the spotlight away from the positive data on the labor and housing markets that showed economic resilience.
According to economists, the recent information reported and slightly better inflation news allow the Federal Reserve to skip a meeting for the month. However, ongoing issues in core prices would likely hit the brakes in July.

Monday: July 03: Wall Street Indexes Rose in Shortened Session

Wall Street’s main indexes closed slightly higher on Monday in a holiday-shortened session. Tesla contributed to its gains and bank shares strength in the year’s second half on a muted note. Tesla’s shares went up by 6.90% since it delivered an impressive record number of electric vehicles in the second quarter.
Dividends of central banks increased after the firm’s gains rose as they glided through the yearly health check on the Federal Reserve. Moreover, Wells Fargo shares jumped by 1.70%, Citigroup climbed by 1.50%, and the S&P 500 banks index closed at 1.50%.

Tuesday: July 04: Oil Prices Jumped due to Supply Cuts

Oil prices went up by 2.00% on Tuesday when markets considered August supply cuts by significant exporters Saudi Arabia and Russia to combat a weak global economic outlook. Saudi reported it would voluntarily cut outputs to one million barrels per day until August as Russia and Algeria want to lower August volumes and delivery levels to 500,000 bpd and 200,000 bpd, accordingly.
Brent crude and US West Texas Intermediate crude contracts settled up $1.60 at $76.25 a barrel and $1.44 to $71.23 per barrel, respectively. Saudi Arabia is exerting efforts to stabilize oil prices and have it reach $80.00 per barrel to maintain its domestic budget.

Wednesday: July 05: Meta Releases Threads Application

On Wednesday, Meta officially released an application called Threads, which is a text-based rival to Twitter. However, its rollout in Europe was delayed due to data privacy issues. It is Twitter’s most significant competitor yet. The Elon Musk-owned company has seen several potential rivals but was still not dethroned as one of social media’s most famous companies despite struggles.
The application was considered a spin-off of Instagram, which has a built-in audience of over two billion users, eliminating the challenge of starting from scratch. Mark Zuckerberg is said to be taking advantage of Musk’s struggling status in owning Twitter. Meta hopes Threads will be a go-to communication platform for celebrities, firms and politicians.

Thursday: July 06: BlackRock CEO Praises Bitcoin

Previously, BlackRock CEO Larry Fink called Bitcoin an index of money laundering. Now, he stated that the most prominent cryptocurrency was digitalizing gold. The entity contributed to encouraging a Bitcoin run with its application. As a result, it led investors to put money into the space, boosting the asset to a 12-month high.
Despite Fink’s negative comments about the cryptocurrency in the past, after some years, he admitted that Bitcoin was a great asset and even earned money from investing in it. He added that the asset would keep on growing.

The post Weekly News Summary for June 30 to July 06 appeared first on FinanceBrokerage.

Enter Your Information Below To Receive Latest News, And Articles.



    Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

    You May Also Like

    Editor's Pick

    The energy revolution is here to stay, and electric vehicles (EVs) have become part of the mainstream narrative. Despite geopolitical tensions and uncertainty, the...

    Editor's Pick

    Overview Mexico’s Sinaloa state hosts a number of prolific silver and gold mines, including McEwen Mining’s (TSX:MUX) El Gallo Complex, Americas Gold and Silver’s...

    Editor's Pick

    Uranium is an important energy sector commodity, and its rising value has attracted investor interest. 2023 has seen uranium prices solidly above the important...

    Investing

    A new survey shows that the presidential race between former President Donald Trump and President Biden is thin, but Biden faces a deficit in...

    Disclaimer: smartsuccessstrategy.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.


    Copyright © 2024 smartsuccessstrategy.com