S&P 500 sheds nearly 1% Friday on Snap-led tech sell-off, but finishes higher on week
The three major averages notched weekly gains, buoyed by notable earnings from American Express, Tesla and other companies.
Financial News
Asia-Pacific markets mixed as inflation in Japan inches up
Shares in the Asia-Pacific were mixed Friday as investors digest Japan’s inflation data.
Nord Stream 1 resumes gas flows from Russia to Europe after fears of complete cutoff
The operator of Nord Stream 1, a key gas pipeline which runs from Russia to Germany, said it was in the process of resuming flows to Europe.
UK inflation hits new 40-year high of 9.4% as cost-of-living crisis deepens
U.K. inflation hit yet another new 40-year high in June as food and energy prices continued to soar, escalating the country’s historic cost-of-living crisis.
China holdings of U.S. debt fall below $1 trillion for the first time since 2010
China’s holdings of U.S. debt have fallen below $1 trillion for the first time in 12 years. Rising rates have made Treasurys potentially less attractive.
From $25 billion to $167 million: How a major crypto lender collapsed and dragged many investors down with it
Celsius bankruptcy not surprising but still a huge blow to the crypto industry.
Biden said he raised murder of Jamal Khashoggi with Saudi leaders after MBS fist bump
President Biden faces criticism for visiting Saudi Arabia. Crown Prince Mohammed bin Salman is suspected of ordering the killing of Jamal Khashoggi.
Earnings could be an even bigger catalyst for stocks after the market’s wild ride on rate fears
Investors are likely to switch their focus to earnings season, after the market’s wild ride on rising and falling expectations for Federal Reserve rate hikes.
China’s GDP growth misses expectations in the second quarter
In the second quarter, mainland China faced its worst Covid outbreak since the height of the pandemic in early 2020.
This ‘crypto winter’ is unlike any downturn in the history of digital currencies. Here’s why
A price crash, the collapse of key crypto projects, interconnected loans and the inability to repay debt have been key features of the latest downturn.