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“The appointment of Mr. Weiss reinforces for the American people the department’s commitment to both independence and accountability in particularly sensitive matters,” Mr. Garland said. Mr. Clark and the Justice Department prosecutors overseeing the case had distinctly different understandings of the immunity Hunter Biden would receive from the deal. House Republicans quickly signaled the special counsel appointment would not alleviate their criticism of the investigation into Hunter Biden. agents was that Mr. Weiss had sought to bring charges against Hunter Biden in Washington and California but was rebuffed after prosecutors in those jurisdictions declined to partner with him. House Republicans have also issued subpoenas to six banks, detailing millions that were paid to Hunter Biden and his business partners from overseas companies.

Persons: General Merrick B, Garland, Biden’s, Hunter, Justice Department’s, David C, Weiss, Hunter Biden, Biden, —, Garland scoffed, Weiss —, “, Mr, Jack Smith, Donald J, Trump, Robert K, Hur, Trump’s, Hunter Biden’s, Christopher Clark, ” Mr, Clark, ”, Russell Dye, Jim Jordan, “ Weiss, Kevin McCarthy, Biden’s D.O.J, couldn’t, Devon Archer, Archer, Chris Cameron Organizations: Justice, Internal Revenue Service, Mr, Republican, Republicans, Justice Department, House Republicans, Biden, Congress, Department, Trump Locations: Washington, U.S, Delaware, Delaware , Washington, Wilmington, Del, Ohio, Washington and California

☆ Hunter Biden's plea deal is dead as the DOJ appoints a special counsel to oversee its investigation
▼ + stars: | 2023-08-11 | by ( Brent D. Griffiths | ) www.businessinsider.com time to read: +4 min

Hunter Biden's legal troubles just got a whole lot worse. Meanwhile, Biden's plea deal for tax crimes and a gun charge has collapsed. The surprise announcement came as federal prosecutors suggested that a plea deal with the president's son is now effectively dead after a Trump-appointed judge refused to accept it. Many in the GOP are still furious over Weiss' role in Hunter Biden's now-potentially dead plea deal. "'[T]he parties are at an impasse and are not in agreement on either a plea agreement or a diversion agreement," prosecutors wrote in the court filing.

Persons: Hunter, General Merrick Garland, Biden's, Hunter Biden, David Weiss, Trump, Joe Biden's, Garland, Weiss, DOJ's Hunter Biden, Biden, Jack Smith, Donald Trump's, Robert Hur, Bill Barr, Robert Mueller, Barr, Hunter Biden's, Judge Maryellen Noreika Organizations: Service, Justice Department, Trump, Obama, GOP Locations: Wall, Silicon

☆ Biden attorneys are in talks with special counsel Robert Hur over terms to interview the president
▼ + stars: | 2023-08-11 | by ( Monica Alba | Carol E. Lee | ) www.cnbc.com time to read: +3 min

WASHINGTON — Attorneys for President Joe Biden and the special counsel appointed to investigate his handling of classified documents have been negotiating for about a month over the terms under which he would be interviewed, two people familiar with the matter said. Discussions between Biden's lawyers and special counsel Robert Hur's office are focused on how, when and where the interview might take place, as well as the scope of the questions, these people said. For months now, Biden's lawyers have been gaming out various scenarios for an interview, with the expectation that he would provide one once his legal team and the special counsel agreed on the specifics. The documents were found in an office Biden used after he left the vice presidency and at his home in Wilmington, Delaware. Attorney General Merrick Garland appointed Hur in January, two months after he named Jack Smith as special counsel to oversee the investigation into former President Donald Trump's handling of classified documents and alleged efforts to overturn the 2020 election.

Persons: Joe Biden, Robert Hur's, Bob Bauer, Hur, Biden, Department's, General Merrick Garland, Jack Smith, Donald Trump's Organizations: White, WASHINGTON —, Justice Locations: Kentucky, Washington, U.S, Wilmington , Delaware

☆ What does Moody’s downgrade mean for markets?
▼ + stars: | 2023-08-09 | by ( Krystal Hur | ) edition.cnn.com time to read: +5 min

CNN —Moody’s on Monday evening downgraded 10 US banks and put the credit ratings of six others on review, an indication that the agency could also eventually downgrade those institutions. Some investors say that while the Moody’s downgrade isn’t groundbreaking, it’s a reminder that the economy, and markets, still have challenges ahead. Moody’s downgraded Commerce Bank, BOK Financial, M&T Bank, Old National Bank, Prosperity Bank, Amarillo National Bank, Webster Financial, Fulton Financial, Pinnacle Financial and Associated Bank. Wall Street firms fined $549 million for using WhatsApp and other channelsWells Fargo is among a number of Wall Street firms that admitted Tuesday to using WhatsApp, Signal and other messaging platforms for “off-channel” communications in violation of federal recordkeeping requirements. The Securities and Exchange Commission said the Wall Street firms acknowledged wrongdoing and have agreed to pay penalties totaling $289 million, reports my colleague Matt Egan.

Persons: CNN — Moody’s, JPMorgan Chase, Wells, Goldman Sachs, BNY, Cullen, Frost, ” Moody’s, ”, Kara Murphy, Fitch, Christopher Marinac, Janney Montgomery Scott, Price, Matt Egan, Houlihan Lokey, Alicia Wallace Organizations: CNN Business, Bell, CNN, Bank, Dow Jones, Nasdaq, JPMorgan, Banking, BNY Mellon, Northern Trust, Frost Bankers, Truist Financial, US Bank, Moody’s, Commerce Bank, BOK, T Bank, National Bank, Prosperity Bank, Amarillo National Bank, Webster Financial, Fulton Financial, Pinnacle Financial, Associated Bank, PNC Financial Services, Financial, Citizens Financial, Fifth Third Bank, Huntington Bank, Regions Financial, Cadence Bank, FNB Corp, Simmons, Ally Financial, Bank OZK, Valley Bank, Signature Bank, Federal Reserve, Kestra Investment Management, Consumer, Wall Street, Securities, Exchange Commission, SEC, BNP, SG Americas, BMO Capital Markets, Mizuho Securities, SMBC Nikko Securities, Federal Reserve Bank of New Locations: Wells Fargo, Amarillo, Marinac, Wells, SMBC Nikko Securities America, WhatsApp, Federal Reserve Bank of New York, York

☆ Here's what CEOs are saying about consumers this earnings season
▼ + stars: | 2023-08-08 | by ( Krystal Hur | ) edition.cnn.com time to read: +6 min

Consumers have more cash on hand now than before the pandemic, according to a July analysis from the JPMorgan Chase Institute. So, what do corporate earnings reveal about the health of the consumer? “The consumer is in good financial shape, particularly the premium consumer base that we target,” Ed Bastian, chief executive of Delta Air Lines (DAL), said last month. “Both the lower-income consumer and our higher-income consumers are showing really good strength,” said Brian Niccol, chief executive of Chipotle, during the company’s post-earnings call. “The macro effects of higher inflation and a slowing US economy have put increased pressure on the price-sensitive consumer,” said Chip Bergh, chief executive of Levi Strauss.

Persons: Taylor Swift’s, ” Ed Bastian, ”, Robert Jordan, “ We’re, Laxman Narasimhan, Chipotle, Brian Niccol, Levi Strauss, LEVI, Chip Bergh, “, Tarang Amin, Zachary Kirkhorn, Peter Valdes, Kirkhorn, Tesla, Elon Musk’s, Vaibhav, Read, Jennifer Korn, it’s, Google Organizations: CNN, JPMorgan Chase Institute, Airlines, Consumers, Delta Air Lines, DAL, Southwest Airlines, Papa Johns, Apparel, Tesla, Google Locations: United States, Pacific, Papa Johns ’ North, bitcoin

☆ Not everyone is convinced the US will avoid a recession
▼ + stars: | 2023-08-07 | by ( Krystal Hur | ) edition.cnn.com time to read: +8 min

New York CNN —The case for no US recession is building, but some on Wall Street are cautioning against getting overconfident. That has raised hopes among investors that the United States could avoid a recession despite the Federal Reserve’s aggressive pace of interest rate hikes. Still, some investors are maintaining that the US economy could tip into a recession later this year. The index of leading economic indicators is just kind of at an extreme rating. One of the reasons for the rise in equity valuations in recent weeks was the pricing out of recession or economic weakness.

Persons: Michael Gapen, Michael Feroli, ”, Bell, David Donabedian, we’ve, There’s, Catherine Thorbecke, Danielle Romain, Romain, Read, Uno Mattel, Uno Quatro, Ellie Stevens, “ We’re, Ray Adler Organizations: CNN Business, Bell, New York CNN, Bank of America, ” Bank of America, JPMorgan Chase’s, CIBC Private Wealth, Fitch, Google, Trust, Mattel, Uno Locations: New York, United States, New York City

☆ Oil prices are up 20% and energy stocks are rebounding
▼ + stars: | 2023-08-04 | by ( Krystal Hur | ) edition.cnn.com time to read: +5 min

New York CNN —Energy stocks are making a comeback after being left for dead earlier this year. Energy stocks faltered in the beginning of the year, defying investors’ expectations for last year’s boom to accelerate on a lack of global supply. That drop in energy stocks came despite OPEC+ producers, the cartel of oil producing countries plus Russia, announcing several output cuts in a bid to bump up crude prices. US WTI crude oil prices have gained 22% since June 11, while global benchmark Brent is up by 19%. Jobs report will likely be strongMarkets and economists are expecting another solid jobs report on Friday, reports my colleague Alicia Wallace.

Persons: That’s, what’s, ”, Rebecca Babin, Chevron, Derek Amey, Jobs, Alicia Wallace, Daniel Zhao, Refinitiv, Read, Here’s what’s, Danielle Wiener, Bronner, We’ve, ” Read Organizations: CNN Business, Bell, New York CNN — Energy, Energy, OPEC, Brent, Federal Reserve, CIBC Private Wealth, titans, Shell, Reuters, Glassdoor, USA Rice Federation Locations: New York, Russia, Saudi Arabia, China

☆ Warren Buffett isn’t worried about Fitch’s downgrade
▼ + stars: | 2023-08-03 | by ( Krystal Hur | ) edition.cnn.com time to read: +1 min

New York CNN —Warren Buffett is shrugging off Fitch Ratings’ historic downgrade of US credit from the top AAA grade to AA+. The “Oracle of Omaha” told CNBC on Thursday that his company, Berkshire Hathaway, bought $10 billion worth of US Treasuries on Monday and did the same exactly a week prior. “The only question for next Monday is whether we will buy $10 billion in 3-month or 6-month [Treasury notes],” Buffett said. That suggests that much like others on Wall Street, Buffett believe Fitch’s downgrade won’t have much of a long-lasting, negative impact on the economy, the government’s ability to borrow, nor the safety of US Treasuries. Even after the most recent downgrade, Moody’s has kept its top rating of US credit.

Persons: New York CNN — Warren Buffett, Omaha ”, Berkshire Hathaway, ” Buffett, Buffett, Moody’s Organizations: New, New York CNN, Fitch, AAA, CNBC, AA Locations: New York, Omaha, Berkshire, United States

☆ US investors are searching overseas for opportunities
▼ + stars: | 2023-08-03 | by ( Krystal Hur | ) edition.cnn.com time to read: +5 min

CNN —Despite the gains in US stocks this year, some investors are looking for opportunities elsewhere. That’s despite what’s been shaping up to be a banner year for the US stock market — at least prior to this week’s US credit rating downgrade (more on that below). But some investors say that cheaper valuations for non-US stocks, compared to their domestic counterparts, are enticing some on Wall Street to look for deals overseas. The S&P 500 index currently trades at about 19.6 times its expected earnings, according to FactSet. That MSCI All Country World ex USA index has risen roughly 9% on a US dollar basis, underperforming the S&P 500.

Persons: Goldman Sachs, That’s, what’s, ”, Adam Turnquist, China’s, Jimmy Lee, bode, Fitch, ” Richard Francis, CNN’s Matt Egan, Francis, “, ” Francis, Janet Yellen, Obama, Jason Furman, Larry Summers, Read, Sam Stovall Organizations: CNN Business, Bell, CNN, Investors, Federal Reserve, LPL, Global, The Wealth Consulting, America, Fitch, Treasury Department, AAA

The global financial system relies on the promise that the US government will always pay back its debts. Although the timing was a surprise, Fitch's downgrade wasn't shocking. This May, Fitch put the country’s perfect AAA rating on watch as the debt ceiling fight raged on. The downgrade, said Fitch, reflected the “expected fiscal deterioration” of the country over the next three years. The rating agency cited the “high and growing” government debt, which currently stands at more than $32 trillion (that’s just under $100,000 for every single person in America).

Persons: Fitch, Read Organizations: Treasury Locations: America

CNN —There may not be any lasting major negative ramifications from the surprise US credit rating downgrade by Fitch this week — not for the economy, not for consumers and not for the government’s ability to borrow. Normally, when your credit score as a consumer falls — or your credit rating as a country — there are negative consequences. Here’s why the United States is unlikely to see that kind of impact from the Fitch downgrade. The downgrade wasn’t a huge dropFitch cut its US credit rating to AA+ from what had been a sterling AAA rating. “Fitch’s credit rating is an expression of the probability of a default.

Persons: You’re, Fitch, “, brinkmanship, Marc Goldwein, you’re, ”, Mark Zandi, Yellen, Jamie Dutta, Dutta, ” George Mateyo, ” Mateyo, ” José Torres, Torres, it’s, ” Torres, Uncle Sam, CRFB, – CNN’s Krystal Hur, Allison Morrow Organizations: CNN, Fitch, AAA, Committee, U.S . Treasury, Moody’s, AA, “, Vantage, Key Private Bank, Federal Reserve, Interactive Brokers, Moody’s Investors Service, Treasury, Congressional, Social Security Locations: United States, States, corporates, United

☆ The US stock market just had its best year — so far — since 1997
▼ + stars: | 2023-08-01 | by ( Krystal Hur | ) edition.cnn.com time to read: +2 min

New York CNN —The stock market just had its best performance through July in 26 years. The benchmark S&P 500 index closed last month with a boost of about 21% for the year. Along with the Nasdaq Composite, the S&P 500 notched its fifth winning month in a row in July, marking the broad-based index’s longest monthly winning streak since 2021. About 81% of the 292 companies in the S&P 500 that have reported their second-quarter results so far have reported earnings above analyst expectations, according to data from Refinitiv Lipper. An equal-weighted version of the S&P 500 underperformed year to date through July.

Persons: Dow Organizations: New, New York CNN, Dow Jones, Nasdaq, Tech, Nvidia, Apple, Microsoft, Tesla, Meta, Royal, Federal Reserve Locations: New York, Royal Caribbean

☆ The case for a soft landing is slowly but surely building
▼ + stars: | 2023-07-30 | by ( Krystal Hur | ) edition.cnn.com time to read: +5 min

It’s not difficult to see why – economic data released this past week points to a cooling but still strong economy. Still, it’s far too soon to assume that a soft landing is in the bag. There’s more economic data slated for release this coming week, and the US labor market is in focus. The Bureau of Labor Statistics’ latest jobs report is due Friday. Friday: Jobs report for July.

Persons: Jerome Powell, ” Powell, ”, Jeffrey Roach, WhatsApp, Catherine Thorbecke WhatsApp, Read, Kraft Heinz, Yum, Kellogg, Jobs Organizations: CNN Business, Bell, CNN, Federal Reserve, Fed, Commerce Department, LPL, Bureau of Labor Statistics, Labor, Survey, ADP, Labor Statistics ’, Community Bank, Caterpillar, Pfizer, Uber, Marriott, Starbucks, PayPal, CVS, Kraft, Brands, DoorDash, Apple, ConocoPhillips, Booking Holdings, Warner Bros

☆ Why is the US dollar losing its shine?
▼ + stars: | 2023-07-28 | by ( Krystal Hur | ) edition.cnn.com time to read: +4 min

CNN —The US dollar’s decline has gained speed this month as investors pare back their interest rate expectations. Last week, that helped lead the US Dollar Index, which tracks the dollar versus the British pound, euro, Swiss franc, Japanese yen, Canadian dollar and Swedish krona, to its lowest level in more than a year. The dollar’s decline could offer some support to tech earnings, further boosting those stocks and in turn the broader rally. Gold prices have risen over 6% this year, supported by sliding Treasury yields and a decline in the dollar. The Dow slips to snap 13-day rallyThe Dow Jones Industrial Average index fell Thursday, cutting short a historic 13-day streak of gains.

Persons: pare, ”, Kathy Jones, Charles Schwab, Jones, Seema Shah, “ It’s, Shah, Gold, Dow, Read, Barbie ”, “ Oppenheimer, Matt Egan, “ Barbie, “ Oppenheimer ” Organizations: CNN Business, Bell, CNN, Federal, Swiss, Canadian, Fed, Microsoft, Apple, Asset Management, Japan, European Central Bank, Dow Jones, Nasdaq, Bank of America, Warner Bros Locations: Swedish

☆ The Dow is on pace to do something today it hasn’t done since 1897
▼ + stars: | 2023-07-27 | by ( Krystal Hur | ) edition.cnn.com time to read: +2 min

New York CNN —The Dow is on pace for its best run in 126 years. If the Dow closes higher Thursday for a 14th consecutive session, that would be its longest run of consecutive gains since May 1897. Should the Dow end the day higher today, and for a 15th straight day on Friday, that would mark the index’s longest daily winning streak ever. The blue-chip index’s run is already at historic levels: The Dow on Wednesday notched its 13th straight day of gains, its best winning streak since 1987 and its highest level since February 2022. Some investors say that the central bank is unlikely to pivot as soon as Wall Street expects, or as quickly.

Persons: Dow, —, haven’t, “, ”, Rhys Williams, Mike Sanders Organizations: New, New York CNN, Dow, Wednesday, New York Stock, Bettmann, Nasdaq, Meta, Big Tech, Federal Reserve, Management, Traders, Madison Investments Locations: New York

☆ Wall Street suddenly appears confident America will avoid a recession
▼ + stars: | 2023-07-27 | by ( Krystal Hur | ) edition.cnn.com time to read: +4 min

The Dow Jones Industrial Average index has gained 3.2% this month, outperforming the S&P 500 and Nasdaq Composite. The Dow’s gains suggest that investors are starting to buy more economically sensitive stocks as recent data show inflation slowing. That, in turn, indicates they’re becoming increasingly optimistic that the economy could avoid a recession. Conventional Wall Street wisdom says gains in the blue-chip index tend to precede rallies across the broader market. The Dow Jones Transport Average Index, an index of 20 stocks including railroad, trucker, airline and freight companies, has gained 24% this year.

Persons: ”, Adam Phillips, That’s, Bryan Mena, Read, Matt Egan, “, Patrick De Haan Organizations: CNN Business, Bell, New York CNN, Dow Jones, Nasdaq, Big Tech, Wealth, Federal Reserve, Union Pacific Corporation, Ryder System, Dominion Freight Line, Fed, New, American Automobile Association Locations: New York, Russia, Ukraine

☆ How market expectations have changed this year
▼ + stars: | 2023-07-24 | by ( Krystal Hur | ) edition.cnn.com time to read: +7 min

As the economy and market continue to hum along, some investors’ expectations for what’s to come are shifting. Before the Bell: What were your market expectations at the start of this year, and how have they changed? Lori Van Dusen: When you look at what’s happened in the market on the surface, I think everybody knows it’s been a really good market, especially in the US, but it’s also been a very concentrated market around these seven stocks. And I think that’s why the market is broadening, and generally market participants are more constructive and taking their wins in technology and rotating. I think they’re fundamentally great companies, but I don’t think that their leadership will continue.

Persons: Tesla, ’, Bell, Lori Van Dusen, it’s, we’ve, I’ve, Don’t, don’t, you’re, You’ve, Nathaniel Meyersohn, CNN’s Caolán Magee Organizations: CNN Business, Bell, CNN, Dow Jones Industrial, Nasdaq, Nvidia, Apple, Microsoft, Fed, LVW Advisors, Economic, Institute, National Restaurant Association, Workers Locations: Las Vegas, States, Europe, Rome, Greece

☆ What’s ahead this week for Wall Street and the economy
▼ + stars: | 2023-07-23 | by ( Krystal Hur | ) edition.cnn.com time to read: +5 min

Case Shiller house price index for May and consumer confidence for July from the Conference Board. Earnings reports from AT&T, Boeing, Meta Platforms, Mattel, Stellantis and Chipotle Mexican Grill. Earnings reports from Coca-Cola, Mondelez, Honeywell, Keurig Dr Pepper, Royal Caribbean, Anheuser-Busch Inbev, Southwest Airlines and Hershey. Friday: Personal Consumption Expenditures price index for June, Employment Cost Index for the second quarter and University of Michigan consumer sentiment for July. Earnings reports from Procter & Gamble, Chevron and Exxon Mobil.

Persons: Jerome Powell, David Smith, Powell, Christopher Waller, ”, Dustin Thackeray, Tesla, Chris Isidore, —, Case, Dr Pepper Organizations: CNN Business, Bell, CNN, Fed, Traders, Rockland Trust, Big Tech, Microsoft, Meta, Crewe Advisors, Nasdaq, Netflix, Safety, Health Administration, doesn’t, Biden Administration, Bureau of Labor Statistics —, Ryanair, Federal Reserve, Conference Board, General Motors, Daniels, Midland, Verizon, PacWest, Boeing, Mattel, Honeywell, Anheuser, Busch Inbev, Southwest Airlines, Hershey, University of Michigan, Procter & Gamble, Chevron, Exxon Mobil Locations: Rockland, American, United States, PacWest Bank, Royal Caribbean

☆ Premarket stocks: Markets and consumers are in an upbeat mood. Here's why
▼ + stars: | 2023-07-21 | by ( Krystal Hur | ) edition.cnn.com time to read: +5 min

CNN —Stocks and consumer sentiment are rising in tandem after slumping last year, in another sign of growing optimism that the economy could dodge a recession. Consumer sentiment tracked by the University of Michigan jumped 13% in July, notching its second consecutive month of improvement. That comes after stocks and consumer sentiment tumbled in 2022 as sticky inflation and the Federal Reserve’s aggressive pace of interest rate hikes spurred fears that the US economy would tip into a recession. “Consumer sentiment reached levels consistent with the lows of some past recessions last summer,” wrote Lori Calvasina, head of US equity strategy at RBC Capital Markets. Still, consumer sentiment could decline if more people lose their jobs, paychecks and spending power.

Persons: CNN —, ”, Lori Calvasina, Ed Moya, Moya, Jon Ekoniak, Pete Muntean, Vanessa Yurkevich, Robert Travis, “, ” Read, Michelle Toh, Kan, Read Organizations: CNN Business, Bell, CNN, University of Michigan, RBC Capital Markets, OANDA, JPMorgan Chase, Citigroup, Bordeaux Wealth Advisors, UPS, Teamsters, United Parcel Service, Independent Pilots Association, Brotherhood of Teamsters, South, Starbucks Asia Locations: That’s, BlackRock, Wells Fargo, South Korean, Hong Kong, Indonesia, South Korea, Philippines

☆ Congressman Pat Ryan tells Verizon, AT&T to 'clean up their mess' following toxic lead cable report
▼ + stars: | 2023-07-20 | by ( Krystal Hur | ) edition.cnn.com time to read: +3 min

One such cable hangs bordering a playground in Wappingers Falls, New York, and lead in nearby soil measured more than 1,000 parts per million, the Journal reported. AT&T shares earlier this week hit a three-decade low following a flurry of downgrades from analysts on concerns that the potential of toxic lead cables could create long-term headwinds for the companies in question. Shares of Verizon, also mentioned in the Journal’s investigation, fell to their lowest closing level since 2010 on Monday. Shares of telecom companies pared back their losses Wednesday, buoyed by a broader market rally fueled by strong second-quarter earnings reports. Raymond James analysts wrote in a note Wednesday that they estimate AT&T could spend between $264 million and $1.2 billion to remove lead-covered cables.

Persons: Pat Ryan, ” Ryan, USTelecom, Raymond James Organizations: New, New York CNN — New, New York CNN — New York Democratic, Verizon, AT, Wall Street Journal, CNN, Bell, Environmental, Agency, Wall, & $ Locations: New York, New York CNN — New York, United States, Wappingers Falls , New York

☆ Extreme heat helps boost some stocks and knocks down others
▼ + stars: | 2023-07-19 | by ( Krystal Hur | ) edition.cnn.com time to read: +2 min

New York CNN —As Americans desperately seek to cool off, some stocks are rising with the temperature. Shares of companies whose products help cool homes have gained as record temperatures hit the United States. That comes as Americans stock up on air conditioners, fans and other products to help battle the sweltering heat. Natural gas stocks have also benefited from the surge in temperature as Americans crank up their air conditioners. Cheniere Energy has added 3.2% in the last month, Devon Energy gained 4.6% and Coterra Energy rose 4.6%.

Persons: Louis Navellier Organizations: New, New York CNN, Carrier Global, Whirlpool, Air, Scout, Amazon, Molson Coors, Constellation Brands, Cheniere Energy, Devon Energy, Coterra Energy, Navellier, Associates, Airlines, United Airlines, JetBlue Airways Locations: New York, United States, America

☆ AT&T, Verizon stocks pare back losses after hitting decades lows on toxic lead cable investigation
▼ + stars: | 2023-07-18 | by ( Krystal Hur | ) edition.cnn.com time to read: +3 min

That prompted a flurry of downgrades from analysts that in turn helped spur a steep sell-off in telecom stocks. Since the investigation’s publication, AT&T shares have tumbled roughly 14%, Verizon fell 10% and Frontier Communications slid 33%. AT&T shares on Tuesday fell to $13.45, its lowest closing price since 1993. Verizon shares fell 7.5% to $31.46 on Monday to their lowest closing level since 2010 before paring back their losses slightly on Tuesday. Lawmakers have demanded action to further investigate the network of toxic lead cables in the wake of the release.

Persons: JPMorgan Chase, Edward Jones, David Heger, paring, Akin, ” Neil Mack, Democratic Sen, Edward Markey, Jonathan Spalter, ” Markey, USTelecom Organizations: CNN —, Verizon, AT, Bell, Frontier Communications, JPMorgan, CNN, Moody’s Investors Service, Lawmakers, Democratic Locations: United States, U.S

☆ Angelo Mozilo death: Countrywide Financial mortgage company CEO and financial crisis key player passes away at 84
▼ + stars: | 2023-07-17 | by ( Krystal Hur | ) edition.cnn.com time to read: +1 min

New York CNN —Angelo Mozilo, former chief executive of Countrywide Financial and a key player in the subprime mortgage meltdown that led to the 2008 financial crisis, died Sunday. “It is with great sadness that the family of Angelo Robert Mozilo announces his passing from natural causes. The family requests privacy at this time,” The Mozilo Family Foundation, a charitable organization founded by Mozilo and his late wife Phyllis, said in a press release. Mozilo’s name and that of the mortgage-lending company he cofounded are closely linked to the subprime mortgage meltdown that helped snowball the financial crisis in 2008. The embattled mortgage lender agreed to be acquired by Bank of America for $4 billion in an all-stock deal in 2008.

Persons: New York CNN — Angelo Mozilo, Angelo Robert Mozilo, Mozilo, Phyllis Organizations: New, New York CNN, Countrywide Financial, Foundation, Countrywide, Bank of America, Securities and Exchange Commission, SEC Locations: New York

☆ The bond and stock markets might finally agree on Fed expectations
▼ + stars: | 2023-07-16 | by ( Krystal Hur | ) edition.cnn.com time to read: +4 min

CNN —The bond and stock markets are finally seeing eye to eye when it comes to the Federal Reserve. Stocks and the 10-year Treasury’s real yield have begun moving inversely again, according to a research note from Morgan Stanley. That’s a reversal from earlier this year, when yields and stocks both moved higher. A concurrent rally both in bond yields and stocks is atypical. The Consumer Price Index report for June showed that annual inflation slowed to 3%, marking its lowest rate since March 2021.

Persons: Morgan Stanley, George Cipolloni, they’re, ”, Price, Michael Kushma, We’re, Laura He, Read, Goldman Sachs Organizations: CNN Business, Bell, CNN, Federal Reserve, Stocks, Valley Bank, Signature Bank, Penn Mutual Asset Management, Nasdaq, Cyberspace Administration, Financial Services, Bank of America, US Bancorp, Ally, American Express Locations: China

☆ The Nasdaq-100 index is getting a makeover. Here's how
▼ + stars: | 2023-07-14 | by ( Krystal Hur | ) edition.cnn.com time to read: +5 min

CNN —The Nasdaq-100 index is getting a fresh look. What happened: The index comprises 100 of the largest non-financial companies listed on the Nasdaq. Seven companies listed in the Nasdaq-100 accounted for roughly 51% of the index as of June 3, according to a note by Louis Navellier, chairman of Navellier & Associates. The Nasdaq is looking to fix that problem – without changing any of the stocks in the index. Nasdaq won’t remove or add any stocks to the index during this rebalance, according to the release.

Persons: Louis Navellier, Apple, Donald Calcagni, ”, What’s, Cameron Lilja, Bob Iger, Ron DeSantis, Tucker Carlson, ” Iger, Read, Hanna Ziady Organizations: CNN Business, Bell, CNN, Nasdaq, Navellier, Associates, Microsoft, Nvidia, Tesla, Apple, Mercer Advisors, Stocks, Florida Gov, Disney, Fox News, CNBC, McKinsey Global Institute Locations: Europe, Florida

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