Markets Insider

US oil production hit a record high of 13.4 million barrels per day last week, up from 12.6 million barrels per day a year ago.

US oil production just hit a record high

The Independent

 Saudi oil giant Aramco reported half-year profits Tuesday of $56.3 billion, down from the year before due to weakening volumes sold amid worries about the global economy. Aramco, formally known as the Saudi Arabian Oil Co., said its overall revenue for the half-year was $220.7 billion, up from $218.6 billion the year before. Profits in 2023 were $61.9 billion, nearly $5 billion higher.“The decrease was primarily a result of lower crude oil volumes sold, weakening refining margins and lower finance and other income,” Aramco said in a filing on Riyadh's Tadawul stock exchange. “This was partially offset by higher...

Saudi Arabia's Aramco reports lower half-year profits as economic worries dampen energy prices

Business Times

Oil prices climbed this week, marking a more than 3% gain as a mix of encouraging U.S. labor market data and escalating tensions in the Middle East fueled market volatility. Brent crude futures edged up by 0.3% to $79.38 per barrel, while U.S. West Texas Intermediate (WTI) crude also gained 0.3%, reaching $76.45 per barrel. Both benchmarks are on track to close the week with significant gains, driven by a series of geopolitical and economic factors that have reignited concerns about supply and demand dynamics.

Crude Oil Climbs 3% Amid Middle East Conflict and Strong U.S. Labor Market

Gold prices firmed on Wednesday on mounting bets of U.S. interest rate cuts in September and rising geopolitical tensions in the Middle East, with markets awaiting U.S. economic data for clues on the Federal Reserve's interest rate path. Spot gold rose 0.4% to $2,399.38 per ounce, as of 11:29 a.m....

Gold buoyed by Fed rate-cut hopes, geopolitical concerns

The Hill

Oil prices whipsawed Monday, affected by the conflicting drivers of a widespread stock market sell-off pushing them down and anxiety about potential Iranian retaliation against Israel pushing them up. Brent crude, the top global price benchmark, fell as low as $76.05 in midmorning, but it closed past $77 Monday afternoon...

Oil prices see volatile day amid stock selloff, Iran fears

Sen. Elizabeth Warren sent a letter to Tesla Chairperson Robyn Denholm on Thursday concerning CEO Elon Musk and possible breaches of his fiduciary duty to the company. Warren wants to know whether the board has ever bothered to investigate Musk's use of Tesla resources to benefit his other companies, including SpaceX and xAI.

Tesla's board faces questions from Elizabeth Warren about Musk's corporate 'entanglements'

Warren, MI

Stellantis will indefinitely lay off up to 2,450 U.S. plant workers in Warren, Michigan, later this year as it discontinues production of an older version of its Ram 1500 pickup. The company has not announced a vehicle to replace the truck. The layoffs are expected to start as soon as...

Stellantis laying off 2,450 plant workers due to discontinuation of Ram 'Classic' pickup truck

Florida State

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Jacksonville Today

Gov. Ron DeSantis has issued a state of emergency in Northeast Florida and across much of the state as a tropical system appears almost certain to develop. The National Hurricane Center said Friday morning that a tropical wave has a 90% chance of developing into at least a tropical depression over the next seven days. Most models show it moving into the Gulf of Mexico and then coming ashore and crossing the state, possibly moving over Northeast Florida.

Tropical system is nearly certain to develop

CNBC brings you fast, accurate, and actionable business news and market updates.

News Update – Market Close

Chris Pyle spends the entirety of his workdays wearing a white tank top and boxer shorts, sitting in a recliner. It's an unusual setting for a mechanic, but a profitable one. Pyle started answering strangers' questions about their gas and diesel engines on JustAnswer as a side hustle in October 2006.

45-year-old mechanic quit his full-time job for his side hustle—now he makes $14,200 a month: My paycheck is 'very consistent’

Republican Donald Trump has a 7-point lead over Democrat Kamala Harris among Florida voters, 49% to 42%, according to a new poll from the University of North Florida. Four percent are backing another candidate, and 6% are undecided or didn’t answer.

New Florida poll: Trump leads; support strong for abortion and recreational weed

Debby has weakened to a post-tropical storm, after making landfall in Florida as a Category 1 hurricane Monday. It's expected to bring more heavy rain and flooding to the Mid-Atlantic and Northeast on Friday and into the weekend. Homeowners insurance doesn't cover flood damage. You need a separate flood insurance...

If Debby damages your basement, here’s what’s not covered by flood insurance

Denver, CO

David Heitz

More dangerous substances are entering the Denver drug supply, Harm Reduction Action Center warned in a newsletter this week. “The Iron Law of Prohibition posits that as law enforcement becomes more intense, the potency of prohibited substances increases,” HRAC Executive Director Lisa Raville wrote in the newsletter. That is exactly what is happening, she said.

Dangerous substances entering Denver drug supply

Investors betting on a second Trump presidency expect an easier regulatory environment and more corporate M&A activity.

Stock market today: Dow closes at a record as market bets on Trump after assassination attempt

South Carolina State

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Explore Beaufort SC

The mantis shrimp is one tough customer. Beautiful and deadly are two words you don’t typically use to describe shrimp, but the mantis shrimp is definitely in a class of its own; earning a reputation as the ‘savage boxer of the sea’ and one of the most fearsome creatures in the ocean. And, they're right at home here in South Carolina.

Savage Boxer of the Sea: The Deadly Beauty of Mantis Shrimp

Charles Van der Steene, president of Maersk North America, joins CNBC's Lori Ann LaRocco to discuss growth in Asian ocean freight orders, the U.S. consumer and economy, and the threat of a longshoreman strike at East Coast and Gulf ports in the Fall.

Maersk North America president on the strength of U.S. consumer and shipping outlook

Major U.S. stock indexes surged in afternoon trading Friday, as a volatile week of equities trading gets set to draw to a close. The Dow Jones Industrial Average was up 0.4% recent trading, while the Nasdaq Composite and S&P 500 were both up 0.7%. All three indexes closed sharply higher on Thursday, with the S&P 500 and Nasdaq recording their biggest one-day point gains since 2022, as the economic concerns that had roiled the market for the past week subsided after a benign weekly jobless claims report.

Dow Jones Today: Stocks Move Higher; S&P 500, Nasdaq Back in the Green for the Week

Goldman Sachs issued a warning that an S&P 500 correction is imminent and advised investors against buying the dip. In a note to clients, an analyst at the investment bank highlights several indicators pointing towards a downturn in the market. He points out that July 17 typically marks the end...

Goldman Sachs says S&P 500 correction is coming, urges investors not to buy dip

JPMorgan Chase has rolled out a generative AI assistant to tens of thousands of its employees, the initial phase of a broader plan to inject the technology throughout the bank. The program, called LLM Suite, is already helping more than 60,000 employees with tasks like writing emails and reports. The...

JPMorgan Chase is giving its employees an AI assistant powered by ChatGPT maker OpenAI

Colorado State

A bill quietly introduced this spring in the Colorado legislature to decriminalize the possession of drug paraphernalia obtained by harm reductionists has become law. As low-key as the legislation was introduced, the bill was signed into law without fanfare June 6. It garnered little to no media attention.

Colorado legalizes needles, pipes for meth and crack if obtained by harm reduction group

NewsBreak

U.S. crude oil posts more than 4% weekly gain as recession fears ease, Mideast tensions loom

The stock market rebound after Monday's sell-off combined with Middle East military tensions to lift oil prices this week. Israel is girding for retaliatory strikes by...

U.S. crude oil posts more than 4% weekly gain as recession fears ease, Mideast tensions loom

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