US House to vote on long-awaited $95 billion Ukraine, Israel aid package

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The Republican-controlled U.S. House of Representatives is set to vote on a $95 billion legislative package providing security assistance to Ukraine, Israel, and Taiwan. The package includes $60.84 billion for Ukraine, $26 billion for Israel, and $8.12 billion for the Indo-Pacific. The House Speaker, Mike Johnson, chose to push forward the measure despite objections from hardline members of his majority. The bill has bipartisan support and is expected to pass in the House. Senate Majority Leader Chuck Schumer has urged senators to be ready to work over the weekend if the bill passes in the House.

#Ukraine #Israel #Taiwan #AidPackage #UsHouse

https://finance.yahoo.com/news/us-house-vote-long-awaited-100000116.html

Senate passes reauthorization of key US surveillance program after midnight deadline

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The Senate has voted to reauthorize a key US surveillance law known as Section 702 of the Foreign Intelligence Surveillance Act. The legislation, approved with bipartisan support, extends the program for two years and now awaits President Joe Biden's signature. The surveillance tool, first authorized in 2008, allows the US government to collect the communications of non-Americans located outside the country without a warrant for the purpose of gathering foreign intelligence. The reauthorization faced opposition from privacy advocates and national security hawks, but proponents argue that the program is crucial in disrupting terror attacks and foreign espionage. The Biden administration had expected the program's authority to remain operational for at least another year, but officials stressed the importance of congressional authorization to prevent communications companies from ceasing cooperation. The reauthorization includes reforms to protect Americans' privacy and civil liberties.

#UsSurveillanceProgram #Section702 #ForeignIntelligenceSurveillanceAct #JoeBiden #ChuckSchumer #MarcoRubio #MerrickGarland #Privacy #NationalSecurity

https://finance.yahoo.com/news/senate-passes-reauthorization-key-us-044701884.html

Fed report cites inflation, US election as key financial stability risks

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The Federal Reserve's latest survey of U.S. central bank contacts identifies persistent inflation and higher-for-longer interest rates as key risks to financial stability. Geopolitical troubles and the 2024 U.S. presidential election are also mentioned as potential sources of shocks. The survey results were included in the Fed's Financial Stability Report, which examines leverage and risk-taking in the economy. The report shows little evidence of widespread risks to the financial system, despite borrowing costs remaining high. However, concerns about policy uncertainty related to trade policy, foreign policy issues, and the U.S. elections were noted. The banking system is described as sound and resilient, with strong capital and liquidity levels. Some areas of concern include declining values for commercial real estate and rising leverage among larger hedge funds.

#FederalReserve #Inflation #InterestRates #FinancialStability #GeopoliticalTensions #UsElections #TradePolicy #ForeignPolicy #BankingSystem #CommercialRealEstate #HedgeFunds

https://finance.yahoo.com/news/fed-report-cites-inflation-us-200429677.html

Donald Trump Lost $1 Million In Crypto In The Last 7 Days: Will He Sell?

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Donald Trump's crypto portfolio has seen a loss of over $1 million in the past seven days. Trump began accumulating cryptocurrency in late 2022 through the sale of Trump Digital Trading Cards non-fungible tokens (NFTs). He earned over 1,700 Ethereum (ETH) and Wrapped ETH (WETH) from the project. Trump's largest position is in MAGA Coin (TRUMP), a meme coin that has gained attention. The value of TRUMP tokens received by Trump has fluctuated, reaching highs of over $6.7 million and currently worth around $3 million. In the past week, TRUMP has lost over 15% of its value, contributing to Trump's overall loss. It is unclear whether Trump will sell his position, but the recent losses raise the question of the future of the TRUMP coin.

#DonaldTrump #Crypto #Cryptocurrency #MagaCoin #Trump #Nft #Ethereum #Eth #WrappedEth #Weth

https://finance.yahoo.com/news/donald-trump-lost-1-million-171151902.html

Short sellers recoup losses as rally in US stocks loses steam

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Short sellers have recouped losses of more than $25 billion in the last 30 days as the rally in US stocks loses steam. The receding bets of an early interest rate cut by the US Federal Reserve triggered a selloff in the equity market, allowing short sellers to cover a portion of their heavy losses from last year. The benchmark S&P 500 index is down about 5% in April and off by a similar margin from its record high. Overall US & Canadian equity short exposure fell by $50 billion to $1.08 trillion in the last 30 days. Short positions on MicroStrategy and chip stocks were profitable, while short positions on Exxon Mobil, Alphabet, and Amazon.com were least profitable.

#ShortSellers #UsStocks #InterestRateCut #EquityMarket #S&p500 #Microstrategy #ChipStocks #ExxonMobil #Alphabet #Amazoncom

https://finance.yahoo.com/news/short-sellers-recoup-losses-rally-170840588.html

Biden administration restricts oil and gas leasing in 13 million acres of Alaska's petroleum reserve

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The Biden administration has announced restrictions on new oil and gas leasing on 13 million acres of a federal petroleum reserve in Alaska. The decision aims to protect wildlife such as caribou and polar bears as the Arctic continues to warm. The restrictions were first proposed last year and are part of a larger plan to close nearly half of the reserve to oil and gas leasing. Existing leases and authorized operations are not affected by the decision. The administration also recommended rejecting a state corporation's application for a road in the northwest part of the state to allow mining of critical mineral deposits. Republican lawmakers, including Alaska Senators Dan Sullivan and Lisa Murkowski, criticized the decisions, calling them an attack on the state's economy and national security interests. Environmentalists praised the decision as a commitment to conservation and addressing the climate crisis.

#BidenAdministration #OilAndGasLeasing #Alaska #PetroleumReserve #WildlifeProtection #ClimateChange #Environmentalists #RepublicanLawmakers

https://finance.yahoo.com/news/biden-administration-restricts-oil-gas-090240598.html

What Grocery Prices Tell You About the Economy, According to Experts

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Grocery prices have increased 25% in the last four years due to inflation. Changes in grocery prices reflect the rate of inflation and can indicate the state of the economy. Other expenses like fuel, utilities, and rent can also provide clues about economic trends. Higher fuel costs can affect transportation expenses and the prices of goods and services. Increases in utilities and rent can put a strain on household budgets, potentially slowing down consumer spending. Understanding grocery prices and other everyday costs can help individuals make more informed choices about financial planning and investment strategies. The reported inflation data may not provide the entire picture of inflation figures since some items could bring the overall number down. Grocery prices have gone up significantly, with a 12% jump in 2022 and American families spending 25% more on groceries than before the pandemic. Shrinkflation, where consumers get less for the same price, is also impacting grocery prices. Rising prices can suggest increased production costs or issues with the supply chain, both of which can point to inflationary pressures. Monitoring grocery prices and other expenses can help individuals navigate uncertain economic times and plan their finances accordingly.

#GroceryPrices #Economy #Inflation #Expenses #ConsumerSpending #FinancialPlanning #InvestmentStrategies

https://finance.yahoo.com/news/grocery-prices-tell-economy-according-170140338.html

Wall Street 'fear gauge' flashes as volatility dogs US stocks

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The Cboe Volatility Index (VIX), also known as Wall Street's 'fear gauge,' has reached its highest level in half a year as U.S. stock investors remain defensive. The VIX broke above 20 as tensions between Iran and Israel escalated, the highest since late October. The increase in volatility is attributed to interest rate anxiety and geopolitical tensions. The S&P 500 is down nearly 5% from its late March record closing high. The VIX has not closed above 20 for 121 straight days, the longest streak since 2018. Market participants are concerned about near-term threats to the market, as indicated by the VIX trading 1.26 points higher than its May futures. However, the VIX remains below levels that have historically marked a crescendo of investor fears.

#WallStreet #FearGauge #Volatility #UsStocks #Vix #S&p500 #InterestRates #GeopoliticalTensions #InvestorConfidence

https://finance.yahoo.com/news/wall-street-fear-gauge-flashes-165441361.html

Last Prisoner Project Mobilizes Largest Coalition of Bipartisan Cannabis Advocates to Washington, DC during Cannabis Summit

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Last Prisoner Project (LPP) has mobilized the largest coalition of bipartisan cannabis advocacy, industry, and grassroots organizations to convene in Washington D.C. during the 420 Unity Day of Action. The coalition called for the full legalization of cannabis, the removal of criminal penalties, and retroactive relief. Advocates were joined by elected officials such as Sen. Ron Wyden, Rep. Earl Blumenauer, Rep. Ayanna Pressley, and Rep. Ilhan Omar, who spoke at various events. The coalition also called on lawmakers to support legislation that would federally legalize cannabis and provide funding for state-level expungement programs. The activism concluded with a candlelight vigil in front of the White House to honor those harmed by cannabis criminalization. Throughout the week, advocates were joined by celebrity voices such as Rosario Dawson and M-1 of Dead Prez. The weekend events include educational panels, a fireside chat with a Last Prisoner Project Board Member, and a concert headlined by Wu-Tang Clan and Redman. The Last Prisoner Project is dedicated to freeing those incarcerated due to the War on Drugs and helping them rebuild their lives.

#Cannabis #Advocacy #CriminalJusticeReform #Bipartisan #WashingtonDc #420UnityDayOfAction

https://finance.yahoo.com/news/last-prisoner-project-mobilizes-largest-155900602.html

Fed's Goolsbee: Progress in inflation fight has 'stalled'

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Chicago Fed President Austan Goolsbee says the progress the central bank had been making in bringing down inflation has 'stalled.' Goolsbee thinks it 'makes sense' to wait on rate cuts. Goolsbee's pivot is notable given that he has been one of the members of the Federal Reserve.

#FederalReserve #Inflation #RateCuts

https://finance.yahoo.com/video/feds-goolsbee-progress-inflation-fight-150047119.html

Futures fall as Middle East tensions simmer, Netflix slumps

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U.S. stock index futures slipped on Friday as investors turned risk-averse following reports of an escalation in the Middle East conflict. Israel launched an attack on Iranian soil on Friday, sources said, in the latest tit-for-tat exchange between the two arch foes. The CBOE Volatility index, also known as Wall Street's "fear gauge", was up 1.83 points at 19.83, its highest level in more than five months. On the earnings front, Netflix slumped 6.3% in premarket trading following the streaming video pioneer's lackluster second-quarter forecast. Shares of other streaming services providers such as Walt Disney and Roku dropped 1.3% and 1.5%, respectively. The S&P 500 and the Nasdaq closed lower for the fifth straight session on Thursday, as economic data and comments from Fed officials suggested that the U.S. central bank was unlikely to cut interest rates in the near future. Equities were rattled this week as investors readjusted their expectations over by how much the Fed would cut rates this year. Money markets are now pricing in about 40 basis points of cuts from the central bank, down from around 150 bps seen at the beginning of 2024. Most megacap growth stocks also slipped, with Apple, Nvidia, Meta Platforms and Tesla down between 0.4% and 1.9%. Shares of Paramount Global jumped 10.7% after a person familiar with the matter told Reuters that Sony Pictures Entertainment and Apollo Global Management are discussing making a joint bid for the company.

#StockMarket #MiddleEastTensions #Netflix

https://finance.yahoo.com/news/futures-fall-middle-east-tensions-094423203.html

Thames Water Lenders Face 40% Losses If It’s Nationalized

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Lenders to Thames Water could face losses of up to 40% if the UK government nationalizes the water utility. The highly indebted company, which supplies a quarter of people in England, is in crisis after its parent company Kemble Water Holdings refused to inject more money into the business. Thames Water postponed a key update to its business plan, originally scheduled for Friday, and is required to submit its plan to the regulator under a five-yearly price review process. Internal government planning has considered the possibility of nationalization, with some bondholders facing losses of 35% to 40% and the majority facing smaller losses of 5% to 10%. The government has sought to play down the chances of nationalization and wants Thames Water to resolve its financial difficulties without taxpayer support.

#ThamesWater #Nationalization #UkGovernment #Lenders #Debt

https://finance.yahoo.com/news/thames-water-lenders-face-40-220212245.html

Take Five: Dancing to the dollar's beat

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Inflation has caused central bankers to reconsider rate cuts, making the Federal Reserve's rate cuts in the first half of the year unlikely. Japan's finance minister wants to stem the yen's slide without intervention. Asian currencies have been hit hard by the strong dollar, and emerging Asia central banks may face difficulties. The flash PMIs of April business activity will reveal if inflation is returning. Earnings reports from tech giants like Tesla, Meta, Microsoft, and Alphabet are expected. European banks are moving off the naughty list as interest rate rises have benefited them, but upcoming ECB rate cuts may impact their earnings.

#Inflation #CentralBanks #RateCuts #EarningsReports #TechGiants #AsianCurrencies #FlashPmis #InterestRates #EcbRateCuts #EuropeanBanks

https://finance.yahoo.com/news/five-dancing-dollars-beat-071127154.html

Stocks Drop, Treasuries Climb Amid Mideast Tension: Markets Wrap

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US equity futures fell in early Asian trading as risk sentiment turned, weighing on the region’s equities. Oil prices resumed a selloff and investors retreated to the dollar. Contracts for the S&P 500 fell more than 1% Friday, placing the US benchmark on track for a sixth consecutive decline should the underlying index end Friday lower. Japanese stocks fell around 2%, while those in Australia and South Korea dropped more than 1%. Treasury yields fell, with the 10-year’s nearing 4.5%. The yen was slightly firmer against the greenback. US-listed shares of Taiwan Semiconductor Manufacturing Co. dropped 4.9% after the company revised down the revenue growth outlook for the semiconductor industry. New York Fed President John Williams said while it’s “not” his baseline expectation to hike interest rates, it’s possible — if warranted. His Atlanta counterpart Raphael Bostic said he doesn’t think it will be appropriate to ease until toward the end of 2024. The market’s biggest worry right now is inflation, which is re-accelerating and throwing cold water on the idea of any rate cuts in 2024. Most emerging market currencies fell on Thursday, with the Mexican peso among the laggards as rising volatility derails carry trade positions that has propelled the currency higher for the past few months. Gold advanced amid growing political risks and demand from central banks and Chinese consumers. Israel received its first-ever sovereign downgrade as S&P Global Ratings lowered its credit rating to A+ from AA- on heightened geopolitical risks for the region.

#Stocks #Treasuries #MideastTension #Equities #OilPrices #Dollar #S&p500 #JapaneseStocks #AustralianStocks #SouthKoreanStocks #TreasuryYields #Yen #TaiwanSemiconductorManufacturingCo #InterestRates #Inflation #EmergingMarketCurrencies #MexicanPeso #Gold #Israel #S&pGlobalRatings

https://finance.yahoo.com/news/asian-stocks-set-drop-hawkish-221827457.html

U.S. Steel deal security review to proceed normally, White House says

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The White House has stated that the national-security review of the deal for Japan's Nippon Steel to acquire U.S. Steel will proceed as normal. President Joe Biden has expressed opposition to the sale, but it remains unclear if he will take any additional steps to block the deal. The White House economic adviser emphasized the importance of the steel industry to national security and supply chain resilience. U.S. Steel and Nippon Steel have both stated that U.S. Steel will remain an American company even after the acquisition. U.S. Steel shares closed down 0.5% at $38.94, while Nippon Steel shares closed up 0.9% to 3,463 yen in Tokyo.

#UsSteel #NipponSteel #Acquisition #NationalSecurity #SupplyChainResilience

https://finance.yahoo.com/news/white-house-says-u-steel-163031782.html

Exclusive-Northrop Grumman working with Musk's SpaceX on U.S. spy satellite system

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Aerospace and defense company Northrop Grumman is collaborating with SpaceX on a classified spy satellite project. The program aims to enhance the U.S. government's ability to track military and intelligence targets from low-Earth orbits, providing high-resolution imagery. Northrop Grumman's involvement reflects a desire to avoid putting too much control of the program in the hands of one contractor. Northrop Grumman is providing sensors for some of the SpaceX satellites and will test those satellites at its own facilities. The National Reconnaissance Office awarded SpaceX a $1.8 billion contract for the project, and SpaceX has launched roughly a dozen prototypes and is providing test imagery to the NRO. The satellite network will have superior resolution and will address concerns about gathering imagery in other countries' airspace. Once fully deployed, the network will be equipped with various sensors and relay satellites for transmitting data across the network.

#NorthropGrumman #Spacex #SpySatellite #UsGovernment #LowearthOrbits #HighresolutionImagery #NationalReconnaissanceOffice #Nro

https://finance.yahoo.com/news/exclusive-northrop-grumman-working-musks-144135155.html

US Yields Rise as Solid Data Keeps Lid on Fed Bets: Markets Wrap

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Treasury yields edged higher after solid economic data spurred bets the Federal Reserve will be in no rush to cut interest rates. Initial applications for US unemployment benefits remained subdued last week, consistent with a healthy job market. Separately, the Philadelphia Fed gauge of manufacturing activity topped estimates. Micron Technology Inc. is poised to get $6.1 billion in grants from the Commerce Department to help pay for domestic factory projects. Taiwan Semiconductor Manufacturing Co. delivered a better-than-projected revenue outlook and stuck with plans to spend as much as $32 billion in 2024. Infosys Ltd. forecast tepid sales growth for the year. D.R. Horton Inc. increased sales expectations for its full fiscal year. Alaska Air Group Inc. expects second-quarter profits will top analyst estimates. Las Vegas Sands Corp. said renovations at an entertainment center and a hotel in Macau will crimp results this year. EBay Inc.’s embrace of artificial intelligence has turned the stock’s most bearish analyst into its biggest fan. Blackstone Inc. collected more fees from big retail funds and credit strategies during the first quarter. Ally Financial Inc.’s profit fell short of estimates. Elevance Health Inc. raised its outlook for the year on first-quarter results that offered some relief to investors after a cyberattack against a rival roiled the health-insurance sector.

#UsYields #FederalReserve #EconomicData #TreasuryYields #UnemploymentBenefits #MicronTechnology #TaiwanSemiconductorManufacturing #Infosys #DrHorton #AlaskaAirGroup #LasVegasSands #Ebay #Blackstone #AllyFinancial #ElevanceHealth

https://finance.yahoo.com/news/asian-shares-pressured-chipmakers-focus-221436462.html

Morning Bid: Recoiling oil and dollar sow calm as tech earnings loom

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A sharp retreat in oil prices and a rare joint warning from major economies against excessive dollar strength have helped calm restive markets just as Big Tech earnings start to hit. Despite the Middle East tensions and punchy U.S. economic readouts, U.S. crude prices turned tail and have now recoiled some 6.5% from Friday's 2024 highs to levels last seen before Israel's attack on Iran's Syrian consulate on April 1. Surging U.S. crude inventories, poor economic numbers from China for March and a U.S. warning about releasing more of its Strategic Petroleum Reserve if necessary have all reined in oil. The dollar, similarly, has come off the boil - partly after a warning shot from Japan, South Korea and the United States about potentially destabilising currency moves in Asia. The steadier bond and currency complex helped soothe edgy stock markets around the world as first quarter corporate earnings stream in and attention switches to major tech sector updates.

#OilPrices #DollarStrength #TechEarnings #StockMarkets

https://finance.yahoo.com/news/morning-bid-recoiling-oil-dollar-100428297.html

THE FEDERAL GOVERNMENT'S HYPOCRISY WHEN DEALING WITH NICOTINE PRODUCTS IS SECOND TO NONE

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Imperial Tobacco Canada criticizes the federal government's recent excise increases on cigarettes and vaping products, calling out their justification and challenging the Liberal Party of Canada's real intentions when it comes to nicotine. The government is accused of being addicted to cigarette taxes and the excise increase is expected to fuel the illegal and untaxed market. Currently, one third of cigarettes in Canada are sold illegally, resulting in a loss of over $2.5 billion in tax revenues annually. The government is accused of driving consumers to untaxed cigarettes without providing solutions or dedicating resources to enforce existing regulations. Imperial Tobacco Canada suggests a public inquiry to investigate the government's support and encouragement of the illegal tobacco trade. With vaping, the concern is that increased taxes may deter adult smokers from switching to a less harmful alternative. The federal government is criticized for being disconnected from reality and lacking a real policy to deal with nicotine products. Canadian nicotine users are urged to consider this when electing the next government.

#NicotineProducts #ExciseIncreases #Cigarettes #VapingProducts #IllegalMarket #TaxRevenues #UntaxedCigarettes #GovernmentRegulations #PublicInquiry #HarmReduction #FederalGovernment #ImperialTobaccoCanada

https://finance.yahoo.com/news/federal-governments-hypocrisy-dealing-nicotine-100000692.html

Critics of India's Modi migrate online as mainstream media stays deferential

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As India's general election approaches, critics of Prime Minister Narendra Modi and his Bharatiya Janata Party (BJP) are finding their voices online rather than in mainstream media. Online platforms like YouTube, Facebook, and Instagram have become popular outlets for individuals to express their criticism of Modi and the BJP. YouTuber Dhruv Rathee's video accusing Modi of behaving like a dictator has garnered over 27 million views. Other voices critical of Modi are also active on social media, particularly in the Hindi language. Despite the online criticism, opinion polls still predict Modi and the BJP will win the election. However, the online criticism indicates an appetite for critical content and may mobilize those who already oppose the BJP.

#India #GeneralElection #NarendraModi #BharatiyaJanataParty(bjp) #OnlineCriticism #SocialMedia

https://finance.yahoo.com/news/critics-indias-modi-migrate-online-094625076.html