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US stock futures Rose on Thursday after a rebound attempt that fizzled out the day before, with Dow Jones Industrial AverageThe S&P 500 And this Nasdaq All edge less near. For the past full week, the S&P 500 saw its worst weekly performance since March 2020, the month the Covid pandemic was declared. Growing concern on Wall Street about a recession as a result of the Federal Reserve’s escalation in its fight against inflation is affecting stocks, with the S&P 500 confirming earlier this month that a bear market began in early January.
Federal Reserve Chairman Jerome Powell testifies before the Senate Banking, Housing and Urban Affairs Committee for the hearing on the “Half-Annual Monetary Policy Report to Congress” on Capitol Hill in Washington, DC, US, June 22, 2022, in Washington, DC, US, June 22, 2022. .
Elizabeth Frantz | Reuters
Fed Chairman Jerome Powell heads back to Capitol Hill on Thursday for the second day of his semiannual testimony on monetary policy. He appears before the House Financial Services Committee on Wednesday, a day after telling the Senate Banking Committee that the central bank has “determination” to contain inflation that has hit a 40-year high. Powell also told senators on Wednesday that he believed the economy was strong now, but acknowledged recession may come,
- Money running out of stocks on bearish fears has recently been piling up in bonds, driving prices up and yields down. 10 Year Treasury Yield dropped just over 3.1% on Thursday, its lowest level in almost two weeks, Benchmark yields hit a 2011 high of close to 3.5% last week after the Fed’s biggest interest rate hike since 1994 and an initial jump in stocks.
A United Airlines passenger airplane landing at Newark Liberty International Airport on January 19, 2022 in Newark, New Jersey.
Taifun Koskun | Anadolu Agency | Getty Images
United Airlines will announce thursday temporary reduction About 50 daily domestic departures from its Newark, New Jersey, airport hub begin July 1 as a way to ease overcrowding and concerns over cancellations. The summer cut represents 12% of United’s 425 daily flights to Newark, one of three major airports near New York City. The airline told Reuters the carrier would not exit any markets as a result of the changes. During this, American Airlines plans to leave service Four US cities, including Dubuque, Iowa, will lose scheduled commercial air service altogether in September.
US President Joe Biden comments on efforts to reduce high gas prices at the South Court Auditorium at the Eisenhower Executive Office Building on June 22, 2022 in Washington, DC.
Jim Watson | AFP | Getty Images
major US oil refiners Will meet U.S. Energy Secretary Jennifer Granholm and other Biden administration officials discussed how to drive down record-high gas prices, squeezing American consumers, on Thursday. The emergency meeting comes a day after President Joe Biden called for a federal gas tax holiday who looked dead on arrival on Capitol Hill. The gathering is held even weeks after Biden bashed Big Oil for profiting heavily from the lack of fuel supplies caused by Russia’s invasion of Ukraine.
A Russian ruble coin is pictured in front of St. Basil’s Cathedral in central Moscow on April 28, 2022.
Alexander Nemenov AFP | Getty Images
Russia’s ruble raised to itself Strongest level since May 2015, with a purchase of $1 on Thursday with 53.4 rubles, an increase of almost 2% from the previous session. It is a world away from the Russian currency falling to $139 in early March, when the US and European Union began imposing unprecedented sanctions on Moscow in response to the invasion of Ukraine. The Kremlin recently pointed to the ruble’s surprise surge as “evidence” that Western sanctions are not working.