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Wall St. rallies on hopes of rate cuts outweighing Middle East turmoil
Wall Street gained on Monday, as fears of Iran retaliating against U.S. Airstrikes and escalating the Middle East war were offset by the prospect that the U.S. Federal Reserve would cut interest rates in July. All three major U.S. indexes rose modestly as a result of a broad rally. The consumer discretionary sector led the gains, with Tesla providing a strong boost. "The rally was a little surprising," said Jay Hatfield. He is the CEO and portfolio manager of InfraCap, a New York-based company. In a sense, the U.S. attacks has ended the uncertainty about whether or not the U.S. would attack. Hatfield said, "The market is very bullish at this time of the year because we are supposed to see a pullback in June." "People don't want to sell on this market." Michelle Bowman, Vice Chair of the Federal Reserve, said that it was time to adjust the policy rate as the risks on the job market outweighed inflationary concerns relating to tariffs. Austan Goolsbee, president of the Federal Reserve Bank of Chicago, said that tariffs had so far had a smaller economic impact than anticipated. The financial markets expect at least two rate cuts of 25 basis points before the end of the year. It is expected that the first rate cut will occur in September. Tesla shares surged following the launch of its robotaxi service, which was long anticipated in Austin, Texas. Shares of the electric vehicle manufacturer were up last by 9.4%. Israel continued to bomb Iran after the U.S. entered the war. Still, Oil prices fell after Iran's response did not include actions to disrupt oil and gasoline tanker traffic in the Strait of Hormuz. Tehran had threatened to close the Strait of Hormuz - a vital oil shipping route. S&P Global’s "flash" advance purchasing managers' (PMI) indexes showed that the U.S. economic expansion is a little faster than analysts expected. Separately, despite the pressure of high borrowing costs, new home sales posted an unexpected increase in May. The Commerce Department's final assessment of first-quarter GDP, its Personal Consumption Expenditures and Fed Chair Jerome Powell’s congressional testimony will likely be analyzed for clues about the near-term direction of monetary policy. The Dow Jones Industrial Average gained 305.71, or 0.72 %, to 42512.53. The S&P 500 rose 44.70, or 0.75 %, to 6,012.54. And the Nasdaq Composite added 177.08, or 0.91 %), to 19,624.49. Consumer discretionary stocks were the top gainers among the 11 major S&P 500 sectors, with energy being the only one in the negative. Eli Lilly's shares rose by 0.9%, among other companies that moved the market. Investors were not impressed with detailed trial results on Novo Nordisk’s experimental drug for obesity CagriSema. Novo Nordisk's shares dipped 5.3%. Fiserv's share price rose by nearly 3,3% after the company announced that it was launching a digital asset platform. Northern Trust's stock jumped 7.2% following a Wall Street Journal article that said Bank of New York Mellon had discussed a possible merger. Super Micro Computer, a maker of AI-servers, dropped 6.8% following the announcement of a private offer of convertible bonds for ten years worth $2 billion. Later this week, Nike, a sportswear company and FedEx, a package delivery company will release their quarterly results. On the NYSE, advancing issues outnumbered declining ones by a ratio of 1.67 to 1. On the NYSE, there were 100 new highs. There were also 66 new lowers. On the Nasdaq 2,389 issues rose, while 2,026 declined. The ratio of advancing to declining stocks was 1.18:1. The S&P 500 recorded 12 new highs for the past 52 weeks and 4 new lowests, while the Nasdaq Composite registered 77 new highs for this period and 105 lows.
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Tesla seeks to keep Texas robotaxi data under wraps, regulator says
According to a letter published on Monday, Tesla informed U.S. regulators its answers on the safety and deployment of its robotaxi in Texas were confidential business information that should not be released. The National Highway Traffic Safety Administration announced on Friday that it was reviewing the answers provided to questions about the safety and reliability of Tesla's self-driving roboticaxi in bad weather. The agency stated on Monday that Tesla is invoking federal law which "restricts NHTSA’s ability to release publicly what the companies call confidential." The agency said that, "after assessing these responses and any other relevant information NHTSA will be taking any necessary action to protect road safety." Since October, NHTSA is investigating collisions between Tesla vehicles that use Full Self-Driving Software in conditions of low visibility. The investigation covers 2.4 millions Tesla vehicles with FSD after four reported accidents, including one fatal accident in 2023. NHTSA stated on Monday that the agency's investigation remains open into Tesla's FSD Supervised/Beta. Tesla says the information it provided to NHTSA was commercially valuable, as competitors could use it for their own automated and advanced driving systems. In a letter to NHTSA, Casey Blaine, Tesla's regulatory senior counsel wrote that "nefarious actors" could use the marked information in order to discredit Tesla for the sake or notoriety. In the absence of public disclosure, accessing the marked information would require significant time and resource expenditures and intimate knowledge of Tesla. Tesla released a small fleet of self-driving cabs to pick up paying passengers on Sunday in Austin, Texas. Elon Musk announced the launch of robotaxis and social media influencers posted videos of their rides. Musk believes that the Tesla EV maker will be able to survive financially if it can attract paying passengers. Tesla shares rose 8% to $347.80 in the afternoon on Monday.
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Turkish Airlines confirms that it has held non-binding discussions about potential Air Europa investments
Turkish Airlines said it was holding non-binding talks to evaluate a possible investment in Spanish airline Air Europa, and explore potential partnership synergies. In a late Friday filing with the stock exchange, Turkish Airlines confirmed that it was considering a bid to acquire a minority stake of Air Europa. The flag carrier stated that it evaluates growth potentials regularly to improve its global position in the aviation sector. Media reports have stated that Turkish Airlines has been in talks to buy shares in Air Europa. In this context non-binding talks are being held in order to assess the potential investment in Air Europa, and to explore possible partnership synergies", the company stated in a statement. Turkish Airlines' consideration is important, since there are very few carriers outside Europe that have bought shares in regional players. Air Europa operates flights within Spain and between Madrid, Europe and Latin America. (Reporting Canan Svgili, Editing Jan Harvey)
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After Iran threatened to retaliate against US strikes, Doha in Qatar heard explosions
Witnesses reported hearing explosions over Qatar's capital Doha, just hours after a Western diplomatic official said that there was a credible Iranian threat to the U.S. run al Udeid Air Base in the Gulf Arab State since noon. The diplomat's remarks came shortly after Qatar announced that it had temporarily closed its airspace to ensure the safety for residents and visitors. The U.S. Embassy in Qatar advised Americans earlier to shelter in place out of "overwhelming caution". Iran has threatened to retaliate after U.S. aircraft dropped 30,000 pound bunker busters on Iran's nuclear underground installations at the weekend. Meanwhile, President Donald Trump raised the possibility that the Iranian government could be overthrown. Israel had struck earlier on Monday a prison for political prisoners located in Tehran, a powerful demonstration of its expanding targets beyond nuclear and military sites. Its aim was to strike at the very pillars that support Iran's ruling regime. Two U.S. officials have said that Washington believes Iran will soon launch attacks against American forces in the Middle East, but the U.S. still seeks a diplomatic solution that would allow Tehran to forgo any retaliation. Oil prices were largely unchanged despite Iran's threat to disrupt oil shipments out of the Gulf. This suggests traders did not believe the Islamic Republic was serious about any action which would disrupt global supply. In Moscow, Iranian Foreign Minister Abbas Araqchi and Russian President Vladimir Putin met to discuss Tehran's next moves.
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Qatar shuts down airspace; US and UK warn citizens to shelter in Place
Qatar announced on Monday that it had temporarily shut down its airspace, after U.S. authorities and British authorities advised their citizens to shelter in place for the time being. Iran reiterated earlier threats of retaliation against the U.S. following strikes on its nuclear site. Al Udeid Air Base is the largest U.S. military base in the Middle East. It serves as the headquarters of the U.S. Central Command, and houses approximately 10,000 troops. Two U.S. officials told separately that Iran could launch attacks against American forces in the Middle East in the near future, one source stating it could occur in the next two days. The messages sent by the British and U.S. embassies in Qatar stated that their recommendations had been made "out of a great deal of caution", and provided no additional information. Qatar's Foreign Minister said on X, that Qatari airspace will be closed in response to developments in the area. He did not go into more detail. Majed al Ansari, the spokesperson for Qatar's foreign ministry, had earlier released a press release stating that security conditions in Qatar remained stable. Qataris were confused about what they perceived as mixed messages from Qatari officials and U.S. Embassy officials. After the announcement by the Embassy, American universities in Qatar sent a message to their staff and students. Northwestern University told people to leave and Georgetown University allowed people to return home. The American School has closed its campus until further notice. Reporting by Andrew Mills, Tala Ramadan and Maha El Dahan. Writing by Mahal Dahan. Editing by Kevin Liffey and Aidan Lewis.
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US electricity prices rise as a brutal heatwave stresses grids
The U.S. electricity prices have risen to their highest level since winter, as businesses and homes turned up their air conditioners in order to escape the brutal heatwave that blanketed the eastern half. This has put a strain on regional power grids. Extreme weather reminds the consumers of the deadly freeze in February 2020, which left millions of Texans with no power, water or heat for days. And a brutal heatwave in August 2020 that caused the California The power grid imposed rotating outages on about 800,000 consumers over two days. AccuWeather, a weather forecaster, predicted high temperatures for New York City, the largest city in the United States. United States On Monday, the mercury is expected to reach 98 F. This will break the record set 137 years ago of 96 F. The weather is expected to rapidly cool down in New York from 94 F to 85 F by Thursday, and then to 78 F by Friday. This compares to the current record highs for Monday and Tuesday of 96 F, set in 1888. A normal high of 82 F is also seen in New York at this time of year. Prices for next-day electricity at the PJM West hub In Pennsylvania, the cost of electricity has risen by more than 430% since January to $211 per Megawatt Hour (MWh). New England Power prices have risen by more than 18% to $161 per MWh - their highest level since February. This compares to average power prices of $55 per megawatt hour in PJM, and $81 per megawatt hour in New England for 2025. HEAT WEATHER ALERT PJM Interconnection operates the power grid for all or part of 13 states. New Jersey Illinois The alert, which was issued on Monday, asked generators to be prepared to run at full capacity in the event of a heat wave. PJM predicted that power demand would reach 160,000 Megawatts (MW), 158,000 MW, and 155,000 MW for Monday. On a normal day, one megawatt is enough to power around 800 homes. However, this number drops dramatically on hot summer days when air conditioners are turned up in homes and offices. Grid operator says the alert is aimed primarily at transmission and generator owners, who can plan maintenance accordingly. It also sends a signal to nearby regions that PJM exports of power may have to be curtailed. Reporting by Scott DiSavino, New York; and IshaanArora, Bengaluru. Editing by Jan Harvey & Andrea Ricci.
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Air India to undergo annual audit by India's watchdog within days of deadly crash
A government memo revealed that ten officials from India's aviation watchdog would visit Air India headquarters for an audit on Tuesday. This comes as the airline faces intense scrutiny following a plane crash which killed 271 people. Air India is not being audited because of the crash, but it has received warnings from the aviation safety watchdog for lapses. It has also cut its routes citing the need for "operational security" after the deadly June 12 crash in India's Ahmedabad. During the visit, officials from the Directorate General of Civil Aviation will examine documents related to Air India's operations, audit findings, and action taken reports, according to a memo that was seen by. Adhiraj Yadav will lead the 10-member DGCA Team, which will include a number of flight operations inspectors. The team also includes two officials who will check cabin safety standards. Memo stating that top Air India executives must be present for the "annual surveillance and regulatory auditor" from June 24 to 26. Air India and DGCA didn't respond to questions. The watchdog issued a warning on Saturday to Air India over "repeated serious violations" in relation to the scheduling of pilot duty. It also directed that three executives be removed from their roles as crew schedulers. Air India has confirmed that it has followed the order. After years of complaints from travelers about poor service, Air India will be taken over by Tata Group 2022. It faces many challenges to rebuild its reputation. Air India was warned by the authorities for violating safety regulations after it flew three Airbus planes that were overdue on checks of emergency equipment and escape slides. The investigation into the cause of June 12's incident continues.
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Middle East flights suspended by airlines
Israel's attacks against Iran have caused international airlines to stop flights to certain Middle East destinations because of airspace closures and safety issues. The conflict has entered a new phase after the U.S. invasion on Iranian nuclear sites Some airlines have cancelled flights to hubs such as Dubai is Qatar's Doha. Here are some airlines that have cancelled flights from and to the region. AIRBALTIC AirBaltic, a Latvian airline, announced that it had cancelled all flights from and to Tel Aviv up until September 30. AEROFLOT Aeroflot, a Russian airline, has announced that it has cancelled flights between Moscow & Tehran and changed other routes throughout the Middle East. AIR EUROPA Spanish airline cancels flights from and to Tel Aviv through July 31. AIR FRANCE-KLM French flag carrier suspends flights to Tel Aviv and Beirut until July 14, and until June 25, respectively. Air France has also cancelled flights to and out of Dubai and Riyadh up until June 24. KLM has cancelled all flights from and to Tel Aviv, at least until July 1, and warned that flights from, to or via Beirut may be affected until June 29. DELTA AIR LINES Travel to, from or through Tel Aviv could be affected between June 12 and July 31. EL AL ISRAEL AIRLINES The airline announced that it has cancelled all regular flights to EL AL and Sundor until June 27. Flights scheduled to depart until July 15 are also closed to new bookings. ETIHAD AERWAYS Etihad has announced that it will no longer be operating flights between Abu Dhabi, Tel Aviv and Tel Aviv after July 15. EMIRATES Emirates has temporarily suspended its flights to and out of Iran (Teheran), Iraq (Baghdad, Basra), and Afghanistan (Bahdad and Basra), until June 30. FINNAIR Finnair has cancelled all flights from and to Doha until June 30 as well as flight AY1982 for July 1. Finnair added that it will not fly through the airspace over Iraq, Iran or Syria. FLYDUBAI Flydubai has temporarily suspended its flights to and out of Iran, Iraq and Israel until June 30, 2018. British Airways, owned by IAG, has announced that flights to Tel Aviv will be suspended until July 31, and flights to Amman or Bahrain until June 30. After cancelling flights to and from Dubai and Doha the previous day, British Airways was scheduled to resume Dubai and Doha routes on June 23, Iberia Express, IAG's low cost airline, announced previously that it would cancel its flights to Tel Aviv up until June 30. Iberia has cancelled all flights to Doha and Dubai until the 24th of June. ISRAIR Israeli Airlines has announced that all flights to and from Israel have been cancelled until June 30, 2018. Israir has halted the sale of its flights up to July 7 inclusive. ITA AIRWAYS Italian Airlines announced that it will extend the suspension of Tel Aviv flight until July 31. This includes two flights scheduled for August 1. LUFTHANSA GROUP Lufthansa has suspended flights from and to Tel Aviv, Tehran and Beirut until July 31. Amman and Erbil flights are cancelled through July 11. German Airlines added that they would not use the airspace of these countries until further notice. PEGASUS Turkish Airlines has announced that they have cancelled all flights to Iran and Iraq until July 30, and flights to Lebanon, Jordan and Lebanon until June 30. QATAR AIRWAYS Qatar Airways has temporarily suspended flights to and from Iraq and Syria. RYANAIR Ryanair has announced that it will cancel flights from and to Tel Aviv up until September 30. SINGAPORE Airlines The Asian carrier has cancelled flights from Singapore to Dubai up until the 25th of June. Romania's flag airline has suspended all commercial flights from and to Tel Aviv, Beirut, and Amman till June 24. TUS AIRWAYS The Cypriot Airlines cancelled all flights scheduled to depart and arrive in Israel until June 30, inclusive. The airline said that flights scheduled to depart between July 1-7 are currently sold out, pending any further developments. UNITED AIRLINES According to the U.S. airline, travel from and to Tel Aviv could be affected between June 13, and August 1, 2013. There may be problems with flights to and from Dubai between June 18th and July 3th. WIZZ AIR Wizz Air has announced that it will suspend its flights to and from Tel Aviv, Amman and Jordan until September 15, 2015. Hungarian Airlines will not overfly Israeli, Iraqi or Iranian airspaces until further notice. (Reporting and compilation by bureaus, compiled by Agnieszka Olesnka, Elviira Loma, and Tiago Brancao; Editing by Matt Scuffham, Alison Williams and Matt Scuffham)
British women rowers attempt second Pacific Ocean crossing
After a dramatic rescue in the middle of the Pacific Ocean and a scramble by international teams to repair their damaged boat, two British women began their audacious attempt to row 8,000 non-stop miles across it on Monday.
Miriam Payne and Jess Rowe are hoping to become the first female pair to row unsupported across the Pacific. However, they were forced to abandon their initial attempt after the rudder on their Velocity, a nine-metre boat, snapped last month 350 miles off the coast of Peru, leaving them to drift in heavy swells.
They refuse to let their dreams sink.
Payne, reporting from Lima, said: "We are trying to see it as a good thing and that this was the best sea test we could have possibly had." It was a stressful situation knowing that the rudder had broken, but I believe we worked well together.
The two, whose challenge was aptly titled "Seas The Day", contacted Alec Hughes, a Peruvian around-the-world sailor who is also a friend. Hughes spent two days sailing for them to rescue and a full week towing back to port to repair.
"We were almost outside international waters. The rules say that we can be rescued but not the boat. We would have had no choice but to abandon our boat at sea without Alec, which would have caused us great heartache," Payne said.
The rescue of the crew sparked a massive international effort. Southgates Boat Yard in Norfolk produced replacement rudders which arrived at Lima before the deadline on May 8, to avoid Pacific cyclones.
Rowe stated that the men at the boatyard had literally worked through the night in order to make these new rudders.
The Lima-Australia route will be aided by trade winds and currents. It will take six months to complete, and the two rowers will either row simultaneously or alternately on night shifts of two hours.
They will only carry the essentials, including solar panels, water desalinators, and enough dehydrated food for 5,000 calories per day. A shore-based weather expert will guide them on their journey.
Flying Flies
The flying fish which regularly land on your deck should not be cooked.
Rowe jokingly said, "We have a spatula. We can fling them back into the ocean." "I could not think of anything worse. The smell is terrible. They are slimy, bony, and smelly.
Families and friends have gifted us milestone packages at halfway points and other things. "Mim's got chocolate orange, and I have Super Noodles every 1,000 miles."
Rowe says that they'll also need "a healthy dose of fear" as they cross busy shipping routes, encounter storms, and face sharks, whales, and pirate fishing boats, along with physical challenges such as blisters and sal sores.
Both women will have conquered The World's Toughest Row, across the Atlantic, in 2022. Payne won the title of solo woman and Rowe was part of a crew. Payne and Rowe are going to cover three times the distance of usual Pacific crossings.
Rowe, a Hampshire resident, said that it would be interesting to compare the differences in our Atlantic rows. It will also be interesting to see how our bodies perform over a longer period. I'm sure that we will discover a number of unexpected issues we hadn't considered.
After the Atlantic, we both wanted to take on a greater challenge not only for ourselves but as well as to inspire young women and girls.
The Outward Bound Trust helps children gain skills through adventure.
Rowe stated, "I think everyone would love it if they did it. But people don't do it." "Hopefully, we can inspire people to spend more time outside, step out of their comfort zones, and be curious." ($1 = 0.7535 lbs) (Reporting and editing by Toby Davis, Martyn Herman)
(source: Reuters)