This week in US Market News, the Dow Jones dropped by 0.54% to close at 38,589.16, while the S&P 500 rose by 1.58% to 5,431.60, and the NASDAQ surged by 3.24% to 17,688.88. In contrast, Toronto's index fell by 1.89%.
In Conspiracy News, the House of Representatives passed a measure that will automatically register men ages 18 to 26 for selective service as part of the annual National Defense Authorization Act (NDAA), which now heads to the Senate. Additionally, Saudi Arabia decided not to renew its 50-year petro-dollar deal with the US, which expired on June 9, 2024.
In Financial & Banking News, US inflation has significantly impacted various sectors over the last three years from January 2021 to March 2024. Home prices increased by 33.9%, household energy prices by 29.8%, car maintenance and repair costs by 30.5%, and car insurance by 51.3%. The Consumer Price Index (CPI) for the 12 months through May rose by 3.3%, slightly down from a 3.4% increase. Expenses increased by 0.1% and gained 3.4% year-over-year.
In Political News, President Biden's approval rating has fallen to a record low of 37.4%, with a disapproval rating of 56.6%. His son, Hunter Biden, was acquitted on all three counts in his criminal gun trial in Delaware.
In Economic News, US consumer sentiment unexpectedly declined in June, with the near-term outlook for inflation holding at its highest level since November 2023.
In Corporate News, Apple revealed its long-awaited AI strategy, integrating new Apple Intelligence technology across its suite of apps, including Siri, and partnering with OpenAI to bring ChatGPT to its devices. Elon Musk announced that he would ban Apple devices at his companies if Apple integrates OpenAI at the OS level. Tesla shareholders are set to approve Musk's $56 billion pay package and the company's reincorporation from Delaware to Texas.
In International Events, South Florida experienced deluge rainfall on Wednesday, prompting Governor DeSantis to declare an emergency in Broward, Collier, and Sarasota counties. The rainstorm in Sarasota was described as a once-in-500-to-1,000-year event. The Tampa Bay area, which typically expects 7.3 inches of rain for the entire month of June, was significantly affected.
In Interesting Facts, a skull fragment found in Greece has been dated to 210,000 years ago, making it the oldest modern human fossil found outside of Africa, at least 15,000 years older than the next oldest modern human fossil found outside of Africa.