Author: News Room

Shares of exchange-traded funds focused on energy were surging Monday after a large group of oil producers known as OPEC+ surprised markets with a planned cut in crude production. Shares of the Energy Select Sector SPDR Fund XLE, -1.52% were up 3.9% around midday Monday, while the Vanguard Energy ETF VDE, -1.48% rose 4.1%, and SPDR S&P Oil & Gas Exploration & Production ETF XOP, -1.41% climbed 3.4%, FactSet data show, at last check. The United States Oil Fund LP USO, +0.03% was trading 5.4% higher, on pace for its largest daily percentage increase since March 2022. On Sunday, OPEC+…

A version of this story appears in CNN’s What Matters newsletter. To get it in your inbox, sign up for free here. After writing several previous newsletters on the stunning rise in opioid overdoses in the US, including among adolescents, I thought it was worth taking a look at what happens after an overdose, particularly for adolescents. I talked to Dr. Sivabalaji Kaliamurthy about what he’s encountering. A child and adolescent addiction psychiatrist who is board certified in general psychiatry, child psychiatry and addiction psychiatry, Kaliamurthy is also the director of the addiction clinic at Children’s National Hospital in Washington,…

Iraq has demanded an apology from Turkey over a drone strike that targeted a Syrian Kurdish leader who is a key western ally in the fight against Islamic State.Iraq’s president on Saturday called the attack on Friday a “flagrant aggression on Iraq and its sovereignty”. “In this regard we call on the Turkish government to take responsibility and present an official apology,” Iraq’s presidency said in a statement, adding that Ankara had no legal justification to continue “terrorising civilians under the pretext that forces hostile to it are present on Iraqi soil”.The strike reportedly targeted Mazloum Abdi, the commander-in-chief of…

The latest employment report points toward further interest rate hikes by the Federal Reserve. Although there is no one-to-one connection between employment and Fed policy, Jerome Powell has emphasized that future decisions will be driven by new data. And no other data matches the importance of employment. The inflation that the Fed is fighting results from too much stimulus relative to the country’s productive capacity. Whatever transitory elements were in the 2021-22 inflation acceleration have gone away. Now we must confront excessive demand. Rising interest rates will dampen activity-and employment-in the interest rate-sensitive portions of the economy. That will lead…

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Self-proclaimed Bitcoin creator Craig Wright has hinted at a possible legal battle against Apple over the storage of Bitcoin white paper on its computers, claiming it violates copyright laws. In response to a Twitter user who asked if Apple might be “in breach of copyright” for storing the Bitcoin white paper on its computers, the Australian computer scientist said: “Yes.” Wright has long claimed that he is the pseudonymous creator of Bitcoin, Satoshi Nakamoto. The computer scientist has also argued that his intellectual property rights have been infringed upon by Bitcoin spin-offs derived from the cryptocurrency since he created the original blockchain. He has…

A version of this story first appeared in CNN Business’ Before the Bell newsletter. Not a subscriber? You can sign up right here. You can listen to an audio version of the newsletter by clicking the same link. After months of a remarkably strong US labor market and economy, everything seems to be slowing down. The latest high-frequency data shows that the consumer could be running out of steam, hiring activity is moderating, business activity is softening, interest-rate sensitive sectors are pulling back and housing is suffering. The question is whether Friday’s monthly jobs report, easily the most anticipated piece of…

Supreme Court Justice Clarence Thomas has accepted secret luxury trips from Republican megadonor Harlan Crow for more than two decades in apparent violation of a financial disclosure law, a ProPublica report revealed Thursday.Thomas has vacationed on Crow’s 162-foot superyacht, flown on the real estate developer’s private jet and spent time at the GOP donor’s private resort and other exclusive retreats, ProPublica reported, citing documents and dozens of interviews.Thomas, the 74-year-old conservative associate justice who has served on the nation’s highest court since 1991, has not reported the trips on his financial disclosures as required by law, the nonprofit newsroom reported.The…

What does the Club consider the minimum improvement in cost basis before buying more shares? Thanks, Tim As with many investing issues, the answer is, “It depends.” The two biggest things to keep in mind: you don’t want to keep buying shares at the same price; and you want each purchase to matter — meaning that it would materially lower your basis and/or provide you with a more attractive yield than your last buys. The reason we can’t provide a hard-and-fast rule is that each stock has its own characteristics. The volatility of a stock, its valuation, investor perception, along…