Key Federal Reserve GDP tracker turns negative, signaling recession is here
Skyrocketing prices of infrastructure materials jeopardize construction projects nationwide
FOX Business correspondent Lydia Hu analyzes how rising costs are impacting construction projects across America on ‘Varney & Co.’
Flight cancellations fuel Delta pilot protests
Delta pilots protest across the country amid staffing shortages and flight cancellations. FOX Business’ Lydia Hu with updates.
Democrats, environmentalists slam ‘catastrophic’ Supreme Court ruling curbing federal climate powers
Democrats and environmental groups quickly condemned the Supreme Court decision Thursday for curbing federal regulatory powers related to climate issues.
The high court ruled that the Environmental Protection Agency (EPA) had limited powers in regulating emissions, adding that the agency exceeded its authority when it issued a plan to restrict power plants in 2015 during the Obama administration. Proponents of strict regulations, though, said the ruling would severely handicap the federal government’s efforts to prevent cataclysmic climate change.
Stocks wrapping up worst first half since 1970
U.S. stocks fell sharply as all three of the major averages sank over 1% as the final trading day of the second quarter wraps up. The S&P 500 is on pace for the worst first half of a year since 1970s as inflation and recession fears spook investors. In commodities, oil hovered around $108 per barrel.
For the S&P 500, we are wrapping the worst first half of a year since 1970.
Fed’s inflation guage eases but remains near 40-year high
The Fed’s preferred measure of inflation, core PCE, fell to 4.7% from 4.8%. While it marks the third straight month of slower growth it remains near a 40-year high and consumer spending showed a troubling trend.
Stock futures plunge ahead of final trading day of June
Spirit delays vote on Frontier deal
The drama involving the potential airline merger between Spirit Airlines and Frontier Group will be stretched out for at least another week.
Spirit shares are trading 2% higher in the premarket. On Wednesday, the airlines pushed back a shareholder vote on Frontier’s merger offer for the budget carrier until next week. Spirit shareholders had been scheduled to finalize their vote at a special meeting on Thursday.
Gas price slide continues
The price of a gallon of regular gasoline slipped on Thursday morning to $4.857, according to AAA. The price on Wednesday was at $4.868.
Gas has declined for 13 straight days. Diesel slipped as well to $5.772 down from $5.78.
Oil in choppy trade on supply concerns
Oil prices traded choppy Thursday as the market examined concerns about global supply. U.S. West Texas Intermediate (WTI) crude futures traded around $109 per barrel. Brent crude futures were at $115 per barrel.
Crude inventories fell by 2.8 million barrels last week, exceeding analysts’ expectations.
Bitcoin below $20,000
Bitcoin is trading below $20,000 after trading down for the three days heading into Thursday. The cryptocurrency is down more than 5% over this period.
Bitcoin is down more than 36% month-to-date and down more than 56% year-to-date.Bitcoin is also down more than 70% from its November high.
Ether is at $1,000. Dogecoin is at 6 cents.