Headline News from The Associated Press
AP Headline News - Jul 11 2024 11:00 (EDT)
AP News, good morning. I'm Ed Donahue. Later today, President Biden will close out the NATO Summit in Washington with a rare solo news conference. It comes as doubts grow within his own party that the president should continue his run for re-election. The president of Finland, Alexander Stuub, spent some time with him. I have absolutely no concerns about the capacity of the current president of the United States to lead his country and to lead our fight for Ukraine and to lead NATO. And I think this summit speaks tons and volumes for that. The president is facing Democratic pushback after his performance in a debate in Atlanta. Inflation is cooling. The AP Shelley Adler reports it could lead to interest rate cuts. In a better than expected report, consumer prices declined 0.1 percent from May to June after having remained flat the previous month. All good news says Mark Hamrick, who's the senior economic analyst at Bankrate.com. Whether you look at the headline or the core, excluding food and energy, these numbers came in better than expected. Consumers are obviously anxious to see better news on prices and inflation and now they're finally getting it. And they may also finally get a break from the Federal Reserve in a couple of months. Economists and other observers are really thinking that September is when we are likely to get the first rate reduction this cycle. Going back to last year, prices were up 3 percent in June. That's cooler than the 3.3 percent annual rate in May. I'm Shelley Adler. The governor's office in Vermont says one person has died from flooding caused by the remnants of what was once Hurricane Beryl. Police around Houston are looking for a man suspected of shooting and killing a sheriff's deputy and an apparent ambush after pistol whipping a pizzeria clerk. Police in Alameda, California say three people were shot and killed. A suspect is in custody. This is AP news. I'm Seth Zootel and this is Markets in a Minute. Most stocks are rising after the latest update on inflation. Bolstered Wall Street's hopes that relief on interest rates may come as soon as September. The S&P 500 slipped 3-10 percent in the first hour of trading Thursday. Drops in several tech heavyweights including Microsoft and Nvidia offset gains in other parts of the market. The NASAC composite fell 9-10 percent. The Dow added 62 points. That's about 1-10 percent. Socks that tend to benefit the most from easier interest rates did the best including home builders and real estate companies. Treasure yields fell sharply in the bond market following the latest report to show inflation cooling. The yield on the 10-year treasury note fell to 4.18 percent. Seth Zootel in New York. The IRS says it has collected $1 billion in back taxes from high wealth tax cheats. A milestone meant to showcase how the agency is making use of the money it received as part of the Biden administration's signature climate, healthcare and tax package. I'm Ed Donohue, AP News. Selling a little. Or a lot. Shopify helps you do your thing. However, you cha-ching. Shopify is the global commerce platform that helps you sell at every stage of your business. From the launch your online shop stage to the first real-life store stage all the way to do we just hit a million order stage? Shopify's there to help you grow. Whether you're selling scented soap or offering outdoor outfits, Shopify helps you sell everywhere. From their all-in-one e-commerce platform to their in-person POS system, wherever and whatever you're selling, Shopify's got you covered. Shopify helps you turn browsers into buyers with the internet's best converting checkout. Thirty-six percent better on average compared to other leading commerce platforms. 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