First tropical storm of the season heads for Texas as extreme heat wave hits the Northeast

Kids enjoy cool spraying water during a hot weather week on Monday, June 17, in Brooklyn, New York City, United States.  Selcuk Acar | Anadolu | Getty Images The United States was buffeted by extreme weather Wednesday, with Texas bracing for the first tropical storm of the hurricane season while the Northeast still faced a major … Read more

Heat wave in Delhi pushes peak power demand to all-time high level of 8656 MW

Massive consumption of electricity amid a punishing heat wave sustaining over weeks pushed peak power demand of Delhi to an all-time high level of 8656 MW on Wednesday afternoon, said discom officials. The peak power demand was on Tuesday recorded at 8647 MW, the second highest in this summer season.According to the realtime data of … Read more

Resy co-founder Gary Vaynerchuk on the ‘profound’ shift in advertising

Gary Vaynerchuk speaks onstage during Tribeca X on June 14, 2023 in New York City. Dave Kotinsky | Getty Images Entertainment | Getty Images Social media algorithms have led to a more meritocratic advertising landscape that the industry has been slow to catch up with, according to VaynerMedia CEO Gary Vaynerchuk. “The social media I … Read more

Mortgage demand flattens even as interest rates hit the lowest level since March

File photos: “For Sale” sign Brandon Bell | Getty Images Consumers seemed unimpressed by the latest drop in mortgage rates. Total mortgage application volume rose just 0.9% compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($766,550 … Read more

Elon Musk softens ‘go f— yourself’ comment to woo advertisers

Musk is attending Cannes Lions this week with an aim to reassure ad groups and global brands over the future of X. Marc Piasecki | Getty Images Elon Musk on Wednesday tried to walk back remarks lashing out at advertisers fleeing his X social media platform. At the Cannes Lions advertising festival in Cannes, France, … Read more

Ferrari’s first electric car to cost over $500,000

Car key for the Ferrari Purosangue SUV. Adam Jeffery | CNBC Ferrari’s first electric car will cost at least $535,000, a source familiar with the matter told Reuters, as the luxury automaker prepares to open a plant that will make the model – and could boost group production by up to a third. The Italian … Read more

Nvidia and other megacaps could be due for a near-term pullback

Now that megacap stocks have lifted the S & P 500 and Nasdaq Composite indexes to all-time highs, some stocks in the group have risen so high, so fast they may actually be due for a pullback. Nvidia and Broadcom , makers of chips used in artificial intelligence, have soared 174% and 61%, respectively, this … Read more

India set for decade-high $2 billion bond inflows around JPMorgan index inclusion day

In this photo, photo shows of Mahatma Gandhi on Indian currency rupee notes. Manish Rajput | Moment | Getty Images Foreign inflows into Indian bonds will hit a decade-high of $2 billion around June 28, when they will be included in a widely-tracked JPMorgan index, although the central bank will lap up most of the … Read more

Bank of England set to hold rates despite inflation hitting target

LONDON — The U.K. had some cause for celebration on Wednesday morning, as headline inflation hit the Bank of England’s 2% target for the first time in nearly three years. But the print only served to further convince traders that an interest rate cut is not imminent. Money market pricing by 11 a.m. in London … Read more