The IRS announced 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, health care, and tax package signed into law in 2022. https://yhoo.it/3zCo0UB
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Yahoo Finance provides free stock quotes, up-to-date news, portfolio management resources, international market data, social interaction and mortgage rates that help you manage your financial life. Sign up for our daily morning newsletter, the Morning Brief through our profile URL. Sign up for Yahoo Finance's Morning Brief Newsletter. Need-to-know market analysis and finance news delivered right to your inbox: https://bit.ly/3Fq3C7C
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How does Freedom Capital Markets chief global strategist Jay Woods, CMT feel about concentration? 'Jump on their back, enjoy the ride.' 📈 😎 More: https://lnkd.in/em3_eRew #yahoofinance #finance #money #markets #investing
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CEOs are largely keeping their money away from presidential politics in 2024. The heads of 98 of America's 100 biggest companies have chosen not to financially support either of the major party's standard-bearers so far. https://yhoo.it/4eZxRnj
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The commodities market is making major moves as crude oil and gold are headed for back-to-back weekly gains. Prosper Trading Academy CEO Scott Bauer joined Yahoo Finance to discuss these movements and how it may factor into the Federal Reserve's decision to initiate an interest rate cut. "It's all about the dollar, and it's all about rates and the trajectory with the weak eco data that we've received over probably the last four to eight weeks, the [June] jobs number this morning as well, the trajectory has now been that the Fed is more than likely cutting in September. Personally, I think maybe they even need to consider July, though that's off the table for now pretty much But the eco data has been weak, and gold has really followed the path of the dollar in an inverse relationship," Bauer explains. More: https://lnkd.in/gV9jJtyN #yahoofinance #finance #money #markets #investing
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The U.S. government recorded a $66 billion budget deficit for June that was reduced sharply by a shift of benefit payments into May that ballooned that month's deficit to $347 billion. The Treasury said that the $66 billion June deficit nominally fell 71% from the $228 billion deficit recorded in June 2023. https://yhoo.it/4csybcJ
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US stocks rolled over on Thursday as investors rotated out of tech after a key inflation report showed consumer prices unexpectedly fell on a month-over-month basis for the first time since 2020. Big Tech sold off hard with heavyweights like Nvidia down more than 5%, while the entire "Magnificent 7" group of stocks had its worst day in nearly a year. https://yhoo.it/3zHr020
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Tesla is delaying the launch of robotaxi by about two months to October as the design team was told to rework some elements of the car, Bloomberg News reported. Shares of Tesla, which is betting on self-driving vehicles over less-expensive cars, fell nearly 8% following the news, ending 11 straight sessions of gains that had pushed the stock up 44%. https://yhoo.it/3W1YG1v
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Americans plagued by rising prices the past three years got the strongest sign yet on Thursday that inflation is finally cooling. Here's the latest inflation breakdown: https://yhoo.it/3LhcVL0
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Federal Reserve Chair Jay Powell indicated the central bank is inching closer to feeling comfortable about interest rate cuts, saying that he was encouraged by evidence of cooler inflation and that more "good data" would help get the Fed to where it wants to be. The inflation numbers "have shown some modest further progress" after some hotter readings in the first quarter, "and more good data would strengthen our confidence that inflation is moving sustainably toward 2%," he said in testimony before US lawmakers. Powell spoke Tuesday before the Senate Banking Committee and tomorrow will testify before the House Financial Services Committee as part of his semiannual required Congressional appearances. He dropped other hints Tuesday that the environment for rate cuts is approaching, citing a jobs market that is also slowing down and attracting more attention from policymakers. "The most recent labor market data do send a pretty clear signal that labor market conditions have cooled considerably compared to where they were two years ago," he said. "This is no longer an overheated economy." More: https://lnkd.in/eqe7R3Fu #yahoofinance #finance #economics #money #inflation