Newsletter Jul 15, 2022

3 things you must know

Gas prices are dropping, but how long will the trend last?
Gas prices fell for the 29th consecutive day on Thursday after reaching a record-high national average of $5.01 per gallon back in mid-June. The national average price of gas dropped to $4.605 per gallon on Thursday, but the relief at the pump may be short-lived for American drivers as experts say there is no guarantee that gas prices will continue to trend downward. Volatility in the oil market is driving concerns even as oil prices have fallen sharply.
WHAT EXPERTS ARE SAYING ABOUT FUTURE GAS PRICES

Worsening inflation could prompt 1% rate hike by the Fed
Prices for wholesale goods in the U.S. charged forward by 11.3% in June from the same time last year as inflation continues to surge back across the economy. The Labor Department's latest data for the Producer Price Index (PPI) found that wholesale prices rose by double digits again in June following a jump of 10.8% recorded in May.The news may prompt a stronger reaction from the Federal Reserve, with some expecting a 1% rate hike.
WHY INVESTORS ARE BETTING ON A BIG HIKE BY THE FED

Amazon sees record-breaking Prime Day despite inflation
Consumers didnâ€™t back down from Amazonâ€™s two-day Prime Day sale, despite dealing with record-high inflation. According to Amazon, more than 300 million items were purchased worldwide, marking a record sale for the e-commerce giant. While Amazon didnâ€™t release revenue numbers for the Prime Day sale, it did say that its members saved over $1.7 billion â€“ more than was ever during the sales event, which ran Tuesday and Wednesday.
FIND OUT AMAZON PRIME DAY'S HIGHEST-SELLING ITEMS

Markets

DJIA	30,630.17	-0.46%
S&P 500	3,790.38	-0.30%
Nasdaq Composite	11,251.19	0.03%
Japan: Nikkei 225	26,616.58	-0.10%
UK: FTSE 100	7,039.81	-1.63%
Crude Oil Futures	95.76	-0.02%
Gold Futures	1,708.90	0.18%
Yen	138.88	-0.05%
Euro	1.00	0.10%
* As of market close

Ivana Trump dies of apparent accidental fall

Ivana Trump, the first wife of former President Donald Trump and the mother of his three oldest children, died on Thursday at age 73 of an apparent accidental fall. The former model from Czekoslovakia's 15-year marriage (1977-92) to the real estate baron saw her help her husband build some of his signature buildings, including Trump Tower, and formed a power couple with influence around the world.

SEE THE REACTION FROM TRUMP AND THEIR THREE CHILDREN

Secret Service deleted texts from Jan 5-6

The Secret Service deleted text messages from Jan. 5 and 6, 2021 shortly after they were requested by oversight officials investigating the agency's response to the Jan. 6 attack on the Capitol, according to the Department of Homeland Security inspector general. A letter sent to the House committee said DHS was notified that "many" messages had been erased on those dates -- after the request to review them.

SEE THE SECRET SERVICES RESPONSE TO THE ALLEGATIONS

Musk's tweeting results in letter from SEC

The SEC served Tesla CEO Elon Musk with a letter on Thursday to request more information related to a tweet on his $44 billion bid to buy Twitter. After Musk pulled out of the purchase plan, the SEC asked for more information about his disclosures regarding the Twitter deal. According to the agency's June 2 letter, Musk did not update his public filings after his May 17 tweet that the "deal cannot move forward.".

SEE WHY THE SEC IS REVIEWING MUSK'S FAILED TWITTER BID

SEC-ond to none

What historical event led to the formation of the U.S. Securities and Exchange Commission (SEC) and what year was the agency created?

Thursday's answer: Netflix's original name was Kibble when it launched in 1997. The DVD rental upstart is now the leading streaming service.

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