Iran’s currency, the rial, hit a record low of 703,000 to the dollar amid fears of renewed U.S. sanctions following Donald Trump’s apparent re-election. The Central Bank may intervene to stabilize the currency. The rial’s decline reflects ongoing economic struggles due to international sanctions over Iran’s nuclear program. President Masoud Pezeshkian, elected after Ebrahim Raisi’s death, aims to ease sanctions but faces challenges. Despite efforts to downplay U.S. election impacts, public sentiment in Tehran is pessimistic about future economic conditions. Penelope Kingsley 07/11/2024 12:00 am
Former President Donald Trump claimed victory in the U.S. presidential election, prompting global reactions. Israeli Prime Minister Benjamin Netanyahu congratulated Trump, calling it “history’s greatest comeback” and highlighting a renewed U.S.-Israel alliance. Despite Trump’s past criticism of Netanyahu’s handling of the Gaza conflict, Netanyahu favored Trump due to rising tensions between Washington and Tel Aviv over Israel’s military tactics. European allies expressed anxiety over Trump’s return, reflecting mixed international responses to the election outcome. Ava Sinclair 07/11/2024 12:00 am
Donald Trump, as president-elect, plans to rescind unspent funds from Biden’s Inflation Reduction Act, potentially ending EV incentives like tax credits and support for battery factories. Despite aligning with Elon Musk, Trump’s stance could make EVs more expensive, reducing sales and impacting manufacturers’ plans. The Biden administration claims these credits saved car buyers $1 billion in 2024, with EV sales growing 11% year-over-year. Eliminating these incentives may jeopardize new factory projects and slow the shift to electric vehicles. Sophia Prescott 06/11/2024 11:30 pm
Bitcoin surpassed $75,000 as Donald Trump neared a White House return, with key victories in swing states. BTC traded over $74,000, slightly below its all-time high. The broader crypto market rose over 9% in 24 hours. DOGE and SOL led gains, with DOGE up 25% to nearly $0.22, boosted by Elon Musk’s support. Musk proposed a Department of Government Efficiency (D.O.G.E) as part of the Republican campaign. SOL gained nearly 20%, reaching $188. Liam Harrington 06/11/2024 11:30 pm
Donald Trump has won a second term as the 47th president, with Republicans regaining Senate control. The House’s outcome remains uncertain. Trump declared victory in West Palm Beach, FL, promising to address the housing crisis, which he attributes to illegal immigration. He plans a large-scale deportation operation, claiming it will reduce housing demand and prices. Despite his promises, presidents don’t control mortgage rates. The election occurred amid a housing crisis, with high home prices and many renters cost-burdened. Sophia Prescott 06/11/2024 11:30 pm
President-elect Donald Trump’s proposed tariffs, ranging from 10% to 100% on imports, especially from China, could disrupt recent relief from inflation, analysts warn. Retailers and trade groups, like the National Retail Federation, caution that these tariffs would act as a tax on American families, driving inflation, increasing prices, and potentially causing job losses. A study by the NRF predicts double-digit price spikes in categories like apparel, footwear, and toys. Companies like E.l.f. Beauty may be forced to raise prices due to reliance on Chinese manufacturing. Liam Harrington 06/11/2024 11:30 pm
US stocks surged Wednesday after former President Donald Trump’s decisive election victory. The Dow jumped 1,507 points (3.57%) to a record high, marking its first 1,000-point gain since November 2022. The S&P 500 rose 2.5%, and the Nasdaq climbed 2.95%. The US dollar had its best day in two years, and Treasury yields increased. Markets were relieved by the quick election resolution, reducing uncertainty and allowing businesses to plan. Michael Block noted the market’s relief, emphasizing the clarity and reduced risk of unrest. Liam Harrington 06/11/2024 11:30 pm
Donald Trump’s election victory led to a rise in the U.S. 10-year Treasury yield, causing mortgage rates to climb. The 30-year fixed mortgage rate increased to 7.13%, the highest since July. Bond traders anticipated higher rates with a Trump win, impacting housing stocks. Major builders like Lennar, D.R. Horton, and PulteGroup fell over 4%, while Home Depot and Lowe’s dropped more than 3%. Builder stocks are sensitive to mortgage rate changes. Sophia Prescott 06/11/2024 8:00 pm
Stock futures rose Tuesday evening as investors anticipated the U.S. presidential race’s impact on markets and the economy. Dow futures increased by 231 points (0.6%), S&P 500 futures by 0.4%, Nasdaq 100 by 0.2%, and Russell 2000 by over 1%. Americans voted in a tight race between Donald Trump and Kamala Harris. Trump’s tax cuts could benefit corporations, but his tariffs might lead to trade uncertainty and inflation. Liam Harrington 06/11/2024 8:00 pm
Iran’s currency, the rial, hit a record low of 703,000 to the dollar after Donald Trump won the U.S. presidency again, raising concerns about intensified sanctions. The rial slightly recovered to 696,150 later. Iran’s Central Bank has previously intervened to stabilize the currency. The economic situation remains dire, with the rial’s value plummeting from 32,000 to the dollar in 2015 to 584,000 in July 2023. Iran’s economy struggles under international sanctions linked to its nuclear program. President Masoud Pezeshkian aims to negotiate sanctions relief. Ava Sinclair 06/11/2024 5:00 pm