Stocks End Mixed As Inflation Fight Keeps Hikes In Focus
U S stocks fell broadly with the S&P 500 down 1.8 percent, the Dow 1.4 percent, and the Nasdaq 1.9 percent as better than expected data signal continued Fed rate hikes. Bond yields rose with the 10 year at 3.59 percent while investors weigh global growth and policies. Nvidia Bank of America and Amazon among notable decliners as markets react to inflation and policy outlook. China eases COVID rules lifting hopes for manufacturing and trade, aiding risk sentiment.
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California lawyer Avenatti sentenced to 14 years in fraud case
Michael Avenatti, the California attorney once known for Stormy Daniels cases, received a 14 year federal prison term plus over 10 million dollars in restitution for four counts of wire fraud and a tax related charge. He must serve the sentence consecutively to five years already imposed in New York. He admitted funneling client settlements to accounts he controlled and spending on a lavish lifestyle, including a private jet. He apologized in court and faced testimonies from clients harmed by his actions, with prosecutors calling his conduct a sophisticated Ponzi scheme.
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EU clamp on Russian oil aims to curb Kremlin profits
The European Union bans most Russian oil and the G Seven imposes a $60 per barrel price cap on exports to other nations. Analysts warn rerouted shipments to Asia may blunt impact while Russia seeks to fill budgets, with Asian buyers and Turkey absorbing displaced cargo and insurers blocking cap-compliant trade. Italy takes temporary control of the ISAB refinery amid sanctions impact.
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