The Daily

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President Donald Trump is set to visit the Federal Reserve building on Thursday to observe its renovations as he continues his campaign to pressure the agency to cut interest rates.

The White House announced Wednesday that Trump administration officials and the president were visiting the site. According to the Associated Press,

 » Read more about: Trump visiting Federal Reserve amid push for Powell to cut interest rates  »

The average rate on a 30-year U.S. mortgage eased this week, offering little relief for prospective homebuyers facing record-high home prices.

The long-term rate slipped to 6.74% from 6.75% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.78%.

Borrowing costs on 15-year fixed-rate mortgages,

 » Read more about: Average long-term US mortgage rate eases to 6.74%, keeping home loan borrowing costs elevated  »

Mortgage rates showed little movement Thursday as markets awaited the Federal Reserve’s rate policy decision next week.

The average rate on 30-year fixed home loans registered 6.74% for the week ending July 24, down just barely from 6.75% last week, according to Freddie Mac. Rates averaged 6.78% during the same period in 2024.

 » Read more about: Mortgage Interest Rates Today: Mortgage Rates Change Little Ahead of Fed Decision  »

Electric vehicle leader Tesla fell 6% after missing expectations on both earnings and revenue lines. The company posted adjusted earnings of 40 cents per share on $22.5 billion in revenue, falling short of the 43 cents and $22.74 billion consensus estimates. Auto revenue declined for the second consecutive quarter,

 » Read more about: Nasdaq 100: Alphabet’s Surge Offsets Tesla Slide, While IBM Pulls Dow Jones Lower  »

The DORKs are sending an important message about the stock market.

That acronym refers to the latest handful of meme stocks sending retail trader forums abuzz this week, with companies like Opendoor, Kohl’s, and Krispy Kreme rocketing higher in a rally reminiscent of the pandemic boom.

 » Read more about: What the latest meme stock episode is telling us about the stock market  »

The S&P 500 notched a record high close on Wednesday, lifted by Nvidia and GE Vernova, as the European Union and the U.S. appeared headed toward a trade deal similar to an agreement President Donald Trump struck with Japan.

The White House’s deal with the European Union would include a broad tariff of 15% on EU goods imported into the U.S.,

 » Read more about: S&P 500 notches record high close on optimism about trade deals  »

 » Read more about: Meme Stock Favorite Opendoor Is Surging Once Again. Look Out Below?  »

 » Read more about: Where Will Robinhood Markets Stock Be in 5 Years?  »

Real estate developer The Phoenix Mills Ltd (PML) announced that the Canadian pension fund CPP Investments will exit Island Star Mall Developers Ltd (ISMDPL), a mall and offices development platform that the pair had formed in 2017,

 » Read more about: CPP Investments to exit mall and offices platform with Phoenix Mills, to receive Rs 5,449 crore  »

A New Haven man has pleaded guilty to operating an illegal money-transmitting business, as part of a recent crackdown on financial crimes by the federal government.

William McNeilly, 56, admitted to running an unlicensed money-transmitting operation that handled substantial monetary transactions over several years, according to the U.S. Department of Justice.

 » Read more about: Unlicensed cryptocurrency operator in New Haven pleads guilty  »