Friday, May 17, 2024

FRIDAY, MAY 17, 2024

Good Morning! On this date in 1792, twenty-four stockbrokers and merchants met under a buttonwood tree and signed the so-called Buttonwood Agreement, establishing the rules for trading in the first incarnation of the New York Stock Exchange.

Inspired by the warm weather, a few folks from The Flyover office spent their lunch break at the driving range. They came back with sore backs and a renewed respect for professional golfers, and now we’re wondering: are you watching the PGA Championship this weekend? Let us know in the poll below.

If you haven’t subscribed to The Flyover yet, you can do that here with one click.

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Stocks Flirt With Record Highs Thursday

The Dow Jones Industrial Average briefly topped 40,000 for a record high Thursday before closing at 39,869.38, signaling the economy’s resilience in the face of the worst inflation in decades and high interest rates.

The S&P 500 and Nasdaq Composite also both hit record highs during the day Thursday before slipping back slightly. The broader market index closed at 5,297.10, while the tech-heavy Nasdaq closed at 16,698.32.

Economists believe the record run by the Dow was triggered by a mild inflation report for April tied to expectations of interest rate cuts, and the ongoing enthusiasm around growth fueled by artificial intelligence technology.

House Committee Votes to Hold Garland in Contempt

The House Judiciary Committee advanced a resolution Thursday holding Attorney General Merrick Garland in contempt of Congress for not releasing the audio recording of special counsel Robert Hur’s interview with President Biden.

The Justice Department had previously released a transcript of the conversation over Biden’s handling of classified documents, but committee members are pressing to hear the actual recording.

In a surprise last-minute move before the Thursday afternoon vote, the White House asserted executive privilege over the audio recordings on the Justice Department’s recommendation.

The committee voted 18-15 to advance the contempt resolution, which was expected to be taken up by the House Oversight Committee on Thursday night.

List: ‘Middle Class’ Income For Every State

A new analysis indicates the range of incomes needed to be considered middle class in every U.S. state, ranging from a low of $35,323 in Mississippi to a high of nearly $197,000 in Maryland.

The GOBankingRates data gives each state an income range, which in California, for example, ranges from $62,270 to $183,810. Maryland and New Jersey have the highest top ranges, both nearly $200,000.

“Middle class” is defined as households with an annual income of two-thirds to double a state’s median income. A U.S. map of minimum qualifying incomes, along with an alphabetical list of each state’s range, can be seen here.

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➤ Vice President Kamala Harris agreed on Thursday to participate in a vice-presidential debate hosted on either July 23 or Aug. 13 by CBS News. The Trump campaign hasn’t named its vice-presidential candidate yet. (More)

➤ Texas Gov. Greg Abbott issued a pardon Thursday for Daniel Perry, convicted of killing a Black Lives Matter protestor in Austin in July 2020. The state parole board unanimously recommended he be pardoned. (See Details)

➤ Lawyers for Donald Trump filed an appeal with New York’s highest court Wednesday to lift an existing gag order preventing the former President from commenting on those involved in his so-called hush money case. (More)

➤ Florida Gov. Ron DeSantis signed legislation Wednesday to reduce statewide climate change initiatives and ban power-generating wind turbines offshore or near the state’s coastline. (More)

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➤ Caitlin Clark’s professional basketball debut with the Indiana Fever Tuesday night drew an estimated 2.1 million viewers, the highest number ever for a WNBA game on ESPN. (More)

➤ Houston Astros pitcher Ronel Blanco received a 10-game suspension Wednesday for using a foreign “sticky” substance during his appearance against the Oakland Athletics Tuesday night. (More)

➤ The New York Giants 2024 throwback uniforms will highlight the football club’s 100-year history with pants and socks modeled after the 1925 kit, jerseys from 1933, and winged helmets originally worn in 1937. (See Image)

➤ A wayward raccoon ran onto a soccer field and stopped play of an MLS game between Philadelphia and New York City for nearly two minutes Wednesday, eluding multiple attempts at capture. (See Video)

➤ Yesterday’s results: MLB | NBA | WNBA | NHL | PGA | LPGA

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Market Report 05/16/2024

▼	NASDAQ Natl. Assoc. of Securities Dealers Automated Quotations	16,724.08	–0.11%
▲	SPX S&P 500	5,310.33	+0.04%
▲	DJI Dow Jones Industrial Average	39,944.75	+0.09%
▼	BTC Bitcoin	$65,100.7	–1.41%
▼	GOLD Per Ounce	$2,385.50	–0.39%
▲	LSPD Lightspeed Commerce Inc.	$15.13	+18.39%

➤ Big Stock Move: Lightspeed Commerce shares rose 18% Thursday after the payments technology firm reappointed founder Dax Dasilva as CEO and reported a 25% increase in sales. (More)

➤ Walmart stock hit an all-time high Thursday after the giant retailer beat quarterly earnings and revenue estimates by winning more high-income shoppers and growing its e-commerce business. (More)

➤ Under Armour announced plans to overhaul its business after falling short in sales for the year, blaming weak consumer spending and lessening demand. (See Details)

➤ The average American has a credit card balance of $6,218, up 8.5% year over year, according to credit rating firm TransUnion. Total consumer credit card debt stands at $1.12 trillion. (More)

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➤ NASA’s Solar Dynamics Observatory captured stunning footage of the recent solar activity that triggered last week’s vibrant displays of Northern Lights worldwide. (See Video)

➤ Three of the oldest stars in the universe, estimated to be at least 12 billion years old, were discovered in the Milky Way by scientists using the James Webb Space Telescope. (See Images)

➤ Researchers have developed a method to revive 19th-century photographs, tarnished beyond recognition, using X-rays to bring out faces that had faded away on the photographs. (See Images)

➤ An 8th grader in Wisconsin is being hailed as a hero after grabbing the steering wheel of a bus as it veered into traffic after the driver lost consciousness. (See Photo)

➤ A Missouri man donated $500,000 to his rural volunteer fire department in Calhoun, Mo., to buy three new firetrucks and new gear for all the firefighters. The department was down to $169 in its bank account. (See Video)

➤ A 9-year-old with heart disease was allowed to drive a Chicago subway train from his neighborhood to the city’s downtown Loop to fulfill his dream, thanks to the Make-A-Wish Foundation. (See Video)

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➤ An Indiana judge ruled that burritos and tacos can be legally considered “sandwiches,” a controversial decision that allowed a Mexican restaurant to open in a mall that only allowed sandwich shops. (See Details)

➤ A futuristic portal linking Dublin and New York City was closed this week due to “inappropriate behavior” by exhibitionist Dubliners. The portal allowed people in the two cities to livestream in real-time with each other. (See Photos)

➤ A TSA screening dog about to retire was showered with cheers, tennis balls, and dog toys at a surprise party on his last day of work at Milwaukee’s Mitchell International Airport. (See Video)

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