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Energy sector left behind as Wall Street exits bear market

NEW YORK (AP) — Falling crude oil prices and lingering worries about the global economy have been sapping power from energy stocks throughout 2023. The sector, which includes oil and oilfield exploration companies, is coming off of two years or rising oil prices and inflation. Now the S&P 500 has broken free from the bear market, but the energy sector is among the biggest laggards with a 7.4% dip. “Given that energy is one of the most cyclical sectors in the market, ongoing fears of a slowdown both here and abroad are likely weighing on the price of oil and energy stocks,” ...

Delta soars to record profit as vacationers pack planes

By DAVID KOENIG The Associated Press Delta Air Lines soared to a record quarterly profit of more than $1.8 billion as summer vacationers packed planes, especially to international destinations, and the airline enjoyed a tailwind from falling fuel prices. The results released Thursday beat Wall Street expectations, and Delta raised its forecast of full-year earnings. Delta officials said strong demand for tickets has continued into the July-through-September quarter, when it expects revenue similar to the record second quarter. “I think it’s going to be more of the same,” ...

Wholesale prices for June point to easing of inflation pressures

By PAUL WISEMAN The Associated Press WASHINGTON — Wholesale prices in the United States decelerated again last month, the latest sign that inflationary pressures are easing in the face of the Federal Reserve’s streak of interest rate hikes. The government’s producer price index — which measures inflation before it reaches consumers — rose just 0.1% last month from June 2022, the smallest such increase since August 2020. And from May to June, prices rose an identical 0.1% after having fallen 0.4% from April to May. The index that the Labor Department issued Thursday ...

Tourists are packing European hotspots

VENICE, Italy (AP) — Tourists are waiting more than two hours to visit the Acropolis in Athens. Taxi lines at Rome’s main train station are running just as long. And so many visitors are concentrating around St. Mark’s Square in Venice that crowds get backed up crossing bridges — even on weekdays. After three years of pandemic limitations, tourism is expected to exceed 2019 records in some of Europe’s most popular destinations this summer, from Barcelona and Rome, Athens and Venice to the scenic islands of Santorini in Greece, Capri in Italy and Mallorca in Spain. While ...

Prep firms shared sensitive data with Meta, lawmakers say

WASHINGTON (AP) — Three large tax preparation firms sent “extraordinarily sensitive” information on tens of millions of taxpayers to Facebook parent company Meta over the course of at least two years, a group of congressional Democrats reported on Wednesday. Their report urges federal agencies to investigate and potentially go to court over the wealth of information that H&R Block, TaxAct and TaxSlayer shared with the social media giant. In a letter to the heads of the IRS, the Department of Justice, the Federal Trade Commission and the IRS watchdog, seven lawmakers say ...

China-based hackers have breached government-linked email accounts, Microsoft says

HONG KONG (AP) — China called a Microsoft report that a China-based hacking group breached government-linked email accounts “disinformation,” saying Wednesday that the accusation was meant to divert attention from U.S. cyber activities. In a blog post published Tuesday, Microsoft said the group, which it identified as Storm-0558, gained access to email accounts linked to 25 organizations, including Western European government agencies. The breach was detected weeks later when customers complained to Microsoft about abnormal mail activity. “We assess this adversary is focused ...