Summary

Stock market saw mixed close; S&P 500 and Nasdaq at record highs. Federal Reserve to announce interest rate policy; key inflation data expected. Oracle's stock up 9% on cloud collaborations. Natural gas prices rise for hot summer. Dow Jones slipped 0.03%, down 120.62 points. Four more states join lawsuit against Apple alleging smartphone monopoly. Mexico peso declines amid concerns over president-elect's policies. Elizabeth Holmes appeals conviction for Theranos scam.

For those who read...‍

Welcome to this episode of Current2 Business, brought to you by Just Bagels! Today we will be talking about the latest stock market news, along with the monopoly lawsuit being brought against Apple, the falling value of the peso and the newest updates on Elizabeth Holmes.

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Stock market news

• Stocks had a mixed close Tuesday night, with the S&P 500 and Nasdaq composite reaching record highs. 
• The Federal Reserve is set to make their latest interest rate policy decision today, contributing to the subdued trading yesterday. This comes alongside key inflation data from May that is expected to be released today as well.
• Oracle’s stocks jumped 9% following news of their cloud collaborations with Google and OpenAI, making up for the company’s slow last quarter.
• Natural gas prices rose in anticipation of the hot summer heat to come.

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In other business news

• Four more states have joined the Justice Department’s monopoly lawsuit against Apple. The original lawsuit was filed in March and included 15 states and D.C. The four most recent states joining the group were Washington, Nevada, Indiana and Massachusetts. The lawsuit alleges that Apple holds an illegal monopoly on smartphones through harsh contractual restrictions on developers. Apple has denied the allegations, saying it faces harsh competition from competitors, and asked for the lawsuit to be dismissed.
• Mexico’s president-elect, Claudia Sheinbaum, struggled to address concerns from investors, crushing the peso. Investors are concerned that Sheinbaum’s party’s landslide victory will allow for measures that limit the judicial branch’s independence and cause quick constitutional changes, aka political risk. The peso is now down 8% since the vote earlier this month.
• Elizabeth Holmes, who was sentenced to jail for orchestrating a blood-testing scam through her company Theranos, appealed her conviction Tuesday. Holmes is currently serving an 11-year prison sentence in Texas.

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Bulletin Brief

Wall Street drifts to a mixed close but still notches some records (AP)

Stock futures are little changed ahead of Fed’s rate decision (CNBC)

More states join US monopoly against Apple (Reuters)

Peso gets crushed as investors worry Sheinbaum’s win was too big (Bloomberg)

Judges appeal Elizabeth Holmes’ appeal of fraud conviction (AP)