Finance
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Billionaires Elon Musk and Mark Zuckerberg used mortgages to buy multimillion-dollar mansions. Here’s why that’s a savvy financial decision
Even the world’s most affluent people sometimes need a mortgage. Elon Musk is the world’s richest man, on track to become the first-ever trillionaire (or may already be one), but he’s done one thing most average Americans have to do: take out a mortgage. The Tesla CEO has taken out several mega mortgages, including $61…
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SpaceX needs to grow 60x in a decade to justify a $1.75 trillion valuation. No company has ever come close
The pending SpaceX IPO is generating lots of buzz by introducing the most valuable enterprise of all time at an expected market cap of $1.75 trillion. Clearly, that gigantic number signals investors’ confidence in the future growth and profitability of AI. But it also sets the bar for what SpaceX must achieve going forward to…
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Markets have worst day since October as tech stocks lead the way down, traders lose hope of rate cut
The U.S. stock market had its worst day since October Friday as a sell-off in big technology companies weighed down the broader market and a strong jobs report boosted expectations that the Federal Reserve will be forced to hike interest rates at some point this year. The S&P 500 sank 2.6%, its biggest one-day drop…
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Tech stocks lead market bloodbath as fears of Fed rate hikes add to worries about the AI-fueled chip boom petering out
Stocks tumbled Friday as a selloff that began earlier in the week over fears about the AI boom’s longevity was compounded by worries about rate hikes from the Federal Reserve. The Nasdaq sank 4%, suffering its worst selloff since April 2025—during the height of President Donald Trump’s tariff shock. The S&P 500 lost 2.6%, and…
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The U.S. is still one of the world’s biggest meat producers. So why are Americans paying so much for beef?
It’s officially grilling season in the U.S., but when it comes to one of the most beloved protein sources in the country, Americans are getting forced into difficult decisions in supermarket aisles across the country. The average price of a pound of ground beef hit a record average retail price of $6.90 last month, up…
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Putin is running out of money to wage war on Ukraine, and this Russian-occupied territory is running out of fuel as Kyiv smashes supply lines
The Kremlin’s war machine is short on money and fuel as Ukrainian drones wreak havoc on Russian supply lines. More than four years after Vladimir Putin failed to seize all of Ukraine in a full-scale invasion, analysts say Kyiv’s forces have turned the tide with improved drones and tactics. At the same time, Russia is…
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Jamie Dimon called Elon Musk the ‘Edison of our time’ as JPMorgan hosted SpaceX’s $75 billion IPO roadshow—and even invited Musk’s mom
As Elon Musk prepares for what will likely be the biggest listing in history, some top-tier bankers assisting with SpaceX’s public debut are lining up to sing Musk’s praises ahead of the big day. SpaceX is targeting a price of $135 per share when the company goes public—which could happen as early as next week.…
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The deficit climbing by $3.4 trillion is keeping your mortgage rate at 6.48% — not the Fed
U.S. homebuyers can’t get a break. The 30-year mortgage rate has been stuck at recent highs well above 6% and now averages 6.48%, according to the data released on June 4, 2026, by Freddie Mac, which bundles and sells home loans. That marks another blow for Americans hoping to buy a home or refinance their…
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The May jobs report just blew past expectations—and maybe too far for markets
The labor market delivered another whopping win on Friday: 172,000 jobs in May, when economists had expected 88,000. The even stronger surprise was in the rearview mirror: March was revised up by 29,000 to 214,000, April by 64,000 to 179,000. Combined, the two months were 93,000 stronger than previously reported. Though such a strong labor…
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Current price of oil as of June 5, 2026
At 9 a.m. Eastern Time today, oil was priced at $97.44 per barrel with Brent serving as the benchmark (we’ll explain different benchmarks later in this article). That’s a drop of 51 cents compared with yesterday morning and around $32 higher than the price one year ago. Oil price per barrel % Change Price of…