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Stock market today: Indexes inch higher to new records after Powell testimony

Jerome PowellJerome Powell

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  • The S&P 500 and Nasdaq 100 edged out new records on Tuesday.
  • Investors tuned into Fed Chair Powell’s testimony, but his comments did not shift interest-rate outlooks.
  • June’s CPI data is due on Thursday. Economists estimate a 3.1% year-over-year rise.

The S&P 500 and Nasdaq 100 breached new records on Tuesday, though trades remained muted in the broader stock market.

Monetary-policy outlooks were little changed after Federal Reserve Chairman Jerome Powell’s testimony to Congress. Instead, markets continue to expect two interest rate cuts through the final months of this year.

In his remarks, Powell highlighted mounting data of a cooling job market, and noted that the Fed wanted to see further signs of disinflation. His testimony will continue through Wednesday.

Fresh inflation data will come as soon as Thursday, when June’s consumer price index is scheduled for release. Economists expect a year-over-year gain of 3.1%.

“Persistent price pressures in services and shelter suggest the move from around ~3.0% to the Fed’s characterization of price stability (2.0%) may be more difficult to achieve,” Comerica CIO John Lynch forecast. “Consequently, investors will be paying close attention to this Thursday’s CPI report for any indication the Fed can justify a cut in September.”

Here’s where US indexes stood at the 4:00 p.m. closing bell on Tuesday:

Here’s what else happened today:

In commodities, bonds, and crypto:

  • West Texas Intermediate crude oil fell 1% to $81.53 a barrel. Brent crude, the international benchmark, dropped 1.7% to $84.75 a barrel.
  • Gold rose by 0.21% to $2,363.48 per ounce.
  • The 10-year Treasury yield climbed two basis points to 4.293%.
  • Bitcoin jumped 1.92% to $57,788.
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Meet Emma Navarro, the American billionaire heiress who upset world No. 2 Coco Gauff to take the tennis world by storm

Emma Navarro waves to the crowd after winning match point against Coco Gauff during Wimbledon's round of 16.Emma Navarro waves to the crowd after winning match point against Coco Gauff during Wimbledon’s round of 16.

Clive Brunskill/Staff/Getty Images

  • American Emma Navarro, 23, has been a breakout star at Wimbledon this year.
  • She is the daughter of billionaire businessman Ben Navarro.
  • Emma Navarro beat Grand Slam champion Coco Gauff to reach the Wimbledon quarterfinal.

Wimbledon, the world’s most prestigious Grand Slam tennis tournament, began on July 1.

And while it may be well-known for attracting a number of A-list and billionaire spectators, there’s also plenty of wealth on the court, too.

One of Wimbledon’s breakout stars is Emma Navarro, the 23-year-old daughter of billionaire businessman Ben Navarro. The American player has had quite the season so far, breaking into the top 20 of the WTA rankings and defeating not one, but two Grand Slam champions — Naomi Osaka and Coco Gauff — during her impressive Wimbledon run.

Although she fell to Jasmine Paolini, 28, in the quarterfinal on Tuesday, the tennis world will see her again soon as she prepares for her first Olympic Games in Paris in just a few weeks.

Here’s everything you need to know about the American heiress taking the tennis world by storm.

Emma Navarro was born in New York City and raised in Charleston, South Carolina.Navarro waves to the crowd after defeating Naomi Osaka in round two of Wimbledon 2024.Navarro waves to the crowd after defeating Naomi Osaka in round two of Wimbledon 2024.

Sean M. Haffey/Staff/Getty Images

In April, Navarro told Garden & Gun magazine that Charleston is her “favorite city in the world.”

“I love to walk around downtown and see the houses and say good morning or good evening to the people,” she added.

A few of her favorite hometown spots include Sullivan’s Island, Holey City Bagels, Second State Coffee, and Sorelle.

She and her three siblings, older brothers Earl and Owen and younger sister Meggie, were raised in the area by parents Kelly and Ben Navarro.

Her father, Ben Navarro, has an estimated net worth of $1.5 billion, according to Forbes.Ben Navarro reacts after his daughter Emma Navarro plays against Naomi Osaka in round two of Wimbledon 2024.Ben Navarro.

HENRY NICHOLLS/Contributor/AFP via Getty Images

Ben Navarro, 61, is the founder and CEO of Sherman Financial Group, which Forbes describes as “a credit card and debt collection empire.”

One of the group’s main assets is lender Credit One, which some eagle-eyed fans may have noticed is one of the logos on Emma’s uniforms at recent tournaments.

Forbes reported that, in addition to banking, Navarro has purchased more than $350 million worth of property in Charleston since 2021.

He’s also been an active buyer in the tennis space, with CNN reporting that he purchased the Cincinnati Open tournament for about $300 million in 2022.

Other tennis-related ventures in his portfolio include the South Carolina-based Live To Play Tennis Club and the Volvo Car Open, the largest women’s only tennis tournament in North America, per the WTA. (It has since been renamed the Credit One Charleston Open.)

In 2019, the US Tennis Association named the Navarro family South Carolina’s tennis family of the year.

He told the Post and Courier at the time, “As a fan, father, and business owner, tennis has brought so much to our family. Junior tennis has provided a place for our children to learn a work ethic, develop friendship through shared struggle, and learn to handle disappointment, defeat, and sometimes even unfairness.”

Emma Navarro credits her father with introducing her to tennis and shaping her mindset as an athlete.Ben Navarro and Kelly Navarro watch their daughter, Emma Navarro, during the first round of the 2024 French Open.Ben Navarro and Kelly Navarro watch their daughter, Emma Navarro, during the first round of the 2024 French Open.

Tim Clayton/Contributor/Corbis via Getty Images

In 2021, she told Charleston Magazine that her dad helped her get into tennis.

“He wanted it to be a family sport,” she said. “I have two older brothers, and they both played. As soon as I was old enough and strong enough to hold a racquet, I was out there on the court with them.”

He’s been an important mentor to her ever since.

“My dad has always been in my corner, getting me the coaching and training, whatever I needed,” she told Charleston Magazine.

She made sure to give her mom, Kelly Navarro, a shout-out, too, calling her “the behind-the-scenes lady who makes everything happen.”

In an April 2024 interview with the Tennis Channel, Emma Navarro credited her dad for her mindset as an athlete, calling him “the smartest guy” she knows.

“He’s taught me a bunch about the perspective I want to take into things, especially on-court stuff,” she added.

Navarro said she started getting serious about tennis when she was in elementary school.Emma Navarro at the BNP Paribas Open in 2024.Emma Navarro at the BNP Paribas Open in 2024.

Robert Prange/Contributor/Getty Images

In an “Alumni Spotlight” interview with Charleston Day School, Navarro said she started taking tennis seriously in fourth grade.

“I would get up around 5:45 a.m. and go play tennis for about an hour before school,” she said.

“I would go back out to the courts after school, come home, finish my homework, and get to bed early enough to have a decent night’s sleep before I did it all again the next day.”

In 2019, Navarro was runner-up in the singles final at the French Open Junior Championships.Emma Navarro, left, posed with her runner-up trophy at the 2019 French Open Juniors.Emma Navarro, left, posed with her runner-up trophy at the 2019 French Open Juniors.

Julian Finney/Staff/Getty Images

Navarro, then 18, lost in the singles final to Canadian Leylah Fernandez 6-3, 6-2.

However, she and partner Chloe Beck defeated Alina Charaeva and Anastasia Tikhonova 6-1, 6-2 in the doubles final, winning the championship.

She made her WTA debut that same year at the Charleston Open.

Navarro attended the University of Virginia and was the 2021 NCAA Singles Champion.Emma Navarro posed with her dog during a WTA video shoot on day one of the BNP Paribas Open 2024.Emma Navarro posed with her dog during a WTA video shoot on day one of the BNP Paribas Open 2024.

Robert Prange/Contributor/Getty Images

Per the University of Virginia, Navarro was just the second player in program history to win the championship.

Her freshman season was filled with a number of additional accolades, including the ITA National Rookie of the Year and the ACC Freshman of the Year, and she finished the season with a record of 25-1, the best single-season winning percentage in UVA Tennis history, according to the school.

Navarro’s sophomore season proved to be successful, too. She was named an ITA Singles All-American as well as an ITA Doubles All-American and was the No. 1 seed in the NCAA Singles Championship, according to UVA.

Her sister, Meggie Navarro, also plays tennis at UVA.

She decided to become a full-time pro in 2022, and won her first WTA title, Hobart International, in January 2024.Emma Navarro posed for a photo after winning the 2024 Hobart International.Emma Navarro posed for a photo after winning the 2024 Hobart International.

Steve Bell/Stringer/Getty Images

Navarro finished 6-1, 4-6, 7-5 against Elise Mertens to win her first WTA singles title.

Since January, Navarro has played in over 10 tournaments around the world, including the Australian Open, the Cymbiotika San Diego Open, and the Trophée Clarins, where she reached the final, and, of course, Wimbledon.

Gauff isn’t the first world No. 2 Navarro has beaten.Emma Navarro shakes hands with Aryna Sabalenka after winning in the fourth round of the BNP Paribas Open in 2024.Emma Navarro shakes hands with Aryna Sabalenka after winning in the fourth round of the BNP Paribas Open in 2024.

Robert Prange/Contributor/Getty Images

In March 2024, Navarro defeated Grand Slam champion and then-world No. 2 Aryna Sabalenka in the fourth round of the BNP Paribas Open, commonly known as Indian Wells.

While at Indian Wells, she also won the Eisenhower Cup alongside Ben Shelton.Emma Navarro and Ben Shelton posed with their trophy after winning the Eisenhower Cup on day three of the BNP Paribas Open 2024.Emma Navarro and Ben Shelton posed with their trophy after winning the Eisenhower Cup on day three of the BNP Paribas Open 2024.

Robert Prange/Contributor/Getty Images

The Eisenhower Cup is Indian Wells’ popular kickoff exhibition in which eight mixed doubles teams compete against each other.

Some of the other pairs in 2024’s event included Paula Badosa and Stefanos Tsitsipas, Sloane Stephens and Tommy Paul, Aryna Sabalenka and Taylor Fritz, and Qinwen Zheng and Frances Tiafoe.

Per the WTA, her total 2024 prize money has surpassed $1 million.

Navarro had an impressive showing at Wimbledon, upsetting world No. 2 Coco Gauff to reach her first Grand Slam quarterfinal.Emma Navarro and Coco Gauff embrace after Navarro won in the fourth round of Wimbledon 2024.Emma Navarro and Coco Gauff embrace after Navarro won in the fourth round of Wimbledon 2024.

Clive Brunskill/Staff/Getty Images

In her post-match interview, Navarro told reporter Annabel Croft that she was “really grateful” to be “on Centre Court at a tournament with so much history and tradition,” describing the opportunity as “a real honor.”

Navarro also added that she has “a ton of respect” for Gauff and “what she’s done at such a young age.”

Although her time in London was cut short by Jasmine Paolini in the quarterfinal, Navarro will represent Team USA in just a few short weeks at the Olympics.Emma Navarro celebrated a point during the fourth round of Wimbledon.Emma Navarro celebrated a point during the fourth round of Wimbledon.

Robert Prange/Contributor/Getty Images

Olympic tennis competition begins on July 27 at Roland-Garros Stadium, home of the French Open.

Brackets have yet to be announced.

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More than 1,300 stores are closing across the US in 2024. Here’s the list.

Family DollarNearly 1,000 Family Dollar locations are set to close in the coming years, starting with 600 in the first half of 2024.

Reuters

  • At least ten retail brands have said they’re closing US stores in 2024, totaling up to 1,330 locations.
  • Family Dollar is the largest chain on the list, planning to close at least 600 stores this year.
  • Other companies, such as Walmart and TJX,  are closing a few stores while opening many more.

A Business Insider tally of disclosures from nine retail chain brands found as many as 1,330 stores have closed or are set to close across the US in 2024.

The number is down considerably from prior years, including last year, when the collapse of Bed Bath & Beyond contributed to a total of more than 2,800 locations shuttering.

Analysts at UBS think the total number of US retail closures could reach 45,000 over the next five years, led largely by smaller stores going out of business, even as larger firms such as Walmart, Costco, Target, and Home Depot continue to expand.

Topping this year’s list is the Dollar Tree-owned Family Dollar, which is set to close at least 600 locations, with more to come as leases expire.

Some companies, including Express and Foxtrot, are in dire financial straits. Others, such as Walmart and TJX, have plans to expand by more stores than they close. Still others, like Foot Locker and Macy’s, are shifting their strategies as shopping patterns change.

See the full list below:

Family Dollar: 600 storesfamily dollarFamily Dollar has caused significant headaches for Dollar Tree.

REUTERS/ Jim Young

Its parent company, Dollar Tree, said it would close 600 Family Dollar stores in the first half of this year, while an additional 370 locations are set to close in the coming years as leases expire.

CVS: 300 storesCVSCVS has more than 7,500 retail locations.

Reuters

CVS is in the final year of its three-year plan to shutter 900 locations. The company says changing populations and buying patterns led it to reconsider how many stores it needed in certain areas.

Foot Locker: 113 storesFoot LockerFoot Locker has more than 700 locations in the US, with even more around the world.

Bethany Biron/Business Insider

Foot Locker closed 113 locations during the fiscal quarter that ended on February 3. In the same period, the company opened 29 locations and relocated or remodeled 66 others.

Express: 107 storesexpress clothingExpress had 600 retail locations across three brands before it announced its plan to close some.

AP Photo/Terry Gilliam

Express announced in April that it would close 95 flagship brand stores and all 12 of its UpWest branded locations.

Rite Aid: 77 storesRite Aid store in Los AngelesRite Aid says that it has about 1,700 stores, down from 4,600 in 2023.

MIKE BLAKE/Reuters

Rite Aid is closing another 77 locations after closing 150 last year.

Macy’s: 50 storesMacy'sMacy’s says it plans to go forward with about 350 department stores, as well as additional small-format stores.

Reuters

Macy’s said in February that it would close 150 locations over the next three years, starting with 50 in 2024.

Big Lots: 35 to 40 storesbig lots

Bennett Raglin/AP

Big Lots disclosed in its quarterly filings in June that it plans to close between 35 and 40 stores this year, after having closed 35 stores in the prior year.

Foxtrot: 33 storesFoxtrot exteriorFoxtrot had locations in Illinois, Texas, and the Washington, DC, area.

Bethany Biron/Insider

The boutique convenience store Foxtrot abruptly shuttered its 33 locations in April after it came up $35 million short of its 2023 sales goal, Modern Retail reported.

Walmart: 7 storesA Walmart cart in a parking lotWalmart operates roughly 4,600 stores across the US.

FREDERIC J. BROWN / Getty Images

Walmart plans to close seven locations across four states, which it said did not meet financial-performance expectations. The company said earlier this year it planned for a total of 150 new or upsized stores in the next five years, starting with 14 new locations in 2024.

TJX: 3 storescomposite image of two price tags from TJ Maxx and Marshalls with red circles around the pricesThe TJX family of brands is T.J. Maxx, Marshalls, Sierra, HomeGoods, and HomeSense.

AP Photo/Charlie Neibergall; Gloria Dawson/Insider

The off-price retail company TJX closed two T.J. Maxx locations and one Marshalls store earlier this year. Those will be more than offset by the addition of 45 new US locations across the two brands, plus 83 more across the other three brands in the TJX family.

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Russia Seeks to Boost Trump in 2024 Election, U.S. Intelligence Officials Say – The Wall Street Journal

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French Lessons for Defeating Trump – The Atlantic

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Give us 5 minutes, and we’ll give you the world. Around the clock, Voice of America keeps you in touch with the latest news. We bring you reports from our correspondents and interviews with newsmakers from across the world.

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