Although it still faces trillions in lawsuits, Meta Platforms (META) scored a small win. It agreed to pay $18 billion over the next 10 years. Previously, investors feared that Meta would face $200 billion in civil penalties from California, Colorado, Kentucky, and New Jersey.
Meta will limit how teens use its Facebook and Instagram products. It would limit teens to using the two sites for two hours daily. It will block all access to the sites from midnight to 6 a.m.
In the energy sector, oil prices once again fell sharply. For a few days straight, WTI and Brent crude oil prices declined. WTI crude futures traded below $82.
A deal between Iran and Oman to finalize their control of the Strait of Hormuz pressured oil prices.
Energy names that fell in the last day included BP plc (BP), ConocoPhillips (COP), and ExxonMobil (XOM). The chances are high that XOM stock peaked at $176.41. Its recent rally did not break out above $170.
Tomorrow, bond markets might react to Fed Chair Kevin Warsh’s speech at Jackson Hole. After the core PCE inflation topped 3.3% in July, it increased the odds of a rate hike. But the Fed might hold rates in September, ahead of the midterms. In November, it might raise rates by 25 bps.
