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Oak View Group CEO Tim Leiweke was indicted on a federal criminal conspiracy charge related to allegedly rigging a bid to develop, manage, and operate the University of Texas’ basketball and entertainment arena in Austin, the Department of Justice said Wednesday.

Oak View Group, which will pay $15 million in penalties in connection with the allegations, later Wednesday said that Leiweke “will transition from the position of CEO to” vice chairman of the entertainment venue giant’s board of directors, and remain a shareholder.

Leiweke, 68, is accused in the indictment of conspiring with another would-be bidder on UT’s $338 million Moody Center arena project to induce that second company in February 2018 to drop out of the competition with Oak View Group in exchange for receiving lucrative subcontracts at the 15,000-seat arena.

CNBC has been told the second company was Legends Hospitality, a New York-based venue services company that is majority-owned by Sixth Street Partners, and whose minority owners include the New York Yankees and the Dallas Cowboys.

The indictment in U.S. District Court in Austin says that Leiweke later reneged on that promise to the second company after it dropped its effort to bid on the entire project.

“The arena opened to the public in April 2022, and OVG continues to receive significant revenues from the project to date,” the Department of Justice said Wednesday.

Leiweke “rigged a bidding process to benefit his own company and deprived a public university and taxpayers of the benefits of competitive bidding,” said Assistant Attorney General Abigail Slater of the DOJ’s Antitrust Division, in a statement.

Leweike, in a 2022 interview with CNBC, said that the Moody Center was one of his company’s “two most successful arenas.”

The DOJ also said Wednesday that Oak View Group and Legends agreed to pay $15 million and $1.5 million, respectively, in penalties “in connection with the conduct alleged in the indictment against Leiweke.”

Oak View Group’s website says that the company manages 400 sports, entertainment and other venues.

Lewieke, who is charged with one count of conspiracy to restrain trade, is the former CEO of Maple Leaf Sports and Entertainment. Before that, he served as CEO of Anschutz Entertainment Group.

A spokesman for Leiweke, in a statement to CNBC, said, “Mr. Leiweke has done nothing wrong and will vigorously defend himself and his well-deserved reputation for fairness and integrity.”

“The Antitrust Division’s allegations are wrong on the law and the facts, and the case should never have been brought,” the spokesman said. “The law is clear: vertical, complementary business partnerships, like the one contemplated between OVG and Legends, are legal.”

“These allegations blatantly ignore established legal precedent and seek to criminalize common teaming efforts that are proven to enhance competition and benefit the public. The Moody Center is a perfect example, as it has resulted in substantial and sustained benefits to the University of Texas and the City of Austin.”

Leiweke, in his own statement, said, “While I’m pleased the company has resolved its Department of Justice Antitrust Division inquiry without any charges filed or admission of wrongdoing, the last thing I want to do is distract from the accomplishments of the team or draw focus away from executing for our partners, so the Board and I decided that now is the right time to implement the succession plan that was already underway and transition out of the CEO role.

Oak View Group, in a statement, said, “Oak View Group cooperated fully with the Antitrust Division’s inquiry and is pleased to have resolved this matter with no charges filed against OVG and no admission of fault or wrongdoing.”

“We support all efforts to ensure a fair and competitive environment in our industry and are committed to upholding industry-leading compliance and disclosure practices,” Oak View Group said.

CNBC has requested comment from Legends.

Chris Granger, who was president of Oak View Group’s division OVG360, has been appointed as interim CEO of Oak View Group by the company’s board.

Granger previously was group president for sports and entertainment of the Detroit Tigers and Detroit Red Wings, and president and chief operating officer of the Sacramento Kings.

This post appeared first on NBC NEWS

President Donald Trump’s budget chief on Thursday said that Federal Reserve Chairman Jerome Powell “has grossly mismanaged the Fed” and suggested he had misled Congress about a pricey and “ostentatious” renovation of the central bank’s headquarters.

The broadside by Office of Management and Budget Director Russell Vought opened up a new front in Trump’s war of words against Powell.

Trump has repeatedly called on the Fed chairman to cut interest rates, without success. He reportedly has considered firing Powell and, more recently, publicly naming the chairman’s replacement months earlier than the end of Powell’s term next spring.

Vought’s letter raises the question of whether Trump will seek to remove Powell for cause, at least ostensibly.

But the Supreme Court in a recent decision strongly suggested that Federal Reserve board members have special protection from being fired by a president.

“While continuing to run a deficit since FY23 (the first time in the Fed’s history), the Fed is way over budget on the renovation of its headquarters,” Vought wrote in a post on the social media site X.

“Now up to $2.5 billion, roughly $700 million over its initial cost,” Vought wrote. “The cost per square foot is $1,923–double the cost for renovating an ordinary historic federal building. The Palace of Versailles would have cost $3 billion in today’s dollars!”

Vought’s tweet linked to a letter he sent Powell that referenced the Fed boss’s June 25 testimony before the Senate Banking Committee.

“Your testimony raises serious questions about the project’s compliance with the National Capital Planning Act, which requires that projects like the Fed headquarters renovation be approved by the National Capital Planning Commission,” Vought wrote.

“The plans for this project called for rooftop terrace gardens, VIP private dining rooms and elevators, water features, premium marble, and much more,” he wrote.

But Powell, in his testimony, said, “There’s no VIP dining room. There’s no new marble. There are no special elevators. There are no new water features. There’s no beehives and there’s no roof terrace gardens,” Vought wrote.

“Although minor deviations from approved plans may be inevitable, your testimony appears to reveal that the project is out of compliance with the approved plan with regard to major design elements,” Vought wrote.

This post appeared first on NBC NEWS

What’s “Froot Loops” in Italian?

The European confectionary company Ferrero has agreed to buy WK Kellogg Co., the manufacturer of iconic American cereals, for $3.1 billion.

The acquisition is set to bring the publicly traded maker of Froot Loops, Frosted Flakes and Rice Krispies under the privately owned Italian manufacturer of Nutella, Tic Tac and Kinder chocolates.

WK Kellogg, based in Battle Creek, Michigan, was spun off from Kellogg’s in 2023, splitting the company’s North American cereal business from its other snack products like Pringles and Pop-Tarts, a unit that is now owned by the publicly traded conglomerate Kellanova. WK Kellogg, one of North America’s largest cereal makers, saw its shares surge more than 30% Thursday on the news of the deal.

The agreement comes after years of slowing demand for sugary breakfast cereals as many consumers look for healthier options. WK Kellogg came under fire last year when CEO Gary Pilnick said on CNBC that households squeezed by food companies’ price hikes should consider eating “cereal for dinner” to save money, part of a marketing pitch the company was making as an answer to inflation.

Yet snack demand, too, has flagged recently, with The Campbell’s Co. and General Mills each warning this year of slower sales as customers prioritize square meals.

Ferrero Rocher chocolates.Alexander Sayganov / SOPA Images / LightRocket via Getty Images file

Ferrero, perhaps best known for its namesake Ferrero Rocher chocolates in gold foil, originated in Alba, Italy, after World War II and is now a multinational food maker headquartered in Luxembourg. The company reported revenue of 18.4 billion euros last fiscal year, up nearly 9% from the one before.

Ferrero executive chairman Giovanni Ferrero described the acquisition Thursday as “a key milestone” in an effort to grow its footprint in North America, where the closely held company sells an array of popular candies.

The deal is among a series of high-profile Ferrero acquisitions in recent years. The firm bought Butterfinger, Baby Ruth and other U.S. candy brands from Nestlé in 2018, then acquired Kellogg’s bakery business, including Famous Amos and Keebler, in 2019 along with the manufacturer of Halo Top ice cream in 2022.

After the transaction closes, WK Kellogg will be delisted from the New York Stock Exchange and become a wholly owned subsidiary of Ferrero. The deal is expected to close later this year.

This post appeared first on NBC NEWS

When sector performance shifts gears from one day to the next, it’s best to be prepared with a handful of stocks from the each of the sectors. 

In this hands-on video, David Keller, CMT, highlights his criteria for picking the top stocks in 10 of the 11 S&P sectors

Discover the importance of trends, moving averages in the right order, breakouts above resistance levels, relative strength, and many other conditions that make a stock a powerful candidate in each sector. You’ll also learn how to add annotations to your charts, set alerts, and identify potential breakout points. 

Whether you’re looking to diversify or line up your next investment, this video gives you a sector-by-sector playbook that you can put to work today. So, jump in now and get ahead of the next sector rotation. 

The video premiered on July 9, 2025. Watch on StockCharts’ dedicated David Keller page!

Previously recorded videos from Dave are available at this link.

After months of whiplash sector swings, the market may finally be showing signs of settling down. 

In this video, Julius de Kempenaer uses Relative Rotation Graphs (RRG) to analyze asset class rotation at a high level and then dives into sectors and factors. Julius highlights the rotation into cryptocurrencies and the S&P 500, followed by an analysis of the S&P sectors that are driving the market’s move higher. He then analyzes factors — growth, value, and size. 

Discover where capital is shifting now, which sectors are powering the broad index advance, and which factors are displaying or hinting at fresh leadership. You might find a few surprises.

If you’re hunting for the next move or want a clear road map of the stock market’s rotation story, this video is your cheat sheet. 

The video was originally published on July 9, 2025. Watch it on our dedicated page for Julius.

Past videos from Julius can be found here.

#StayAlert, -Julius

A good trade starts with a well-timed entry and a confident exit. But that’s easier said than done. 

In this video, Joe Rabil of Rabil Stock Research reveals his go-to two-timeframe setup he uses to gain an edge in his entry and exit timings and reduce his investment risks. 

Joe shows you how he spots the big trends on a higher timeframe chart and then drops to a shorter timeframe chart to pinpoint his entries and exits. Watch him dissect the S&P sectors, overall market, and specific symbols using the multiple timeframe approach. Follow along and come up with a systematic method that can help you gain more confidence in your investment decisions.  

The video premiered on July 2, 2025. Click this link to watch on Joe’s dedicated page. 

Archived videos from Joe are available at this link. Send symbol requests to stocktalk@stockcharts.com; you can also submit a request in the comments section below the video on YouTube. Symbol Requests can be sent in throughout the week prior to the next show.

For those who focus on sector rotation, whether to adjust portfolio weightings or invest directly in sector indexes, you’re probably wondering: Amid the current “risk-on” sentiment, even with ongoing economic and geopolitical uncertainties, can seasonality help you better anticipate shifts in sector performance?

Current Sector Performance Relative to SPY

To find out, let’s first look at how sectors are performing relative to the SPDR S&P 500 ETF (SPY), our S&P 500 proxy. The StockCharts Market Summary Mini Charts tab in the US Sectors panel shows you sector ETF performance and its relative performance against SPY.

FIGURE 1. MARKET SUMMARY US SECTORS PANEL. The new micro charts feature provides a chart of each sector’s ETF plus its relative performance against SPY, allowing you to gauge a sector’s strength against the broader market.

Looking at each sector chart over a three-month time frame, only two sectors are outperforming relative to SPY:

  1. Technology Select Sector SPDR Fund (XLK): Currently outperforming SPY by 13.85%.
  2. Industrial Select Sector SPDR Fund (XLI): Outpacing SPY by a modest 2.53%.

Spotlight on Technology and Industrials: Leading Sectors in a Risk-On Market

As a side note, Technology and Industrials are two sectors that align with the risk-on narrative. This suggests that the market is currently favoring higher-beta stocks (as XLK’s performance reflects) over safer sectors and that demand for industrial goods is generally rising, a sign investors expect the economy to strengthen.

Understanding Sector Seasonality: What History Tells Us

Now, let’s turn to seasonality. In this context, seasonality refers to the tendency for certain sectors to perform better during specific periods and worse during others. While past performance never guarantees future results, it can help you anticipate how a sector might behave based on historical tendencies, not certainties. 

So, what might the seasonality charts suggest about XLK and XLI in the coming months?.

XLK Seasonality Trends: Tech Sector’s Strongest Months

Take a look at XLK’s 10-year seasonality chart.

FIGURE 2. 10-YEAR SEASONALITY CHART OF XLK. While September appears to be tech’s only bearish month from a seasonality perspective, its strongest months are November and July. 

Over 10 years, July has been XLK’s second strongest month, with positive closes 90% of the time and an average monthly return of 4%. The most profitable month is November, with an 89% positive close rate and a 5% average monthly return. August isn’t bad, but July is exceptionally strong and reflects its current overall performance.

XLI Seasonality Patterns: When Industrials Tend to Outperform

Switching over to a seasonality chart of XLI, we get a similar picture.

FIGURE 3. 10-YEAR SEASONALITY CHART OF XLI. July is XLI’s strongest month for positive closes, and November is its strongest month for average seasonal returns.

This pattern is pretty exceptional: over the last 10 years, XLI has posted a historical 100% positive close rate in July, with an average return of 3.5%. The strongest returns, however, tend to occur in November, which shows an 89% positive close rate and an average return of 6.5%. The months in between are relatively unremarkable, making July and November stand out significantly. 

Technical Analysis of XLK and XLI

Will July be another up-month for XLK and XLI? Starting with XLK, let’s switch over to a six-month daily chart.

FIGURE 4. DAILY CHART OF XLK. Tech’s upward trajectory is now in overbought territory, yet there’s little sign of slowing.

XLK is at an all-time high, and there’s no clear indication that it’s pulling back just yet. 

Meanwhile, the Relative Strength Index (RSI) is suggesting that XLK has been occupying overbought territory since late June. However, bear in mind that an RSI reading at this level can sustain itself for an extended period. And if you look at the On Balance Volume (OBV) indicator, it suggests that the buying pressure trend is still rising with no signs of slowing down.

Actionable Tip: Remember, July is one of XLK’s historically strong seasonal months. 

  • But if it does pull back soon, you might expect a bounce near $242.50, which is an area marked by a series of historical swing highs. 
  • Notice how the ZigZag line highlights these key swing points. 
  • Other areas of support sit around $235, its most recent swing low, and $225, the level of its most recent swing low.

Now let’s turn to the daily chart of XLI.

FIGURE 5. DAILY CHART OF XLI. Industrials are also surging, although buying pressure may be starting to decline.

Similar to the previous chart, XLI shows a move higher that places it well into all-time high territory. July is also an exceptionally strong month for XLI, but does it have enough fuel to return the seasonal 3.5% that it typically averages this month?

The RSI signals that XLI may be overbought, which, again, can remain there for some time, while the OBV suggests that buying pressure may be easing into a pullback. However, price continues its upward trajectory.

Actionable Tip: If XLI dips, the pullback may be shallow, potentially bouncing near $145, its most recent swing high. A more substantial support level lies around $141, where multiple swing lows have formed. If XLI drops below $141, you can expect further downside movement.

At the Close

While no strategy can guarantee success, combining seasonality insights with price action can help improve your market timing. Keep an eye on support levels as well as momentum and volume. Remember that the strongest months for XLK and XLI tend to be July (the current month) and November. You can add XLK and XLI to your ChartLists and keep an eye on them, especially in the months ahead. 

However, the big takeaway here is to consider using seasonality charts alongside the various tools in the Market Summary, whether you’re considering an individual stock, index (sector or industry), or other asset classes, like commodities and monetary metals. While price action can help you nail down specific market opportunities, seasonality charts can help contextualize current price action and anticipate potential future market scenarios.


Disclaimer: This blog is for educational purposes only and should not be construed as financial advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional.

Is there a direct link between what US President Donald Trump says and what Russian President Vladimir Putin does?

Certainly, the harsh words and bitter violence of recent days in Ukraine suggest the answer is maybe.

First, President Trump vented his frustrations at the lack of commitment from his Russian counterpart to engage in a serious peace process.

“We get a lot of bullshit thrown at us by Putin, if you want to know the truth,” Trump blustered in a Cabinet meeting on Tuesday. “He’s very nice all of the time, but it turns out to be meaningless,” he complained.

The very next day, as if infuriated by the remarks, Russia launched its largest drone attack on Ukraine, sending 728 drones and 13 missiles to strike cities around the country in multiple waves.

It was a “telling attack,” observed Ukrainian President Volodymyr Zelensky, who condemned the strikes as timed to rebuff peace efforts.

There are apparent signs of a pattern.

Last week, after Trump publicly bemoaned that he had made “no progress” towards a ceasefire after a lengthy telephone call with the Kremlin leader, Russia unleashed yet another massive barrage on Ukraine. It rained down 539 drones and 11 missiles in what Ukrainian officials described as one of the worst attacks of the conflict.

You might be forgiven for thinking that every time President Trump expresses anger, frustration or even negativity about his Kremlin counterpart, the immediate response from Russia is to step up the ruthless punishment it metes out to its Ukrainian neighbor.

But it’s not as straightforward as that.

The problem is, Russia also carries out devastating strikes on Ukraine during periods when the US president is relatively silent about the conflict he notoriously vowed to end in a single day.

On June 29, for example, Moscow launched 477 drones and 60 missiles against Ukraine – at the time, the biggest Russian aerial assault of the war. Yet President Trump had made few significant public comments about Russia in the days before.

Furthermore, when President Trump told fellow G7 leaders of industrialized democracies that he essentially regretted the absence of Putin at the June summit, and criticized previous leaders for kicking Russia out of what was then the G8. Moscow went on to ratchet up attacks on Kyiv, killing at least 28 people in a single night of drone and missile strikes on the Ukrainian capital days later.

Even positive remarks from the US president, which you might reasonably expect to temper any simmering Russian anger at how it is spoken about in the White House, do not appear to act as a brake on the Kremlin’s excesses.

For its part, the Kremlin has played down any suggestion that President Trump’s recent critical outburst has had much impact.

“We are taking it quite calmly,” the Kremlin spokesman, Dmitry Peskov, told reporters on a daily conference call, adding that “Trump, in general, tends to use a fairly tough style and expressions.”

In reality, Russian military tactics are much more likely to be driven by its own unrelenting military objective of seizing as much territory as possible before the grinding conflict in Ukraine, now in its fourth year, ultimately comes to a halt.

Likewise, the terrifying increase in the use of Russian drones in recent weeks is more likely to be a reflection of missile shortages and increased drone production in Russia than any angry Putin retort to one of President Trump’s off-hand comments.

This post appeared first on cnn.com

US President Donald Trump praised Liberian President Joseph Boakai for his strong grasp of the English language on Wednesday. But the African leader was educated in Liberia, where English is the official language.

As he hosted five African leaders at the White House, Trump asked Boakai: “Such good English, it’s beautiful. Where did you learn to speak so beautifully?”

Boakai informed Trump of his place of education, prompting Trump to express his curiosity. “That’s very interesting,” he said, “I have people at this table who can’t speak nearly as well.”

Liberia was founded in 1822 by the American Colonization Society whose goal was to resettle freed slaves in Africa. The country declared independence from the American Colonization Society in 1847, and a variety of languages are spoken in the country today, with English being the official language.

Several Liberians voiced their offense over Trump’s comment to Boakai, given the US president’s past remarks on African countries and the colonial legacy left by the US organization in Liberia.

“For him to ask that question, I don’t see it as a compliment. I feel that the US president and people in the west still see Africans as people in villages who are not educated.”

Veronica Mente, a South African politician, questioned on X: “what stops [Boakai] from standing up and leav[ing]?”

The White House Press Office defended Trump’s statement on Wednesday.

White House deputy press secretary Anna Kelly said that Trump’s comment was a “heartfelt compliment” and that “reporters should recognize that President Trump has already done more to restore global stability and uplift countries in Africa and around the world than Joe Biden did in four years.”

“What President Trump heard distinctly was the American influence on our English in Liberia, and the Liberian president is not offended by that,” Nyanti said.

“We know that English has different accents and forms, and so him picking up the distinct intonation that has its roots in American English for us was just recognizing a familiar English version,” she continued.

Trump has previously applauded the English language abilities of other leaders during diplomatic meetings. During a press conference with German Chancellor Friedrich Merz, Trump complimented his “good English” and asked if it was as good as his German.

Merz laughed and noted that he tries to “understand almost everything” and said he makes an effort “to speak as good as I can.”

The US president has centered the English language as part of this “America First” platform. During a 2015 presidential debate, Trump asserted that the US is “a country where we speak English.” In March, he signed an executive order making English the official language of the US.

Trump has previously landed in hot water for things he has said about the African nations. In 2018, the president referred to migrants from African countries and other nations as coming from “shithole countries.”

In May, he lectured South African President Cyril Ramaphosa on false claims that White South African farmers are the victims of a genocide.

Trump struck a different tone on Wednesday as he met with the leaders of Gabon, Guinea-Bissau, Liberia, Mauritania, and Senegal, praising their countries as “all very vibrant places with very valuable land, great minerals, great oil deposits, and wonderful people.”

In turn, he was met with approval from the African leaders, who heaped praise on the president as they urged him to invest in their countries and develop their plentiful natural resources.

Boakai even remarked that Liberia “(believes) in the policy of making America great again.”

This post appeared first on cnn.com

Russia launched a large-scale aerial assault on Ukraine’s capital Kyiv in the early hours of Thursday, marking a second consecutive night of ferocious attacks on the country, as Russia ramps up its bombardment more than three years into the war.

At least two people were killed and more than a dozen were wounded in Thursday’s attacks, which involved multiple drones and cruise missiles, according to Kyiv authorities.

The offensive comes one night after Russia conducted its largest drone assault since the start of its full-scale invasion, launching 728 drones and 13 missiles in strikes that killed at least one person, according to Ukrainian officials.

The damage on Thursday morning appeared to be substantial. Residential buildings, cars, warehouse facilities, offices and other buildings were on fire across the city, Tymur Tkachenko, head of Kyiv’s military administration, said.

Tkachenko urged residents to stay in shelters and avoid windows and balconies, as Ukraine’s air defense systems worked to repel the attack.

“Property can be restored, but human life cannot,” Tkachenko said.

Russia has significantly scaled up its air attacks on Ukraine in recent weeks, launching near-nightly assaults involving hundreds of drones and missiles.

Work towards a peace deal has simultaneously slowed down, triggering frustration in the White House, where US President Trump on Tuesday took aim at Russia’s leader Vladimir Putin.

“We get a lot of bullsh*t thrown at us by Putin, if you want to know the truth,” Trump said in a Cabinet meeting. “He’s very nice all of the time, but it turns out to be meaningless.”

Russia’s sustained assault in recent days has injected new urgency into questions surrounding Washington’s commitment to defending Ukraine, as the Trump administration pledged to send additional defensive weaponry to Kyiv in an apparent policy reversion.

Moscow downplayed Trump’s harsh words in a press briefing Wednesday. A Kremlin spokesperson said it is reacting “calmly” to Trump’s criticism of Putin. “Trump in general tends to use a fairly tough style and expressions,” Dmitry Peskov said, adding Moscow hopes to continue dialogue with Washington.

US Secretary of State Marco Rubio is expected to meet his Russian counterpart Sergey Lavrov on the sidelines of the ASEAN summit in Malaysia on Thursday.

Following Wednesday’s record drone attack, Ukraine’s President Volodymyr Zelensky said there had been “so many attempts to achieve peace and cease fire, but Russia rejects everything.”

International law violations

Thursday’s attack on Kyiv follows a landmark ruling by Europe’s top human rights court Wednesday, which found that Russia committed major international law violations in Ukraine.

The European Court of Human Rights (ECHR) ruled on four cases concerning Russian military operations in Ukraine since 2022, as well as the conflict in eastern Ukraine which began in 2014 and includes the downing of Malaysia Airlines flight MH17.

It found that Russia had committed a pattern of human rights violations in Ukraine since the start of its full-scale invasion in February 2022.

The ECHR also ruled Russia was responsible for the downing of flight MH17 in 2014. Moscow has repeatedly denied responsibility for MH17’s destruction, which killed 298 people.

This post appeared first on cnn.com