Drone pilot notification system down, FAA says

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The system that assists drone pilots with navigating airspace was down Monday, the Federal Aviation Administration said. 

"The FAA is experiencing a nationwide outage of the Low Altitude Authorization and Notification Capability," officials tweeted Monday. "Airspace authorizations are currently ONLY available through the FAADroneZone until further notice."

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The Low Altitude Authorization and Notification Capability system helps drone pilots access airspace at or below 400 feet. It also helps pilots to be aware of where they cannot fly. 

This is a developing story. Check back for updates.

Eli Manning to rejoin Giants in business role, have jersey retired by organization

The day is almost here. 

The New York Giants will official retire Eli Manning's No. 10 jersey on Sept. 26 during during Big Blue's 1 p.m. ET game against the Atlanta Falcons at MetLife Stadium. They will also induct the two-time Super Bowl champion quarterback into the organization's Ring of Honor, the team announced Monday in a release.

During the Giants' two surprising Super Bowl runs led by Manning, only one win came at MetLife Stadium. That was a first-round win in 2012 against the Falcons.

Manning will also rejoin the organization in off-field business and fan engagement role, the team announced Monday.

"For 16 seasons, Eli represented and defined what it meant to be a Giant and we are excited for him to join the business side of our front office," Giants president John Mara said in the release. "Eli is one of the most beloved players in Giants history. We had a mutual interest in him returning to the organization and we're thrilled to welcome him back."

Robert Quackenbush, Creator of Animal Detective Stories, Dies at 91

His many characters included Detective Mole, Sherlock Chick and Miss Mallard, a crime-solving duck who got her own television series.

By Alex Vadukul

Robert Quackenbush, a prolific children’s book author who conceived of the beloved character Henry the Duck, as well as detective animals like Detective Mole and Miss Mallard, died on May 17 at his home in Manhattan. He was 91.

Treasuries Give Back Ground After Moving Sharply Higher Late Last Week

After moving sharply higher over the two previous sessions, treasuries gave back some ground during trading on Monday.

Bond prices moved to the downside in early trading and remained stuck in negative territory throughout the day. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, rose by 3.4 basis points to 1.484 percent.

With the increase on the day, the ten-year yield rebounded after ending last Friday’s trading at its lowest closing level in over three months.

The pullback by treasuries may partly have reflected profit taking following the rally seen to close out the previous week.

Late last week, treasuries seemed to benefit from weakness among stocks on Wall Street, which helped bond traders shrug off concerns about the Federal Reserve tapering its asset purchases.

Looking ahead, Fed Chair Jerome Powell is scheduled to testify before the House Select Subcommittee on the Coronavirus Crisis on Tuesday.

Powell is due to discuss the Fed’s response to the pandemic but could also face questions about the outlook for monetary policy.

Reports on new and existing home sales, durable goods orders and personal income and spending may also attract attention in the coming days.

Gold Futures Settle Higher As Dollar Loses Ground

Gold prices moved higher on Monday, rebounding a bit from last week’s losses, as the dollar shed some ground against its major rivals.

The dollar index dropped to 91.83, losing nearly 0.5%. The index had climbed to 92.41 on Friday, hitting its highest level since mid-April.

Gold futures for August ended up by $13.90 or about 0.8% at $1,782.90 an ounce. Gold futures had shed nearly 6% last week, weighed down by a strong dollar after the Federal Reserve signaled interest rate hikes by 2023.

Silver futures for July ended higher by $0.056 at $26.025 an ounce, while Copper futures for July settled at $4.1840 per pound, up $0.0270 from the previous close.

St. Louis Fed President James Bullard said on Friday that inflation risks may force the Fed to raise rates as early as next year. The rapid economic growth is bringing faster than expected inflation, which could warrant a liftoff in late 2022, Bullard said in an interview with CNBC.

Separately, Minneapolis Federal Reserve President Neel Kashkari said on Friday he wants to keep the Fed’s benchmark short-term interest rate near zero at least through the end of 2023.

European Central Bank President Christine Lagarde reiterated today that the central bank will continue to support the eurozone economy by continuing its accommodative monetary policy.

Oil Futures Settle Sharply Higher

Crude oil prices rose sharply on Monday and lifted the most active WTI Crude futures contracts to their highest finish in over 2-1/2 years, amid rising optimism about energy demand and easing worries about excess supply.

Thanks to reopening of the economies in the U.S. and relaxation of restrictions in several countries in Europe and in some other parts of the world, the outlook for energy demand has turned positive.

Worries about possible excess supply in the oil market eased after the latest talks between world powers and Iran to revive a nuclear deal ended without an agreement.

The dollar’s weakness against other major currencies contributed as well to the rise in oil prices. The dollar index dropped by over 0.4% to 91.83 today.

West Texas Intermediate Crude oil futures for July ended up by $2.02 or about 2.8% at $73.66 a barrel.

Brent crude futures for August gained about $1.25, or 1.7% to $74.75 a barrel.

Iran and six world power negotiators postponed talks on Sunday to revive the 2015 nuclear deal and it was unclear when formal negotiations would resume.

The pause in the talks came after Ebrahim Raisi, a hardliner and fierce critic of the West, won Iran’s presidential election on Friday.

Meanwhile, Iraq, OPEC’s second-biggest producer, expects oil prices to reach $80 per barrel as the energy market stabilizes.

“We are optimistic about the rise in prices, but we are counting on its stability,” expecting that “prices will exceed $70 and reach $80 per barrel”, Aseem Jihad, a spokesman for the oil ministry told Iraqi News Agency.