Today's Headlines

Bloomberg:
- Commodities tumbled for a third day, led by crude oil and corn, on escalating concern that the sagging global economy will erode demand for raw materials.
- The cost to protect US corporate bonds from default fell as oil prices declined a second day. Credit-default swaps on the Markit CDX North America Investment Grade of 125 companies in the US and Canada fell 2.5 basis points to 145.5 basis points, according to Phoenix Partners Group.
- Democratic presidential candidate Barack Obama is trying to claim the political center, following in the footsteps of previous nominees including Republican Ronald Reagan in 1980. Yet the Illinois senator has a higher hurdle than most: a consistently liberal voting record.
- Iran's Mahmoud Ahmadinejad dismissed the possibility of a war with the U.S. and Israel over his country's nuclear work, saying Iran is trying to avoid conflict.
- Federal Reserve Bank of Richmond President Jeffrey Lacker said the central bank should consider raising interest rates to limit inflation as the threat of a steep economic slump begins to fade.
- JPMorgan Chase & Co.(JPM) Chief Executive Officer Jamie Dimon said buyers are returning to some types of mortgage products and the crisis in the capital markets will ease.
- Corn tumbled by the limit allowed on the Chicago Board of Trade for a second straight day as rain and warmer temperatures boosted prospects for grain yields in the U.S. Midwest.
- Apple Inc.(AAPL) will start selling its new iPhone at 8 a.m. across U.S. time zones on July 11 and plans to get customers through the buying process, including activating the handset on AT&T Inc.'s(T) wireless network, within 15 minutes.
- John Templeton, the billionaire U.S. philanthropist who made his fortune as the pioneer of global investing in the postwar boom, has died. He was 95.
- Freddie Mac(FRE) and Fannie Mae(FNM), the largest U.S. mortgage-finance companies, rose in New York Stock Exchange composite trading after slumping yesterday to the lowest in 13 years.

Wall Street Journal:
- The Spanish economy could face recession in the second half, possibly depriving the euro zone of a principal engine for job creation and economic growth.
- DreamWorks Animation SKG Inc.(DWA) has chosen Intel Corp.(INTC) to supply chips and other technology for its big computer-animation operations, a shift that will cost Advanced Micro Devices(AMD) one of its most prestigious customers.
- The Market Is Responding to the Oil Shock.