Reported 24 days ago
In the latest market developments, the 'Magnificent Seven' stocks have contributed to a decline in the stock market, with Amazon, Tesla, and Meta among the hardest hit. Gold prices have reached new heights amid inflation fears and a weaker US dollar, while Bausch + Lomb faces challenges after announcing a voluntary recall of its intraocular lenses and receiving a downgrade from Wells Fargo.
Source: YAHOO
Reported 24 days ago
The U.S. auto industry is bracing for significant challenges due to President Trump's impending 25% tariffs, with analysts predicting this scenario could be among the worst outcomes for automakers. The tariffs are expected to create uncertainty and have a substantial short-term impact on production and costs, particularly for companies like GM and FCA, which have a high exposure to manufacturing in Mexico, while Ford may be better positioned due to its greater U.S. production footprint.
Source: YAHOO
Reported 24 days ago
Trevor Milton, the founder of electric vehicle startup Nikola, was pardoned by President Trump after being sentenced to four years in prison for defrauding investors. Milton's misleading claims about his company's technology led to a significant drop in stock value and multiple legal troubles, including a bankruptcy filing for Nikola. After his conviction, Milton expressed gratitude for the pardon, which came shortly after significant donations he and his wife made to Trump's campaign. The White House confirmed the pardon, although it was not officially listed on their website.
Source: YAHOO
Reported 24 days ago
U.S. stock markets saw significant declines on Friday, with the Dow Jones dropping 1.5%, the S&P 500 down 1.7%, and the Nasdaq falling 2.5%. These losses come amid rising inflation fears reflected in a hotter-than-expected Personal Consumption Expenditures index and a steep drop in consumer sentiment to its lowest since November 2022. The ongoing trade tensions initiated by President Trump's tariffs have added to market volatility, leading to increased uncertainty about economic growth and prompting analysts to lower earnings forecasts for major indices.
Source: YAHOO
Reported 24 days ago
The Social Security Administration has postponed the initiation of its enhanced identity proofing policies from March 31 to April 14. The delay aims to ensure staff training for better customer assistance. Starting April 14, applicants for certain benefits will need to verify their identity online or in person, with exemptions for Medicare, disability, and urgent situations.
Source: YAHOO
Reported 24 days ago
CoreWeave co-founder Brannin McBee responded to fears of an AI bubble and overbuilt infrastructure, saying they do not see any signs of worry from customers. The company recently went public with a $40 share price, down from initial expectations of $47-$55, raising $1.5 billion for a valuation of $23 billion. Despite solid financial results, concerns remain regarding their high levels of debt and dependency on large clients like Microsoft and OpenAI.
Source: YAHOO
Reported 24 days ago
UBS Global Wealth Management has lowered its 2025 S&P 500 target from 6,600 to 6,400, joining other Wall Street firms in response to the economic effects of U.S. tariffs. Despite the reduced target, UBS maintains a positive outlook on U.S. equities, anticipating a potential rebound due to clear policies and growth in artificial intelligence investments. The index's recent performance has seen a decline of over 4% this year, reflecting volatility in the market.
Source: YAHOO
Reported 24 days ago
PayPal's stock fell 4% following comments from a European Union lawmaker suggesting that rising U.S.-Europe trade tensions could lead to new fees for payment companies. The uncertainty surrounding potential tariffs has unsettled global markets and raised concerns about the impacts on the payments sector, which typically avoids such trade fees. The situation is compounded by U.S. threats of larger tariffs if collaborative efforts to harm the U.S. economy continue.
Source: YAHOO
Reported 24 days ago
Gold futures have soared to a record high above $3,100 amid concerns over escalated trade tensions from Trump administration tariffs, while copper prices also rise near their peak due to expected tariffs. Analysts predict continued demand for gold and copper driven by rising investments and central bank purchases, leading to bullish price forecasts for both metals in the coming months.
Source: YAHOO
Reported 24 days ago
The European Union is negotiating concessions with the Trump administration to partially lift US tariffs ahead of their planned increase. Analysts speculate that these ongoing discussions could lead to further volatility in global trade, as European nations have a history of managing tariffs and may adapt strategies based on these negotiations. While the outcome could potentially boost US exports, economists warn that the tariffs could also raise prices for American consumers.
Source: YAHOO
Reported 24 days ago
Lou Basenese argues that the 'Magnificent Seven' tech stocks should break up like a boy band, as their individual strengths and weaknesses have become more apparent. He highlights that while companies like Apple maintain a solid consumer base and revenue, others like Tesla are lagging behind. Basenese suggests that the market dynamics are shifting, necessitating a reevaluation of how these stocks are viewed and traded.
Source: YAHOO
Reported 24 days ago
Chipmaker Wolfspeed's shares plummeted nearly 48% to their lowest point since 1998 after appointing a new CEO, Robert Feurle, amid ongoing struggles with declining demand from automotive clients. The company's profitability has suffered, leading to layoffs and plant closures, while uncertainty looms over potential federal funding under the CHIPS Act. This situation has resulted in a significant decrease in stock value, which has fallen over 59% this year.
Source: YAHOO
Reported 24 days ago
The IRS's Criminal Investigation division has announced a modernization program called CI-FIRST, aimed at enhancing collaboration with financial institutions to address the rising threat of financial crimes facilitated by technology and AI. The initiative seeks to streamline subpoena requests and improve data-sharing, focusing on crimes related to drug trafficking and human smuggling. Recent statistics reveal significant financial crime activity, with billions identified in fraud and criminal asset seizures. In addition, there is ongoing legislative discussion regarding the thresholds for currency transaction reporting.
Source: YAHOO
Reported 24 days ago
Rocket Lab (RKLB) shares surged after being chosen by the US Space Force for a $5.6 billion launch program. Meanwhile, UbiSoft (UBI.PA) announced a new subsidiary valued at $4.3 billion to manage popular video games, and Nippon Steel (NPSCY, NISTF) is considering a $7 billion investment to upgrade US Steel facilities amid acquisition talks. Experts discuss these market movements in detail.
Source: YAHOO
Reported 24 days ago
Elon Musk's Department of Government Efficiency (DOGE) has begun working at the US Securities and Exchange Commission (SEC) shortly after Paul Atkins was nominated to lead the agency. This team, treated as internal employees by SEC staff, aims to implement budget cuts, including workforce reductions and office lease eliminations. Despite concerns raised by lawmakers about Musk's influence over the SEC, the agency has historically operated at a profit through its enforcement actions and fees.
Source: YAHOO
Reported 24 days ago
The February Personal Consumption Expenditures (PCE) price index rose by 0.3%, maintaining the same rate observed in January, with a year-over-year increase of 2.5%. Despite some economists' expectations, core inflation ticked slightly higher at 2.8%. The data suggests persistent inflation pressures remain, affecting expectations for future Federal Reserve interest rate adjustments as markets brace for uncertainty, particularly ahead of upcoming tariff changes.
Source: YAHOO
Reported 24 days ago
Americans are increasingly pessimistic about the economy, with new data revealing consumer sentiment in March has dropped to its lowest since November 2022. Concerns over inflation and the labor market are prominent, with two-thirds of consumers anticipating rising unemployment, the highest level of fear since 2009. This trend indicates vulnerability among consumers as overall inflation expectations also rise, suggesting a widening gap between economic perception and reality.
Source: YAHOO
Reported 24 days ago
The Federal Reserve's recent inflation data revealed higher-than-expected prices in February, intensifying its ongoing battle with inflation as new tariffs from the Trump administration loom. This situation raises concerns about maintaining interest rates, with Fed officials anticipating that the impact of these tariffs may persist longer than initially predicted. Despite hopes that inflation effects will be 'transitory', some analysts express doubt, suggesting significant risks and uncertainties about future price levels.
Source: YAHOO
Reported 24 days ago
A powerful 7.7 magnitude earthquake struck Myanmar and Thailand, resulting in significant destruction and the death of at least three people in Bangkok due to the collapse of a tower block. Rescue efforts are ongoing, but conditions remain unstable. Reports indicate widespread damage, particularly in Mandalay, and raise concerns about the safety of infrastructure, including dams and bridges.
Source: YAHOO
Reported 24 days ago
The European Union is preparing to make concessions to the Trump administration in hopes of mitigating recently imposed tariffs that are adversely affecting EU exports. With additional tariffs expected to take effect, the EU is formulating a negotiation strategy focusing on lowering its own duties, fostering mutual investments, and addressing regulatory concerns. Despite these efforts, EU officials foresee a challenging negotiation landscape, which may leave transatlantic trade relations in a strained position.
Source: YAHOO
Reported 24 days ago
In a recent analysis, Costco Wholesale Corporation (COST) was highlighted as a notable low volatility stock by billionaire Ken Fisher, founder of Fisher Asset Management. With a beta value of 0.97 and a dividend yield of 0.51%, Costco's membership-driven model contributes significantly to its financial stability. Despite potential market volatility from economic factors and tariffs, Fisher predicts continued strength in the global economy which may support Costco’s growth. The company has seen impressive sales growth, and its strategic expansion plans, including the opening of new clubs, bolster its positive outlook in the low volatility stock category.
Source: YAHOO