Reported 16 days ago
Jerome Powell, the Federal Reserve Chairman, faces unprecedented challenges as Donald Trump returns to the presidency, bringing uncertain economic policies that may disrupt the current stability. Despite pressure from both sides of the political spectrum and Trump’s criticisms, Powell remains committed to managing the economy through its complexities, focusing on sustained economic activity and labor market strength. As Trump's promises of tax cuts and spending changes loom, Powell emphasizes the need for a cautious approach to maintain the Fed's independence and confidence in the financial markets.
Source: YAHOO
Reported 16 days ago
Nvidia (NVDA) is set to replace Intel (INTC) in the Dow Jones Industrial Average, according to S&P Dow Jones Indices analyst Howard Silverblatt. The decision comes as Intel's lower stock price did not significantly influence the index, while Nvidia's inclusion is expected to better represent the chip industry and impact the index's performance. Additionally, Sherwin Williams (SHW) has been added alongside Nvidia, highlighting the price-weighted nature of the index.
Source: YAHOO
Reported 16 days ago
German Chancellor Olaf Scholz has expressed willingness to discuss the timing of an early election if opposition lawmakers support his legislation before his term ends. Following the collapse of his coalition government, Scholz faces significant pressure for a January election, with polls indicating that two-thirds of voters favor it. Opposition leader Friedrich Merz criticized Scholz for potentially delaying the election for political gain, emphasizing the need for a stable government to address Germany's economic challenges.
Source: YAHOO
Reported 16 days ago
Tesla has launched leasing plans for its Cybertruck models, offering customers greater flexibility in financing. The all-wheel-drive Cybertruck is available with a $7,500 down payment and a monthly payment of $999 for a 36-month lease, while the premium Cyberbeast can be leased for the same terms with a $1,148 monthly payment.
Source: YAHOO
Reported 16 days ago
Goldman Sachs has appointed 95 new partners, marking the largest addition during CEO David Solomon's tenure. Notably, 26 of the new partners are women, reflecting the firm's commitment to diversity. This announcement was initially reported by Bloomberg, and it has drawn attention for its significant impact on the company's leadership structure.
Source: YAHOO
Reported 16 days ago
In response to significant blackouts linked to high energy consumption from crypto mining, Russia is contemplating restrictions on mining activities in key regions. With crypto mines projected to consume around 16 billion kilowatt-hours annually, accounting for nearly 1.5% of the country's energy usage, President Putin warned that uncontrolled mining could result in power shortages, impacting businesses and infrastructure projects. Although crypto mining is not legalized, new legislation may empower Moscow to impose restrictions in energy-deprived areas.
Source: YAHOO
Reported 16 days ago
Nvidia will take Intel's place on the Dow Jones Industrial Average on November 8, 2024. This change comes as Intel's stock has dropped 48% in 2024, after being part of the index since 1999. Ritholtz Wealth Management's Callie Cox notes that this will help Nvidia gain recognition as part of a significant index, although its impact won't match that of larger weight indices like the S&P 500.
Source: YAHOO
Reported 16 days ago
Temu faces scrutiny from the European Union for allegedly breaching consumer protection laws, leading to a potential fine. This inquiry follows a separate investigation into the platform's efforts against illegal sales. European regulators have identified practices such as fake discounts and misleading reviews as problematic. Temu, a fast-growing e-commerce platform under Chinese-owned PDD Holdings, has been given a month to address these concerns or risk fines from EU nations.
Source: YAHOO
Reported 16 days ago
President-elect Donald Trump has shown uncertainty about whether to remove or demote Federal Reserve Chair Jerome Powell, but Powell has stated he plans to remain in his position. Former Richmond Fed President Jeffrey Lacker discussed the legalities of Powell's tenure, noting that while he cannot be fired before 2026, Trump could appoint a new chair if Powell stays on the board afterward. Lacker advised that historically, presidents refrain from impacting Fed decisions and recommended that Trump should leave the Fed independent to maintain market confidence.
Source: YAHOO
Reported 16 days ago
Analyst Brad Erickson from RBC Capital Markets notes that while Airbnb's recent earnings exceeded revenue expectations, their core booking business is slowing as the company expands into property management and experiences. These new ventures have the potential to generate significant revenue but may take time to ramp up, making immediate profit gains uncertain.
Source: YAHOO
Reported 16 days ago
Inflation rates in Brazil and Chile have soared beyond central bank tolerances, primarily driven by rising energy costs. Brazil's consumer prices increased by 4.76% in October, while Chile saw a 4.7% annual inflation, marking significant concerns for policymakers. Both nations are expected to tighten monetary policy in response, with Brazil's central bank recently doubling its interest rate hike pace due to persistent inflation and economic pressures from drought and public spending.
Source: YAHOO
Reported 16 days ago
Tens of thousands of Bangladesh Nationalist Party (BNP) activists rallied in Dhaka, demanding rapid reforms and a new election following the country's shift to an interim government after the departure of former Prime Minister Sheikh Hasina. The BNP, led by Khaleda Zia, who could not attend due to health issues, urged the interim government headed by Nobel laureate Muhammad Yunus to quickly address citizens' expectations and outline plans for the upcoming election, as they prepare for potential street protests if actions are not taken.
Source: YAHOO
Reported 16 days ago
The European Central Bank is pressing Raiffeisen Bank International and UniCredit to maintain capital reserves to mitigate risks from their Russian operations. This move comes as both banks have been slow to reduce their activities in Russia following the invasion of Ukraine. The ECB may adjust individual capital requirements to account for these risks, while Raiffeisen faces additional demands due to its exposure to risky real estate loans. Both banks are trying to navigate regulatory pressures amid their operations in a volatile environment.
Source: YAHOO
Reported 16 days ago
Billionaire investor Bill Ackman intends to seek the delisting of Pershing Square Holdings Ltd. from Amsterdam's Euronext exchange following violent incidents involving Israeli football fans in the city. The attacks, deemed antisemitic by officials, prompted Ackman to conclude that concentrating the company's listing on the London Stock Exchange aligns better with business and moral principles. Additionally, Ackman initiated discussions to move Universal Music Group's listing to the US, citing the Dutch market's limitations.
Source: YAHOO
Reported 16 days ago
The 2024 presidential election saw Kamala Harris, the Democratic nominee, suffer a significant loss to Donald Trump, with many attributing her defeat to a disconnect between progressive ideals and the more centrist electorate. Despite her previous advocacy for ambitious policies like the Green New Deal and Medicare for All, Harris's attempts to pivot toward moderate positions failed to resonate with the voting population. As Democrats grapple with widespread discontent, the article argues that the party must acknowledge its cultural misalignment with the majority of Americans and reassess its approach to attract broader support.
Source: YAHOO
Reported 16 days ago
Pinterest shares experienced a decline in pre-market trading following the company's announcement of a weak sales outlook for the fourth quarter, despite exceeding expectations for third quarter revenue and earnings and initiating a $2 billion share buyback program.
Source: YAHOO
Reported 16 days ago
JPMorgan's bond chief Bob Michele cautions that if 10-year Treasury yields rise to 5%, it could significantly affect the stock market, which is currently at record highs due to investor optimism post-Trump's electoral victory. While yields have pulled back from a recent high of 4.48%, Michele believes that the new administration's fiscal policies could reignite volatility, potentially leading the Federal Reserve to respond with higher rates that the market may struggle to absorb.
Source: YAHOO
Reported 16 days ago
The S&P 500 index reached the historic mark of 6,000 for the first time, while the Dow Jones surpassed 44,000, marking a significant upward trend in US stocks. This rally has been fueled by optimism surrounding Donald Trump’s election victory and the Federal Reserve's recent interest rate cut. Despite some fluctuations, major indices are on track for their best weekly performance of the year, with notable movements in technology stocks, including Nvidia joining the Dow and Tesla hitting a $1 trillion market cap.
Source: YAHOO
Reported 16 days ago
The Philadelphia transit workers' union has decided to postpone a potential strike as contract negotiations continue, following progress made during discussions. Union President Brian Pollitt stated that while an agreement has not yet been reached, movement in talks allows them to delay the strike. The union's demands include enhanced safety measures and wage increases, as members express concerns over their working conditions amidst ongoing financial uncertainties for the transportation authority.
Source: YAHOO
Reported 16 days ago
The Federal Reserve reduced interest rates by 25 basis points, hinting at the possibility of another cut in December. Nvidia replaces Intel in the Dow Jones Industrial Average starting Friday. Meanwhile, Airbnb’s shares dropped after reporting a revenue beat, and Paramount Global exceeded expectations in streaming but fell short on revenue.
Source: YAHOO
Reported 16 days ago
As TikTok faces a potential ban due to national security concerns, some staff and creators are turning to President-elect Donald Trump for help. Trump has publicly expressed opposition to a TikTok ban, and his victory may alter the company’s prospects. TikTok is currently engaged in legal battles against a bipartisan law that demands divestment or a shutdown, but uncertainties remain regarding Trump's willingness to intervene and the implications of his past positions on the app.
Source: YAHOO
Reported 16 days ago
Canada's economy only added 14,500 jobs in October 2024, falling short of expectations and highlighting persistent labor market challenges. The steady unemployment rate at 6.5% contrasts with ongoing concerns about diminished labor force participation, leading some economists to predict a potential 50-basis point rate cut by the Bank of Canada at its upcoming meeting on December 11. While wage growth accelerated, the overall job gains remain modest, suggesting a cautious outlook for Canada's economic recovery.
Source: YAHOO
Reported 16 days ago
Coinbase (NASDAQ: COIN) shares soared 39.8% this week, largely due to the election of Donald Trump, who has shown increasing support for cryptocurrency, particularly Bitcoin. Trump's pro-crypto stance, including plans for a U.S. Bitcoin reserve, has generated optimism in the market, leading to increased trading activity and speculation on crypto prices. However, despite the surge, Coinbase's valuation remains high and its earnings highly unpredictable, making it a speculative investment.
Source: YAHOO
Reported 16 days ago
Paramount Global has announced a profitable quarter for its streaming services, but overall revenue fell short of expectations due to ongoing losses in linear TV and its studios segment. With a reported revenue of $6.73 billion and adjusted earnings per share of $0.49, the company noted significant improvements in its direct-to-consumer streaming business, which showed an operating income of $49 million. Despite this success, management warned of potential losses in the upcoming quarter as they prepare for a merger with Skydance Media, aiming for further profitability by 2025.
Source: YAHOO
Reported 16 days ago
NRG Energy exceeded third-quarter core profit expectations due to lower supply costs, prompting a raise in its 2024 profit outlook. Despite a reported loss of $767 million in Q3 related to economic hedging setbacks, the utility anticipates adjusted profits between $5.95 and $6.75 per share, up from the previous forecast. This optimistic outlook contributed to a 3% increase in its stock price.
Source: YAHOO