Reported 26 days ago
Oil prices surged on Friday, aiming for a weekly gain driven by production disruptions in the U.S. Gulf of Mexico after Hurricane Francine. Brent crude futures rose to $72.35 a barrel, while U.S. West Texas Intermediate crude climbed to $69.37. Analysts attribute the tightening market to ongoing supply issues, including those in Libya, and a weaker U.S. dollar enhancing the attractiveness of dollar-denominated oil. Despite these gains, forecasts indicate potential challenges ahead for sustained recovery, particularly due to demand concerns from major economies.
Source: YAHOO
Reported 26 days ago
China's economic recovery is threatened as extreme weather events disrupt industrial production and consumer spending, exacerbating a months-long slowdown. Analysts predict a significant decline in growth prospects, with some expecting the nation to struggle to meet its growth target of around 5%. Upcoming data on industrial production and retail sales is anticipated to reflect these challenges, signaling a concerning trend for the world's second-largest economy.
Source: YAHOO
Reported 26 days ago
Malaysia's Trade and Industry Minister Zafrul Aziz expressed confidence that the country's technology export sector will maintain its momentum regardless of US election outcomes. He highlighted the strong semiconductor ecosystem and the lack of major disruptions during past leadership changes in the US. With a surge in investments, particularly in AI and a focus on five key sectors, Malaysia is poised for growth, bolstered by support from major tech companies and improving political stability.
Source: YAHOO
Reported 26 days ago
Warren Buffett's substantial investment in Occidental Petroleum has hit a rough patch, as the company's shares have plummeted 29% since mid-April, coinciding with a 23% drop in crude oil prices. This decline is attributed to concerns over demand due to a sluggish U.S. economy and excess supply from high production levels. Buffett's Berkshire Hathaway, which owns a 29% stake worth approximately $13 billion, is facing underwater estimates on this investment, and analysts suggest the company may reconsider its strategy amidst these challenging market conditions.
Source: YAHOO
Reported 27 days ago
Gold prices soared to a record high of $2,567 per troy ounce following the European Central Bank's second interest rate cut in three months, reflecting increased optimism about ongoing rate reductions by global central banks. This surge marks a significant 24% increase in gold prices this year, as investors prefer gold over lower-yielding investments like Treasury bonds in a declining interest rate environment.
Source: YAHOO
Reported 27 days ago
In the lead-up to the 2024 election, analysis suggests that a victory for Vice President Kamala Harris would likely benefit electric vehicle (EV) manufacturers, such as Tesla, due to potential tax incentives for car buyers. Conversely, a Trump win could disrupt the auto industry, especially if tariffs on imported vehicles favor traditional automakers like GM and Ford. Analyst Emmanuel Rosner also points out his preference for peripheral stocks in the auto space, indicating caution about the primary automakers.
Source: YAHOO
Reported 27 days ago
Donald Trump's recent threat to impose 100% tariffs on countries that abandon the US dollar has sparked alarm among economists, who warn that such a drastic measure could lead to significant price increases for American consumers and risks triggering a recession. While Trump may have the authority to implement these tariffs without congressional approval, experts believe this approach could backfire and further encourage nations to seek alternatives to the US dollar.
Source: YAHOO
Reported 27 days ago
At a rally in Tucson, Arizona, Donald Trump announced a proposal to eliminate taxes on overtime pay, aiming to attract blue-collar voters after a lackluster debate performance. He emphasized that hard-working citizens deserve better treatment and highlighted that his plan could motivate workers to vote for him. This tax cut proposal is part of a broader strategy to appeal to various voter demographics, despite concerns about the financial impact it might have on the national debt.
Source: YAHOO
Reported 27 days ago
Deloitte's annual holiday retail forecast predicts a retail sales growth of 2.3% to 3.3% from 2023, indicating a return to more typical growth patterns. Michael Jeschke of Deloitte highlights that while inflation has driven prices up, its recent decline provides consumers with more spending power, creating a mixed impact on holiday shopping. Retailers employing an omnichannel approach are expected to perform better, and shoppers are encouraged to shop early and leverage loyalty programs for the best deals.
Source: YAHOO
Reported 27 days ago
Microsoft is laying off around 650 employees from its Xbox division, highlighting ongoing job cuts in the video game industry. Analyst Michael Pachter explains that these layoffs are largely due to redundancy after Microsoft's acquisition of Activision Blizzard and a shift in the industry towards in-game purchases rather than high upfront game sales. He cautions that while companies are 'right-sizing' after pandemic hiring surges, they may be cutting too many jobs.
Source: YAHOO
Reported 27 days ago
The S&P 500 and Nasdaq have shown strong performance over four days, primarily driven by technology stocks, as inflation appears to be cooling ahead of a Federal Reserve interest rate cut. Additionally, gold prices have reached record highs, and crude oil has increased by 3%.
Source: YAHOO
Reported 27 days ago
Affirm's founder, Max Levchin, expressed the company's ambition to position itself as a modern alternative to American Express, emphasizing transparency and consumer-friendly policies. Despite fluctuations in stock prices since its public debut, Affirm has developed a broader payment system that integrates services like the Affirm Card and partnerships with Apple Pay. The company's revenues are growing, and Levchin anticipates profitability in the near future, while aiming to expand its market share against established competitors.
Source: YAHOO
Reported 27 days ago
A fierce family conflict has erupted among Rupert Murdoch's children regarding control of his media empire after he sought to amend the family trust to favor his eldest son Lachlan over his siblings. The secretive battle, unfolding in a Nevada courtroom, has raised concerns over transparency and could significantly impact the political direction of Murdoch's influential media outlets, including Fox News. As media organizations push for the unsealing of court documents, the case highlights the tensions within one of the world's most powerful families.
Source: YAHOO
Reported 27 days ago
Analyst Brad Erickson from RBC Capital Markets discusses the current state of the AI trade, highlighting that despite Nvidia's earnings beating expectations, the market is apprehensive about returns on high capital expenditures. He emphasizes the growing competition among generative AI platforms and the significance of distribution as a key factor in their success. With major investments in AI infrastructure projected to exceed $200 billion, investors face challenges in navigating this rapidly evolving landscape while relying on the future potential of these technologies.
Source: YAHOO
Reported 27 days ago
As US mortgage rates fall to an 18-month low, home ownership affordability has dropped to an 18-year low, mirroring levels from 2006, according to data from the Federal Reserve Bank of America. This raises questions about whether the American Dream of owning a home remains attainable for most prospective buyers.
Source: YAHOO
Reported 27 days ago
Emmanuel Rosner from Wolfe Research expresses caution regarding the auto industry, indicating that while automakers, like GM and Hyundai, pursue advancements in electrification and software, these trends are evolving more slowly than expected. He highlights significant investments made by automakers that have yet to yield returns, alongside notable market share losses to companies such as Tesla and various Chinese manufacturers, underscoring the industry's structural challenges.
Source: YAHOO
Reported 27 days ago
Disney+ is lowering the price of its ad-supported subscription tier to just $2 per month for a limited time of three months as part of their strategy to attract more subscribers, according to Yahoo Finance's entertainment reporter Alexandra Canal.
Source: YAHOO
Reported 27 days ago
On September 12, after-hours trading saw notable movements in several stocks. Adobe's shares dropped following a mixed fiscal Q3 report, while Oracle's stock surged on strong fiscal projections. RH's stock also climbed after exceeding earnings expectations for the second quarter.
Source: YAHOO
Reported 27 days ago
Top executives from leading AI companies, including OpenAI, Nvidia, and Microsoft, met with Biden administration officials to discuss the future of artificial intelligence in the U.S. Key topics included the necessity for robust data infrastructure and electricity access to support the industry’s growth. The discussions highlighted the potential economic impact of AI, as well as associated risks, prompting the administration to focus on public-private collaboration and regulatory frameworks in this rapidly evolving sector.
Source: YAHOO
Reported 27 days ago
As the Federal Reserve's September meeting approaches, investors are speculating whether the interest rate cut will be 25 or 50 basis points. Steve Sosnick, chief strategist at Interactive Brokers, emphasizes the importance of interpreting current labor data, which does not indicate an economic downturn. He points out that the Fed's dot plot could provide critical insights into future rate cuts and market expectations for 2024 earnings, suggesting the election may have less impact on the market than anticipated.
Source: YAHOO
Reported 27 days ago
Boeing factory workers are currently voting on a proposed labor agreement as their contract nears expiration, raising the possibility of a strike. Concurrently, an important consumer sentiment report and August's import price index are scheduled for release. Additionally, the S&P 500 is looking to build on its recent gains as the week concludes on September 13.
Source: YAHOO
Reported 27 days ago
FAA Administrator Michael Whitaker is set to testify before the Senate on September 25 regarding the agency's oversight of Boeing's safety practices. This comes after increased scrutiny following a mid-air emergency involving a Boeing 737 MAX and concerns about the company's safety culture and regulatory compliance. The FAA has acknowledged a need for greater inspection oversight and quality control at Boeing, as the company faces a potential strike and ongoing production challenges.
Source: YAHOO
Reported 27 days ago
Kalshi Inc. has commenced betting on the 2024 congressional elections following a federal court ruling that permits the exchange to operate despite the Commodity Futures Trading Commission's (CFTC) objections. With a potential of up to $100 million in wagers, this decision allows Kalshi to introduce event contracts related to electoral outcomes, seeing it as a pivotal moment that enhances market opportunities for consumers in a regulated environment.
Source: YAHOO
Reported 27 days ago
Amazon has announced a pay increase for its subcontracted delivery drivers, raising their average hourly wage to nearly $22, up from $20.50, as part of a $2.1 billion investment in its delivery program. This decision comes amid heightened scrutiny from labor regulators and increased pressure from unions advocating for better treatment and classification of workers. The company has previously faced allegations regarding its control over the subcontracted workforce, further complicating its labor relations.
Source: YAHOO
Reported 27 days ago
Occidental Petroleum's carbon capture unit, 1PointFive, has secured up to $500 million from the U.S. Department of Energy to develop its Direct Air Capture Hub in South Texas. This hub, also backed by BlackRock, is part of a significant push towards decarbonization, with an initial capacity of 500,000 metric tons of CO2 per year, potentially increasing to over one million metric tons. The funding could rise to $650 million to support a broader regional carbon network.
Source: YAHOO