Reported about 2 months ago
Recent data indicates that the labor market is cooling but stabilizing, as initial unemployment claims remain relatively flat. Economists expect the Federal Reserve may proceed with a modest 25 basis point rate cut in September, contingent on further economic indicators, particularly the upcoming jobs report. While continuing jobless claims have risen to their highest since November 2021, analysts suggest the current trends reflect a labor market easing without a significant deterioration.
Source: YAHOO
Reported about 2 months ago
Mortgage rates continue to fall, with the average rate for a 30-year fixed mortgage dropping to 6.46% this week. This decrease has not yet spurred significant buyer activity, as housing applications for purchasing homes fell 5%, hinting that potential buyers may be awaiting even lower rates. Freddie Mac's chief economist suggests that softer economic indicators may lead to further declines in rates by year-end, despite ongoing concerns regarding affordability in the housing market.
Source: YAHOO
Reported about 2 months ago
According to market research by JATO Dynamics, BMW has overtaken Tesla in European battery electric vehicle (BEV) sales, marking the first time this has occurred. In July, BMW sold 14,869 BEVs, surpassing Tesla's sales by about 300 units. This shift highlights traditional automakers' growing success in the EV market, often influenced by uncertainties regarding government incentives and the declining value of electric vehicles.
Source: YAHOO
Reported about 2 months ago
Autry Stephens, the founder of Endeavor Energy Resources and an oil tycoon, struck a $26 billion deal to sell his company but died before its completion. Diagnosed with cancer, the 86-year-old made the sale to ensure financial security for his family. Despite his passing, his fortune rose significantly, positioning him as one of the wealthiest individuals in the world, with his family slated to inherit a substantial portion of the profit.
Source: YAHOO
Reported about 2 months ago
The recent decline of the US Dollar Index may bring unforeseen benefits to consumers, affecting domestic prices, purchasing power, inflation, and even Americans' travel spending. Yahoo Finance's Madison Mills discusses these implications and how they might also favor foreign currency investors.
Source: YAHOO
Reported about 2 months ago
Shares of Snowflake (SNOW) fell as they reported strong second-quarter results and raised their full-year revenue guidance. Analyst Brent Thill notes that 2024 is a 'pit stop' year for the company, amidst leadership changes and a broader business model. While there's concern over competition in AI, increasing backlog signings suggest future revenue growth, indicating a potentially positive outlook despite current stock valuation risks.
Source: YAHOO
Reported about 2 months ago
Federal Reserve officials have expressed support for interest rate cuts starting next month, highlighting a reduction in inflation and a cooling labor market. While Philadelphia Fed Bank President Patrick Harker advocates for a gradual approach to lowering rates, Kansas City Fed Bank President Jeff Schmid suggests caution, emphasizing the need for more data before making decisions. Overall, a shift in policy to reduce rates is anticipated at the Fed's upcoming meeting, reflecting concerns over the job market's health.
Source: YAHOO
Reported about 2 months ago
Paramount Global has announced a 15-day extension to its 'go shop' period, allowing it to review a competing offer from Edgar Bronfman, Jr. for $6 billion. This follows the company's agreement with Skydance for a merger valued at around $28 billion. The extension grants Paramount more time to assess potential interest from other bidders, though it does not guarantee a superior proposal. Shares of Paramount rose over 1% following the announcement.
Source: YAHOO
Reported about 2 months ago
The family of West Virginia Governor Jim Justice has secured an agreement with a credit collection company to prevent the foreclosure of their historic hotel, The Greenbrier, as he campaigns for the U.S. Senate. The agreement allows them to pay a specific amount by October 24, 2024, to avoid a court-ordered auction that could have threatened hundreds of jobs. The situation arose after a loan default, and the auction was initially scheduled amid ongoing financial struggles faced by the Justice family.
Source: YAHOO
Reported about 2 months ago
Maersk is assessing contingency strategies following the shutdown of Canada’s major freight rail networks due to a labor dispute affecting about 10,000 workers. Despite the disruption, the company continues to accept bookings for shipments related to Canadian ports and is actively communicating with rail partners to navigate the evolving situation.
Source: YAHOO
Reported about 2 months ago
The July Purchasing Managers' Index (PMI) shows slight dips in manufacturing while the services PMI indicates growth, suggesting that the third quarter is likely to maintain reasonable GDP expansion. Economist Chris Williamson notes that reduced inflationary pressures and potential interest rate cuts may bolster the service sector, contributing to ongoing economic strength as the recovery progresses into the latter half of the year.
Source: YAHOO
Reported about 2 months ago
U.S. safety regulators have closed one of two investigations into General Motors' Cruise autonomous vehicles following a recall prompted by reports of unexpected hard braking. The National Highway Traffic Safety Administration found no serious incidents related to abrupt stops but noted that Cruise's software updates reduced braking incidents. Nevertheless, an investigation into pedestrian safety involving Cruise vehicles continues after a serious incident in San Francisco.
Source: YAHOO
Reported about 2 months ago
Disney has named James Gorman, a board member and former CEO of Morgan Stanley, to spearhead the search for a new CEO as Bob Iger plans to step down in 2026. Gorman, who is currently the executive chairman at Morgan Stanley, has previous experience in conducting succession searches.
Source: YAHOO
Reported about 2 months ago
Despite facing challenges such as severe weather and plant diseases, US corn crops are exhibiting vibrant growth, indicating a potentially record-high yield. This positive agricultural outlook is overshadowed by plunging prices for corn and soybeans, leading to concerns among farmers about their incomes. The situation highlights the paradox of high production levels with low market prices, compelling farmers to adjust their spending and focus on maximizing yields.
Source: YAHOO
Reported about 2 months ago
The Federal Reserve's annual economic symposium in Jackson Hole, Wyoming is set to feature a speech by Fed Chair Jerome Powell, where hints regarding potential interest rate cuts are anticipated. Experts discuss how these developments may influence the equity markets.
Source: YAHOO
Reported about 2 months ago
Source: WSJ
Reported about 2 months ago
The U.S. video game market has faced challenges in 2024, with major hardware revenue declines from companies like Microsoft, Sony, and Nintendo. However, projections for 2025 are optimistic, driven by the anticipated new Nintendo console and the highly awaited release of 'Grand Theft Auto VI'. Nintendo's innovative follow-up to the Switch and the enduring popularity of 'GTA V' are expected to significantly boost sales and rejuvenate the industry.
Source: YAHOO
Reported about 2 months ago
Nvidia's stock is climbing ahead of its quarterly earnings on August 28, with Analyst Mark Shmulik suggesting that tech giants prioritize AI investments to avoid underinvestment risks. While tech valuations have cooled, he's optimistic about the sector's growth as companies like Google start seeing tangible returns from their AI initiatives. Shmulik also identifies Meta as a strong investment case in the AI space.
Source: YAHOO
Reported about 2 months ago
Radiant Logistics has been awarded a five-year contract by the U.S. Agency for International Development (USAID) to provide logistics support for disaster relief efforts. The company's global logistics division will manage the transportation of personnel and emergency supplies for USAID's Bureau of Humanitarian Assistance, building on previous experience providing disaster relief in locations such as Turkey and Vanuatu. The financial details of the contract remain undisclosed.
Source: YAHOO
Reported about 2 months ago
TD Bank faced a challenging third quarter, reporting a net loss of $133 million due to substantial reserves set aside for expected fines from a U.S. investigation into its anti-money laundering practices. This downturn follows a series of setbacks, including a failed acquisition and ongoing inquiries into its compliance. Despite efforts to bolster its operations and leadership, the bank's stock has declined nearly 10% this year, raising concerns about potential regulatory penalties and operational growth.
Source: YAHOO
Reported about 2 months ago
Vice President Kamala Harris is scheduled to deliver a significant speech at the Democratic National Convention, which could be a pivotal moment in her presidential campaign. According to Yahoo Finance's Ben Werschkul, Harris aims to define her identity, contrast her policies and approach with those of Trump, and reassure Americans of her capability to lead. Investors should pay attention to her portrayal of stability in the economy as a distinguishing factor from her predecessor.
Source: YAHOO
Reported about 2 months ago
In a recent report, junk bond expert Marty Fridson cautions that while the credit markets are rallying with expectations of lower interest rates, the impact on high-yield debt might not be as significant as investors hope. He notes that the sensitivity of junk bonds to interest rate changes has reached an all-time low due to decreased junk issuance and a smaller concentration of high-quality bonds. This may lead to a muted response in bond prices when the Federal Reserve cuts rates, despite the potential for an increase in 'fallen angels'—companies downgraded to junk status—should the economy slow.
Source: YAHOO
Reported about 2 months ago
Two Federal Reserve officials have indicated that it is appropriate for the US central bank to start lowering interest rates soon, advocating for a gradual and methodical pace for future cuts. Boston Fed President Susan Collins and Philadelphia Fed Chief Patrick Harker both emphasized the need to act carefully to maintain a healthy labor market while continuing to bring inflation down. Despite recent data suggesting a cooling economy, they remain confident about the overall stability, welcoming the opportunity to adjust policies in upcoming meetings.
Source: YAHOO
Reported about 2 months ago
Cardano is preparing for its significant Chang 1 upgrade on August 27, which aims to enhance scalability and decentralization with features like Plutus V3 and on-chain governance. The final decision on the upgrade will take place on August 23. Meanwhile, Solana faces regulatory hurdles as the SEC rejected ETF listings related to its token, citing security concerns; however, VanEck remains optimistic about its Solana ETF, arguing for its classification as a commodity based on legal precedents.
Source: YAHOO
Reported about 2 months ago
Chanel has purchased a 25% stake in Swiss watchmaker MB&F, known for its unique designs inspired by retro-futurism and nature. This acquisition is part of Chanel's strategy to enhance its watch-making presence. MB&F, founded in 2005, reported sales of 45.4 million Swiss francs in 2023, producing exclusive watches that often come with long waiting lists. The deal will allow MB&F to maintain its independence while benefiting from Chanel's extensive resources.
Source: YAHOO