Reported about 1 month ago
In an interview with Yahoo Finance, StockX CEO Scott Cutler described the current resale market as 'super dynamic,' influenced by shifts in consumer behavior and emerging trends, especially as the holiday shopping season approaches. Despite economic challenges, Cutler expressed optimism, noting a strong interest in various categories like sneakers and streetwear, where brands like Adidas and Crocs are gaining market share due to restocks and innovation issues faced by competitors like Nike.
Source: YAHOO
Reported about 1 month ago
An Alabama man, Eric Council Jr., has been charged with hacking the US Securities and Exchange Commission's X account, allegedly posting a false announcement about the approval of Bitcoin ETFs. The hack, which occurred a day before the SEC's official announcement, caused Bitcoin's value to briefly spike by $1,000 before plummeting once the post was identified as fraudulent. Council reportedly used stolen personal information and a SIM swap technique to gain access to the account, leading to criminal charges that include aggravated identity theft.
Source: YAHOO
Reported about 1 month ago
The US Federal Trade Commission (FTC) is investigating Deere & Company regarding its repair policies that may violate customers' 'right to repair' their purchased equipment. The probe, authorized in 2021, looks into the manufacturer's restrictions on hardware and software repairs. Deere is reportedly cooperating with the FTC, which has also been active in similar cases against other companies. Additionally, Deere faces lawsuits from farmers claiming its repair policies breach antitrust laws, despite a recent agreement allowing greater access to repairs.
Source: YAHOO
Reported about 1 month ago
The Biden administration has announced the forgiveness of $4.5 billion in student loan debt for over 60,000 public service workers, including teachers, nurses, and firefighters, as part of its Public Service Loan Forgiveness program. This action aims to ease the financial burden faced by these professionals, making it more feasible for them to serve in their communities. Since October 2021, debt relief under this program has exceeded $70 billion, addressing the broader implications of student debt on the economy and public service careers.
Source: YAHOO
Reported about 1 month ago
As the holiday shopping season approaches, analyst Sucharita Kodali from Forrester Research predicts an increase in promotions due to a cautious consumer mindset, stemming from past supply chain challenges and reduced retailer promotions. Major retailers like Amazon and Walmart are well-positioned, alongside brands like Dick's Sporting Goods and Crocs, which are expected to benefit from the heightened promotional activity.
Source: YAHOO
Reported about 1 month ago
JPMorgan Chase CEO Jamie Dimon acknowledges that while AI holds the potential to enhance productivity in banking, it poses challenges for workers at risk of being displaced. Synechron's CEO Faisal Husain highlights that the adoption of AI is still in its infancy, and financial institutions should focus on incremental improvements in workflows rather than seeking a single transformative application. As the technology evolves, banks are urged to prepare for its gradual impact on employment.
Source: YAHOO
Reported about 1 month ago
Billionaire hedge fund manager Daniel Loeb has modified his investment strategy ahead of the U.S. election on November 5, predicting Republican victories that could stimulate corporate activity and boost the financial markets. In a letter to investors of his hedge fund Third Point, Loeb expressed confidence that a Republican win, particularly under Donald Trump, would be favorable for certain sectors. His firm has increased stock and option positions that could benefit from this outcome, while moving away from companies likely to be adversely affected.
Source: YAHOO
Reported about 1 month ago
Homebuilder confidence reached a four-month high in October, largely attributed to falling interest rates. NAHB CEO Jim Tobin highlighted that builders feel optimistic about a recovering market, although political uncertainties surrounding upcoming elections create a cautious atmosphere. He stressed the importance of legislative focus on housing supply rather than just price control, suggesting that both presidential candidates prioritizing housing policy enhances credibility among builders.
Source: YAHOO
Reported about 1 month ago
A recent survey reveals that approximately 66% of small business owners feel they are thriving, despite ongoing challenges such as inflation, labor shortages, and supply chain disruptions. Robert Rodriguez, Head of Business Banking at JPMorgan Chase, emphasizes the resilience of these entrepreneurs as they adapt to economic pressures. While concerns about the upcoming US election and potential policy changes linger, small business owners maintain an optimistic outlook as they approach 2025.
Source: YAHOO
Reported about 1 month ago
In a fiercely competitive landscape, JPMorgan Chase, Capital One, and Royal Bank of Canada have emerged as the top leaders in AI adoption within the banking sector, according to Evident's AI Index for 2024. With banks like Morgan Stanley and HSBC also ramping up their AI initiatives, JPMorgan predicts a significant return on investment from its AI developments, while Capital One benefits from its agile cloud-based technology. As AI deployments intensify among leading banks, the gap may widen, making it difficult for others to compete.
Source: YAHOO
Reported about 1 month ago
Better-than-expected retail sales are fueling a rise in stock markets as investors anticipate a soft landing for the economy. Netflix is set to announce its third-quarter earnings later today, with other trending tickers including Nvidia, Lucid Group, and Elevance Health. Key analysts are lined up for discussion, while a correction is noted regarding Netflix's projected figures.
Source: YAHOO
Reported about 1 month ago
Mortgage rates have increased for the third consecutive week, with the average 30-year fixed-rate mortgage reaching 6.44%, the highest since August. This rise has led to a decrease in refinancing applications by 26% and a 7% drop in home purchase applications week-over-week, as cautious buyers react to the changing economic landscape. Despite being lower than a year ago, potential buyers are hesitant to proceed with transactions.
Source: YAHOO
Reported about 1 month ago
The US stock market saw gains on Thursday, with the Dow reaching a new record as technology stocks surged following TSMC's strong earnings and optimistic forecast for AI chip demand. Nvidia shares peaked at an all-time high, bolstered by TSMC's upbeat revenue outlook and robust retail sales data that indicated a resilient US economy.
Source: YAHOO
Reported about 1 month ago
Mark Zandi, chief economist at Moody's Analytics, warns that the upcoming 2024 presidential election is the biggest risk to the US economy. He highlights potential post-election uncertainties, particularly regarding tariffs and inflation policies, especially if Donald Trump is elected and implements his proposals. Zandi emphasizes that the election could lead to higher inflation and interest rates, challenging the Federal Reserve's independence and resulting in slower economic growth.
Source: YAHOO
Reported about 1 month ago
Gold futures surged to $2,706 per ounce, marking a significant rally in 2024, as demand from central banks and private investors remains strong. Year-to-date, gold has appreciated over 30%, outpacing the S&P 500, and Goldman Sachs has revised its price target for gold to $2,900 per ounce by early 2025 due to anticipated declines in short-term interest rates.
Source: YAHOO
Reported about 1 month ago
As food prices continue to rise, Walmart and Aldi are launching Thanksgiving deals to help consumers manage their budgets. Recent inflation data indicates a 0.4% increase in food-at-home prices, with egg prices soaring 39.6% year over year. In response, these retailers are introducing holiday meal offerings aimed at delivering an affordable Thanksgiving experience.
Source: YAHOO
Reported about 1 month ago
David Wagner, portfolio manager at Aptus Capital Advisors, emphasizes the necessity for investors to prioritize quality stocks as the bull market continues its ascent. He notes that while tech giants have largely driven market gains, other sectors, including US small caps and international stocks, are beginning to shine. As the market enters its third year of a bull run, Wagner suggests focusing on high-quality tech and industrial stocks for better long-term profitability.
Source: YAHOO
Reported about 1 month ago
In recent data released by the US Census Bureau, retail sales in September exceeded economists' expectations with a 0.4% month-over-month increase. Retail analyst Sucharita Kodali from Forrester Research discusses this trend, noting that non-store retailers like Amazon are thriving, while home-related retailers face challenges due to high interest rates. Kodali identifies a 'tale of two types of consumers': affluent shoppers continue to spend amid a thriving stock market, while lower-income consumers are cutting back on expenditures, reflecting a cautious overall consumer sentiment.
Source: YAHOO
Reported about 1 month ago
In a recent discussion, Yahoo Finance's Claire Boston highlights how mortgage spreads can play a crucial role in alleviating the pressure of rising mortgage rates. As mortgage spreads decline, it may provide some relief for homebuyers grappling with limited condo availability in the US housing market.
Source: YAHOO
Reported about 1 month ago
Homebuilder confidence saw a rise in October, with the National Association of Home Builders/Wells Fargo Housing Market Index increasing to 43, despite an uptick in mortgage rates. The increase marks the second consecutive monthly gain, fueled by recent actions from the Federal Reserve aimed at reducing interest rates. Although mortgage rates recently reached a high of 6.44%, builders are optimistic about future conditions, with more reporting sales incentives and price reductions to stimulate sales.
Source: YAHOO
Reported about 1 month ago
Vivian Tu, creator of Your Rich BFF, shares crucial money-saving strategies on Yahoo Finance's Money Glow Up podcast. She emphasizes the importance of maximizing IRA contributions, signing up for AARP for various discounts, and the necessity of negotiating prices in every situation — from large expenses like homes and cars to everyday purchases. These 'wealth hacks' aim to empower individuals with practical tips for financial growth and savings.
Source: YAHOO
Reported about 1 month ago
As the 2024 presidential election approaches, Kevin Brady discusses the challenges facing Trump and Harris regarding their tax proposals. A Harvard Law study found that Trump's 2017 Tax Cuts and Jobs Act produced minimal GDP growth and wage increases. Brady argues that the government's spending outpaces tax revenue significantly, making it nearly impossible to fund new proposals without bipartisan congressional support.
Source: YAHOO
Reported about 1 month ago
The Cleveland Federal Reserve warns that rent inflation is expected to stay above pre-pandemic levels of around 3.5% until mid-2026, primarily due to a significant gap between new and existing rental prices. This persistent rent pressure poses challenges for the Fed's efforts to bring overall inflation down to the target rate of 2%, complicating the monetary policy normalization process. Despite some signs of slowing rent growth, analysts emphasize that substantial potential for rent inflation remains, particularly affecting ongoing leases.
Source: YAHOO
Reported about 1 month ago
Hewlett Packard Enterprise (HPE) is set to finalize its acquisition of Juniper Networks soon, with CEO Antonio Neri discussing the implications for HPE's artificial intelligence (AI) strategy in an exclusive interview with Yahoo Finance. Neri elaborated on the company's plans to enhance its AI capabilities, the partnership with Nvidia, and comments on the broader tech industry's engagement with nuclear energy.
Source: YAHOO
Reported about 1 month ago
Mortgage rates have surged for the third straight week, reaching 6.44% for a 30-year fixed mortgage, as reported by Freddie Mac. This rise poses challenges for homebuyers in the US housing market, who are already facing difficulties in finding affordable housing options.
Source: YAHOO