Reported about 1 month ago
US retail sales increased by 0.4% in September, surpassing expectations, while initial jobless claims were lower than anticipated. Treasury Secretary Janet Yellen cautioned that proposed tariffs from former President Trump could worsen inflation. Additionally, US stock futures rose following positive earnings from Taiwan Semiconductor Manufacturing Company, with more earnings reports expected today from Netflix and M&T Bank.
Source: YAHOO
Reported about 1 month ago
Blackstone exceeded profit forecasts with record assets totaling $1.1 trillion, driven by a surge in dealmaking as the U.S. Federal Reserve cut rates. The firm experienced $41 billion in inflows and committed $54 billion in capital, marking the highest activity in over two years. Its private equity and infrastructure funds saw significant appreciation, while distributable earnings reached $1.3 billion, surpassing analysts’ estimates. The company also executed major acquisitions, reinforcing its market position.
Source: YAHOO
Reported about 1 month ago
In a candid discussion, Shawn Lesser, founder of The Real Mental Health Foundation, shares his journey of overcoming mental health struggles in the finance industry, including a personal breakdown in 2022 that led to a psychiatric stay. This experience inspired him to create an organization aimed at supporting mental health challenges, emphasizing the importance of helping others through shared experiences. Lesser's work focuses on impact investing and fostering social and environmental benefits alongside financial returns.
Source: YAHOO
Reported about 1 month ago
Shares of Taiwan Semiconductor Manufacturing Company (TSMC) surged after exceeding Q3 revenue expectations and raising its 2024 guidance due to robust demand for AI chips, positively impacting peers like Nvidia and AMD. In contrast, Lucid Group's shares fell sharply after announcing plans to sell approximately 262.5 million shares for corporate purposes.
Source: YAHOO
Reported about 1 month ago
Gold prices soared to a record high of $2,687.67 an ounce as traders reacted to the tightening U.S. presidential race and awaited key economic data. With the potential impacts of either candidate prompting investors to seek safe-haven assets, gold has risen by 30% this year, bolstered by strong central bank purchases and global tensions, as market focus shifts to upcoming retail sales and jobless figures.
Source: YAHOO
Reported about 1 month ago
Nokia has announced layoffs of approximately 2,000 employees in Greater China and an additional 350 in Europe as part of its plan to lower operational costs. This decision comes after the company seeks to save between 800 million and 1.2 billion euros by 2026, following a significant decline in sales from the Chinese market. Nokia has confirmed the layoffs but has not provided specific comments regarding the situation in Greater China.
Source: YAHOO
Reported about 1 month ago
In a recent interview, Suntory CEO Takeshi Niinami stated that despite economic challenges, the US remains crucial for business operations. He highlighted the country's role as a center for innovation, emphasizing the necessity for companies like Suntory to establish a presence in the American market.
Source: YAHOO
Reported about 1 month ago
The European Union has warned that it may impose hefty fines on Elon Musk's social media platform, X, for failing to uphold content moderation standards. This approach could include revenues from Musk's other ventures, such as SpaceX and Neuralink, significantly increasing potential penalties under the Digital Services Act. X is being scrutinized for potential breaches while Musk has publicly vowed to contest any fines.
Source: YAHOO
Reported about 1 month ago
Recent gains in semiconductor stocks reflect investors' optimism about the future of AI, despite concerns over rising capital expenditures. Companies like Nvidia and TSMC are revising positive sales forecasts, indicating a strong demand for AI infrastructure. However, as major tech players are set to invest heavily in AI, the market is watching closely for signs of sustainability in growth and how it will impact overall profitability as earnings reports loom.
Source: YAHOO
Reported about 1 month ago
The Nasdaq index is poised for gains following a positive earnings report from Taiwan Semiconductor Manufacturing Co. (TSMC), which alleviated concerns in the chip sector. TSMC reported a 54% increase in quarterly earnings, helping to offset previous negative sentiments triggered by ASML Holding's lowered guidance. This recovery boosted major stock indexes, with tech stocks leading the charge, and investors are now looking towards upcoming economic data and central bank policy decisions for further direction.
Source: YAHOO
Reported about 1 month ago
Bitcoin has surged approximately 13% in recent days, as investors speculate that a potential victory for pro-crypto candidate Donald Trump in the upcoming U.S. presidential election is driving market optimism. This uptick comes alongside a notable increase in Bitcoin ETF inflows and shifting predictions regarding election outcomes, fueling further investment interest in the cryptocurrency.
Source: YAHOO
Reported about 1 month ago
Mark Cuban officially joins Vice President Kamala Harris's campaign as a prominent surrogate, aiming to engage young male voters and leverage his popularity across finance and sports. His first appearances include stops in Wisconsin, Arizona, and Michigan, marking an escalation of his role in support of Harris as the campaign intensifies ahead of the elections.
Source: YAHOO
Reported about 1 month ago
As part of his 2024 presidential campaign, Donald Trump is set to make a visit to a McDonald's in Pennsylvania, where he plans to briefly work the fry station. This visit follows ongoing political discussions surrounding Vice President Kamala Harris's past job at the chain, with Trump frequently claiming she never actually worked there. The attention on McDonald's reflects its cultural significance in American politics, with both Trump and Harris leveraging the fast-food giant in their narratives.
Source: YAHOO
Reported about 1 month ago
China's recent announcement to nearly double the loan quota for unfinished residential projects to 4 trillion yuan ($562 billion) has disappointed investors, as the fiscal measures were seen as insufficient. Property stocks dropped significantly after unveiling 'incremental' policies aimed at ensuring home completions and preventing mortgage boycotts. Analysts note the government's pragmatic approach toward real estate; however, substantial funding needs remain unmet, exacerbating concerns in a struggling market.
Source: YAHOO
Reported about 1 month ago
Boeing faces a critical moment as a federal judge deliberates on a plea deal with the Justice Department regarding past misdeeds related to the 737 MAX crashes. The plea deal, which includes a $487 million penalty, is contested by victims' families seeking a trial instead. Compounded by Boeing's deteriorating financial state and recent labor disputes, the approval of the deal could hinge on the court's view of the company's compliance and ethics failures, which have resulted in a breach of a previous agreement, further complicating Boeing's recovery efforts.
Source: YAHOO
Reported about 1 month ago
Oil prices have stabilized after four consecutive days of decline, as traders consider production risks in the Middle East and respond to disappointing economic signals from China. Brent crude futures remained above $74 per barrel, while West Texas Intermediate hovered near $71. Recent geopolitical developments, including US military actions and tensions in the region, continue to affect market dynamics. However, analysts suggest that mixed signals from China's economy may prevent any significant recovery in oil prices.
Source: YAHOO
Reported about 1 month ago
Lucid Group Inc. saw a significant drop in its stock price following its announcement to sell 262.4 million shares in a public offering, estimated to raise around $860 million. This decision comes shortly after securing a cash infusion from a Saudi investment affiliate and aims to support general corporate needs, just as Lucid prepares for new vehicle production. Despite delivering more vehicles than expected in the last quarter, the stock fell by 15% in after-hours trading as investors reacted to the news.
Source: YAHOO
Reported about 1 month ago
Chinese stocks have fallen into a correction after a highly anticipated policy briefing did not provide the pro-growth stimulus investors were hoping for. The CSI 300 Index declined by 1.1%, with a total drop of about 11% since October 8. Despite the government's announcement of increased loan quotas for unfinished residential projects, investor confidence remains low, leading to skepticism about the effectiveness of existing stimulus measures. This continuing mismatch between market expectations and governmental actions suggests that the revival of the market may be delayed.
Source: YAHOO
Reported about 1 month ago
Taiwan Semiconductor Manufacturing Co. (TSMC) raised its revenue growth forecast for 2024 to approximately 30% following stronger-than-expected quarterly earnings, alleviating concerns about global chip demand. TSMC's CEO confirmed robust demand for AI-related chips, with expectations for significant sales growth continuing in upcoming years, bolstered by major tech firms' investments in AI infrastructure.
Source: YAHOO
Reported about 1 month ago
Meta is reportedly laying off employees from Instagram, WhatsApp, and Reality Labs as part of a strategic restructuring. Although the specifics of the job cuts remain unclear, a spokesperson stated the changes are aligned with long-term goals. Additionally, about two dozen staff were dismissed in Los Angeles for misusing meal credits. Since November 2022, Meta has cut approximately 21,000 jobs to reduce costs while recently seeing a spike in stock prices and strong expected revenue.
Source: YAHOO
Reported about 1 month ago
Phillips 66 announced plans to shut down its Los Angeles-area refinery by the end of 2025, impacting around 600 employees and 300 contractors. The company cites uncertain market conditions and aims to evaluate new developments for its facilities, while continuing operations in California. This decision follows a recent law signed by Governor Gavin Newsom to regulate gas prices, though Phillips 66 claims the closure is not related to the new legislation.
Source: YAHOO
Reported about 1 month ago
According to a recent report by Bank of America, a sell signal has emerged in the stock market for the first time since February 2021, as cash allocations dropped below 4%, indicating aggressive investment behavior. The report highlights that this signal usually precedes weak returns in the short term, despite rising investor optimism about economic growth and expectations for a 'soft landing' rather than a recession. Investors show increasing concern over geopolitical conflicts and inflation as potential risks.
Source: YAHOO
Reported about 1 month ago
RTX Corporation, formerly Raytheon, has agreed to pay more than $950 million to resolve allegations of defrauding the government and engaging in bribery to secure contracts in Qatar. The settlement includes civil penalties, criminal fines, and restitution for inflated billing and alleged bribes to a Qatari military official from 2012 to 2016. As part of the resolution, RTX will implement compliance measures and demonstrated good conduct over the next three years.
Source: YAHOO
Reported about 1 month ago
Goldman Sachs forecasts that the U.S. Federal Reserve will implement consecutive 25-basis-point interest rate cuts from November 2024 to June 2025, reducing the rate to a range of 3.25-3.5%. This follows a recent cut of half a percentage point motivated by a belief that inflation will continue to decline toward the target of 2%. Current market expectations favor a 94.1% probability of a 25-bps cut in the Fed's upcoming meeting.
Source: YAHOO
Reported about 1 month ago
Kairos Power CEO Mike Laufer discusses the company's groundbreaking energy deal with Google, which aims to deliver small modular nuclear reactors by 2035. This agreement marks a significant step in utilizing nuclear power to meet the rising energy demands of AI data centers, reflecting a shift in perspective on nuclear energy among tech giants. Laufer emphasizes the importance of collaboration between Kairos Power and Google in the ongoing mission to harness nuclear's potential for decarbonization.
Source: YAHOO