Reported 2 months ago
U.S. stock markets fell on Wednesday after an early rally was lost, primarily driven down by major technology stocks, especially Nvidia, which turned a 4.4% gain into a 5.1% loss. The S&P 500 slid 0.8%, while the Dow Jones and Nasdaq also saw declines. Investors showed less panic than in previous days, but concerns about high stock prices and disappointing earnings reports from companies like Super Micro Computer kept the market on edge. Meanwhile, international markets reacted positively to Japan's monetary policies, indicating potential stabilization.
Source: YAHOO
Reported 2 months ago
Warner Bros. Discovery reported disappointing earnings for Q2 2024, with a staggering $9.1 billion impairment charge linked to its cable business, pushing total write-downs to $11.2 billion. The company missed revenue expectations with $9.7 billion and posted an adjusted loss per share significantly greater than forecasts. The streaming segment added subscribers, but overall performance has raised concerns, especially after losing key media rights to the NBA, leading to a negative stock reaction and uncertainty about future growth.
Source: YAHOO
Reported 2 months ago
JPMorgan Chase CEO Jamie Dimon asserted that the US economy is 'not at all' in a recession despite recent market fluctuations, which he attributes to overreactions to daily stock movements. Dimon acknowledged, however, that the chances of a recession have increased, citing uncertainties in various sectors. Other financial leaders, like Goldman Sachs' CEO David Solomon, shared a similarly optimistic perspective on the economy's resilience.
Source: YAHOO
Reported 2 months ago
Super Micro Computer's stock plummeted by 20% following a disappointing earnings report and a 10-for-1 stock split announcement. Analysts highlight ongoing low margins despite rising demand, indicating that the company must demonstrate improved margins to succeed in the competitive tech hardware market driven by artificial intelligence. While some analysts are cautious, others remain optimistic about the company's position in the AI space.
Source: YAHOO
Reported 2 months ago
Disney's fiscal third-quarter earnings report revealed a revenue of $23.2 billion, surpassing expectations, but the stock dropped on mixed signals. While advertising and streaming saw double-digit growth, the parks division faced slowdowns due to reduced consumer spending in the U.S. and China. Analyst Jessica Reif Ehrlich discussed these variances, highlighting ongoing strengths in other segments despite declines in park attendance.
Source: YAHOO
Reported 2 months ago
In a turbulent trading session on Wednesday, major US stock indices, including the Nasdaq Composite and Russell 2000, closed lower, reversing early gains amid ongoing concerns from recent heavy sell-offs. Market analyst Julie Hyman provides an overview of the day's market movements and sector performances.
Source: YAHOO
Reported 2 months ago
Nvidia's stock fell over 5%, pulling down other chip stocks as all major indexes closed in the red. Despite a bearish market, Piper Sandler analysts believe this dip represents a 'tremendous opportunity' for investors, noting Nvidia's strong fundamentals and expected revenue growth from upcoming chip architectures. Nvidia continues to assure that production of its next-generation chips is on schedule despite recent delays reported in the market.
Source: YAHOO
Reported 2 months ago
In light of recent market fluctuations, BlackRock's Steve Laipply advises investors to stay calm amidst the volatility. As US equities faced challenges, he highlights the unpredictable nature of rates and the potential implications of restrictive policies on recession risks, urging for more data to assess future trends.
Source: YAHOO
Reported 2 months ago
A lawsuit exceeding $50 million has been filed by the family of Paul-Henri Nargeolet, a French explorer who died in the Titan submersible implosion during a dive to the Titanic wreck. The suit alleges that the crew experienced severe terror and mental anguish as they realized their fate prior to the disaster, blaming OceanGate for gross negligence and failure to disclose critical information about the vessel's safety and operational history.
Source: YAHOO
Reported 2 months ago
Tesla is expanding its energy business in Texas by partnering with Sunrun to create virtual power plants that leverage Tesla Powerwall systems. This initiative allows homeowners to optimize their energy use and sell surplus energy back to the grid, supporting Texas's strained electrical infrastructure. Sunrun reported a positive response, with over 150 customers enrolled in the program, highlighting the growing demand for energy storage solutions in the state.
Source: YAHOO
Reported 2 months ago
US stocks experienced a decline on Wednesday, following a brief rebound, with the Nasdaq leading the losses at 1.1%. Major averages struggled to maintain gains from the previous day, as investors reacted to disappointing earnings reports from companies like Airbnb and Super Micro Computer, which saw their stocks tumble significantly. Despite positive developments in Disney's streaming unit, concerns about weakening consumer demand impacted market sentiment, indicating ongoing volatility in trading.
Source: YAHOO
Reported 2 months ago
Recent election headlines are diverting consumer attention away from shopping, compounding challenges for retail giants like Etsy and Amazon, who are already facing weakened discretionary spending. Etsy has withdrawn its Q4 forecast due to unpredictable macro conditions, while both companies report consumers are becoming more selective in their purchases. As earnings season progresses, retailers will need to adapt to this shifting landscape to attract spending.
Source: YAHOO
Reported 2 months ago
Passengers of Delta Air Lines have filed a lawsuit against the airline after it allegedly refused to provide full refunds following significant delays and cancellations from a computer outage last month. The outage, which impacted numerous sectors, including airlines and emergency services, left many passengers stranded and prompted claims of breach of contract. The lawsuit contends that Delta's practices led to unjust enrichment at the expense of their customers, with one passenger experiencing a $10,000 loss due to missed travel plans.
Source: YAHOO
Reported 2 months ago
The luxury yacht Venus, designed by Steve Jobs, was involved in a minor collision with the Lady Moura, owned by Mexican billionaire Ricardo Salinas Pliego, in Naples. Salinas shared a video on social media showing the incident and humorously questioned the crew's awareness of such a large yacht nearby. He encouraged his customers to buy Apple products to support Jobs's widow in addressing the damages caused.
Source: YAHOO
Reported 2 months ago
Lumen Technologies saw its shares surge by 30% after the company raised its annual free cash flow forecast, driven by strong demand associated with artificial intelligence. The stock reached its highest point since October 2022, nearly doubling from its previous value due to securing $5 billion in new deals with major tech companies like Microsoft, resulting in an expected cash flow increase to between $1 billion and $1.2 billion.
Source: YAHOO
Reported 2 months ago
The Peacock streaming service has seen significant improvements during the Paris Olympics, with over 17 billion minutes streamed, thanks to its innovative features like the 'Gold Zone' and multi-view screens. This comes after an overhaul in operations led by a new executive team, reversing past criticisms of the service. Enhanced viewer experiences and strong performances by the U.S. team have contributed to its success, raising questions about whether the gained viewers will remain subscribed post-Olympics.
Source: YAHOO
Reported 2 months ago
Quantitative funds that typically chase profitable trends on Wall Street have faced significant losses due to simultaneous backfiring of momentum bets in various markets. Following a strong start to the year, funds are now reporting losses, with many reversing gains made earlier this year. A combination of market trends, including a shift in currency strength and concerns over economic conditions in the U.S., has led to this sharp downturn, affecting long-term and mid-term traders the most.
Source: YAHOO
Reported 2 months ago
On August 7, 2024, benchmark U.S. crude oil for September delivery increased by $2.03 to $75.23 per barrel, while Brent crude rose by $1.85 to $78.33. Other commodities saw wholesale gasoline and heating oil for September both rising to $2.36 a gallon. Natural gas increased by 10 cents to $2.11 per 1,000 cubic feet. In precious metals, gold rose by 80 cents to $2,432.40 per ounce, whereas silver and copper experienced declines.
Source: YAHOO
Reported 2 months ago
Argentina's government is negotiating a $1 billion loan with Banco Santander as part of efforts to ensure liquidity ahead of a debt payment due in January. The loan is anticipated to take the form of a repurchase agreement, with government or central bank bonds offered as collateral. This comes as the Argentine government aims to reinforce investor confidence amid financial pressures.
Source: YAHOO
Reported 2 months ago
Egypt's Civil Aviation Ministry has directed its airlines to refrain from entering Iranian airspace for three hours on Thursday, following a military drill warning from Tehran. This decision comes amid rising tensions in the region after the assassination of Hamas' leader in Iran. The ban is effective from 4:30 a.m. to 7:30 a.m. and follows a similar restriction for three hours on Wednesday. Iran's airport authorities have denied any warnings against accessing western airspace, but the situation remains tense with Israel preparing for potential retaliatory attacks.
Source: YAHOO
Reported 2 months ago
With the national debt reaching a staggering $35 trillion, both Kamala Harris and Donald Trump propose policies that could exacerbate the fiscal crisis. Neither candidate plans to address necessary reforms to critical programs like Social Security and Medicare, which are already financially strained. Experts suggest that ignoring these issues while pursuing tax cuts and government spending could drive the debt to unsustainable levels, ultimately risking a severe economic downturn.
Source: YAHOO
Reported 2 months ago
Demecan Group, a prominent cannabis producer in Germany, has secured additional funding which brings its valuation close to 100 million euros. This funding round, predominantly led by U.S.-based Trog Hawley Capital, marks a significant step for overseas investment in Germany's medical cannabis sector. The company aims to utilize the funds to enhance its online selling platform and continue expanding in Europe's largest medical cannabis market.
Source: YAHOO
Reported 2 months ago
In June, US consumer borrowing increased by $8.9 billion, falling short of economists' expectations of a $10 billion rise, as credit card balances saw their largest decline since 2021. The decrease in revolving credit, which includes credit cards, points to consumers increasingly relying on credit amid slow wage growth and high inflation. This trend raises concerns about the sustainability of consumer spending, which is critical to the US economy, especially with rising delinquency rates on credit cards and auto loans.
Source: YAHOO
Reported 2 months ago
Following her loss in a contentious primary race, U.S. Representative Cori Bush declared her intention to confront the American Israel Public Affairs Committee (AIPAC), which heavily funded her opponent. The election highlighted divisions within the Democratic Party over issues surrounding Israel and the Gaza conflict. Bush's defeat represents a setback for progressive voices in Congress, particularly those critical of Israel's actions.
Source: YAHOO
Reported 2 months ago
Municipal bonds faced their largest drop in nearly a year, as investors re-evaluated their expectations regarding the economy after a recent jobs report. Yields on 15-year benchmark bonds surged 13 basis points, while longer-dated securities saw a 10 basis point increase. This volatility coincided with a busy week for municipal bond issuances, prompting delays in significant bond sales such as Chicago's $643 million offering.
Source: YAHOO