Reported 8 days ago
On Friday, Wall Street's major indexes saw significant declines, with the S&P 500 and Nasdaq experiencing their largest losses in two weeks due to concerns over prudent interest-rate cuts outlined by Federal Reserve Chair Jerome Powell and reactions to President-elect Donald Trump's cabinet selections. Investors are now adjusting expectations for future rate changes, following recent economic data pointing to sustained growth and inflation. The week's trading reflected a shift in focus from the pro-business sentiments following Trump's election to anxieties around monetary policy and inflation risks, culminating in notable losses across key sectors.
Source: YAHOO
Reported 8 days ago
Stocks fell sharply on Friday as momentum from the post-election rally waned, with the S&P 500 down 1.6% and the Nasdaq Composite down 2.6%. Applied Materials plunged 8.8% after giving a disappointing outlook, while Palantir surged 8.6% upon announcing a switch to the Nasdaq. Ulta Beauty's stock dropped 4% following the sale of nearly all its shares by Berkshire Hathaway, marking a 24% decline year-to-date.
Source: YAHOO
Reported 8 days ago
Super Micro Computer Inc. must submit a plan by November 18 to maintain its Nasdaq listing, following a series of setbacks including delayed financial reports and governance issues. If the plan isn't approved, it risks being delisted and facing significant financial repercussions, including early repayment of its bonds. Since August, the company's shares have dropped nearly 70%, reflecting investor apprehensions. Super Micro previously faced delisting in 2019 and has a history of compliance issues.
Source: YAHOO
Reported 8 days ago
President-Elect Donald Trump has named Jay Clayton, former chair of the SEC, as the U.S. Attorney for the Southern District of New York. This appointment comes as the SDNY plans to reduce its focus on cryptocurrency prosecutions, including notable cases like that of FTX's Sam Bankman-Fried. Trump aims to ease regulatory burdens on the crypto sector, signaling a shift in his administration's approach to cryptocurrency regulation as he prepares for his second term.
Source: YAHOO
Reported 8 days ago
A trade group, the Investment Company Institute, has requested the incoming Trump administration to implement a comprehensive update to the U.S. Securities and Exchange Commission's investment regulations. This push coincides with Wall Street's discontent with President Biden's regulations and aims to promote growth-oriented policies, including tax reforms and guidance to minimize investor taxes. Trump's cabinet selection process is ongoing as he prepares to take office.
Source: YAHOO
Reported 8 days ago
Home service software company ServiceTitan Inc., based in Glendale, California, is preparing to file for an initial public offering (IPO) as early as next week, with expectations to go public by the end of the year. The startup, which serves small businesses in the contractor market, has seen a valuation shift from $9.5 billion in 2021 to around $7.6 billion post-2022 funding. Its upcoming IPO is being closely monitored by investors as a potential catalyst for other offerings in a slow venture-backed IPO market.
Source: YAHOO
Reported 8 days ago
Chicago Fed President Austan Goolsbee indicated that the Federal Reserve is likely to cut the policy rate by 25 basis points this year and 100 basis points next year, aligning with the forecasts presented in September. He stated that rates are expected to decrease over the next year, projecting an end-of-year rate of 4.4% and 3.4% by the end of 2025.
Source: YAHOO
Reported 8 days ago
Ben & Jerry's has filed a lawsuit against its parent company, Unilever, alleging that it has been silenced from publicly supporting Palestinians in the Gaza war. The lawsuit claims that Unilever has threatened to dismantle the ice cream maker’s independent board and intimidate its personnel, violating their agreement to allow the company to pursue its social mission. Unilever, which bought Ben & Jerry's in 2000, has distanced itself from the brand's progressive stance and plans to transfer its rights in Israel, igniting this legal dispute.
Source: YAHOO
Reported 8 days ago
Fitch Ratings upgraded Argentina’s credit rating from CC to CCC, citing improved confidence in the government's ability to honor upcoming foreign-currency bond payments. This decision follows President Javier Milei's initiatives to stabilize the economy and address inflation, despite ongoing concerns regarding currency controls. Fitch analysts noted that while investor sentiment has turned optimistic, risks remain regarding the government’s capacity to enhance its foreign reserves.
Source: YAHOO
Reported 8 days ago
Northvolt AB is urgently seeking emergency funding after a previous deal fell through, leaving the Swedish battery manufacturer with limited options as cash runs low. The $300 million funding plan is no longer active, and uncertainty from major investors like Volkswagen AG complicates negotiations. With crucial discussions ongoing, there are concerns Northvolt may need to consider bankruptcy if an agreement isn't reached soon.
Source: YAHOO
Reported 8 days ago
The recent rise in Treasury yields, notably with the 10-year yield topping 4.5% for the first time since May, drew interest from bond investors following strong retail sales data. The spike led to large trades in 10-year note futures, reflecting a shift in market sentiment regarding potential Federal Reserve interest rate cuts. As the market adjusts, the likelihood of a rate reduction in December appears to have diminished, reflecting evolving expectations among traders and economists in light of recent economic indicators.
Source: YAHOO
Reported 8 days ago
Source: BARRONS
Reported 8 days ago
Source: WSJ
Reported 8 days ago
The South African government has formed a team of mine rescue experts to devise a plan for retrieving illegal miners trapped underground in a disused gold mine. This decision follows a shift from a previously strict approach, as officials had closed access points to prevent a supply of food and water to the miners. Estimates suggest that between 350 and 4,000 miners could be underground, raising concerns over their safety. A government delegation visited the site to engage with the community, emphasizing a commitment to saving lives while acknowledging the miners' illegal activities.
Source: YAHOO
Reported 8 days ago
In the latest episode of WHAT THE TRUCK?!?, host Timothy Dooner discusses the evolving truckload market cycle with RXO's Corey Klujsza, and highlights OOIDA's Truckers for Troops initiative which has been supporting veterans since 2007. The episode also covers the alarming increase in organized cargo theft, insights from Traveler's Craig Leinauer, and prepares listeners for the upcoming Future of Freight Festival in Chattanooga. Viewers can catch the show live or on-demand across various platforms.
Source: YAHOO
Reported 8 days ago
MacKenzie Scott, ex-wife of Amazon founder Jeff Bezos, has sold 11% of her Amazon shares, valued at over $8 billion. Since her divorce in 2019, she has sold two-thirds of her shares, totaling approximately $37 billion in sales and donations. Known for her philanthropy, Scott has contributed at least $17.3 billion to various nonprofits, including a recent donation of $4 million to the West Philadelphia Skills Initiative.
Source: YAHOO
Reported 8 days ago
B Medical Systems has launched a new ultra-low temperature (ULT) freezer designed for the life sciences industry, featuring energy-efficient technology and rapid recovery times. Maersk is also shifting to hydrofluoroolefin refrigerants to meet environmental goals, while J.M. Smucker expands production of its popular frozen sandwich, Uncrustables, in a new facility to meet rising consumer demand.
Source: YAHOO
Reported 8 days ago
In the latest episode of Catalysts, Seana Smith and Brad Smith discuss October's retail sales data and its implications for consumer behavior and the US economy with FWDBONDS LLC chief economist Chris Rupkey. They also analyze the performance of trending stocks like Nvidia, Tesla, and Rivian, before focusing on Alibaba's recent quarterly results with insights from Macrolens' Brian McCarthy.
Source: YAHOO
Reported 8 days ago
Nvidia is set to report its Q3 earnings on Wednesday, revealing the impact of the ongoing AI boom on its performance. Analysts predict the company will report earnings per share of $0.74 on revenues of $33.2 billion, reflecting significant growth compared to last year. While Nvidia leads the market with a stock increase of 189% in 2024, rival companies have struggled. Investors will scrutinize the upcoming financial results for potential guidance on future performance, particularly regarding Nvidia's next-generation AI chips amid possible impacts from tariffs on foreign manufacturing.
Source: YAHOO
Reported 8 days ago
Former Congressman Patrick Murphy and Dan Kunze have launched the podcast 'Warrior Money' aimed at helping military veterans transition to civilian life with financial insights and guidance. The show's debut features retired Navy Admiral Bill McRaven sharing valuable advice for veterans.
Source: YAHOO
Reported 8 days ago
A battery manufacturer has unveiled a nearly $712 million project in Shelbyville, Kentucky, aimed at producing industrial-sized batteries for energy storage and distribution, which is essential for a reliable electric grid. Once operational in late 2025, the facility will create 1,572 high-tech jobs and is part of a broader $12 billion investment trend in Kentucky's battery sector, reinforcing the state's pivotal role in the energy industry. Governor Andy Beshear emphasized that this initiative will enhance energy security for the United States.
Source: YAHOO
Reported 8 days ago
Health stocks fell sharply after President-elect Donald Trump nominated vaccine skeptic Robert F. Kennedy Jr. to lead the Department of Health and Human Services. Analysts warn that Kennedy's controversial views on vaccines could adversely impact the biotechnology sector, leading to decreased demand and potential public health risks. Major pharmaceutical companies, especially those involved in vaccines like Moderna and Pfizer, faced significant stock declines, while biopharma and medical technology sectors also saw losses amidst uncertainty regarding potential regulatory changes.
Source: YAHOO
Reported 8 days ago
Nvidia's upcoming earnings report on November 20 is poised to influence the U.S. stock market trajectory, particularly in the tech and AI sectors, following a rally post-election that has since cooled. The company's valuation has skyrocketed nearly 800% over the past two years, positioning it as a leader in the semiconductor industry. Analysts caution that sustaining such high expectations for earnings is becoming increasingly challenging, with recent forecasts predicting an 80% revenue increase. The market is closely monitoring how Nvidia's performance will impact the broader investment sentiment, especially given recent market volatility and the Fed's stance on interest rates.
Source: YAHOO
Reported 8 days ago
Source: INVESTORS
Reported 8 days ago
Russia has announced a temporary restriction on the export of enriched uranium to the United States, which raises concerns for American utilities reliant on this fuel for approximately 20% of the nation's electricity. This decision follows a US ban on Russian uranium imports and highlights Russia's use of energy supply as a geopolitical leverage amidst ongoing tensions. While the immediate impact may be limited, potential consequences for the US nuclear fuel supply chain could arise by 2025, especially since domestic enrichment capacity is currently inadequate.
Source: YAHOO