On Thursday, U.S. stock indexes closed in negative territory, breaking the remarkable 13-day winning streak of the Dow Jones Industrial Average, which had been the longest such streak since 1987. Earlier in the day, stocks had surged following positive gross domestic product (GDP) figures indicating a strengthening U.S. economy in the second quarter. The previous day, the Dow had risen by 0.2%, marking its 13th … Continue reading Dow snaps its longest winning streak since 1987

The U.S. economy displayed robustness in the second quarter, defying recession concerns, as reported by the Commerce Department on Thursday. Gross Domestic Product (GDP), the total value of goods and services produced, grew at a faster-than-expected annualized rate of 2.4% for the period from April to June. This outperformed the consensus estimate of 2% by Dow Jones and also exceeded the 2% pace seen in … Continue reading GDP grew at a 2.4% pace in the second quarter, topping expectations 

On Monday, the Dow Jones Industrial Average experienced a surge, indicating its longest winning streak since February 2017, setting the stage for a busy week of significant earnings reports and a crucial policy decision from the Federal Reserve. The 30-stock Dow climbed by 187 points or 0.54%, marking its 11th consecutive day of gains. Meanwhile, the S&P 500 saw a rise of 0.44%, and the … Continue reading Dow rises Monday, heads for 11th straight day of gains

Wall Street is presenting the argument that the worst is behind them, and investors seem to concur. During the past week, top bank executives have been pointing out positive signs in dealmaking and trading, despite some of them recording another disappointing quarter. Morgan Stanley’s CFO, Sharon Yeshaya, mentioned that sentiment and activity improved towards the end of the quarter, with encouraging signs emerging across their … Continue reading Wall Street says the worst is over for Wall Street

The Chinese ambassador to the U.S., Xie Feng, stated that China does not desire a trade war with the United States. However, he emphasized that China will retaliate against any further U.S. restrictions on technology and trade. Ambassador Xie criticized the Biden administration’s imposition of curbs on the sale of microchips and chipmaking equipment to China, which Beijing sees as an attempt to “contain” China’s … Continue reading China doesn’t want a trade war with the US but will retaliate against further curbs

In June, sales of pre-owned homes declined by 3.3% compared to May, reaching a seasonally adjusted annualized rate of 4.16 million units, as reported by the National Association of Realtors. Compared to the same month last year, sales were down by 18.9%, marking the slowest sales pace for June since 2009. The main factor behind the ongoing weakness in the housing market is not due … Continue reading Home sales drop to slowest pace in 14 years

On Monday, Treasury Secretary Janet Yellen issued a warning about the potential contagion effects of the decelerating Chinese economy. However, she maintained that a recession in the United States is unlikely to occur this year. The release of new data on Monday revealed that China’s gross domestic product (GDP) experienced a modest growth of only 6.3% in the second quarter (April to June). This sluggish … Continue reading Yellen warns of ‘negative spillover’ from China’s economic slowdown

Ford announced on Monday that it is reducing the prices of its F-150 Lightning electric pickup trucks by several thousand dollars across the entire lineup. This decision comes as a result of increased manufacturing capacity, declining costs of battery raw materials, and internal initiatives aimed at expanding production at the Detroit-based automaker, the Associated Press reported. The price reductions for the F-150 Lightning models, with … Continue reading F-150 Lightning electric pickup will cost less than $50,000 as Ford slashes prices across line

On Monday, Microsoft and British regulators requested additional time from a court as the tech giant took advantage of a rare second opportunity to address objections to its $69 billion acquisition bid for video game maker Activision Blizzard. Legal representatives from Microsoft and the Competition and Markets Authority (CMA) presented their arguments to a judge, seeking a postponement of the scheduled hearing following the CMA’s … Continue reading Microsoft and UK regulators want more time to work on $69 billion Activision deal

Following the breakdown of contract talks between UPS and the union representing 340,000 of its workers, UPS has announced that it will begin training nonunion employees in the U.S. as a contingency plan in the event of a strike. The union has vowed to strike if no agreement is reached by the end of the month. UPS clarified that the training is a temporary measure … Continue reading UPS to train nonunion employees as talks stall with union for 340,000 workers

JPMorgan Chase executives expressed concerns on Friday about the potential impact of stricter regulations following a series of bank failures this year. They warned that such regulations could lead to increased costs for consumers and businesses and might even force banks to exit certain business areas altogether, CNBC has reported. During a discussion with Wells Fargo analyst Mike Mayo about the proposed changes outlined by … Continue reading Dimon says private equity giants are ‘dancing in the streets’ over tougher bank rules

Asian shares experienced a significant surge on Friday, following the positive momentum in Wall Street, which extended its winning streak for the fourth consecutive day. The market was buoyed by encouraging signals indicating a potential easing of inflation. During morning trading, Japan’s benchmark Nikkei 225 rose by 0.2% to reach 32,493.82. Australia’s S&P/ASX 200 climbed by 0.9% to reach 7,309.50, the Associated Press reported. South … Continue reading Asian shares buoyed by Wall Street’s winning week as inflation eases

Stocks experienced gains on Tuesday as investors awaited an upcoming update on inflation, hoping for a less significant increase that would alleviate concerns for the general public. The S&P 500 climbed by 0.7%, or 29.73 points, reaching 4,439.26. The Dow Jones Industrial Average saw a gain of 0.9%, or 317.02 points, reaching 34,261.42. The Nasdaq composite also rose by 0.5%, or 75.22 points, reaching 13,760.70. … Continue reading Wall Street gets a late push ahead of inflation data

Federal regulators announced on Tuesday that Bank of America has been found to have violated consumer financial protection laws by engaging in practices such as charging excessive fees, withholding credit card rewards, and opening fraudulent accounts, all to the detriment of its customers. Consequently, the Consumer Financial Protection Bureau (CFPB) has ordered Bank of America (BAC) to pay over $100 million in restitution to affected … Continue reading BANK OF AMERICA accused of opening fake accounts and charging illegal junk fees

During Monday morning trading in Asia, Bitcoin experienced a slight decline but managed to stay above the crucial support level of US$30,000. Ether, along with several other non-stablecoin cryptocurrencies in the top 10, also saw a modest decrease in value. The overall market sentiment reflects reduced risk appetite across various markets, driven by anticipation of additional interest rate hikes in the United States, Yahoo Finance … Continue reading Bitcoin stays above US$30,000

In June, China witnessed the sharpest decline in factory-gate prices in over seven-and-a-half years, while consumer inflation remained at its slowest pace since 2021. These economic indicators further strengthen the argument for policymakers to implement additional stimulus measures in order to revive sluggish demand. The country’s post-pandemic economic recovery has experienced a slowdown after the robust growth observed in the first quarter, primarily due to … Continue reading China’s factory gate prices fall at fastest pace in 7 years

Wholesale prices of used vehicles experienced their most significant drop last month since the start of the COVID-19 pandemic, signaling a potential stabilization in prices during the second half of this year. According to Cox Automotive’s Manheim Used Vehicle Value Index, there was a 4.2% decline from May to June, reaching a value of 215.1. This marks the index’s third consecutive monthly decrease and one … Continue reading Used car prices expected to stabilize following major decline in June

Stocks on Wall Street are meandering with little direction on Monday, anticipating updates on inflation trends and corporate earnings in the upcoming week. During morning trading, the S&P 500 inched up by 0.1%, following its second weekly decline in the past eight weeks, the Associated Press reports. The Dow Jones Industrial Average climbed 148 points, or 0.4%, reaching 33,883 as of 10:45 a.m. Eastern time. … Continue reading Wall Street drifts ahead of updates on inflation, profits

The whirlwind weekend in late April that witnessed the nation’s largest bank taking control of its most troubled regional lender signaled the conclusion of one set of problems while ushering in a new phase. Following the successful acquisition bid for First Republic, a lender catering to affluent coastal families with $229 billion in assets, JPMorgan Chase CEO Jamie Dimon offered reassuring words that investors had … Continue reading American banking landscape on cusp of seismic shift

On Wednesday, Wall Street exhibited a lack of clear direction, following a significant rally that had propelled it 16% higher for the year thus far. During afternoon trading, the S&P 500 dipped by 0.2%, retracing from its highest level since April 2022. The Dow Jones Industrial Average recorded a decline of 114 points, or 0.3%, standing at 34,304 as of 12:30 p.m. Eastern time. The … Continue reading Wall Street drifts as markets worldwide pull back

As part of ongoing efforts by the Biden administration to improve U.S.-China relations, Treasury Secretary Janet Yellen is scheduled to travel to Beijing on Thursday, according to a senior Treasury official. Yellen has consistently expressed her opposition to the idea of an economic decoupling from China, describing it as “disastrous.” Over the past year, she has frequently expressed her desire to visit China, emphasizing the … Continue reading Treasury Secretary Janet Yellen is making a long-awaited trip to China this week

On Friday, five of the largest banks in the United States declared their intention to distribute more funds to their shareholders. This decision comes after successfully clearing the Federal Reserve stress tests earlier in the week, serving as a demonstration of their robustness and further emphasizing the gap between these industry behemoths and smaller regional competitors. The banks in question, namely JPMorgan Chase, Wells Fargo, … Continue reading Giant banks boost dividends after passing Fed stress test

On Monday, acting head Kristin Stubbins will face questioning from Australian lawmakers, who will seek more information about the involvement of PwC staff in the leak of government tax plans. This will mark Stubbins’ first public appearance since her predecessor resigned amid the scandal, The Sun Daily reported. The New South Wales (NSW) state parliamentary inquiry will address these matters, following PwC’s recent announcement of … Continue reading PwC Australia acting CEO to face state parliament

Oil prices experienced an increase on Monday due to a recent revolt led by Russian mercenaries. The uprising raised concerns regarding political instability in Russia and the potential impact on oil supply, considering Russia’s significant role as one of the world’s largest producers. Both Brent and U.S. West Texas Intermediate (WTI) crude futures saw a 0.4% rise on Monday, although their earlier gains of up … Continue reading Oil climbs on concerns Russia political issues may impact supply

Wall Street experienced a decline in stocks on Friday, contributing to its first losing week in the past six weeks. The S&P 500 retreated by 0.8%, or 33.56 points, closing at 4,348.33. This downward movement continued from the previous week when the index reached its highest level in over a year. The Dow Jones Industrial Average also dropped by 0.6%, or 219.28 points, finishing at … Continue reading Wall Street falls to close out its first losing week in the last six