During a semiannual hearing on monetary policy conducted by the Republican-led House Financial Services Committee, Federal Reserve Chair Jerome Powell emphasized the need for a robust federal role in regulating stablecoins, a significant component of the cryptocurrency market that lawmakers are currently working on establishing rules for. Powell also expressed his belief in the enduring nature of cryptocurrencies, including Bitcoin. Powell’s statements were made on … Continue reading Fed Chair Powell Says Bitcoin Has ‘Staying Power’ as an Asset Class

In a significant short squeeze of the month, Bitcoin (BTC) experienced a surge, surpassing $28,000 on Tuesday afternoon. The leading cryptocurrency, with the highest market capitalization, remained relatively stable around $26,800 for most of the day before witnessing a rapid ascent to a peak of $28,150, as reported by CoinDesk Indices data. While it has retraced some of its gains and currently hovers around $27,900, … Continue reading Bitcoin’s Rally to $28K Causes the Largest Short Squeeze This Month

Technology stock declines resulted in a mixed performance on Wall Street on Wednesday, dampening the momentum of its five-week rally. The S&P 500 declined by 0.5% or 23.02 points, closing at 4,365.69. This marked the third consecutive pullback for the index after reaching its highest level in over a year during the previous week. The Nasdaq composite was particularly affected by the weakness in high-growth … Continue reading Drops for tech stocks sap more momentum from Wall Street’s rally

A new lawsuit filed by the Federal Trade Commission (FTC) against Amazon (AMZN) accuses the e-commerce behemoth of deceiving customers into signing up for Prime subscriptions and obstructing their attempts to cancel, marking another instance of US authorities cracking down on major American tech companies. The lawsuit comes after a two-year investigation into Amazon’s tactics to acquire and retain Prime subscriptions, Yahoo Finance reported. Prime … Continue reading Amazon tricked its Prime customers and slowed their efforts to unsubscribe FTC says

During a House committee hearing on Wednesday, Chair Jerome Powell informed officials that inflation in the United States remains at elevated levels. Consequently, the majority of Federal Reserve officials anticipate further interest rate increases later this year. Powell emphasized that the process of reducing inflation to the target rate of 2% is still a lengthy one. Despite these concerns, the Federal Reserve opted to keep … Continue reading More rate hikes are likely this year to fight still-high inflation Powell says

After enjoying a five-week rally that propelled Wall Street to its highest level since last year, stocks experienced a pullback in Tuesday’s trading. The S&P 500 declined by 20.88 points, equivalent to 0.5%, closing at 4,388.71. Similarly, the Dow Jones Industrial Average dropped by 245.25 points, or 0.7%, reaching 34,053.87. The Nasdaq composite also experienced a loss of 22.28 points, or 0.2%, settling at 13,667.29. … Continue reading Wall Street falls and takes a step back after its big rally

On Monday, Intel and the German government reached an agreement, with Intel committing to invest over 30 billion euros ($32.8 billion) in establishing a chip manufacturing site in the eastern city of Magdeburg. The German government pledged to cover one-third of the required investment. The deal was announced as German Chancellor Olaf Scholz held a meeting with Intel CEO Pat Gelsinger in Berlin, the Associated … Continue reading Intel to build $33-billion chip plant in Germany after government pledges to help cover costs

Despite the persistent challenges posed by high inflation and increasing borrowing costs, Americans demonstrated an uptick in their spending at retailers last month. According to the report released by the Commerce Department on Thursday, retail sales experienced a 0.3% increase from April to May, primarily driven by stronger sales in the automotive sector, including auto and parts dealers. Economists had initially anticipated a decline in … Continue reading Retail sales rose 0.3% in May despite pressure from higher inflation and interest rates

Following the Federal Reserve’s announcement that it may raise interest rates twice more this year while keeping them steady for now, Wall Street experienced a mixed finish. The S&P 500 ended the day with a 0.1% increase, fluctuating between gains and losses in response to the Fed’s statement. The Dow Jones Industrial Average, on the other hand, dropped by 232 points, or 0.7%, while the … Continue reading Wall Street swings to mixed close as Fed hints of rate hikes to come

While inflation is showing signs of cooling, the Federal Reserve believes it is not happening quickly enough. Chair Jerome Powell presented a nuanced perspective on Wednesday regarding the Fed’s approach to the challenge of managing inflation, which is currently below its peak but still above the central bank’s target of 2%. Powell indicated that the Fed plans to give it more time and potentially implement … Continue reading Fed Chair Powell sees progress on inflation, though not quickly enough

Stocks experienced a climb on Tuesday as a result of a milder inflation reading, reinforcing Wall Street’s belief that the Federal Reserve will abstain from raising interest rates this week. The S&P 500 reached its highest level since April 2022, rising by 30.08 points or 0.7% to reach 4,369.01. The Dow Jones Industrial Average also saw gains, with an increase of 145.79 points or 0.4% … Continue reading Wall Street rises as inflation keeps cooling

In the early hours of Monday, stock markets on Wall Street are showing modest gains as investors brace themselves for a significant week dominated by central bank decisions and interest rates worldwide. The S&P 500 has edged up by 0.3% in early trading, building on its four consecutive weeks of gains. The Dow Jones Industrial Average has risen by 116 points, or 0.3%, reaching 33,992 … Continue reading Wall Street drifts ahead of Fed, inflation data

Based on data released on Wednesday by the People’s Bank of China, the nation’s gold holdings increased by approximately 16 tons in May. This surge in gold accumulation brings China’s total stockpile to approximately 2,092 tons, following an additional acquisition of 144 tons between November and the previous month. Amidst escalating geopolitical uncertainty and ongoing global inflation, central banks worldwide set a new record in … Continue reading China’s gold accumulation has shown persistent growth

After a three-week period of rising rates, mortgage rates have declined this week, reflecting the ongoing volatility caused by conflicting economic indicators. According to data released by Freddie Mac on Thursday, the average rate for a 30-year fixed-rate mortgage stood at 6.71% in the week ending June 8, down from 6.79% the previous week. Comparatively, one year ago, the 30-year fixed rate averaged 5.23%, CNN … Continue reading Mortgage rates fall for the first time in three weeks

In the United States, middle-income home buyers are facing significant challenges in finding suitable properties to purchase, even if they meet the eligibility criteria and can afford a mortgage. A recent analysis conducted by the National Association of Realtors and Realtor.com reveals that this particular income group is experiencing the most severe shortage of available housing options compared to other income brackets. The study identifies … Continue reading Middle-income buyers face the most severe housing shortage

On Thursday, the stock market extended its recent gains, leading to a rise in stock prices. Traders were also focused on upcoming key inflation data and the latest policy announcement from the Federal Reserve. The Dow Jones Industrial Average increased by 168.59 points or 0.5%, reaching a closing value of 33,833.61. The S&P 500 experienced a 0.62% gain, closing at 4,293.93, which marked its highest … Continue reading Dow rises more than 160 points to notch third straight day of gains

On Monday, U.S. stocks started the week on a slightly downward trajectory, signaling a potential quiet period after experiencing their best week since March. The S&P 500 index declined by 8.58 points, equivalent to 0.2%, settling at 4,273.79. The Dow Jones Industrial Average saw a drop of 199.90 points, or 0.6%, reaching 33,562.86. Similarly, the Nasdaq composite slipped by 11.34 points, or 0.1%, ending at … Continue reading Wall Street slips after tepid report on economy

Elon Musk is facing allegations of insider trading in a proposed class action lawsuit filed by investors who accuse the Tesla Inc CEO of manipulating the cryptocurrency Dogecoin, resulting in substantial financial losses amounting to billions of dollars. According to a filing made in Manhattan federal court on Wednesday night, investors claim that Musk utilized various means, including Twitter posts, payments to online influencers, his … Continue reading Investors file insider trading suit for Dogecoin

During Monday afternoon in Hong Kong, Bitcoin, the largest cryptocurrency in terms of market capitalization, fell below US$28,000 after surpassing that threshold earlier in the day. Among the top 10 non-stablecoin cryptocurrencies, all except Tron (TRX) experienced gains in the 24-hour period leading up to 4 p.m. in Hong Kong, with Ethereum leading the way with a 2.8% increase. While Asian markets displayed mixed results, … Continue reading Bitcoin drops below US$28,000

Following President Recep Tayyip Erdogan’s victory in the Sunday presidential election, the Turkish lira reached fresh record lows against the US dollar on Monday, further exacerbating the country’s economic challenges. In early European trade, the lira weakened to 20.065 against the dollar, surpassing the previous record low set on Friday, CNN reported. The currency has experienced a decline of approximately 7% since the beginning of … Continue reading Turkish lira hits new record low after Erdogan election victory

As warmer weather typically boosts restaurant sales, the ongoing concerns about inflation are causing diners to hold back for the second consecutive summer, impacting both their confidence and spending capacity. According to Huy Do, research and insights manager at market research firm Datassential, restaurant operators are still hopeful for increased foot traffic and sales during the summer, CNBC reported. However, consumers are displaying more hesitancy … Continue reading Restaurants expect strong sales this summer

Wall Street is implementing its contingency plan to navigate a potential U.S. default, aiming to ensure the smooth functioning of the financial markets. Concerns range from technical glitches to widespread panic if the United States fails to make payments on Treasurys, which are traditionally considered highly secure, akin to cash. According to Wall Street’s strategy, investors would continue to trade all U.S. Treasurys, including those … Continue reading WSJ: Wall Street’s Playbook to Prevent Debt-Ceiling Chaos