ReportWire

Tag: Nasdaq

  • Dow drops 870 points after Trump threatens European allies with tariffs over Greenland

    [ad_1]

    The U.S. stock market plunged on Tuesday after President Trump threatened to impose fresh tariffs on European trading partners over the weekend, one of the latest developments in his bid to acquire the island of Greenland.

    The Dow Jones Industrial Average dropped 870 points, or 1.8%, to close at 48,489, while the S&P 500 fell 143 points, or 2.1%, to close at 6,797. 

    Major tech stocks took a hit, with the Nasdaq Composite sinking 2.4%. Nvidia and Amazon shares dropped 3.6% and 3.7%, respectively. 

    The rocky day on Wall Street came after President Trump said on Saturday on Truth Social that he would impose a 10% tariff on goods from Denmark, Norway, Sweden, France, Germany, the United Kingdom, the Netherlands and Finland beginning in February. Trump said the tariffs would rise to 25% on June 1 and apply to imports from NATO countries until a deal is reached for the purchase of Greenland.

    European markets and markets in Asia also fell on Tuesday.

    The European Union accounts for a large share of U.S. imports, with annual shipments from its member nations exceeding those from Mexico and China combined.

    Mr. Trump linked his aggressive stance on Greenland to last year’s decision not to award him the Nobel Peace Prize, telling Norway’s prime minister that he no longer felt “an obligation to think purely of Peace,” in a text message released Monday.

    Mr. Trump’s message to Jonas Gahr Støre appeared to ratchet up a standoff between Washington and its closest allies over his threats to take over Greenland, a self-governing territory of NATO member Denmark.

    Mr. Trump’s threats have sparked outrage and a flurry of diplomatic activity across Europe, as leaders consider possible countermeasures, including retaliatory tariffs and the first-ever use of the European Union’s anti-coercion instrument.

    Davos meeting

    U.S. Treasury Secretary Scott Bessent, speaking on the sidelines of the World Economic Forum annual meeting in Davos, Switzerland, asserted that America’s relations with Europe remain strong. He urged trading partners to “take a deep breath” and let tensions driven by the tariff threats over Greenland “play out.”

    “Geopolitical events will remain in focus today, particularly any talks that may take place in Davos,” said Michael Brown, a senior research strategist at Pepperstone, referring to the World Economic Forum.

    Wedbush Securities analyst Dan Ives said the new tariff threat “is clearly an overhang on the conference,” but that it would likely simmer over time.

    “Our view is just like over the last year the bark will be worse than the bite on this issue and tariff threats as negotiations take place and tensions ultimately calm down between Trump and EU leaders,” Ives wrote in a note to clients.

    This week will bring more U.S. corporate earnings and the latest inflation measurement that’s preferred by the Federal Reserve for making policy decisions.

    The U.S. Federal Reserve’s next policy meeting is in two weeks. Interest rate traders currently place a 95% likelihood that the benchmark interest rate unchanged, according to CME Group’s FedWatch tool. The Bank of Japan has a monetary policy board meeting ending later this week.

    Silver and gold both rose to records again as investors sought safety amid heightened geopolitical tensions. Gold prices surged 3.7% and silver prices soared 6.9%.

    The price of U.S. crude oil rose 1.5% to $60.34 per barrel. The price of Brent crude, the international standard, rose 1.3% to $64.76.

    [ad_2]

    Source link

  • Stock futures slide while gold and silver jump after Powell investigation raises fears over the Fed’s independence | Fortune

    [ad_1]

    U.S. equity futures fell sharply Sunday night after Federal Reserve Chair Jerome Powell confirmed that he is under investigation related to testimony he gave last June concerning the renovation of Federal Reserve buildings. 

    The New York Times report breaking news of the investigation and Powell’s subsequent disclosure rattled markets, reviving fears that years of President Donald Trump pressuring the Federal Reserve could now be realized into a direct assault on its independence.

    Futures tied to the Nasdaq 100 led the decline, falling about 0.8%, as interest-rate-sensitive technology stocks bore the brunt of the selloff. S&P 500 futures were down roughly 0.5%, while Dow Jones Industrial Average futures fell about 0.4%, according to late-evening pricing.

    Investors sought protection in the traditional safe-haven assets. Gold futures rose 1.7% to around $4,578 an ounce, while silver jumped more than 4%, reflecting renewed demand for protection against political and monetary instability. The U.S. dollar weakened modestly against several major currencies, including the Swiss franc and Japanese yen.

    After years of largely staying silent while Trump repeatedly mocked and threatened him, Powell appeared to have reached a breaking point, issuing a rare and pointed statement. 

    He wrote that while “No one—certainly not the chair of the Federal Reserve—is above the law,” the attack should be seen in the “the broader context of the administration’s threats and ongoing pressure.” 

    “This new threat is not about my testimony last June or about the renovation of the Federal Reserve buildings…Those are pretexts. The threat of criminal charges is a consequence of the Federal Reserve setting interest rates based on our best assessment of what will serve the public, rather than following the preferences of the President.”

    Economists warn that if the executive branch successfully co-opts the Fed, it could create a “self-fulfilling prophecy” of higher long-term inflation.

    As Oxford Economics recently noted, any “cracks in the Fed’s independence” could spread rapidly through markets and ultimately raise borrowing costs for the businesses the administration seeks to protect with low interest rates. 

    In a note published last July, when Trump publicly threatened to fire Powell, Deutsche Bank warned that such a move could spark severe market disruption.

    “Both the currency and the bond market can collapse,” the bank wrote, citing heightened risks of inflation and financial instability. “The empirical and academic evidence on the impact of a loss of central-bank independence is fairly clear.”

    Wall Street executives have echoed those concerns. Brian Moynihan, chief executive of Bank of America, said recently the erosion of Fed independence would carry serious consequences.

    “The market will punish people if we don’t have an independent Fed,” Moynihan said.

    [ad_2]

    Eva Roytburg

    Source link

  • Wall Street rises on Big Tech gains and approaches records

    [ad_1]

    By DAMIAN J. TROISE, AP Business Writer

    NEW YORK (AP) — Stocks rose on Wall Street Tuesday morning and approached more all-time highs.

    [ad_2]

    Associated Press

    Source link

  • How will the stock market perform in 2026? Wall Street pros weigh in.

    [ad_1]

    The U.S. stock market scaled new heights in 2025, as investors largely tuned out concerns about the Trump administration’s sharply higher tariffs and shrugged off fears of a financial market bubble among artificial intelligence companies. 

    The S&P 500 stock index is up roughly 15% this year through Dec. 17— a strong performance, although lower than the heady 23% jump posted by the broad-based index in 2024. The S&P 500 has climbed an average of 13% per year over the last decade, according to Mark Luschini, chief investment strategist at wealth management firm Janney Montgomery Scott.

    The Nasdaq Composite, which includes tech heavy-hitters such as Alphabet, Microsoft and Nvidia, has climbed more than 18% this year, while the blue-chip Dow Jones Industrial Average is up more than 13%.

    The key question: Will such investor exuberance spill over into 2026, especially as concerns about an AI bubble percolate?

    “I think conditions remain relatively fertile for stock prices to do OK overall,” Luschini told CBS News. “The big risk is that the whole AI narrative starts to lose a little of its viscosity.”

    Other forecasters are also expecting a strong stock market performance in 2026. David Lefkowitz, head of U.S. equities at UBS Global Wealth Management, expects the S&P 500, which closed Monday trading at 6,816 points, to reach 7,300 points by June of next year and 7,700 by the end of 2026. That would represent a roughly 15% gain over the next year.

    J.P. Morgan said in a November research report that it expects the S&P 500 to rise 13% to 15% next year, boosted by robust corporate earnings growth, and to carry that strength into 2027. 

    What will drive stocks in 2026?

    Several catalysts are expected to drive the stock market in 2026. Among them is another year of strong corporate earnings, particularly in tech, analysts say. BofA Global Research expects overall earnings to grow in the mid-double digits next year.

    “Multiple expansion and earnings growth both pushed the S&P 500 up 15% this year,” the securities firm said in a market forecast. “In 2026, earnings will do the lift.”

    The AI boom should also help fuel the stock market, with a wave of capital investments likely to drive up tech stocks, analysts note. AI capital expenditures from major tech companies including Alphabet, Amazon, Meta, Microsoft and Oracle are expected to approach $520 billion in 2026, Jeff Buchbinder, chief equity strategist for LPL Financial, said in a research note.

    Another area expected to benefit from the AI boom is the industrials sector, which is supplying the equipment necessary for data centers. 

    Growth, however, won’t be limited to tech or AI-adjacent sectors. Indeed, Bret Kenwell, a U.S. investment and options analyst at eToro, said a broadening of the bull market could be in the cards, with all 11 sectors in the S&P 500 expected to rise next year.

    “If it happens, it’ll have been five years since we’ve seen it,” he said.

    Adam Crisafulli, head of Vital Knowledge, and Luschini both expect a good year for financial services stocks. Banks have traded very well this year amid an easier regulatory backdrop and a jump in mergers and acquisitions.

    Another tailwind for the stock market could be softer monetary policy and a more dovish Federal Reserve, Kenwell said, with President Trump soon expected to nominate a new central bank chief before Jerome Powell’s term ends in May.

    “It’s kind of a when, not if, rate-cut situation with the Fed,” Kenwell said. 

    Still, analysts and major banks expect a slowdown in the pace of interest rate cuts. In a November report, J.P. Morgan forecasts one more interest rate cut in January before an extended pause and said that if the central bank further eases monetary policy, the S&P 500 could surpass 8,000 points in 2026.

    Is my money safe?

    The biggest shadow looming over the stock market next year is what will happen with artificial intelligence. 

    AI and tech stocks have been the propelling force behind equity gains this year, with earnings growth from the “Magnificent Seven” far outpacing other companies in the S&P 500. That strength has been accompanied by a boom in capital expenditures, as investors rush to invest in data center construction and other technology infrastructure to meet rising demand for AI.

    “Robust demand for cloud services and data center capacity shows no signs of slowing,” Janus Henderson portfolio manager Jeremiah Buckley said in his company’s 2026 outlook on capital investment.

    Amid all the hype, some investors are concerned about whether AI’s ascendance could start to falter next year, leading to a market correction or the bursting of what some consider to be an AI bubble. 

    In its 2026 outlook, Vanguard said it expects U.S. technology stocks to maintain momentum given the rate of investment and anticipated earnings growth. At the same time, the investment management company noted that “risks are growing” amid all of the AI optimism.

    Crisafulli said tech gains have historically moved in unison, but that started to splinter in November, when Alphabet shares surged 14% following the release of Google Gemini 3, while the rest of the Nasdaq slumped. The continued fracturing of the AI narrative is one of the headwinds he expects investors will have to face in 2026.

    “It’s not so much the bubbles bursting,” he said. “It’s more just people looking at it in a more nuanced way.”

    Still, as usual investors should expect some turbulence. Minor pullbacks or flat trading periods are possible, especially after several months of consecutive growth in the S&P 500, according to Kenwell.

    “When we look at 2025, it was a good reminder that volatility is in play, and that’s something that certainly can be back in the cards in 2026,” he said.

    Edited by

    Alain Sherter and

    Aimee Picchi

    [ad_2]

    Source link

  • Wall Street edges higher on Friday, pushing S&P 500 close to its record high

    [ad_1]

    Stocks gained in a short Friday session to close near a record high, capping a five-day rally that helped the S&P 500 index erase nearly all its losses from earlier in the month.

    The S&P 500 rose 36 points, or 0.5%, to close at 6,849, 42 points shy of its Oct. 28 record. The Dow Jones Industrial Average increased 289 points, or 0.6%, to close at 47,716. The tech-heavy Nasdaq Composite rose 0.7% on Friday but ended November with a decline of 1.5% because of losses for some big tech stocks.

    Stock indexes closed at 1 p.m. EDT on Friday due to the Thanksgiving holiday.

    The multi-day rebound came after a largely volatile month for stocks, sparked by concerns about a possible bubble in artificial intelligence and tech stocks. AI chipmaker Nvidia lost 1.8% Friday and closed the month with a double-digit loss. Oracle tumbled 23% in November while Palantir Technologies sank 16%. 

    “The market needs to prove it can sustain this momentum, but right now, the weakness after Nvidia’s earnings looks like it could be more of a short-term AI-selling climax than a sign of heightened bearishness,” Chris Larkin, Managing Director of trading and investing at E*TRADE from Morgan Stanley, said in an email.

    Some investors have expressed worry that an AI bubble could burst, triggering devastating financial losses. Bubbles occur when stocks surge on inflated growth expectations that ultimately prove to be disconnected from a company’s underlying fundamentals.

    Some tech stocks did notch monthly gains, most notably Alphabet, which rose nearly 14%, due to excitement about its recently released Gemini AI model.

    The market turned around on hopes that the Federal Reserve would again cut interest rates at its meeting next month. Recent comments from Fed officials have given traders more confidence that the central bank will again cut interest rates at its meeting that ends Dec. 10. 

    Traders are betting on a nearly 87% probability that the Fed will cut next month, according to data from CME Group.

    The central bank, which has already cut rates twice this year in hopes of shoring up the slowing job market, is facing an increasingly difficult decision on interest rates as inflation rises and the job market slows. Cutting interest rates further could help support the economy as employment weakens, but it could also fuel inflation. The latest round of corporate earnings reports was mostly positive, but economic data has been mixed.

    The minutes of the Fed’s most recent meeting in October indicate there are likely to be strong divisions among policymakers about the Fed’s next step.

    Investors also had their eye on retail stocks as they wait to see if shoppers rushed to take advantage of the annual Black Friday sales event. Macy’s fell 0.3% while Kohl’s gained 1.4%. Dick’s Sporting Goods dropped 0.5%. Among specialty retailers, Abercrombie & Fitch rose 2.9% and American Eagle Outfitters gained 0.7%.

    Amid the volatility in tech stocks, traders moved money into other parts of the market. Pharmaceutical companies Eli Lilly and Merck each rose more than 20% for the month. Travel-related companies such as Marriott and Expedia also posted strong monthly gains.

    Earlier, futures for the Dow Jones Industrial Average, S&P 500 and Nasdaq were halted for hours due to a technical issue at the Chicago Mercantile Exchange. CME said the problem was tied to an outage at a CyrusOne data center.

    Treasury yields rose slightly, with the 10-year yield at 4.02%.

    [ad_2]

    Source link

  • What’s behind the dip in the stock market and what does it mean for you?

    [ad_1]



    What’s behind the dip in the stock market and what does it mean for you? – CBS News










































    Watch CBS News



    The Dow, S&P 500 and Nasdaq all dropped around 1% at Monday’s close. It comes as tech giants and retailers are set to release earnings reports. CBS News business analyst Jill Schlesinger explains what it means for your wallet.

    [ad_2]
    Source link

  • Stocks turn choppy as investors asses momentum behind AI

    [ad_1]

    Wall Street rebounded on Friday, with gains from Nvidia and other technology companies helping pare earlier losses.

    After dropping 1.3% early in the session, the S&P 500 erased its losses and rose 15 points, or 0.2%, in afternoon trading. The Nasdaq Composite index also recovered from a morning dip to gain 101 points, or 0.4%, while the Dow Jones Industrial Average trimmed its losses on the day to 196 points, or 0.4%, after earlier shedding 600 points.

    Stocks were buoyed by gains from Nvidia, the world’s leading chipmaker, which was up more than 1% in afternoon trading. Nvidia is set to report profits on Nov. 19. 

    “We believe Nvidia’s earnings next week will be another major validation moment for the AI Revolution and be a positive catalyst for tech stocks into year-end, as investors continue to underestimate the scale and scope of AI spend,” Wedbush analyst Dan Ives said in a report.

    Tesla shares also made a comeback from losses yesterday, rising 1.4%.

    If it falls short of analysts’ expectations, more drops could be on the way. That would have a huge effect on the market because Nvidia has grown to become Wall Street’s largest stock by value and briefly topped $5 trillion. That gives Nvidia’s stock movements a bigger effect on the S&P 500 than any other’s.

    The gains came after the stock market had one of its worst days on Thursday since April.

    In a note to investors, analyst Adam Crisafulli of Vital Knowledge said on Friday that investor concerns about the strength of AI company stocks have flared this week, while noting that growth in the sector remains solid.

    “There’s a lot of emotion involved with AI, and people are getting spooked by the sloppy price action in prominent AI-linked stocks, but actual fundamentals in the industry remain very strong,” he said.

    Stocks have also cooled because investors are less confident about another Federal Reserve interest rate cut when the central bank meets for the final time this year on Dec. 9-10. 

    Reset “overdue”

    The Fed lowered rates in September and October, but some policymakers have signaled their hesitation about cutting rates in December. Fed Chair Jerome Powell said last month that another cut isn’t “a foregone conclusion.”

    Investors put the likelihood of a Fed rate cut in December at 53%, according to CME FedWatch.

    The market reset this week was overdue, Mark Luschini, chief investment strategist at Janney Montgomery Scott, told CBS News, noting that stocks have risen steadily this year and only recently were trading at lofty prices. 

    “We have not had as much as a 5% correction off the early April lows after about a 43% move in the S&P 500,” Luschini said.

    Edited by

    Alain Sherter

    The Associated Press

    contributed to this report.

    [ad_2]

    Source link

  • ‘Big Shot’ Michael Burry’s AI bubble warning also extends to crypto: Expert

    [ad_1]

    After popular investor and hedge fund manager Michael Burry warned a bubble is forming in the artificial intelligence (AI) sector, an AI entrepreneur has warned that the crypto market has entered a “casino reality.”

    Burry, popular for shorting the housing market bubble collapse in 2008, recently cautioned traders against an AI bubble and singled out, in particular, Nvidia (Nasdaq: NVDA), Meta (Nasdaq: META), Oracle (NYSE: ORCL), and Palantir Technologies (Nasdaq: PLTR).

    Related: Economist sends startling warning after ‘Big Short’s AI call

    The 2008 episode was the subject of the Hollywood film The Big Short (2015) in which actor Christian Bale played Burry. The legendary trader had shorted overvalued sectors earlier too, such as shorting the dot-com bubble burst in 2000.

    Michael Burry, former head of Scion Capital Group LLC, works in his office in Cupertino, California, U.S., on Monday, Sept. 6, 2010.

    But Burry has now deregistered his hedge fund, Scion Asset Management. He said:

    “My estimation of values in securities is not now, and has not been for some time, in sync with the markets.”

    Eric Balchunas, the senior ETF analyst at Bloomberg, responded to the development and said nobody, including those who get portrayed by Christian Bale, knows the future.

    Ahmad Shadid, founder of O Foundation, a Swiss-based AI research lab echoed similiar sentiments but about the rallying crypto market which has come to a halt.

    He told TheStreet Roundtable, the crypto market has gone from a more “traditional” run in 2024 — with altcoins and crypto projects with actual utility gaining traction and retail investment — to a “completely crumbled, degen, casino reality” — only meme coins and such tokens gaining the attention of crypto retail.

    Crypto retail traders have increasingly realized that they are the exit liquidity, said Shadid.

    There is “blatant” manipulation of charts and there are so many pump-and-dump coins, so traders don’t bother to go for the highest-valued coins to make 2x-5x maximum, he added.

    Both crypto retail traders and founders have realized that VCs and market makers are only milking them, Shadid opined.

    The market is now in an “almost nuclear winter” where some projects with little adoption raise exorbitant amounts of money, only to end up being “forgotten and unused,” he said.

    If a project doesn’t have a token with 500x potential, it doesn’t find any takers even if it has actual utility, he expressed his frustration.

    Shadid said a lot of projects, including his own, now view crypto as a “toxic space” in which nothing matters other than the token.

    The founder concurred with Burry’s view that we are in an AI bubble but said a bearish outlook on Nvidia isn’t substantiated enough. However, he said the company’s valuation is getting dangerous.

    In fact, he is of the view that if and when the AI bubble bursts, useless AI companies operating at the App layer would collapse first. This, in turn, would affect Nvidia.

    Nonetheless, Shadid didn’t contend the fact that there is no going back from the “AI-native world.”

    This story was originally reported by TheStreet on Nov 14, 2025, where it first appeared in the MARKETS section. Add TheStreet as a Preferred Source by clicking here.

    [ad_2]

    Source link

  • Stock futures slide as investors fret over AI and interest rates

    [ad_1]

    Stock futures slid ahead of the start of trading in U.S. financial markets on Friday as investors fret about the health of technology companies and the path of interest rates.

    S&P 500 futures were down 1.1%, or 71 points, as of 8:30 a.m. EDT, and Dow Jones Industrial Average futures dropped 0.7%, or 316 points. Nasdaq Composite futures declined 1.5%, or 373 points.

    On Thursday, the stock market had one of its worst days since a springtime sell-off. The S&P 500 sank 1.7% on the day, falling further from its all-time high set late last month.

    Markets have pulled back this week among growing investor doubts that the Federal Reserve will cut its benchmark interest rate at its next meeting on Dec. 9-10. Although the central bank moved to lower rates in September and October, Fed Chair Jerome Powell said last month that another cut isn’t “a foregone conclusion.”

    “The near-term Fed conversation continues to shift in a less dovish direction as officials signal hesitancy about cutting rates (even if they do wind up cutting the Funds Rate on 12/10, it’s likely the forward guidance that day is incrementally hawkish),” analyst Adam Crisafulli of Vital Knowledge said in a note to investors. 

    Traders see a roughly 53% chance that the Fed will trim rates by a quarter of a percentage point in December, according to CME FedWatch.

    Investors also appeared skittish over whether tech stocks can retain their momentum after making spectacular gains this year. 

    Edited by

    Alain Sherter

    The Associated Press

    contributed to this report.

    [ad_2]

    Source link

  • XRP’s Next ‘Face-Melting’ Rally Could Hit Within 6 Weeks—Analyst

    [ad_1]

    Some analysts expect XRP to climb sharply from its current price of $2.39. According to posts on X by a popular analyst known as Egrag Crypto, the coin is trading at the bottom of a descending triangle and could stage a strong rally in the coming weeks.

    Related Reading

    Analysts Point To Historical Setups

    According to Egrag, two earlier runs give the pattern some weight. He compared the present chart to moves in 2017 and 2021. Back then, XRP went from $0.097 to $3.84 across a roughly three-month span around 2017–2018.

    In 2021, it rose from below $0.45 to above $1.90 in two monthly candles. Based on those moves, he expects a comeback within four to six weeks and projects gains of about 300% to 1,400% from today’s price.

    “Mark my words: XRP will usually melt faces within 4–6 weeks, and history backs it up with evidence,” Egrag, who put a target range of $10 to $37 for this cycle, said.

    “I see traders chickening out, scared to lose their 10x gains. And that’s fine , protecting profits is smart,” he added.

    Other market voices have echoed parts of that view, reposting Egrag’s chart and wrote that XRP is “busy testing bulls’ faith.”

    ETF Filing Moves Forward

    Meanwhile, according to filings and reporting, Canary Capital has taken a key step toward launching a spot XRP ETF in the US. The firm filed a Form 8-A, a move that, once Nasdaq signs off, would let the fund list its shares.

    XRP market cap currently at $146 billion. Chart: TradingView

    Crypto reporter Eleanor Terrett said the filing will become effective at 5:30 p.m. ET once Nasdaq certifies it, and trading is set to start when US markets open on Thursday, November 14, 2025.

    That development matters because an ETF can make an asset easier for many investors to buy. It does not mean prices will automatically skyrocket. It does mean more attention, and that can change market behavior in ways that are hard to predict.

    Short-Term Data And Market Tone

    At press time, XRP was trading around $2.39, down about 3% over the last 24 hours. Technical traders focus on where the price sits inside the triangle pattern and watch volume for confirmation of a breakout.

    Related Reading

    Some see the structure as a setup for a large move either way. Others point out that the market environment today is not the same as in 2017 or 2021, given bigger trading volumes and different regulatory factors.

    The ETF timing adds a new element to watch. If Nasdaq approves Canary Capital’s Form 8-A as reported, the first spot XRP shares could start trading on Thursday. Markets often react to such milestones, but how big that reaction will be is unknown.

    Featured image from Gemini, chart from TradingView

    [ad_2]

    Christian Encila

    Source link

  • Is Wall Street losing faith in AI? | TechCrunch

    [ad_1]

    A rough week for tech stocks might signal a loss of investor confidence in artificial intelligence.

    The Wall Street Journal reports that the Nasdaq Composite Index was down 3% — making this its worst week since President Donald Trump announced his sweeping tariff plan in April.

    Tech companies that have otherwise performed well this year were among those hardest hit, with Palantir’s stock price falling 11% this week, Oracle declining by 9%, and Nvidia losing 7%. These drops also come after earnings reports in which Meta and Microsoft indicated that they plan to continue spending heavily on AI (both companies were down about 4%). 

    “Valuations are stretched,” Cresset Capital’s Jack Ablin told the WSJ. “Just the slightest bit of bad news gets exaggerated … and good news is just not enough to move the needle because expectations are already pretty high.”

    Economic factors like the ongoing government shutdown, declining consumer sentiment, and widespread layoffs are also likely dragging down the stock market. But the less tech-heavy S&P 500 and Dow Jones Industrial Average didn’t do quite as badly, with declines of 1.6% and 1.2%, respectively.

    [ad_2]

    Anthony Ha

    Source link

  • Evernorth Has Reached 95% Of Its XRP Treasury Target – Here Are The Numbers

    [ad_1]

    Evernorth has emerged as the latest powerhouse in institutional crypto accumulation, closing in on its ambitious XRP treasury goal. In just a few days, the firm has reached 95% of its accumulation target, marking a major milestone in XRP’s journey toward broader institutional adoption. The rapid growth of Evernorth’s reserves and its strategic partnerships has sparked renewed excitement across the XRP community, signaling what could be a pivotal shift in how institutions engage with the cryptocurrency. 

    Evernorth Nears $1 Billion In XRP Holdings

    A new report from CryptoQuant has revealed that Evernorth’s XRP holdings is now nearing the $1 billion funding milestone, positioning it among the top institutional holders of the cryptocurrency. According to JA Maartunn, a community analyst at CryptoQuant, Evernorth currently holds 388,710,606.03 XRP, reaching 95% of its $1 billion target. 

    Related Reading

    The company’s total XRP treasury is now valued at approximately $947,183,571, with unrealized profits of roughly $46 million generated in four days. This figure reflects an average purchase price of $2.44 per XRP, which Maartunn believes could become a defining price level for the cryptocurrency’s market trajectory.

    Source: Chart from Evernorth on X

     Notably, Evernorth’s XRP treasury comes amid a broader trend of institutional diversification toward digital assets. Earlier this year, several major crypto treasury institutions—most notably Strategy, with its aggressive Bitcoin accumulation strategy, and The Ether Machine, with its dedicated focus on Ethereum—set the tone for large-scale crypto accumulation. 

    Evernorth’s expanding holdings signal a decisive shift beyond BTC and ETH, underscoring a maturing institutional demand for alternative layer-1 assets. It also suggests that XRP may become the next frontier for institutional treasuries seeking exposure to high-liquidity, regulated crypto assets.

    Evernorth’s XRP Growth Strategy 

    Asheesh Birla, the CEO of Evernorth, introduced the treasury company last week, on October 20, through an X post. He described it as an institutional vehicle built to propel XRP’s global adoption. The announcement detailed the company’s plans to go public through a SPAC merger with Armada Acquisition Corp II (NASDAQ:AACI), targeting gross proceeds of more than $1 billion.

    Related Reading

    Evernorth’s growth strategy includes acquiring XRP through innovative financial structures designed to maximize XRP per share and expanding internationally into key markets like Japan and South Korea. The company also plans to diversify its yield generation through risk-mitigated treasury deployment. These initiatives reflect a deliberate, structured approach toward building a long-term institutional presence around XRP.

    Ripple CEO Brad Garlinghouse has also praised Birla’s initiative, noting Ripple’s partnership and investment alongside prominent firms such as SBI Holdings, Pantera Capital, Kraken, GSR, and Rippleworks. Garlinghouse said that Evernorth’s participation in institutional lending, liquidity provision, and DeFi yield opportunities will be instrumental in expanding XRP’s utility. Ripple’s CTO, David Schwartz, who joins Evernorth as a strategic advisor, echoed this sentiment, expressing enthusiasm for building scalable opportunities for XRP across DeFi and capital markets.

    XRP
    XRP trading at $2.65 on the 1D chart | Source: XRPUSDT on Tradingview.com

    Featured image from Adobe Stock, chart from Tradingview.com

    [ad_2]

    Scott Matherson

    Source link

  • With $1 trillion pay package on the line, Elon Musk blasts influential firms telling shareholders to reject it: ‘Those guys are corporate terrorists’ | Fortune

    [ad_1]

    Elon Musk stole the show in the final minutes of Tesla’s Wednesday earnings call to label the advisory firms pushing shareholders to reject his $1 trillion pay package “corporate terrorists.”

    After months of being relatively quiet following his resignation from the Department of Government Efficiency and subsequent fallout with President Donald Trump, Musk slammed proxy advisory firms Institutional Shareholder Services (ISS) and Glass Lewis.

    “I just don’t feel comfortable building a robot army here and then being ousted because of some asinine recommendations from ISS and Glass Lewis, who have no freaking clue,” Musk said. “I mean, those guys are corporate terrorists.”

    Musk, in a separate X post on Wednesday, also called into question the role of proxy advisory firms generally. The Tesla CEO echoed criticism from ARK Invest CEO Cathie Wood by saying these firms—which issue recommendations to shareholders for how they should vote on proposals at public companies’ annual shareholder meetings—have too much sway, especially with passive investors like index funds, which have substantial voting power because of the shares they hold for clients.

    “ISS and Glass Lewis have no actual ownership themselves and often vote along random political lines unrelated to shareholder interests! This is a major problem that is not just limited to Tesla,” Musk wrote on X.

    However, advisory firms do not vote directly in annual shareholder meetings and merely recommend positions that are also individually analyzed by some of the biggest institutional investors, including BlackRock, Vanguard, and State Street, which do their own in-house research. Both ISS and Glass Lewis twice recommended voters reject Musk’s previous 2018 pay package. Shareholders ultimately approved the package twice.

    A spokesperson for Glass Lewis told Fortune in a statement its job is to provide analysis and recommendations to its clients. 

    “Those that are Tesla shareholders will ultimately make their own decisions about Mr. Musk’s pay proposal and the Board directors that put it forward for shareholder vote,” the statement read.

    ISS declined to comment. Tesla did not immediately respond to a request for comment.

    Musk, who has a net worth of $455 billion, said he needs an ownership stake “in the mid-20s approximately” to achieve his goals at Tesla. The pay package in question would give Musk about $1 trillion over 10 years if he meets performance metrics, one of which includes boosting the company’s market cap more than 500% to $8.5 trillion. 

    ISS and Glass Lewis both issued reports earlier this month questioning Musk’s pay package, in part because of the package’s size and because it would dilute existing shareholders’ holdings. 

    While Tesla claimed regular benchmarking doesn’t apply to Musk’s pay, because no other company has “remotely similar goals embodied in their compensation programs,” Glass Lewis wrote in its report that Musk’s 2025 performance award is “unprecedented” compared with that of other public companies, and around 33.5x larger than its predecessor from 2018.

    “It is clear that the quantum, on a realizable and granted basis, outpaces all other pay packages.”

    [ad_2]

    Marco Quiroz-Gutierrez

    Source link

  • Wall Street Leaders Split on Trump’s Push to Change Quarterly Earnings Rules

    [ad_1]

    JPMorgan CEO Jamie Dimon supports amending quarterly earnings report requirements. Michel Euler/POOL/AFP via Getty Images

    Since 1970, U.S. public companies have been mandated by the Securities and Exchange Commission (SEC) to provide financial updates every three months via quarterly earnings reports. This 55-year-old tradition could soon be cut in half under the Trump administration, which is seeking to move to semi-annual reports. The proposal has drawn both praise and criticism from some of Wall Street’s most influential leaders.

    Jamie Dimon, CEO of JPMorgan Chase, voiced his support for President Donald Trump’s suggestion during an interview with Bloomberg TV yesterday (Oct. 7). “I would welcome it,” he said, noting that quarterly forecasts make “CEOs get their back up against a wall.” “They have to meet these things—earnings—and then they start doing dumb stuff,” he added.

    Trump floated the proposal last month, arguing that reporting earnings every six months instead of three would “save money and allow managers to focus on properly running their companies.” The President previously pushed for a similar change in 2018 during his first term, when the SEC solicited public feedback but ultimately left the quarterly requirement in place.

    This time, however, the SEC appears more willing to act. The agency has indicated that the proposal will be a priority, with Paul Atkins, the SEC’s chair, calling the President’s request “timely” and something the SEC is “working to fast-track.” A draft proposal could be released in the next few months, according to Atkins.

    Dimon said JPMorgan would still report earnings quarterly, but with “much less stuff.” He described the requirement as part of a larger problem of “endless rules” that make it harder for companies to go public. “We’ve gone from 8,000 public companies in 1996 to, like, 4,000 today,” he told Bloomberg. “You want an active market, and we’ve kind of crushed it.”

    Dimon isn’t alone in supporting the potential shift. Adena Friedman, CEO of Nasdaq, praised Trump’s proposal after it was announced, arguing that quarterly reporting encourages “short-termism“—an excessive focus on immediate results. In a LinkedIn post, she called for “common-sense reforms to reduce the burden on publicly listed companies.”

    What financial leaders think of quarterly reporting

    The benefits of semi-annual reporting are evident, according to David Solomon, CEO of Goldman Sachs. Fewer earnings reports free up time for companies and allow executives to take a long-term view, he remarked during a talk last month at Georgetown University. “As a CEO, I’d obviously rather do two earnings calls a year than four earnings calls a year,” he said.

    Still, Solomon admitted that eliminating quarterly reports could reduce transparency. “I’m still thinking it through, and the firm’s still thinking it through,” he added, noting that he has yet to decide whether he supports the change.

    Citadel CEO Ken Griffin, however, has made up his mind. “I don’t understand the merits of holding back from the market, readily knowable information,” he told CNBC in September, warning that accountability could suffer if longer gaps between reports are allowed. “In this day and age, quarterly reporting is fair,” added Griffin. Griffin agreed with Dimon’s view that overregulation discourages initial public offerings, saying barriers to expanding the number of publicly owned companies should be addressed.

    This isn’t the first time financial leaders have questioned the quarterly reporting model. In 2018, Dimon and Warren Buffett co-authored a Wall Street Journal op-ed urging companies to reduce or eliminate quarterly earnings forecasts. They argued that such forecasts push companies toward short-term thinking and discourage those with longer-term goals from going public. “Our views on quarterly earnings forecasts should not be misconstrued as opposition to quarterly and annual reporting,” wrote Dimon and Buffett, who maintained that transparency remains “an essential aspect of U.S. public markets.”

    Wall Street Leaders Split on Trump’s Push to Change Quarterly Earnings Rules

    [ad_2]

    Alexandra Tremayne-Pengelly

    Source link

  • iShares Select Dividend ETF $DVY Shares Bought by Worth Financial Advisory Group LLC

    [ad_1]

    Worth Financial Advisory Group LLC raised its position in iShares Select Dividend ETF (NASDAQ:DVY – Free Report) by 29.0% in the 2nd quarter, Holdings Channel reports. The fund owned 2,777 shares of the company’s stock after purchasing an additional 625 shares during the period. Worth Financial Advisory Group LLC’s holdings in iShares Select Dividend ETF were worth $369,000 as of its most recent SEC filing.

    Several other large investors also recently bought and sold shares of the company. Spirepoint Private Client LLC acquired a new stake in iShares Select Dividend ETF in the second quarter valued at approximately $246,000. Diversified Enterprises LLC acquired a new stake in iShares Select Dividend ETF in the second quarter valued at approximately $233,000. Townsend Asset Management Corp NC ADV grew its position in shares of iShares Select Dividend ETF by 2.9% during the second quarter. Townsend Asset Management Corp NC ADV now owns 32,115 shares of the company’s stock worth $4,265,000 after buying an additional 907 shares in the last quarter. Signaturefd LLC grew its position in shares of iShares Select Dividend ETF by 25.6% during the second quarter. Signaturefd LLC now owns 2,235 shares of the company’s stock worth $297,000 after buying an additional 455 shares in the last quarter. Finally, Moisand Fitzgerald Tamayo LLC grew its position in shares of iShares Select Dividend ETF by 7.1% during the second quarter. Moisand Fitzgerald Tamayo LLC now owns 1,500 shares of the company’s stock worth $199,000 after buying an additional 100 shares in the last quarter. Institutional investors and hedge funds own 46.08% of the company’s stock.

    iShares Select Dividend ETF Price Performance

    iShares Select Dividend ETF stock opened at $141.36 on Friday. The company has a market cap of $20.72 billion, a PE ratio of 13.69 and a beta of 0.87. iShares Select Dividend ETF has a 12 month low of $115.94 and a 12 month high of $144.09. The company has a fifty day moving average price of $139.16 and a two-hundred day moving average price of $133.68.

    iShares Select Dividend ETF Increases Dividend

    The business also recently declared a quarterly dividend, which was paid on Friday, September 19th. Investors of record on Tuesday, September 16th were paid a $1.2465 dividend. The ex-dividend date of this dividend was Tuesday, September 16th. This represents a $4.99 dividend on an annualized basis and a yield of 3.5%. This is an increase from iShares Select Dividend ETF’s previous quarterly dividend of $1.23.

    iShares Select Dividend ETF Profile

    (Free Report)

    iShares Select Dividend ETF, formerly iShares Dow Jones Select Dividend Index Fund (the Fund), is an exchange-traded fund. The Fund seeks investment results that correspond generally to the price and yield performance of the Dow Jones U.S. Select Dividend Index (the Index). The Index measures the performance of a selected group of equity securities issued by companies that have provided relatively high dividend yields on a consistent basis over time.

    Read More

    Want to see what other hedge funds are holding DVY? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for iShares Select Dividend ETF (NASDAQ:DVY – Free Report).

    Institutional Ownership by Quarter for iShares Select Dividend ETF (NASDAQ:DVY)



    Receive News & Ratings for iShares Select Dividend ETF Daily – Enter your email address below to receive a concise daily summary of the latest news and analysts’ ratings for iShares Select Dividend ETF and related companies with MarketBeat.com’s FREE daily email newsletter.

    [ad_2]

    ABMN Staff

    Source link

  • Solana Treasury Player SOL Strategies Goes Public On Nasdaq

    [ad_1]

    They say journalists never truly clock out. But for Christian, that’s not just a metaphor, it’s a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

    Christian’s journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

    Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling – right up his alley!

    So, he landed a killer gig at NewsBTC, where he’s one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

    Think Christian’s all work and no play? Not a chance! When he’s not at his computer, you’ll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

    Speaking of chill, Christian’s got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

    Here’s the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day – and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

    Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors – and bosses – he deeply respects.

    So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

    [ad_2]

    Christian Encila

    Source link

  • Gemini Heads for Wall Street: IPO to Make It Third Public Crypto Exchange

    [ad_1]

    The Winklevoss twins-run exchange is next in line for a public debut on a stock index.

    Coinbase and Bullish have already taken the leap, and have raised a few eyebrows. What’s next for Gemini?

    Proceedings Underway

    Shared via a press release, Gemini Space Station, Inc., the parent company of the exchange, announced earlier this week that it has begun the initial public offering (IPO) process, with the offer of over 16.6 million shares of class A common stock.

    This follows the registration statement on the S-1 form filed with the Securities and Exchange Commission in the United States. Along with the offer, Gemini and the shareholders who will be selling their stock plan to provide underwriters (a financial institution/professional that assesses and assumes the risk of a potential loan) with an option of purchasing additional shares for a period of one month.

    Those amounts are 2,396,348 and 103,652 shares of class A common stock, respectively, which will be used to cover over-allotments (an option allowing underwriters to sell up to 15% more shares than initially planned). The IPO price for the stock is currently set at a range between $17 and $19, depending on the economic climate and other conditions.

    Additionally, the announcement reads that there is no guarantee as to when and if the offering will be completed, or the actual size of it. Gemini has applied for a listing on the NASDAQ index with the ticker “GEMI.” Leading bookrunners (underwriters) are financial giants Goldman Sachs, Citigroup, and Morgan Stanley.

    Will We See Another Stellar Performance?

    Recall Coinbase in 2021, which went straight for a direct listing on the NASDAQ, rather than the usual IPO. Before the listing, the reference price per share was $250, and at the end of the first trading day, it closed at $328.28, a 31% jump. Earlier this week, COIN traded at arond $303, which represents a minor decline over the past few years.

    Source: Google Finance

    More recently, the Bullish exchange, which went live on the New York Stock Exchange (NYSE) last month, also saw an impressive debut after its IPO, which raised $1.1 billion, making its initial valuation $5.4B, with the share value being $37.

    Its first trading day went well, with the shares opening at $90 and reaching peaks of $118, representing increases of 143% and 218%, respectively, before finishing the day at $68. At print time, the stock price is holding steady at around $62.

    Source: Google Finance

    Notably, this IPO was unique in itself, as it was the first ever to be fully settled in stablecoins.

    “Getting your IPO proceeds in stablecoins is a baller move. Big moment for all of crypto. Soon this will be the new normal.” – Brian Armstrong, Coinbase CEO

    SPECIAL OFFER (Sponsored)

    Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive $600 exclusive welcome offer on Binance (full details).

    LIMITED OFFER for CryptoPotato readers at Bybit: Use this link to register and open a $500 FREE position on any coin!

    [ad_2]

    Dimitar Popov

    Source link

  • Protect Yourself from Scams and Fraud: Advice from the Experts

    [ad_1]

    At the beginning of a JPMorganChase-sponsored panel during the 2025 National Association of Black Journalists (NABJ) convention, Washington Post personal finance columnist Michelle Singletary asked participants to raise their hands if they’d ever received a suspicious text message about a job offer.

    About half the room lifted their hands. Then she kept going.

    “If you’ve gotten one of those ‘you owe a toll’ texts but you don’t even have a car? What about crypto? What if you’ve gotten something from Zelle from your bank and you don’t even have a bank? What about a bill? A package coming from Federal Express?”

    By the time she finished the list, every hand was in the air.

    On Aug. 7, Singletary joined other experts from the financial and security sectors for the NABJ luncheon panel discussion, Safeguarding Consumers Against Fraud and Scams in the Digital Age, in Cleveland, Ohio. The panel was organized to help educate journalists from across the U.S. about the evolving landscape of fraud and scams so they can in turn raise awareness among their viewers, listeners and readers.

    In 2024, the U.S. Federal Trade Commission received complaints totaling $12.5 billion lost to scams or fraud. Globally, $485.6 billion was lost to scams or fraud, according to Nasdaq. A Bankrate.com study also reported that one in three Americans faced a scam during the last 12 months, and an FBI cybercrime report recorded $16 billion lost to fraud or scams in 2024.

    “This issue impacts all of us, whether you’ve been directly scammed or you know someone who has,” Singletary said. “This is the financial pandemic we’re dealing with today.”

    Fraud vs. scam: What’s the difference?

    Both frauds and scams are “terribly invasive,” said Diedra Porché, national head of community and business development at JPMorganChase. “You’ve lost money in some form or fashion.” 

    Even though both involve invasions of security and privacy, fraud and scams have some key differences. With fraud, someone illegally accesses your information or your account to move your money around. Scams take place when someone has duped, tricked or manipulated you into providing personal information so they can gain access to your funds.

    Another key identifier of a scam is impersonation, noted Sheryl Harris, director of the Cuyahoga County (Ohio) Department of Consumer Affairs. A scammer will often pretend to be a representative of a bank, government agency, law enforcement unit or other outside party when they contact you by phone, text or email. They might tell you something bad is happening with your account or to a loved one and try to scare or coerce you into quickly giving them money to fix the “problem” or help your loved one. Once you’ve given them your funds, they’ll disappear – and you’ll learn there was never an issue at all. 

    Toni Pietrocola, president of AI cybersecurity company AgileBlue in Cleveland, warned attendees about the growth of AI scams as well. Scammers/fraudsters can gather information from social media profiles, including voices, and create a voice call, email or text from a loved one, boss or other associate asking for financial or other personal information. The information gleaned from social media might make the request feel more real, even though it too is a scam.

    Ways to stay safe

    Porché also emphasized how people of all ages can be victimized. Younger people might be targeted by scammers claiming to offer a job and asking for financial information to pay for a background check or work attire. Scammers might also reach out to college students at the beginning of the year offering discounts on books if they send money to a certain account.

    “Just be aware new scams are happening all the time, so always verify the source and reach out to someone trusted to make sure it’s valid,” Porché said.

    Other tips from panelists included using two-factor identification to log into financial accounts, avoiding public WiFi where outsiders can access your account or other personal information and being careful about the information you share on social media.

    If you have questions about a call or text supposedly from your bank, call the bank directly using the number on the back of your debit or credit card, not the number on the text message, they said. Contact a law enforcement agency if you get a message or call about a loved one supposedly needing money to get out of jail or another dire situation.

    Free guidance can be found on the FTC website, and many financial institutions, including JPMorganChase, provide free information online and in branches about protecting yourself from scams. All are welcome to pick up information or attend a workshop, even if they don’t have a Chase account.

    “We’re keenly focused on raising awareness to prevent scams and fraud, which is why we’re hosting workshops with partners across the industry, such as journalists, law enforcement, and government,” Porché said. “This issue is real, and it’s affecting everyone.” 

    For informational/educational purposes only: Views and strategies described on this article or provided via links may not be appropriate for everyone and are not intended as specific advice/recommendation for any business. Information has been obtained from sources believed to be reliable, but JPMorgan Chase & Co. or its affiliates and/or subsidiaries do not warrant its completeness or accuracy. The material is not intended to provide legal, tax, or financial advice or to indicate the availability or suitability of any JPMorgan Chase Bank, N.A. product or service. You should carefully consider your needs and objectives before making any decisions and consult the appropriate professional(s). Outlooks and past performance are not guarantees of future results. JPMorgan Chase & Co. and its affiliates are not responsible for, and do not provide or endorse third party products, services, or other content.

    Deposit products provided JPMorgan Chase Bank, N.A. Member FDIC. Equal Opportunity Lender. © 2025 JPMorgan Chase & Co.

    [ad_2]

    Sponsored by JPMorganChase

    Source link

  • U.S. markets hold steady a day after Trump says he removed Lisa Cook from post

    [ad_1]

    U.S. financial markets were steady Tuesday after President Trump said he had removed Lisa Cook from the Federal Reserve’s Board of Governors, an unprecedented move that analysts say could rattle investors.

    As of 9:45 a.m. EST, the S&P 500 was down 2 points, or 0.1%. Meanwhile, the Dow Jones industrial Average gained 2 points. The tech heavy Nasdaq Composite shed 56 points. But this muted start to morning trading in the U.S. contrasted with sharp declines on global markets, as investors digested news of a potential Fed shakeup that could reshape the composition of the Board of Governors. 

    The nonplussed start to morning trading came as investors digested news of a potential Fed shakeup that could reshape the composition of the Board of Governors. 

    Mr. Trump made his announcement in a letter posted on Truth Social on Monday evening, accusing Cook of mortgage fraud. The president said the move was “effective immediately.” 

    Mr. Trump was repeating allegations against Cook first leveled earlier this month by Federal Housing Finance Agency Director Bill Pulte. The senior housing official, who runs the agency that regulates mortgage giants Fannie Mae and Freddie Mac, alleged earlier this week that Cook falsified bank and property records to “obtain more favorable loan terms.”

    “I have determined that there is sufficient cause to remove you from your position,” Mr. Trump wrote on Monday in the letter addressed to Cook. The president had previously called on the Fed official to resign.

    Cook responded to the Monday post with a statement saying that Mr. Trump has no authority to fire her and that she will not resign, setting up a potential legal showdown that will test the president’s authority to fire a member of the central bank. Under the Federal Reserve Act, the president can only remove a Fed official “for cause.” Fed board members serve for 14-year terms.

    Mr. Trump “purported to fire me ‘for cause’ when no cause exists under the law, and he has no authority to do so. I will not resign. I will continue to carry out my duties to help the American economy as I have been doing since 2022,” Cook said in a statement.

    Global markets tumbled after the President’s announcement. In Asian trading, most benchmarks declined. Germany’s DAX lost 0.3%, while the CAC 40 in Paris slumped 1.4%. Britain’s FTSE 100 gave up 0.5%.

    Meanwhile, U.S. Treasury yields were mixed, with longer-term yields rising and lower-term yields edging lower. The 30-year Treasury yield rose to 4.92% on Tuesday morning, up two basis points from 4.90%. The yield on the 10-year Treasury also inched higher to 4.93%.

    While Mr. Trump’s move to fire Cook could be a source of unease for investors, it did not appear to shake their faith in a September rate cut. Traders see an 86% chance that the central bank will cut interest rates by a quarter of a percentage point, according to data from CME Group this morning.

    Ulrike Hoffmann-Burchardi, CIO Americas and global head of equities at UBS Global Wealth Management expects the Fed to lower rates by a total of 1 percentage point over the central bank’s next four meetings.

    During a speech last week at the Jackson Hole, Wyoming economic forum Fed Chair Jerome Powell signaled a rate cut could be on the horizon. The Fed will “proceed carefully,”Powell said, but added that the shifting balance of risks “may warrant adjusting our policy stance.” 

    The Associated Press

    contributed to this report.

    Mary Cunningham

    Mary Cunningham is a reporter for CBS MoneyWatch. Before joining the business and finance vertical, she worked at “60 Minutes,” CBSNews.com and CBS News 24/7 as part of the CBS News Associate Program.

    [ad_2]

    Source link

  • Public fintechs outperforming a record stock market

    [ad_1]

    Even as the U.S. stock markets reach new highs seemingly every week, fintech stocks are outpacing them.  F-Prime’s Fintech Index, which tracks publicly listed disruptive fintech companies, is up 42% year-to-date — far outpacing the S&P 500 (+10% YoY) and Nasdaq (+12% YoY), Abdul Abdirahman, a principal at the Cambridge, Mass.-based venture capital firm, told […]

    [ad_2]

    Vaidik Trivedi

    Source link