Trends in home prices and consumer expectations that were part of data releases Tuesday pointed to more inflationary issues on the horizon for the U.S. economy. The S&P/Case-Shiller index, which measures home prices across 20 major U.S. cities, rose 1.77% in June, bringing the year-over-year gain to a staggering 19.1%. That’s the largest jump in […]
The American Petroleum Institute (API) on Tuesday reported a large draw in crude oil inventories of 4.045 million barrels for the week ending August 27, bringing the total 2021 crude draw so far to more than 62 million barrels, using API data. Analysts had expected a loss of 2.833 million barrels for the week. In […]
BEIJING — China’s services industry contracted in August for the first time since the height of the pandemic early last year, according to official data released Tuesday. The National Bureau of Statistics’ monthly survey of businesses found the non-manufacturing Purchasing Managers’ Index (PMI) fell to 47.5 in August, down from 53.3 in July. The latest […]
Key Points Several stock indexes hit new records Monday. However, Zoom Video moved lower on a disappointing earnings report. Similarly, Brazilian fintech StoneCo was lower after its earnings. The stock market generally continued to move higher on Monday, buoyed by strong sentiment that the higher-growth area of the economy would continue to thrive. That helps […]
Shares of Robinhood dropped Monday amid several bouts of bad news for the brokerage app. Robinhood’s stock fell 6.9% to $43.64 per share after Securities and Exchange Commission Chairman Gary Gensler told Barron’s that banning the controversial practice of payment for order flow is “on the table.” Gensler told the outlet that payment for order […]
Late last week, Rivian filed for an initial public offering. The 12-year-old electric vehicle manufacturer, which is backed by Amazon and considered one of the biggest threats to Tesla, is seeking a valuation as high as $80 billion. That would make Rivian one of the world’s most valuable automakers, worth billions more than Ford or […]
Astra’s first rocket launch since it the company went public wasn’t exactly the success the company hoped for. An engine failing to fire a second into the launch caused the rocket to hover sideways before attempting to reach orbit. The flight safety crew purposely stalled the engines 2 minutes and 28 seconds into the flight […]
Debt reduction will be a top priority for Chinese developers until 2023 and many of them are actively taking steps to lower their liabilities as they do not want to come under further scrutiny from regulators who are determined to improve the sector’s financial health, say analysts. With most developers reducing borrowings and trimming debt, market observers […]
Fed Chair Jerome Powell announced on Friday at the Jackson Hole Symposium that the U.S. central bank will consider tapering by the end of the year since the economy is on track to meet full employment and hit the Fed’s inflation targets. The reason that stock markets did not react adversely to the announcement is […]
U.S. stock futures were steady in overnight trading on Sunday as investors readied for the final trading days of August. Dow futures rose just 11 points. S&P 500 futures were little changed and Nasdaq 100 futures traded around the flatline. Stocks could stay range-bound until the release of August’s jobs report on Friday. Economists polled […]
A recent T-Mobile data breach coughed up the information of more than 50 million people, including some who aren’t current customers or never were. The 21-year-old hacker who says they’re responsible for the attack already did an interview with the Wall Street Journal calling its security “awful,” and now CEO Mike Sievert is speaking out. […]
An inflation measure the Federal Reserve uses to set policy rose 3.6% in July from a year ago, meeting Wall Street expectations but also tying the highest level in about 30 years. The core personal consumption expenditures price index, which the Fed sees as the broadest measure of inflation, was unchanged from June, which was […]
