Author: Bruno T
-
US wholesale inventories down by 0.3% in January
Wholesale inventories in the United States decreased by 0.3% in January compared to the previous month and amounted to $895.1 billion, according to a report by the US Census Bureau on Wednesday. The figure was revised from the advanced decline of 0.1% published at the end of February. Inventories were down 2.5% compared to January 2023. Meanwhile,…
-
US job openings at 8.9 million in January
Job openings in the United States stood at 8.9 million in January, little changed from the previous month, the US Bureau of Labor Statistics reported on Wednesday. The job opening rate was unchanged at 5.3%. The Job Openings and Labor Turnover Survey (JOLTS) showed that the number and rate of hires were little changed at…
-
US mortgage applications up 9.7%
Mortgage applications in the United States increased by 9.7% in the week ending March 1, according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey published on Wednesday. According to the report, the average contract interest rate for 30-year fixed-rate mortgages continued to decline, falling to 7.02% from last week’s 7.04%. Meanwhile, the Refinance…
-
Powell Expects Fed Rate Cuts, Warns Inflation Progress Uncertain
Federal Reserve Chair Jerome Powell said on Wednesday that the ongoing progress of inflation is “not guaranteed,” although the central bank still expects to lower its benchmark interest rate this year. “If the economy evolves as expected, it will likely be appropriate to begin easing monetary policy at some point this year,” Powell stated in…
-
Recent Analyst Upgrades and Downgrades: A Glimpse into Market Sentiments
In a series of recent analyst revisions, several major corporations have seen significant changes in their stock recommendations and price targets, reflecting shifting market sentiments and expectations for future performance. Here’s an overview of some notable adjustments: Crowdstrike Holdings, Inc. Morningstar has revised its stance on Crowdstrike Holdings, Inc., upgrading the cybersecurity firm from ‘sell’…
-
Cryptos back to gains, Bitcoin surges over 5%
Major cryptocurrencies returned to the green territory and continued their rally on Wednesday after it was briefly stopped the day before. On Tuesday, Bitcoin surpassed the $69,000 mark and reached its fresh all-time high as its halving event is approaching. The upward trend in cryptocurrencies has been almost unstoppable since the beginning of 2024, with Bitcoin climbing by almost 60% and…
-
US higher in premarket with Powell’s testimony looming
Major stock indexes on Wall Street traded higher in the premarket on Wednesday as attention turned to Federal Reserve Chair Jerome Powell’s testimony in Congress, which will last two days. Investors are looking to pick up more cues on when the United States central bank could potentially start easing its monetary policy. Meanwhile, in data,…
-
Europe’s New Digital Markets Act Marks a Shift in Tech Regulation
Another day brings another multi-billion dollar regulatory fine from Europe that is unlikely to dent the balance sheet of a tech giant. However, this time, the European Commission’s $2 billion fine against Apple (AAPL) signifies the end of a confusing era and the beginning of a new phase where competition watchdogs might be quicker and…
-
Wall Street Strategists Divided Over Potential Market Bubble Amid Stock Surge
The nearly 10% surge in major U.S. stock indices in just over two months this year has left strategists from JPMorgan Chase (JPM) and Goldman Sachs (GS) split over the possibility of a bubble forming in the market. Marko Kolanovic, chief strategist at JPMorgan, sees the dramatic rise in U.S. stocks and the rapid ascent…
-
Gold Reaches New Record High Amid Fed Speculations and Global Risks
On Tuesday, gold hit a new milestone by reaching a historic high, driven by a combination of fund purchases and speculation about future changes in the Federal Reserve’s monetary policy, along with geopolitical and financial concerns that have bolstered the precious metal’s rally. Gold prices saw an increase of up to 1.3%, reaching $2,141.79 an…