Category: Latest News
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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,…
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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…
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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…
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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…
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U.S. Stocks Move Sharply Lower Ahead Of Powell Testimony
Following the modest pullback seen during the previous session, stocks showed a more substantial move to the downside during trading on Tuesday. The major averages all moved notably lower, with the tech-heavy Nasdaq (NASDAQI:COMP) showing a particularly steep drop. The major averages climbed off their worst levels going into the close but remained firmly negative.…
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Global Markets Update: A Close Look at Bayer, Target, Gitlab, Tesla, Amazon, and More
Rental and Financial Sectors Ashtead, a rental company, anticipates its rental income growth to be at the lower end of the 11-13% range for the financial year, signaling cautious optimism. Banque Cantonale de Genève reported record profits and dividends, showcasing strength in the banking sector. Pharmaceutical and Security Industries Bayer sets its sights on a…
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US factory orders down by 3.6% in January
New orders for manufactured goods in the United States observed a monthly decrease of 3.6% or $21.5 billion to come in at $569.7 billion in January, the Census Bureau said in its report published on Tuesday. Shipments decreased $5.7 billion or 1% to stand at $572.3 billion. Unfilled orders increased by $2.1 billion or 0.2%…
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U.S. Composite PMI Indicates Sustained Expansion in Business Activity for February
In a positive sign for the U.S. economy, the Composite PMI Output Index, which encompasses both services and manufacturing sectors, reflected continued expansion in business activity for the month of February. According to the latest report by S&P Global, the index marked a rise to 52.5, up from January’s figure of 52.0, showcasing a thirteenth…
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BTC Plunges Post-Record High; Deutsche Boerse Launches Crypto Platform, and More
Bitcoin falls after reaching all-time high due to massive sales Bitcoin (COIN:BTCUSD) experienced a 7% drop shortly after hitting a new all-time high of $69,208, with intense selling on cryptocurrency exchanges preventing gains beyond the milestone. Large sell orders on Binance, including over 300 BTC at $69,000 and 500 BTC at $70,000, created significant price…
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U.S. Services Industry Growth Moderates in February, ISM Report Shows
The U.S. services sector, a critical component of the nation’s economy, experienced a slowdown in growth during February, as reported by the Institute for Supply Management (ISM). According to the latest ISM Services Purchasing Managers’ Index (PMI), the growth pace decelerated, with the index registering at 52.6 percent. This figure represents a decline of 1.8…