Category: Latest News
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IBM Closes China Research Division, Uber Fined $324M, Starliner to Return Without Astronauts
International Business Machines (NYSE:IBM) – According to the South China Morning Post, IBM has closed its R&D operations in China, laying off over 1,000 employees due to geopolitical tensions. The company shut down its labs in Beijing, Shanghai, and Dalian but stated that it will continue to support customers in the region. IBM’s sales in…
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Powell Speech Signaling Rate Cuts Contributes To Rally On Wall Street
Following the pullback seen over the course of the previous session, stocks showed a strong move back to the upside during trading on Friday. The major averages all moved sharply higher, with the Dow and the S&P 500 reaching their best closing levels since reaching record highs in mid-July. The major averages gave back ground…
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Bitcoin Surges Following Powell Speech; Sony Launches Soneium Blockchain; JPMorgan Cuts Miners’ Price Targets
Bitcoin rises 5% after Jerome Powell’s speech at Jackson Hole Jerome Powell, Fed Chairman, delivered a speech at Jackson Hole that boosted Bitcoin, gold, and stocks. Bitcoin (COIN:BTCUSD) surged 4.9% to $63,360 at the time of writing, while the S&P 500, Nasdaq, and Dow Jones gained 0.89%, 1.21%, and 0.86%, respectively. The revision of U.S.…
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Ross Stores Rises 6% After Revised Annual Profit; Workday Surges 12% on Strong Results, More on Earnings
Ross Stores (NASDAQ:ROST) – The discount apparel retailer beat expectations with adjusted earnings of $1.59 per share, above the expected $1.50. Revenue grew 7% to $5.3 billion, surpassing the forecast of $5.25 billion. Same-store sales increased by 4%, compared to analysts’ expectation of a 2.9% increase. The company raised its annual earnings forecast to between…
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U.S. Index Futures Rise as Markets Await Powell’s Speech, Oil Prices Edge Higher
U.S. index futures rose in pre-market trading on Friday as investors await Federal Reserve Chair Jerome Powell’s speech, which may signal interest rate cuts. The Dow and S&P 500 have posted slight gains this week, while the Nasdaq has declined 0.1% so far, heading for its fifth weekly drop in six. At 05:14 AM, Dow…
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Cruise and Uber Join Forces for Robotaxis, Alibaba Shifts Primary Listing to Hong Kong, Altria Hikes Dividend 4.1%
Uber Technologies (NYSE:UBER), General Motors (NYSE:GM) – Cruise, a self-driving car subsidiary of General Motors, has partnered with Uber to offer rides in its robotaxis on the platform starting next year. This collaboration comes as Cruise recovers from an accident in San Francisco, resuming testing with safety drivers. Cruise agreed to recall about 1,200 robotaxis…
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Profit Taking Contributes To Significant Pullback On Wall Street
After failing to sustain an early move to the upside, stocks came under considerable selling pressure over the course of the trading session on Thursday. The major averages pulled back well off their early highs and firmly into negative territory. The Nasdaq and the S&P 500 (SPI:SP500) finished the day just off their lows of…
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AVAX Price Rises with Grayscale Backing, OCEAN Postpones Node Launch, NEAR Debuts Nightshade 2.0 Upgrade
AVAX rises with support from Grayscale and Franklin Templeton Avalanche’s AVAX token (COIN:AVAXUSD) reached $25 before retreating to $24.16 at the time of writing, after Grayscale and Franklin Templeton announced expansions of their products into the Avalanche ecosystem. This recovery reverses some of AVAX’s recent losses, which dropped 24.2% over the past month. Grayscale launched…
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Initial Jobless Claims Show Modest Rebound
After reporting decreases by first-time claims for U.S. unemployment benefits over the two previous weeks, the Labor Department released a report on Thursday showing a modest rebound by initial jobless claims in the week ended August 17th. The report said initial jobless claims rose to 232,000, an increase of 4,000 from the previous week’s revised…
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U.S. Stocks May Add To Yesterday’s Gains In Early Trading
The major U.S. index futures are currently pointing to a modestly higher open on Thursday, with stocks likely to add to yesterday’s gains in early trading. The markets may continue to benefit from optimism about the outlook for interest rates following the release of the minutes of the Federal Reserve’s latest monetary policy meeting on…