Wall Street closed lower Thursday as hopes for fresh fiscal stimulus ahead of President-elect Joe Biden’s pandemic aid proposal were pitted against a weakening labor market.
Wall Street ended lower Thursday after a disappointing jobs report.
The Labor Department reported that the number of Americans filing new jobless claims rose to 965,000 last week.
That was much more than economists had expected.
The S&P 500 fell four-tenths percent, the Dow shed a fifth of a percent, and the Nasdaq lost a tenth of a percent.
Investors now turn their attention to President-elect Joe Biden who is scheduled to deliver a massive pandemic relief proposal in a highly anticipated speech later Thursday.
National Securities chief market strategist Art Hogan said Wall Street high expectations.
“1-1/2 trillion.
We need to see something north of that.
But I think consensus and anything south of consensus would be disappointing, and I think this is a market that is planning on at least 1-1/2 trillion dollars of additional fiscal policy stimulus.” Airline stocks gained ground.
Delta Air Lines CEO said 2021 would be “the year of recovery” after the pandemic drove his company to post its first annual loss in 11 years.
Taiwan Semiconductor Manufacturing sparked a rally in chip stocks.
The chip makers’ U.S. shares shot up nearly 6% after the company posted its best-ever quarterly profit and lifted its estimates for revenue and capital spending.
U.S.-listed shares of China’s Alibaba and Baidu also rose.
Sources said the Trump administration scrapped its plans to blacklist the Chinese tech giants and shelved its plans to ban investment in the companies.
Earnings season kicks off Friday with reports from some major U.S. banks: JPMorgan Chase, Citigroup and Wells Fargo.
Secretary of State Antony Blinken met with Chinese President Xi Jinping in Beijing on Friday as he wrapped up a three-day visit to China dominated by contentious issues and warnings from his hosts of another “downward spiral” in relations. The two met Friday afternoon local time at the Great Hall of the People, an ornate and cavernous building next to Tiananmen Square. Blinken told Xi that President Joe Biden had sent him to China to “seek to deepen areas of cooperation as well as to responsibly manage the differences that we have.” Xi noted that this year is the 45th anniversary of the establishment of diplomatic relations between the United States and China, and said the two countries “should be partners rather than adversaries.”
#BlinkenXiMeeting #ChinaUSRelations #DiplomaticTalks #GlobalIssues #BilateralRelations #ForeignPolicy #Diplomacy #InternationalRelations #USChinaDialogue #XiJinpingMeeting
~HT.97~PR.152~ED.155~
Kim Kardashian went back to the White House to advocate for criminal justice reform -- only here, it was with Biden's camp ... proving she's loyal to the cause,.. TMZ.com
Biden Is Giving $6 Billion , to Micron Technology , for Semiconductor Production.
On April 25, President Biden will travel to Syracuse, NY, to announce over $6 billion in federal grants that his administration is awarding to Micron Technology, NPR reports. .
Senate Majority Leader Chuck Schumer, who was heavily involved in enacting the CHIPS and Science Act, issued a statement about the investment. .
This is the federal government taking back the reins, putting money where its mouth is when we say we want the future of tech to be stamped: 'Made in America.', Senate Majority Leader Chuck Schumer, via statement.
Micron will invest $100 billion of the funds to construct a manufacturing facility in Syracuse.
Schumer referred to the plan as "quite a
great return" on the government's investment.
A factory will also be built in
Boise, Idaho, NPR reports. .
That facility is expected to be ready for production by 2026, while two New York factories will likely be ready by 2028 and 2029.
The White House estimates that
the projects could create 20,000 jobs
in construction and manufacturing.
in addition to "tens of thousands of
indirect jobs in the regions," NPR reports. .
The CHIPS and Science Act has also provided funding for Intel, TSMC and Samsung
Credit: Wibbitz Top Stories Duration: 01:30Published
President Biden signs historic legislation securing billions in US aid for Ukraine and Israel, reaffirming America's commitment to global security. Despite criticisms over human rights abuses in Gaza, Biden emphasizes the 'ironclad' nature of US support for Israel's defense. Stay informed with the latest developments on international affairs.
#JoeBiden #Israel #Gaza #IsraelHamasWar #IsraelPalestine #IsraelPalestineWar #USPresident #USNews #USAidBill #RussiaUkraineWar #Oneindia
~PR.274~ED.103~GR.125~
President Biden had yet another teleprompter gaffe while speaking at a conference Wednesday ... and it's not the first time the prez fumbled a speech, far from.. TMZ.com
Fears of Potential Iranian Attack , Drive US Stocks Down , Nearly 500 Points.
CNN reports that United States stocks dropped on
April 12 amid rising tensions in the Middle East pushing
traders to seek safe havens like gold and bonds.
CNN reports that United States stocks dropped on
April 12 amid rising tensions in the Middle East pushing
traders to seek safe havens like gold and bonds.
By mid-afternoon, the Dow had fallen
1.4%, the S&P 500 went down 1.6%,
and the Nasdaq dropped 1.8%.
The dip came after the White House announced
that both the U.S. and Israel are on alert for
a potential attack by Iran or its allies.
The dip came after the White House announced
that both the U.S. and Israel are on alert for
a potential attack by Iran or its allies.
The warning comes after Iran
accused Israel of a deadly airstrike
on a consulate in Damascus, Syria. .
The news also sent oil prices up amid
fears of regional tensions escalating
as a result of the ongoing war in Gaza. .
The news also sent oil prices up amid
fears of regional tensions escalating
as a result of the ongoing war in Gaza. .
Brent crude futures jumped up to $90.42
a barrel, and West Texas Intermediate crude
futures increased to $86.65 a barrel.
Those geopolitical concerns and subsequent
rising oil prices sent investors to safe havens like
gold futures, which rose to $2,379 a troy ounce.
Those geopolitical concerns and subsequent
rising oil prices sent investors to safe havens like
gold futures, which rose to $2,379 a troy ounce.
CNN reports that Americans' opinions of
the economy have dipped in the past few
months amid persistently high inflation.
The geopolitical fears come as investors are already
contending with concerns that the Federal Reserve could
wait to bring interest rates down from a 23-year high.
Officials at the Fed have signaled that further rate
hikes could still be on the way if the central
bank's efforts to fight inflation stall.
Credit: Wibbitz Top Stories Duration: 01:31Published
March Retail Sales , Exceeded Expectations.
New Commerce Department data surprised
some analysts on April 15, 'The Hill' reports. .
The agency's latest estimates indicate
that March retail sales increased by 0.7%.
They were only expected
to rise 0.3% last month.
While sales exceeded estimates for March, the jump
was still below the 0.9% increase in February.
Compared to the same time last year, total sales
for the first three months of 2024 were up 2.1%.
On April 10, the Labor Department released data showing that inflation rose last month. .
The consumer price index (CPI)
increased 0.4% in March and 3.5% annually.
In February, consumer prices
increased 3.2% year-over-year. .
Still, the newest Commerce Department data suggests that Americans continue to spend despite prolonged inflation, 'The Hill' reports.
Credit: Wibbitz Top Stories Duration: 01:30Published
Data Shows , US Wages Falling , at a 'Striking' Pace.
Fox News reports that wage growth
in the United States has slowed
significantly over the past year. .
According to new data from Indeed,
wage growth is beginning
to near pre-pandemic levels. .
Indeed's wage tracker showed that salaries have had
a marked drop since January 2022, suggesting that
employers are seeing less competition for new hires.
The pace of deceleration
is striking. Posted wage growth
has fallen by almost 3 percentage
points over the past year, Nick Bunker, Indeed labor economist, via Fox News.
Fox News reports that the most pronounced
deceleration was found in low-wage sectors. .
Given the huge run-up in posted
wages for those sectors, wage growth
is still above its pre-pandemic pace.
How long this will last is uncertain, Nick Bunker, Indeed labor economist, via Fox News.
After remaining historically tight throughout the last
year, the labor market is expected to continue slowing
in the coming months amid elevated interest rates.
Since March of 2022, the Federal Reserve has increased interest rates 11 times in an attempt to slow down inflation and cool the labor market.
Since March of 2022, the Federal Reserve has increased interest rates 11 times in an attempt to slow down inflation and cool the labor market.
In 2024, there have already been a number of significant layoffs, with major companies like Alphabet, Amazon and Citigroup cutting jobs. .
In 2024, there have already been a number of significant layoffs, with major companies like Alphabet, Amazon and Citigroup cutting jobs. .
In 2024, there have already been a number of significant layoffs, with major companies like Alphabet, Amazon and Citigroup cutting jobs. .
Despite this, job growth has
remained resilient, with employers
adding 275,000 jobs in February. .
At the same time, Labor Department
data shows that the unemployment
rate for the month also rose to 3.9%.
Credit: Wibbitz Top Stories Duration: 01:31Published
Trump’s Social Media Company , Sues Co-Founders.
Trump Media & Technology Group filed a
lawsuit against co-founders Wesley Moss and Andrew Litinsky on March 24, ABC News reports.
The suit came two days before shareholders approved a merger that allowed the
company to begin trading on the Nasdaq.
The lawsuit alleges that the two men
"failed spectacularly" to lead the company and made "reckless and wasteful decisions"
that resulted in "significant damage.".
Trump Media wants the co-founders to give up
their shares of the company, among other things. .
TMTG has been forced to file this action
to remedy the harm inflicted upon it by two
faithless fiduciaries and a company they own --
Wesley Moss, Andrew Litinsky, and
[United Atlantic Ventures] -- and to halt their
ongoing attempts to do even more damage, Via lawsuit.
Moss and Litinsky's company,
United Atlantic Ventures, owns 5.5%
of Trump Media, according to the SEC.
That amounts to 7,525,000 shares
which are worth about $388 million.
Donald Trump's stake in the company
is currently valued at over $4 billion.
Since going public last week,
the stock has been very volatile. .
At one time, shares peaked over $79.
On April 1, they plunged by 21%.
Shares recovered slightly on April 2
Credit: Wibbitz Top Stories Duration: 01:30Published
Truth Social Soars Nearly 50% , in First Day on Nasdaq.
The former president's social media company began trading on the Nasdaq on March 26, AP reports. .
Digital World Acquisition Corp. acquired Trump Media & Technology Group Corp., which runs Truth Social, on March 25.
Trump Media has taken the place
of Digital World on the Nasdaq. .
On March 25, Trump said, "Truth Social is doing
very well. It's hot as a pistol and doing great.".
Trump Media's market value was roughly
$6.8 billion prior to trading, AP reports. .
Shares were up 47% at $73.50
just before 10 a.m. ET.
Truth Social's ticker symbol is "DJT.".
Trump launched Truth Social in 2022 after being banned from Twitter and Facebook. .
The social media platform had approximately 5 million users in February, according to research firm Similarweb.
Investors could be in for
a bumpy ride, AP reports.
In a regulatory filing, Trump Media said that it “is highly dependent on the popularity and presence of President Trump.”.
If Trump were to distance himself from the
company, perhaps for reasons such as campaigning
for presidency, Trump Media “would be
significantly disadvantaged,” the filing states. .
Similarly “an adverse outcome in
one or more” of the cases in which the
former president is embroiled could harm
the success of Trump Media and Truth Social.
Credit: Wibbitz Top Stories Duration: 01:31Published
Fabric and Craft Retailer Joann , Files for Bankruptcy.
The 81-year-old company made the announcement on March 18, CNN reports. .
The retailer has also secured $132 million
in new funding to cut its debt in half.
Joann's 850 stores and website
will remain operational. .
This agreement is a significant
step forward in addressing
Joann’s capital structure needs, , Scott Sekella, Joann's chief financial officer, via statement .
... and it will provide us with the
financial resources and flexibility
necessary to continue to deliver
best-in-class product assortments... , Scott Sekella, Joann's chief financial officer, via statement .
... and enhance the customer
experience wherever they
are shopping with us, Scott Sekella, Joann's chief financial officer, via statement .
The Nasdaq has delisted Joann's stock. .
The company will become privately owned after the bankruptcy process.
The bankruptcy of Joann has been
looming for a long time and was always
a matter of when, rather than if, Neil Saunders, managing director and
retail analyst for GlobalData, via note.
The bankruptcy process will now
allow the arts and crafts chain
to receive an infusion of cash at
the same time as streamlining its
operations and reducing debt levels, Neil Saunders, managing director and
retail analyst for GlobalData, via note
Credit: Wibbitz Top Stories Duration: 01:30Published
Key Federal Reserve Inflation Gauge , Rose 2.8% in March.
According to Commerce Department
data released on April 26.
the personal consumption expenditures
(PCE) price index, not including food or energy, rose 2.8% year-over-year in March. .
That exceeded Dow Jones
estimates of 2.7%, CNBC reports. .
When also accounting for food and energy, the all-items PCE measure rose 2.7%,
which was above the 2.6% estimate.
Inflation reports released this morning
were not as a hot as feared, , George Mateyo, chief investment officer at Key Wealth, via CNBC.
... but investors should not get
overly anchored to the idea that
inflation has been completely
cured and the Fed will be cutting
interest rates in the near-term, George Mateyo, chief investment officer at Key Wealth, via CNBC.
The prospects of rate cuts remain,
but they are not assured, and the
Fed will likely need weakness in
the labor market before they
have the confidence to cut, George Mateyo, chief investment officer at Key Wealth, via CNBC.
Consumers continue to spend despite
higher prices, CNBC reports.
Personal spending increased 0.8% in March, while personal income rose 0.5%.
The personal saving rate dropped to 3.2% as more people are having to dip into their savings to cover the cost of living.
The Fed continues to target 2% inflation, which the core PCE has exceeded for
the last three years, CNBC reports.
Credit: Wibbitz Top Stories Duration: 01:30Published
Abby Dow and Ellie Kildunne both score hat-tricks as England hammer Ireland at Twickenham in front of 48,778 to remain on course for the Grand Slam. BBC Sport
Donald Trump has another problem with his criminal trial in NYC -- aside from the fact he's being prosecuted and forced to attend daily ... the courthouse is.. TMZ.com
Donald Trump managed a partial victory in the Supreme Court today, as justices delayed any potential decision on his immunity case over election riots. Sky News
6 Tips, for First-Time Investors.
1. Do not put all your
money into one company.
Just because Tesla leads the electric car market
right now, it does not mean it will be this way forever.
2. Avoid paying too much attention
to pundits on television.
Wells Fargo Adviser Scott Pedvis says a big
mistake is taking what others say "as gospel.".
3. Start as early as you can.
The earlier you begin, the more
time investments have to develop.
4. Enroll in a 401k plan
at your job, if possible.
A 401k is an excellent way to store money for when you eventually retire.
5. Do not be afraid
to ask for help.
A lot of investing can be done independently,
but not everything in your life can be do-it-yourself, Scott Pedvis, via 'USA Today'.
6. Put money into your investments on
a predetermined date each month.
It forces you to save,
and takes the emotion
out of investing, Scott Pedvis, via 'USA Today'
Credit: Wibbitz Top Stories Duration: 01:30Published
Gold prices have surged over 15% in the last three months, making it the best performing asset class since the beginning of 2024. Similarly, silver has delivered returns of over 13% since January 1. Citigroup forecasts gold to reach $3,000 per ounce over the next 6-18 months, driven by inflation and expectations of monetary easing. Geopolitical tensions in the Middle East and Ukraine further bolster gold prices.
#Business #Businessnews #StockExchange #IranIsrael #Businessimpact #Sensex #Nifty #Gold #Businessupdates #Economy #Indianews #Oneindia #OneindiaNews
~HT.178~ED.194~GR.124~
![Blinken meets Xi Jinping to discuss bilateral and global issues, develop China-US ties| Oneindia [Video]](https://video.newsserve.net/300/v/20240426/1373819674-Blinken-meets-Xi-Jinping-to-discuss-bilateral-and.jpg)
![Biden Is Giving $6 Billion to Micron Technology for Semiconductor Production [Video]](https://video.newsserve.net/300/v/20240425/1373731970-Biden-Is-Giving-Billion-to-Micron-Technology.jpg)
![U.S. President Joe Biden Signs Landmark Aid Bill for Ukraine, Israel, Gaza | Oneindia News [Video]](https://video.newsserve.net/300/v/20240425/1373692254-President-Joe-Biden-Signs-Landmark-Aid.jpg)
![Fears of Potential Iranian Attack Drive US Stocks Down Nearly 500 Points [Video]](https://video.newsserve.net/300/v/20240412/1372522960-Fears-of-Potential-Iranian-Attack-Drive-US-Stocks.jpg)
![March Retail Sales Exceeded Expectations [Video]](https://video.newsserve.net/300/v/20240416/1372826444-March-Retail-Sales-Exceeded-Expectations.jpg)
![Data Shows US Wages Falling at a 'Striking' Pace [Video]](https://video.newsserve.net/300/v/20240319/1369527240-Data-Shows-US-Wages-Falling-at-Striking.jpg)
![Trump’s Social Media Company Sues Co-Founders [Video]](https://video.newsserve.net/300/v/20240403/1371719374-Trump-Social-Media-Company-Sues-Co-Founders.jpg)
![Truth Social Soars Nearly 50% in First Day on Nasdaq [Video]](https://video.newsserve.net/300/v/20240326/1370945466-Truth-Social-Soars-Nearly-50-in-First-Day.jpg)
![Fabric and Craft Retailer Joann Files for Bankruptcy [Video]](https://video.newsserve.net/300/v/20240318/1369300356-Fabric-and-Craft-Retailer-Joann-Files-for-Bankruptcy.jpg)
![Key Federal Reserve Inflation Gauge Rose 2.8% in March [Video]](https://video.newsserve.net/300/v/20240426/1373828506-Key-Federal-Reserve-Inflation-Gauge-Rose.jpg)
![6 Tips for First-Time Investors [Video]](https://video.newsserve.net/300/v/20240417/1372912742-Tips-for-First-Time-Investors.jpg)
![Biz Pulse: Gold Shines Bright Amid Growing Global Turmoil, The Reasons| Oneindia News [Video]](https://video.newsserve.net/300/v/20240416/1372818996-Biz-Pulse-Gold-Shines-Bright-Amid-Growing-Global.jpg)
![Warren: 'We have got a real problem on Wall St' [Video]](https://video.newsserve.net/300/v/20210131/2101311935-Warren-We-have-got-real-problem.jpg)
![Warren pledges to investigate GameStop stock chaos [Video]](https://video.newsserve.net/300/v/20210131/2101311935-Warren-pledges-to-investigate-GameStop-stock-chaos.jpg)
![Warren: SEC needs to 'get off their duff & do their jobs' [Video]](https://video.newsserve.net/300/v/20210131/2101311935-Warren-SEC-needs-to-get-off-their-duff.jpg)
