Author: IA PressRoom

Everyone is curious to know how the stock market will react to the debt ceiling deal announcement that happened over the weekend. Republicans and Democrats have reached an agreement, but we are yet to see the stocks’ reaction because the Memorial Day holiday was on Monday. The debt ceiling uncertainty was a drag for US stocks. However, not all stocks have had a tough time in 2023. In particular, three sectors have outperformed and have now reached overbought or extreme overbought levels: Technology Communication services Consumer discretionary The technology sector (NYSEARCA:XLK) is up over 41% YTD The technology sector outperformed…

Justin Sullivan/Getty Images News Building on a meteoric rally, shares of Nvidia (NASDAQ:NVDA) are up another 3.5% in premarket trade, putting the stock over $400 to start the week. It also puts the company above a $1T valuation if the gains will hold, as the stock market darling rides a wave of investor exuberance surrounding artificial intelligence. The chipmaker has responded in kind by refreshing its PR feed, publishing seven separate press releases over the last 24 hours. Among them were a slew of products and services tied to artificial intelligence, like an AI supercomputer platform called DGX GH200. Google…

Good morning, Phil Rosen here, writing to you from New York. Last week I asked you all a question in the newsletter — Do you own Nvidia stock? — and many of you told me that you’ve held shares for years and it’s paid generously.  One of you even told me you first bought the stock when Nvidia was $16(!) per share more than 20 years ago. It’s just under $400 today. That’s some serious foresight, my friend! So far in 2023, the stock is up 165%. Today we’re breaking down what’s behind that surge.If this was forwarded to you, sign up…

© Reuters. FILE PHOTO: The building of the European Central Bank (ECB) is seen amid a fog before the monthly news conference following the ECB’s monetary policy meeting in Frankfurt, Germany December 15, 2022. REUTERS/Wolfgang Rattay (Corrects day of the week in first paragraph) FRANKFURT (Reuters) – The euro zone’s top banks may take a hit if their financial clients, such as funds, insurers and clearing houses, withdrew their deposits or otherwise ran into trouble, the European Central Bank warned on Tuesday. The ECB study looked into the risk of spillovers from so-called shadow banks — such as funds and…

ZIM Integrated (NYSE: ZIM) stock price has crashed hard after the company canceled its dividend as the shipping industry recoils. The shares plunged to a low of $12.95, the lowest level since January 26th. Its stock has retreated by more than 37% from the highest level this month. In all, the shares have dropped by almost 70% from 2022 highs. Dividend is now gone ZIM Integrated, one of the biggest companies in the shipping industry, made headlines after it delivered weak earnings. In a statement, the company said that its revenue in the first quarter to $1.4 billion from the…

Source: a video screenshot.Tyler and Cameron Winklevoss, the billionaire twins behind crypto exchange Gemini, are facing a series of setbacks as issues surrounding their exchange have reached new heights in recent times.The crypto company is struggling with a shrinking market share, regulatory issues, a lawsuit by the SEC, a possible breakup with a banking partner, and a crucial due date on a loan. The loan, if repaid by the lending partner’s parent company, could help recoup some of the $900 million worth of crypto deposits trapped in its defunct Earn product, according to a Bloomberg report. While trading activity has modestly recovered as of…

For decades the state has been setting policy for the whole nation. Now red states are pushing back.

Wednesday will be a big day for AUD/USD traders for at least two reasons. First, the monthly inflation report is due out. Second, Wednesday is the last trading day of the month. The inflation report is usually a source of volatility for currencies. That is especially true lately when inflation runs hot in developed countries, and central banks have a hard time bringing it down to their target. In Australia, the annual inflation is forecast to come out at 6.4%, higher than the previous 6.3%. Hence, from this perspective, the Aussie dollar should trade higher if the forecast is accurate.…

Meta Platforms Inc. has started to execute on its latest round of layoffs, according to reports. The third round of cuts is part of a plan that Meta META, +3.70% Chief Executive Mark Zuckerberg announced in March in an effort to further slash costs at the social-media company. He said at the time that Meta would lay off about 10,000 workers while closing roughly 5,000 additional roles for which the company had yet to make hires. The current rounds of cuts build on at least 11,000 layoffs that were announced last fall. See more: Meta steadily rolls out 3-part round…

Nokia to provide 4G/5G network software solutions for public safety, power utility needs