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Tesla, Sirius XM, and Sunrun Lead as Top Gainers in Today's Stock Market Movement
Stock Market News | Jul 03 2024 01:03 PM IST
Bitcoin slides to two-month low as Fed signals it's not ready to cut rates yet
Bitcoin's price slumped to around $57,000 apiece Thursday, hitting a two-month low. The U.S. Federal Reserve released minutes from its June meeting indicating the central bank isn't yet ready to cut interest rates. It comes after the world's largest cryptocurrency has been pressured by news of collapsed bitcoin exchange Mt. Gox.
Friday's jobs report expected to show slowing payroll gains as concern rises about broader economy
The June nonfarm payrolls report will be released Friday at 8:30 a.m. ET. Economists expect growth of 200,000, down from the 272,000 reported for May. The jobless level in May did nudge higher to 4%, the first time it hit that threshold since January 2022.
Yahoo FinanceElon Musk’s Tesla recoups all its year-to-date losses after adding a staggering $150bn in market cap in just 3 days: ‘Worst is in the rear view mirror’
Tesla has fully recouped its year-to-date losses after adding an eye-watering $150 billion in value to its market cap over the span of just three days this week. After consolidating around $180 for the better part of two months, bulls see further room for gains after the stock broke above the 200-day moving average.
The five secrets to Ferrari’s success as a luxury brand
Ferrari for the first time surpassed Hermès as the most valuable luxury company in the world as measured by stock multiple. Ferrari's stock now trades at 50 times earnings, compared with 48 for HermèS and 23 for LVMH. The company is valued at more than $75 billion.
Tesla short sellers lost $3.5 billion in two days of trading after deliveries report
Tesla reported second-quarter deliveries of 443,956, topping Wall Street estimates of 439,000. Short sellers have lost an estimated $3.5 billion on a mark-to-market basis. Tesla shares have soared 73% since bottoming for the year in April.
What to look for in Friday’s jobs report
The Bureau of Labor Statistics releases employment data for June on Friday. Economists expect the US added 190,000 jobs last month, a pullback from the stronger-than-expected 272,000 gain in May. Still, there’s a growing chorus of data that shows the economy is slowing.
China-built EVs hit with EU tariffs; Nio says it may have to raise prices in Europe
EU confirms it will hike tariffs on electric vehicles imported from China. The EU says producers of battery EVs in China benefit from "unfair" subsidization. The levies will affect automakers from Chinese giant BYD to, potentially, European brands that make cars in China, and even U.S. giant Tesla.
Yahoo FinanceBitcoin Falls on Biden Drama, Risk of Sales by German Government
The largest cryptocurrency fell as much as 4.3% on Thursday before paring some of the drop. Smaller tokens such as Solana and meme-crowd favorite Dogecoin also sank. Investors are gaming out scenarios in case 81-year-old President Joe Biden succumbs to calls to scrap his US reelection bid.
Yahoo FinanceChina's BYD opens EV factory in Thailand, first in Southeast Asia
China's BYD opened its first electric vehicle plant in Thailand on Thursday. Facility, announced two years ago, is worth $490 million and will have a production capacity of 150,000 vehicles per year. The factory is located in an industrial estate in Thailand's eastern Rayong province.
China leads the patents race for generative AI, with Tencent and Baidu topping the list
China filed more than 38,000 generative artificial intelligence patents from 2014 to 2023. That's six times more than those filed by U.S.-based inventors. Generative AI is a type of artificial intelligence that allows users to generate content such as text, images, music, audio, and videos.
Delta goes pasta-only for thousands of international travelers after 'spoiled' food forced a flight to divert
Delta was only serving pasta in the main cabin on about 75 international flights on Wednesday. It wasn't clear if the menu changes would continue on Thursday. Delta apologized to customers over the report of spoiled food on the Detroit-to-Amsterdam flight. The airline industry is facing another challenge: a possible strike by workers at Gate Gourmet.
Japan and Taiwan stock benchmarks hit all-time highs as Asia-Pacific markets rally
Japan's Topix and Taiwan's Weighted Index hit all-time highs. SoftBank Group shares hit another record high, extending their winning streak to a seventh day. Australian trade surplus narrowed to 5.77 billion Australian dollars ($3.88 billion) in May. Hong Kong's composite purchasing managers' index fell to 48.2 in June.
Japan and Taiwan stock benchmarks hit all-time highs as Asia-Pacific markets rally
Japan's Topix and Taiwan's Weighted Index hit all-time highs. SoftBank Group shares hit another record high, extending their winning streak to a seventh day. Australian trade surplus narrowed to 5.77 billion Australian dollars ($3.88 billion) in May. Hong Kong's composite purchasing managers' index fell to 48.2 in June.
Judge delays ban on noncompete agreements for small number of employers
A federal judge on Wednesday preliminarily delayed a ban on noncompete agreements from taking effect for a handful of employers on September 4. Unless the judge makes another ruling to the contrary before that date, the ban will go into effect for the majority of companies in the US. The ban, which prohibits employers from enforcingNoncompete clauses in most existing employment agreements, was approved by the Federal Trade Commission in April.
Judge delays ban on noncompete agreements for employees
A federal judge on Wednesday delayed a ban noncompete agreements for workers from taking effect on September 4. The ban, which prohibits employers from enforcing noncompetes, was approved by the Federal Trade Commission in April. The agency was sued by Ryan LLC, a tax services and software provider based in Texas, and, separately, by the US Chamber of Commerce and other business groups.
Death under investigation is ‘potentially associated’ with recalled Diamond Shruumz edibles, FDA says
The products have been associated with 48 illnesses in 24 states, the FDA says. Prophet Premium Blends issued a recall of Diamond Shruumz products last week. The FDA is reviewing this information, and according to the CDC, the cause of the reported illnesses is not known.
Fed says it's not ready to cut rates until 'greater confidence' inflation is moving to 2% goal
The Fed targets 2% annual inflation, a level it has been above since early in 2021. Officials at the meeting said data has improved lately, though they are want more evidence that it will continue. Some members noted the need to tighten the reins should inflation persist, while others made the case they should be ready to respond.
Microsoft reaches settlement in California over claims it punished employees for taking protected time off
California's Civil Rights Department announced the proposed settlement on Wednesday. Almost all of the money will go to California workers who took parental leave, family care-taking leave or disability leave. Microsoft employs around 6,700 people in California out of its total workforce of 221,000.
Yahoo FinanceLL Flooring Mulls Bankruptcy Filing as Home Renovations Slow
LL Flooring Holdings Inc. is considering filing for Chapter 11 bankruptcy. The flooring retailer, formerly known as Lumber Liquidators, has struggled as higher interest rates curtail home renovation activity. LL Flooring shares fell as much as 31% to about 92 cents after Bloomberg reported the potential bankruptcy filing.