JPMorgan Chase has been sued for allegedly using the bank's cash sweep program to short-change customers while pretending to act as fiduciary. In general, the bank is accused of sweeping customer's idle cash into accounts with low interest rates.
On a month-on-month basis, in June, US house prices have declined, as house buyers are expecting lower mortgage rates, before making a purchase.
The world's largest chip company Nvidia has reported higher than expected quarterly earnings and revenue. However, supposedly due to missing gross margin forecast, the stock was sold off in the after-market and pre-market hours. The stock is set to start the day's trading with a minor gap down of 3.30%.
The United States statisticians have just released the Preliminary quarterly GDP. The GDP was forecast to show an increase of 2.8%. Actual number is 3.0%. The US Dollar initially reacted to the news with a minor spike up, as the good data is sort of a signal that the Fed might not need to cut rates, despite the rate cut
Reuters has reported that the Board Member of Intel Lip-Bu Tan quit due to differences with directors, including the CEO Pat Gelsinger. Tan saw the firm as too risk-averse, lagging in AI strategy and having a bloated workforce.
Cerebras Systems have announced the launch of a new tool for AI development. The new tool will allow developers to access the firm's chips to run applications. Cerebras has commented that the new product will be cheaper than the use of Nvidia processors.
On Thursday morning, the publication of the Spanish Flash CPI revealed information that inflation in the Euro Zone might be far below what was previously assumed. The Spanish Flash CPI was expected to show a stunning decline of inflation, down to 2.4% from the previous 2.8%. The actual data was 2.2%, which is almost at the ECB target.
UBS Wealth Management have increased their expectations for a recession in the United States from 20% up to 25%. The bank bases the increase on a worsening labour market.
Stock options market data indicates that the upcoming Thursday's release of Nvidia quarterly financial results might cause a $300 billion move in the firm's market capitalization.
A surge in high-tech manufacturing in China has been the main cause of industrial profit growth in the country in July.
The government of Canada is set to implement a 100% import tariff on Chinese imports of electric vehicles. The tariff would also apply to Teslas built in China.
The CEO of Meta Mark Zuckerberg has revealed that Biden administration officials had pressured the firm into censoring Covid-19 content.
The Chief Executive of Ryanair Michael O'Leary has commented that the new management of Boeing has continued to disappoint, as plane deliveries remain behind schedule.
Meta Platforms have announced that on January 14 the firm will shut down Meta Sparks, the augmented reality product studio that was used by third-party content creators for Facebook and Instagram effects. The move is part of a cost-cutting campaign.
The Bank of Japan has started to investigate options of including wage related data into its business survey in an effort to accurately reflect and take into account salary trends.
The mining company BHP has reported better than expected quarterly earnings and announced that it would concentrate on growing the firm's copper business.
Market consensus forecast for the upcoming Nvidia quarterly financial results indicate that the company could report a doubling of profits.
For a third month in a row, the German IFO Institute business sentiment has continued to decline. In August, the index has decreased to 86.6 points.
The administration of Biden-Harris intends to increase trade tariffs on Chinese imports. However, US electric industry firms have asked for the tariffs to be reduced, delayed or even abandoned at all, as firms see the move doing more damage than good to the USA.
Reuters has revealed that the Chinese ride-hailing service DiDi is set to sell its smart auto assets to NavInfo.
The ride-hailing platform Uber has received a fine in the Netherlands due to sending European taxi driver data to the United States. The total fine amounts to $290 million.
The US retailer Target has managed to succeed in its price cut campaign, as it increased sales beyond expectations. Due to this reason, the company has increased its 2024 profit forecast.
A California judge has dismissed a lawsuit against Musk's social media company X. The lawsuit accused the company of getting rid of workers with disabilities that could not comply with Musk's policy of no remote work.
Due to weak demand for upscale products, Macy's reduced its 2024 income expectations. The news were the catalyst of a broad stock price decline.