CFOTO | Future Publishing | Getty ImagesSpot bitcoin exchange-traded funds had their worst day in over four months on Tuesday as investors pulled some of their money alongside a broader market selloff.More than $287 million was withdrawn from the 11 U.S.-listed ETFs, the biggest day for outflows since May 1, according to Farside Investors data. The funds hit the market in January, following a ruling by the SEC that allowed financial firms to package bitcoin into ETFs, the same way they do for stocks and bonds.Fidelity led redemptions, with investors on Tuesday selling more than $162 million worth of shares…
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A group of Amazon delivery drivers hold a labor strike at the DAX7 Amazon Sortation Center in South Gate. The police became involved due to the hold up of Amazon vehicles. Zoe Cranfill | Los Angeles Times | Getty ImagesAmazon should be considered a “joint employer” of some of its contracted delivery drivers, a regional director for the National Labor Relations Board said Wednesday.The NLRB was reviewing two unfair labor practice charges filed in January, concerning Amazon’s treatment of some drivers at an Atlanta warehouse, known as DAT6. While Amazon has long hired third-party drivers to handle its swelling number of…
Anna Barclay | Getty ImagesTrump Media shares on Wednesday closed below where they stood at the end of 2023, as the Truth Social maker’s stock continued to slide ahead of the date when majority owner Donald Trump can begin selling his stake.The DJT slump, which followed a brief surge in mid-July spurred by the former president surviving an assassination attempt, has shaved billions of dollars off the company’s market capitalization.Trump Media ended the trading day at $16.98 per share, a 6% decline on the day.The stock has fallen more than 75% from its intraday peak of $79.38 per share, which…
While the market’s Tuesday sell-off left much to be desired, one typically overlooked corner reached new heights. Despite ending the session modestly down, the SPDR S & P Dividend ETF (SDY) touched a new all-time high on Tuesday. It was able to sidestep a lot of the selling pressure faced by the S & P 500 , which slid more than 2%. The broad market index also wobbled during Wednesday’s session. This fund tracks the S & P High Yield Dividend Aristocrats Index, which is made up of companies that have raised their dividend for at least 20 years in…
Vice President Kamala Harris boards Air Force Two at Joint Base Andrews in Maryland on September 4, 2024. Erin Schaff | The New York Times | Via ReutersVice President Kamala Harris on Wednesday proposed a 28% tax on long-term capital gains for households with an annual income of $1 million or more, lower than the 39.6% rate President Joe Biden laid out in his 2025 fiscal year budget.”We will tax capital gains at a rate that rewards investment in America’s innovators, founders and small businesses,” the Democratic presidential nominee said at a rally in North Hampton, New Hampshire. The Wall Street…
Nvidia’s headquarters in Silicon Valley.Andrej Sokolow | Picture Alliance | Getty ImagesNvidia on Wednesday denied reports it received a subpoena from the Department of Justice over antitrust concerns. “We have inquired with the U.S. Department of Justice and have not been subpoenaed,” an Nvidia representative told CNBC. “Nonetheless, we are happy to answer any questions regulators may have about our business.”Bloomberg reported Tuesday that Nvidia had received a subpoena, causing the stock to slip in after-hours trading. The chipmaker’s shares had already given up nearly 10% during regular trading on Tuesday.While the report did not specify why regulators have been…
Headwinds have been emerging in the consumer space, which may have some investors wondering about the impact on asset-backed securities. The securitized products, known as ABS, are backed by a pool of income-generating assets such as auto loans or credit card receivables. Investors have been turning to them for their attractive yields. The ICE BofA U.S. Fixed Rate Asset Backed Securities Index, which tracks the performance of U.S. investment grade asset-backed securities, currently has an effective yield of 5.12%, per FactSet. Consumers are still spending money, with retail sales in July increasing 1% from the previous month, according to Commerce…
United States Steel Mon Valley Works Clairton Plant and Clairton Coke Works facility in Clairton Pennsylvania, Monday, September 11, 2023.Thomas O’Neil | Nurphoto | Getty ImagesU.S. Steel shares tumbled nearly 18% on Wednesday as the White House is reportedly preparing to block the company’s planned sale to Japan’s Nippon Steel.People familiar with the matter told the Washington Post that President Joe Biden was preparing to announce that he will block the $14.9 billion deal. Vice President Kamala Harris, the Democratic presidential nominee, said U.S. Steel “should remain American-owned and American-operated” during a campaign event in Pittsburgh Monday. Former President Donald…
Ilya Sutskever, co-founder and chief scientist of OpenAI, speaks at Tel Aviv University in Tel Aviv, Israel, June 5, 2023.Jack Guez | AFP | Getty ImagesOpenAI co-founder Ilya Sutskever, who left the artificial intelligence startup in May, has raised $1 billion from investors for his new AI company, Safe Superintelligence, or SSI.The company announced in a post on X that investors included Andreessen Horowitz, Sequoia Capital, DST Global and SV Angel, as well as NFDG, an investment partnership co-run by SSI executive Daniel Gross.”We will pursue safe superintelligence in a straight shot, with one focus, one goal, and one product,” Sutskever wrote on…
The energy markets are sending a rather important message to investors and to Federal Reserve policymakers concerning both the risk of impending weakness in the domestic and global economies and the future direction of consumer inflation. One is bad news, the other good. The rather steep decline in crude oil, natural gas and gasoline prices is even more remarkable given the geopolitical risk in oil producing regions of the world, including the following: Continued sanctions against Iranian and Russian oil A recently announced production cut by Iraq An oil blockade in Libya And the attendant risk of the war between…