What’s happening: Inflation is already causing consumers to pull back spending on some items as they look to cut expenses, a shift that will have major consequences for the next phase of America’s recovery from the pandemic, the country’s top chains revealed. Target reported a 52% drop in profit for its most recent quarter, stunning … Read more
Melvin Capital plans to close its funds and return the cash to its investors, capping a stunning reversal for a firm that lost big on the surge in meme stocks last year and on wagers on growth stocks this year. In a letter to investors that was reviewed by The Wall Street Journal, Gabe Plotkin, … Read more
It’s a saga that keeps markets and social networks in suspense. Since Elon Musk announced on April 4 that he owned 9.2% of Twitter (TWTR) – Get Twitter, Inc. Report and nine days later launched a $ 44 billion bid to acquire the microblogging platform, the many twists and turns in the story have come … Read more
On Twitter and Reddit, stunned Luna and TerraUSD investors tried to take stock of their losses after the cryptocurrencies’ dramatic collapses last week. The two cryptos took a beating as Terra – a supposed “stablecoin” that was meant to retain a $ 1 price point – lost its peg, and the connected Luna crypto dropped … Read more
Crypto investors no longer know where to turn. Crypto pricing is now correlated with the stock market, which means that, as the saying goes, when the stock market coughs, digital-currency prices catch pneumonia. This has persisted this year due to fears of recession. That concern in turn has been fueled by inflation, which is at … Read more
Elon Musk makes the news. He is everywhere. The chief executive officer of premium electric vehicle maker Tesla (TSLA) – Get Tesla Inc Report is somewhat reminiscent of former Republican President Donald Trump when the latter was in office. Like Trump, Twitter is Musk’s main communication channel. Like the real estate developer, the tech tycoon … Read more
The probability of a “hard landing” for the US economy has jumped, with stock and bond investors worried about slowing economic growth, according to Morgan Stanley’s wealth-management division. “The stock- and bond-market downturn has advanced to behavior resembling a classic cyclical bear market rather than simply a correction,” said Lisa Shalett, chief investment officer at … Read more
The probability of a “hard landing” for the US economy has jumped, with stock and bond investors worried about slowing economic growth, according to Morgan Stanley’s wealth-management division. “The stock- and bond-market downturn has advanced to behavior resembling a classic cyclical bear market rather than simply a correction,” said Lisa Shalett, chief investment officer at … Read more
US stocks finished mostly lower Monday, extending the market’s recent selloff. The S&P 500 fell 15.88 points, or 0.4%, to 4008.01 and the technology-heavy Nasdaq Composite Index dropped 142.21 points, or 1.2%, to 11662.79. The Dow Jones Industrial Average, however, rose 26.76 points, or 0.1%, to 32223.42. Even after rallying Friday, the S&P 500 has … Read more
Private-equity giant KKR KKR -1.22% & Co. aims to make big returns for its investors when it sells a company. Its latest deal will also deliver a serious payout for a different type of investor: the company’s workers. KKR said Monday it would sell CHI Overhead Doors to steel producer Nucor Corp. NUE -3.26% for … Read more