New York – US stocks fell on Tuesday as Wall Street halted an almost unstoppable move.The Standard & Poor's 500 index fell 37.96 points, or 0.7%, to 5,205.81 points, its worst day in four weeks. This is the second consecutive decline after recording an all-time high to close last week.Other indicators performed worse. The Dow Jones Industrial Average lost 396.61 points, or 1%, to close at 39,170.24, also moving away from its record. The Nasdaq Composite Index fell 156.38 points, or 1%, to 16,240.45 points, and small stocks in the Russell 2000 Index fell 1.8%.Health insurers led the market lower…
Author: ricardofrancois
fediverse — the name of the social network made of interconnected servers, like Mastodon and others — got another boost of legitimacy on Tuesday when the @Potus (President of the United States) Instagram Threads account shared its first unified post. The account run by the Biden team posted a message regarding the president's support for reproductive freedom on Threads, an upcoming competitor to Twitter/X. Soon after, Threads users noticed that his post bore Threads' federated sharing logo — a circular shape resembling planets orbiting a star, giving a sense of the interconnected universe that makes up the federated universe. Image…
Check out the companies making headlines in midday trading. Tesla – Tesla shares fell nearly 5% after the electric automaker reported an 8.5% year-over-year decline in first-quarter deliveries. GE Vernova – Shares closed down 1.4% after GE Vernova began trading on the New York Stock Exchange on Tuesday under the symbol “GEV,” following its spin-off from General Electric. Shares of GE Aerospace, formerly known as General Electric and retaining the ticker symbol “GE,” fell 2.4%. ChampionX – Shares of the oilfield equipment maker jumped more than 10% after it agreed to be purchased by SLB for $7.7 billion in an…
Open Editor's Digest for freeRula Khalaf, editor of the Financial Times, picks her favorite stories in this weekly newsletter.Goldman Sachs' asset management arm has bought a stake in private credit specialist Kennedy Lewis Investment Management, as it looks to expand its reach into a fast-growing corner of the markets. The bank's private equity unit, Petershill Partners, agreed on Tuesday to buy more than 20 percent of Kennedy Lewis, valuing the company at more than $1 billion, according to two people familiar with the matter.The Goldman unit is buying the stake from Italian asset manager Azimut, which will exit Kennedy Lewis.The…
10000 hours | Digital Vision | Getty ImagesHousing costs exceed median household incomes in the United States, adding pressure on affordability.Prospective homebuyers need to earn $113,520 annually to buy a typical home in the U.S. That's 35% more than what the typical family earns annually, which is $84,072, according to a new analysis by Redfin, a national real estate brokerage site.“Since the pandemic, affordability has completely collapsed,” said Chen Zhao, chief economist at Redfin. February 2021 was the last month in which the typical household earned more money than it needed to cover the costs of the average home. There…
Traders work on the floor of the New York Stock Exchange on March 20, 2024.Spencer Platt | Getty Imagesthe Dow Jones Industrial Average It fell for the second day in a row, continuing Wall Street's lackluster start to the quarter, as bond yields rose and traders lowered their expectations that the Federal Reserve will cut interest rates in June.The 30-stock Dow Jones index fell 425 points, or 1.1%. At its lowest level during the session, the index fell more than 500 points. the Standard & Poor's 500 Decreased 0.9% Nasdaq Composite 1.2% precipitation.The second quarter for stocks got off to…
The housing market in the spring defies expectations that prices will calm down and competition will subside.High mortgage rates usually cool prices and demand, as happened last year, but that is not the case now. There are still very few homes for sale because current homeowners cannot afford to move, causing prices to rise.Home prices in February were 5.5% higher than they were in February of last year, according to CoreLogic. This year-over-year comparison shrinks a bit, but price rises from January to February were roughly double what they typically are at that time of year, suggesting that the market…
Buick Invista 2024.GMDetroit — “ General Motors The US automaker on Tuesday reported a 1.5% decline in US auto sales in the first quarter compared to last year, as the overall auto industry returned to normal after years of turmoil and volatile results.The decline to 594,233 vehicles sold during the first three months of the year was largely due to a 22.9% year-over-year decline in sales to fleet customers, the Detroit automaker said. GM said retail sales to customers rose 6%.GM's sales fell short of expectations for the overall industry, which Cox Automotive expected to rise 5.5% from a year…
Elon Musk, CEO of Tesla and SpaceX.Kirsty Wigglesworth | ReutersTeslaShares fell on Tuesday after the company reported a decline in first-quarter vehicle deliveries, the first annual decline since 2020, when the global pandemic disrupted production.Here are the key numbers:Total deliveries in Q1 2024: 386,810Total production in the first quarter of 2024: 433,371Vehicle production was down about 1.7% from the previous year and 12.5% sequentially for Tesla, which is not as much as the 8.5% annual decline in deliveries.Tesla does not break down sales by model, but reported that it produced 412,376 Model 3/Y vehicles and delivered 369,783 vehicles. It produced…
the main pointsThe Fed would be better off simply staying in place as the economy shows continued signs of strength and inflation declines, said Steve Eisman, portfolio manager at Neuberger Berman. “It bubbles up and then we have a real problem,” Eisman told CNBC.If the Fed follows through with its plans to lower interest rates, it could lead to a stock market bubble, in the view of Neuberger Berman portfolio manager Steve Eisman. Last month, the central bank predicted three potential interest rate cuts of a quarter of a percentage point by the end of 2023, along with many more…