Shares of Alibaba Group (NYSE: BABA) fell by as much as 5% in the pre-market session of May 14th; the reaction came after a wild first quarter 2024 earnings result, which is arguably the most critical report of the year as it sets the tone for what may come in the following months. Without digging deeper into the company’s financials, any retail investor would be wrongly scared away. After a massive decline in net income, the stock should have made new all-time lows, yet it remains within the tight range it has traded under for the past three years. This means some are out there providing enough buying pressure to keep the stock from plummeting. .
A soft inflation report led the S&P 500 to a new high. The April reading of CPI was as expected, which means cooler on a month-to-month basis and compared to last year. Consumer-level inflation is not gone, but the pace of deceleration is promising. It points to a soft landing and the FOMC lowering interest rates later this year. The news sent the S&P 500 up more than 1%, taking it to a new all-time high and setting the market up for a summer rally.
With the S&P 500 at a new high, the question becomes how high it can get. Technically speaking, the latest rally was worth about 225 index points before the breakout, putting the first target near 5,500. That may be reached within a few weeks. The next major hurdle for the market will be the FOMC meeting in June. That meeting should bring word of when to expect the first cuts. The risk is that PCE won't align with the CPI, or the FOMC won't view the data favorably enough to think a cut is warranted.
Shares of Alibaba Group (NYSE: BABA) fell by as much as 5% in the pre-market session of May 14th; the reaction came after a wild first quarter 2024 earnings result, which is arguably the most critical report of the year as it sets the tone for what may come in the following months. Without digging deeper into the company’s financials, any retail investor would be wrongly scared away. After a massive decline in net income, the stock should have made new all-time lows, yet it remains within the tight range it has traded under for the past three years. This means some are out there providing enough buying pressure to keep the stock from plummeting.
The head of Brazil's state-controlled oil and gas giant Petrobras has stepped down, the company said Wednesday, following months of tensions with the federal government. Petrobras opted not to pay extraordinary dividends to its shareholders earlier this year, souring relations between Petrobras CEO Jean Paul Prates and Brazil's President Luiz Inácio Lula da Silva, head of the ruling leftist Workers' Party. Lula had defended that move, calling the market a "voracious dinosaur" after Petrobras' shares plunged following the decision regarding dividends. The company's shares fell by as much as 9% after the announcement of Prates' departure, before paring losses.
The cryptocurrency mining sector was once a symbol of booming growth and rapid innovation, but it now faces a series of daunting challenges. Rising energy costs are squeezing profit margins, and recently, the Bitcoin halving event cut the rewards to mining companies in half. These headwinds are forcing many miners to reevaluate their business models and seek new avenues for sustainable growth. Despite this industry shakeup, a powerful new business model is emerging, poised to redefine the future of crypto mining. The Rise of the Thinking Machines Cryptocurrency miners hold a valuable asset within their networks: high-performance computing (HPC) infrastructure.
The AI boom continues to snowball with no signs of slowing...
Google CEO, Sundar Pichai, made waves during a recent call with analysts, reminding them that the search engine company has been "AI first" since 2016.
Warren Buffett's Berkshire Hathaway on Wednesday revealed a new $7 billion stake in fellow insurer Chubb.Berkshire disclosed the investment it has been building over the past nine months in a quarterly filing with the Securities and Exchange Commission. Buffett's conglomerate had received permission to keep the Chubb investment confidential while it was still buying.Berkshire said it held nearly 26 million Chubb shares at the end of March, giving it a 6.4% stake in the company. Chubb shares jumped more than 7% in after-hours trading to sell for $271.82 after Berkshire's investment was revealed...
The wave in electric vehicles has made a sudden turn. The U.S. is looking to support its car manufacturers and protect them from foreign competition to realize the real value these companies carry—no pun intended—under the hood. Investors will find out why Tesla Inc. (NASDAQ: TSLA) could see brighter days ahead. Raising tariffs on Chinese EVs, American consumers looking at BYD Company Ltd. (OTCMKTS: BYDDF) as a cheaper alternative will soon realize that it is better to stick with what the market is already familiar with, which happens to be Telsa today. Tariffs on Chinese ...
Investments in weapons manufacturers and a wide array of other companies by the University of California targeted by students protesting the Israel-Hamas war represent $32 billion - or nearly one-fifth - of the system's overall assets, the system's chief investment officer says.UC Chief Investment Officer Jagdeep Singh Bachher unveiled the estimate Tuesday at the first public Board of Regents meeting since nationwide pro-Palestinian student protests began in April. The calculation was in response to a letter he received last month from the UC Divest Coalition, which is scrutinizing the system'...
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