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The Dow Jones Industrial Average dropped Wednesday, while tech stocks dived as Wall Street reacted to several notable second-quarter earnings reports. Two early earnings losers on the stock market today were Magnificent Seven players Tesla (TSLA) and Alphabet (GOOGL). After the opening bell, the Dow Jones Industrial Average moved down 0.6%, or 250 points, as the S&P 500 fell 1.2%. The tech-focused Nasdaq composite sold off 1.8% in morning action. Early Wednesday, the 10-year Treasury yield dipped to 4.21%. Oil prices bounced, with West Texas Intermediate futures trading around $77.65 a barrel. Among exchange traded funds, the Invesco QQQ Trust...

Investors have been amassing wagers on Donald Trump’s return to the White House for weeks, trimming holdings of long-term US bonds and buying Bitcoin, among other things. Now, they’re considering whether Joe Biden’s exit from the race boosts the odds of a Democrat victory — and how much they must recalibrate their bets. Though the announcement was widely expected as the 81-year-old faced pressure from allies, it injects a wild card into the campaign that will likely translate into volatility for markets. “This means more uncertainty,” said Gene Munster, co-founder and managing partner at Deepwater Asset Management. “There was a...

President Joe Biden has dropped out of this year's presidential election race, the White House said Sunday, and endorsed Vice President Kamala Harris to represent the Democratic party against Republican frontrunner Donald Trump. "It has been the greatest honor of my life to serve as your President," Biden said in a message from his verified account on the X social media platform. "And while it has been my intention to seek reelection, I believe it is in the best interest of my party and the country for me to stand down and to focus solely on fulfilling my duties as...

US stocks again soared to fresh all-time highs on Wednesday as Jerome Powell's remarks on Capitol Hill buoyed rate-cut hopes and Big Tech stocks piled on the gains. The S&P 500 (^GSPC) rose 1% for a 37th record close this year, breaching 5,600 for the first time. The Dow Jones Industrial Average (^DJI) jumped 1.1%, while the tech-heavy Nasdaq Composite (^IXIC) gained 1.2%. The S&P and Nasdaq were each higher for the seventh straight session. Tech's biggest names continued to rise, powering the gains of the broader market. The AI darling Nvidia (NVDA) advanced more than 2%, while Apple, (AAPL),...

Welcome again your host here remembering Rush Limbaugh who played songs like those back in 1974... That Top 10 song the Lord's Prayer back in those days..."Deliver us from evil" indeed I am thankful for deliverance from evil today Jesus gave that to me... On to a Money Update ABBA with our theme... And one of the great tech centers of the world is Taiwan and around Taiwan the South China Sea... "A key Marine Corps role is to 'serve as the inside force' in the first island chain-from the Ryukyus to Australia-to curb China's ambitions, Commandant of the Marine...

The uptick in the June unemployment rate along with significant downward revisions in the job additions for April and May are the latest signs that the economy may be slowing down under high Federal Reserve interest rates. The Friday numbers from the Labor Department showed the unemployment rate increasing to 4.1 percent in June from 4 percent in April, the third month in a row of 0.1-percentage point increases. Jobs added to the economy in May were revised down to 218,000 from 272,000 and in April to 108,000 from 165,000. While the economy added a healthy 206,000 jobs in the...

It's hard. What is? US hard economic data! With 'hard' data collapsing in the last month, 'soft' survey data from ISM and S&P Global this morning was 'mixed' as usual: S&P Global US Manufacturing PMI rose from 51.3 in May to 51.6 for the final June print (down very modestly from the 51.7 flash print). ISM US Manufacturing PMI dropped from 48.7 to 48.5 in June (well below the 49.1 expected) Source: Bloomberg Need more confusion... S&P Global noted that higher supplier charges were signaled in June. Alongside rising labor costs, this resulted in a further marked increase in input...

Nvidia Corp.’s meteoric rise makes it not only the third-largest company in the U.S. in terms of market capitalization, but also bigger than most other countries’ economies, based on gross domestic product. The chip maker’s stock closed at $788.17 on Friday, giving it a market value of $1.97 trillion. That figure is greater than the GDP of every nation in the world but 11, beating the likes of Russia, South Korea and Australia, according to February International Monetary Fund data compiled by Forbes. Of course, comparing a single stock’s market cap to a country’s GDP is not a perfect exercise,...

The Federal Reserve on Wednesday kept its key interest rate unchanged and signaled that just one cut is expected before the end of the year. With markets hoping for a more accommodative central bank, Federal Open Market Committee policymakers following their two-day meeting took two rate reductions off the table from the three indicated in March. The committee also signaled that it believes the long-run interest rate is higher than previously indicated. New forecasts released after this week’s two-day meeting indicated only slight optimism that inflation remains on track to head back to the Fed’s 2% goal, allowing for some...

Harry Dent, the outspoken financial author and economist, isn’t reversing course from his bold “crash of a lifetime” declaration this past December. Speaking in an updated interview with Fox News Digital, Dent cautioned that the “everything” bubble still has not burst, and it may be a bigger crash than the Great Recession. “In 1925 to ‘29, it was a natural bubble. There was no stimulus behind that, artificial stimulus per se. So this is new. This has never happened,” Dent said Tuesday. “What do you do if you want to cure a hangover? You drink more. And that’s what they’ve...

The New York Stock Exchange on Monday said it had resolved a technical problem that has Class A shares of Warren Buffett's Berkshire Hathaway seemingly down almost 100%. The issue prompted trading to be halted in Berkshire's A-class shares, along with about a dozen other companies, including Barrick Gold and Nuscale Power, both of which also showed faulty and steep declines. Trading continued in Berkshire's B-class shares. The trouble arose shortly after the opening bell, impacting the likes of Chipotle Mexican Grill, Abbott Laboratories and other stocks. A list of impacted stocks can be seen here. "A technical issue involving...

(Reuters) -Shares of Nvidia rallied to record highs on Wednesday, with the AI chipmaker's stock market valuation hitting the $3 trillion mark and overtaking Apple to become the world's second most valuable company. The latest rally in Nvidia comes as it prepares to split its stock ten-for-one, effective on June 7, a move that could increase its appeal to individual investors.

One tax table is focused on taxing Americans on their ordinary income, the income you earn from your job or your business. The other tax table is focused on taxing your long-term capital gains, meaning assets that have grown in appreciation such as stocks or your business value held more than 365 days. * * * According to a report issued by the Treasury Department, led by Secretary Janet Yellen, Biden’s proposed fiscal year 2025 budget would increase the top marginal rate on long-term capital gains and qualified dividends to an astonishing 44.6%. Today, that top marginal long-term capital gains...

The Dow Jones Industrial Average eclipsed 40,000 points for the first time in its history Thursday as Wall Street cheered slowing inflation and potential for lower interest rates. The iconic stock index was up roughly 111 points shortly before 11 a.m. Thursday, reaching about 40,020 points. The Dow was created in 1895 and includes the 30 most prominent U.S. companies as determined by S&P Dow Jones Indicies. The Dow is up 6 percent since the start of 2024 as investors eagerly await Federal Reserve rate cuts, which could add more fuel to the stock market. While the Fed has held...

The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.3 percent in April on a seasonally adjusted basis, after rising 0.4 percent in March, the U.S. Bureau of Labor Statistics reported today. Over the last 12 months, the all items index increased 3.4 percent before seasonal adjustment. Advertisement The index for shelter rose in April, as did the index for gasoline. Combined, these two indexes contributed over seventy percent of the monthly increase in the index for all items. The energy index rose 1.1 percent over the month. The food index was unchanged in April. The food at home...

Credit card delinquencies are on the rise, as research from the New York Federal Reserve shows nearly a fifth of borrowers are “maxed-out.” According the new report, issued by the bank’s Center for Microeconomic Data, household debt rose by 1.1 percent, or $184 billion, in the first quarter of the year, bringing the total to $17.69 trillion. “In the first quarter of 2024, credit card and auto loan transition rates into serious delinquency continued to rise across all age groups,” Joelle Scally, regional economic principal within the household and public policy research division at the bank, said in a statement....

If you haven’t tuned into the annual Berkshire Hathaway shareholder meeting to see highlights, a certain moment is grabbing headlines but another more nuanced one is where your attention should go.The most poignant moment of the day was when Warren turned to his new right-hand man Greg Able but invited former lieutenant Charlie Munger for his views. The simple question “Charlie?” was enough to melt hearts as it became clear the one-two punch duo of Charlie and Warren that had been a staple of these Woodstock for Capitalists meetings for decades still lived on in Warren, and is a habit...

No one can accurately predict where the stock market will go, but it is a fact that the Biden administration’s spending imperils every American. After a strong run in 2023 and early 2024, stock markets have been selling off lately. I cannot predict whether this market sell-off will continue, but I can state what has happened so far and speculate as to why it has happened and whether it will continue. In my opinion, anyone who says he can do more than speculate is deceived or lying. After closing at an all-time high of 5,254 on March 28, the S&P...

April 2024 has been a horrible month for the stock market. This Friday I will be doing a live stream and explaining what is happening. I will be discussing some leading economic indicators that no one else has been talking about that suggest trouble for the economy ahead.VIDEO

Funky cold Joe Biden is his reaction to inflation caused by his outragous spending. His legion of sycophants are now saying inflation is a good thing or don’t notice it. But Biden will never stop spending . Coming into today’s CPI number, which followed three previous red-hot inflation prints, we said that it’s time for a “miss” (the first of 2024) not because the data demands it – on the contrary, prices continue to rise at a frightening pace – but because a dovish CPI print today would be the last opportunity for the Fed to set a timetable for...