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Opec and its allies on Thursday agreed to accelerate oil production in July and August, as the cartel’s linchpin Saudi Arabia bowed to US pressure to cool a crude price rally that has threatened to stall the global economy. The cartel said it would increase output by almost 650,000 barrels a day in both months,
Municipals were better Wednesday as the smaller primary kicked into gear, while U.S. Treasuries sold off on the front end of the curve and equities ended in the red. Pressure on UST and volatility in equities hit after stronger economic data and continued hawkish Fed speak. “Stocks turned negative as expectations grew that the Fed
Bitcoin (BTC) and the wider cryptocurrency market are taking a breather after the rally on May 31. Meanwhile, most altcoins remain severely oversold, with most between 70% and 90% below their all-time highs. What is clear is that fear is everywhere and blood is in the water. Risk-on markets are suffering worldwide, but it is
In this article MS Countries like the U.S. and U.K. are grappling with inflation that has risen to multi-year highs as the Ukraine war has caused energy prices to spike and food prices to rise. Angela Weiss | AFP | Getty Images Talk of a recession is heating up, with Wall Street veterans flagging the
In this article MDB CHWY HPE A dog sits in front of the New York Stock Exchange (NYSE) during Chewy Inc.’s initial public offering (IPO) in New York, U.S., on Friday, June 14, 2019. Michael Nagle | Bloomberg | Getty Images Check out the companies making headlines in extended trading. Chewy — The pet retailer’s
With America’s infrastructure challenges and acute housing shortage demanding solutions, is it possible standardization may provide a few of the answers? Some leading design industry observers believe so. They are convinced standardization and repeatability when combined with the ability to produce all kinds of buildings and taken to warp speed just might be game changers.
A “For Sale” sign outside a house in Crockett, California, on Tuesday, May 31, 2022. David Paul Morris | Bloomberg | Getty Images Mortgage rates rose sharply this week, after pulling back over the last three weeks. The 30-year fixed hit 5.36% Monday and then moved higher again Tuesday to 5.47%, according to Mortgage News
Despite May’s price correction, which took Bitcoin (BTC) as low as $23,800, institutional investors seem unwilling to lose confidence in the cryptocurrency. The Purpose Bitcoin ETF, launched in February 2021, has been seeing a consistent inflow over the last five trading days. The fund’s holdings have increased to 43,701.7 BTC as of Tuesday, according to
Sacramento-based Sutter Health received an improved outlook to stable from negative by Moody’s Investors Service, reflecting expectations that the health system’s improved financial position will continue. The outlook revision affects $4.5 billion in debt. “The affirmation of the A1 rating and the revision of the outlook reflect our expectation that recent operating improvements will be
Biotech stocks are rallying this month.
JPMorgan Chase chief executive Jamie Dimon on Wednesday warned investors to brace themselves for an economic “hurricane” as the war in Ukraine and policy tightening by the Federal Reserve roil markets. Dimon struck a gloomier tone on the economic outlook than in remarks he made just last week during JPMorgan’s first investor day in two
State budget negotiations in New Jersey are getting the benefit of tax revenue hauls in March and April that far outpaced expectations. Signs of robust economic recovery in New Jersey added an additional $4.5 billion in revenue to the state’s fiscal 2022 estimates, according to Gov. Phil Murphy’s office. “The rapid revenue recovery last year,
In this article VSCO AMBA HPQ CRM Salesforce Noam Galai | Getty Images Here are the stocks making notable moves in extended trading on Tuesday. Salesforce — Shares of the software giant rose 6% after Salesforce issued stronger-than-expected first-quarter results. The company reported 98 cents in adjusted earnings per share on $7.41 billion of revenue.
Ethereum layer-2 scaling solution Optimism has been overwhelmed with “all-time high demand” following the launch of its highly anticipated airdrop on Wednesday. Users racing to collect their tokens were greeted with failed or delayed transactions as the Optimism team raced in the background to add additional capacity to the network. As previously reported in April, Optimism
E-commerce giant Amazon has launched a $2 billion Housing Equity Fund to preserve and develop more than 20,000 affordable housing units across three major hubs–Puget Sound, WA, Nashville, TN, and Arlington, VA. Amazon’s Housing Equity Fund illustrates how major corporations can collaborate with local governments and help solve the affordable housing crisis that many communities
A sold sign sits outside a home. Adam Jeffery | CNBC Rising mortgage rates did not slow down rising home prices in March. Nationally, home prices were 20.6% higher than they were in March 2021, according to the S&P CoreLogic Case-Shiller Home Price Index. That is higher than the 20% gain in February. The index
Europe’s top securities regulator has warned that soaring inflation could drive investors to cryptocurrencies. Stressing that there is “an imbalance” in how each EU country deals with crypto, the regulator calls for a common regulatory framework across European countries. Inflation Could Drive Investors to Crypto, EU Regulator Says The European Securities and Markets Authority (ESMA),
Municipals were slightly firmer in light trading Tuesday with the asset class ignoring a large selloff in U.S. Treasuries while equities ended the session with losses. Triple-A yield curves saw up to two basis point bumps, continuing to outperform U.S. Treasuries, moving ratios lower again. Muni-to-UST ratios were at 74% in five years, 87% in