Reddit, a popular online forum website, priced its initial public offering (IPO) at $34 per share, exceeding the expected range and raising $519 million. This values the company at nearly $6.5 billion, marking the first major social media company to go public since Pinterest in 2019. The IPO comes after a two-year dry spell in… Continue reading Reddit prices IPO at $34 per share in first major social media offering since 2019

In February, existing home sales in the United States experienced a surprising surge of 9.5% to reach 4.38 million units, adjusted on an annualized basis, according to data from the National Association of Realtors (NAR). This increase came as a deviation from the expectations of housing analysts who had anticipated a slight decline. Despite a… Continue reading February home sales spike 9.5%, the largest monthly gain in a year, as supply improves

The Biden administration has allocated up to $8.5 billion in CHIPS Act funding to Intel, with a potential additional $11 billion in loans, aiming to bolster semiconductor manufacturing in the United States. This announcement comes as President Joe Biden prepares to unveil the awards during his visit to Arizona. The funds aim to support the… Continue reading Intel awarded up to $8.5 billion in CHIPS Act grants, with billions more in loans available

The Federal Reserve’s upcoming meeting holds significant importance, yet it might not result in substantial changes regarding monetary policy. Expected to release its rate decision along with updated economic projections, the central bank faces heightened scrutiny amid shifting expectations for its future course of action. While markets previously anticipated multiple rate cuts, the prevailing sentiment… Continue reading Here’s everything to expect from the Federal Reserve’s policy meeting Wednesday

On Tuesday, the stock market saw an uptick as the Federal Reserve commenced its two-day policy meeting, with particular focus on Nvidia following significant announcements from the tech giant. The Dow Jones Industrial Average surged by 320.33 points, or 0.83%, reaching 39,110.76, marking its best day since February 22. Simultaneously, the S&P 500 hit a… Continue reading Dow closes more than 300 points higher Tuesday as Fed rate decision looms: Live updates

MicroStrategy’s shares experienced a significant decline on Tuesday, mirroring the downward movement of the price of bitcoin, as the company continued to increase its holdings of the cryptocurrency. Initially dropping as much as 18%, the stock ultimately closed lower by 5.67%. This decline coincided with MicroStrategy’s purchase of an additional 9,245 bitcoins for approximately $623… Continue reading MicroStrategy, largest corporate holder of bitcoin, drops as much as 18% as cryptocurrency falls

Morgan Stanley has promoted Jeff McMillan, a tech executive in its wealth management division, to the bank’s inaugural head of firm-wide artificial intelligence, signaling the increasing significance of AI in financial services. McMillan’s elevation underscores the bank’s commitment to leveraging AI technology across its operations. Last year, Morgan Stanley made strides in AI implementation by… Continue reading Morgan Stanley names a head of artificial intelligence as Wall Street leans into AI

This week, a series of reports emphasized the persistent nature of inflation, casting doubt on its transitory nature as previously suggested by policymakers. From consumer expectations to wholesale prices, data indicated a notable acceleration in inflationary pressures, raising concerns about its longevity. The week started with a New York Federal Reserve survey revealing an uptick… Continue reading This week provided a reminder that inflation isn’t going away anytime soon

In a plush suburban area nestled in the San Diego foothills, law enforcement uncovered the operations of what they describe as an organized retail crime “queenpin,” Michelle Mack. Behind the walls of her spacious Spanish-style mansion, Mack had amassed a fortune in stolen cosmetics from Ulta and Sephora stores across the nation. While Mack, 53,… Continue reading Inside the organized crime rings plaguing retailers including Ulta, T.J. Maxx and Walgreens

Inflation in the U.S. rose again in February, with the consumer price index (CPI) increasing by 0.4% for the month and 3.2% from a year ago, slightly ahead of the forecasted 3.1%. Excluding volatile food and energy prices, the core CPI also rose by 0.4% on the month and was up 3.8% on the year.… Continue reading Consumer prices rose 0.4% in February and 3.2% from a year ago

Donald Trump, the presumptive Republican presidential nominee, expressed reservations about the proposed ban on Chinese-owned social media app TikTok in the United States during an interview on CNBC’s “Squawk Box.” Trump argued that such a ban would only bolster Meta’s Facebook platform, which he labeled as “an enemy of the people.” Despite acknowledging concerns regarding… Continue reading Trump says a TikTok ban would empower Meta, slams Facebook as ‘enemy of the people’

The New York Federal Reserve conducted a survey revealing a growing skepticism among consumers regarding the Federal Reserve’s ability to meet its inflation targets in the foreseeable future. Although the outlook for inflation over the next year remained steady at 3%, longer-term expectations saw an increase, with the three-year projection rising by 0.3 percentage points… Continue reading Long-term inflation expectations rise, spelling possible trouble for the Fed, survey shows