Latest news on stock market and economy of August 1, 2022
Credit card companies suffered legal setbacks over the weekend in a pair of cases challenging the way they handle payments and the fees they charge. A federal judge on Friday rejected Visa’s request to be removed a case who claims he conspired to help MindGeek, the parent company of the website Pornhub, profit from child sexual abuse images. The question the case presents is whether Visa is helping others make money by distributing illegal images, the DealBook newsletter reports. The court says there may be, allowing some claims against Visa to proceed, based on its role in processing payments for…
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Stocks fall as inflation worries persist
US stocks fell on Wednesday, with the S&P 500 and Dow paring gains after rising for consecutive sessions. The S&P 500 fell more than 1% on Wednesday, while the Dow and S&P 500 lost more than 0.7%. The small-cap Russell 2000 was the biggest laggard of the day, falling more than 1.5% to session lows. All three major averages had started this week with gains, rising on both Monday and Tuesday. West Texas Intermediate (CL=F) crude prices rose above $122 a barrel to hit the highest level since February, and the benchmark US 10-year Treasury yield resumed its rise above…
Read More »Fed Governor Bowman Expects ‘Similarly Sized’ Rate Hikes After Three-Quarter-Point Moves
Federal Reserve Bank Governor Michelle Bowman makes her first public remarks as federal policymaker at an American Bankers Association conference in San Diego, California on February 11, 2019. Ann Sapphire | Reuters Federal Reserve Governor Michelle Bowman said Saturday that she supports the central bank’s recent interest rate hikes and believes they are likely to continue until inflation is subdued. The Fed, at its last two policy meetings, raised benchmark borrowing rates by 0.75 percentage points, the largest increase since 1994. These moves were aimed at controlling inflation at its highest level high in more than 40 years. In addition…
Read More »Financial analyst says Arsenal will make money from new markets
Kieran Maguire believes Arsenal are making the right business decisions as they continue to expose their brands to new markets. Mikel Arteta’s side have been progressing on the pitch and the club have spent big to capitalize on every success. These funds come from somewhere and the club will have to recover them. They have partnered with different brands from various industries exposing them to new markets, some of which have never been explored by a football club. A financial expert, Maguire believes it’s a smart thing to do, and hopes it will pay off for the Gunners, eventually. He…
Read More »PRESS RELEASE-Financial Times – 5 August
August 5 (Reuters) – The following are the top stories from the Financial Times. Reuters has not verified these stories and does not guarantee their accuracy. Holders Goldman credit card business under investigation by consumer finance watchdog https://on.ft.com/3zZ3z1O Warner Bros Discovery bids time on ‘spend, spend, spend’ streaming model https://on.ft.com/3P2lnNN Ofgem’s move to change UK energy price cap criticized by campaigners https://on.ft.com/3OU8LIs US declares public health emergency due to rapid spread of monkeypox https://on.ft.com/3BGi9fK Overview Goldman Sachs has admitted it is struggling over its loss-making foray into retail banking, revealing that the US consumer finance regulator is investigating how it…
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Stocks close flat, but the week headed higher after a strong June jobs report [Video]
US stocks were little changed at the close of a choppy session on Friday after the release of June employment data that beat expectations. The US economy added 372,000 jobs in June, while the unemployment rate held steady at 3.6 percent last month, the Labor Department reported Friday morning. All three major indexes closed close to balance after struggling for direction for much of the trading day, but ended the holiday-shortened week in the green. The benchmark S&P 500 and Dow were nearly 0.1% below the flat line, while the Nasdaq Composite closed 0.1% in the green. Treasury yields were…
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Shares fall after Walmart’s profit warning
US stocks fell on Tuesday after Walmart (WMT) earnings notice on Monday night and ahead of a slew of tech gains and the Fed’s latest policy statement on Wednesday. At the closing bell, the benchmark S&P 500 lost 1.2%, while the Dow fell 0.7%. The tech-heavy Nasdaq fell 1.9%, the index’s third straight session of losses, and the Nasdaq’s third straight day of losses outpaced those suffered by the S&P and the Dow. Walmart stock (WMT) fell more than 7% after the retail giant cut its profit outlook for the second quarter and for the full year on Monday afternoon,…
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Economy, stock market and business news for August 2, 2022
Robinhood CEO Vlad Tenev on the Nasdaq screen last year. “That’s up to me,” he told employees in a blog post Tuesday, referring to the layoffs.Credit…Sasha Maslov for The New York Times Robinhood, the trading app that popularized one-click trading and helped fuel last year’s meme-stock frenzy, said Tuesday it was laying off about 23 percent of its workforce. work Vlad Tenev, the CEO of Robinhood, said in a blog entry that the layoffs would affect employees across the company, especially those in operations, marketing and program management roles. Robinhood declined to comment on the layoffs. The announcement followed closely…
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