Central Bank of Turkey Surprises Economists with 500 Basis Point Interest Rate Hike In a surprising move, Turkey’s central bank increased its key interest rate, the benchmark one-week repo rate, by 500 basis points to 40% on Thursday. This decision doubled economists’ expectations, as they had only forecast a 250-basis-point hike. The move is seen…
According to new data from Adobe Analytics, deep discounts are fueling a strong start to holiday online spending. With inflation and economic uncertainty looming, consumers are cutting back, which is beneficial for companies that offer bargains. Online shoppers spent $63.2 billion in the first 20 days of November, marking a 5% year-over-year increase and surpassing…
Stocks making headlines in midday trading include Clorox, Safety Shot, Deere, Caterpillar, Nordstrom, HP, Autodesk, Nvidia, Carnival, American Airlines, and United Airlines. Clorox saw a less than 1% increase following an upgrade from JPMorgan, while Safety Shot plummeted more than 30% after questioning of its alcohol detox drink. Deere shares dropped nearly 4% after issuing…
Binance CEO, Changpeng Zhao, Pleads Guilty in a Deal with the Department of Justice after Stepping Down Binance, the world’s largest cryptocurrency exchange, is experiencing a sizeable loss as outflows from the platform have surpassed $1 billion in the last 24 hours, excluding Bitcoin. This comes after the exchange’s co-founder and CEO, Changpeng Zhao, pleaded…
OPEC+ Meetings Rescheduled, Sending Oil Prices Down The influential Organization of the Petroleum Exporting Countries and its allies, known collectively as OPEC+, have rescheduled their meetings from November 25-26 to November 30. This announcement caused oil prices to drop by over $3 per barrel in Thursday’s intraday trade. The reason for the postponement was not…
The meeting of U.S. President Joe Biden and Chinese President Xi Jinping last week has set the bottom line for the relationship between the two powerful nations, according to analysts. The summit took place in Woodside, California, during the Asia-Pacific Economic Cooperation conference. Wang Dong, executive director of the Institute for Global Cooperation and Understanding…
Nvidia Rocketed Revenue Earnings and Gross Margins in Third Quarter Fiscal 2024 Nvidia (NVDA) has once again exceeded sky-high expectations in its quarterly report, with revenue surging 206% year-over-year to $18.12 billion for the third quarter of fiscal 2024. This impressive performance beat analyst forecasts and reflects a 593% growth in adjusted earnings-per-share to $4.02….
Warren Buffett, the chairman and CEO of Berkshire Hathaway, has shown his philanthropic spirit once again by donating more than $870 million in Berkshire Hathaway stock to four family foundations before Thanksgiving. This act of generosity reassured investors in a letter that the conglomerate is “built to last.” The 93-year-old investor donated 1.5 million Class…
Amazon CEO Jeff Bezos is causing speculation in the market after aggressively selling a large number of shares. With rumors swirling around why Bezos is offloading his Amazon stock, investors are advised to wait before making any decisions on purchasing shares. According to CNBC, Bezos is expected to sell around 8 million to 10 million…
Stock Market Midday Report: Amazon, Burlington Stores, Medtronic, Kohl’s, and More In today’s midday market report, several companies are making significant moves, affecting their stock prices and the overall market. Here are the highlights: – Amazon: The e-commerce giant saw a 2.4% slip in its stock after reports that founder and Executive Chair Jeff Bezos…
