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  • Dec 19, 2024

Stock Bulls Balk at Buying the Dip as Fed Creates Confusion

(Bloomberg) -- Bulls stormed into the stock market at the start of trading Thursday, snapping up shares suddenly on sale less than 24 hours after the Federal Reserve’s hawkish pivot sparked a historic rout.Most Read from BloombergNew York City’s Historic Preservation Movement Is Having a Midlife CrisisNYPD Car Chases Are Becoming More Frequent — and More DangerousDakar’s Air Quality Plummets as Saharan Dust Descends on SenegalBut as Thursday’s session wears on and equity indexes trim or lose the

  • Dec 19, 2024

US economy eyes strong finish ahead of heightened policy uncertainty in 2025

WASHINGTON (Reuters) -The number of Americans filing new applications for jobless benefits fell more than expected last week, almost reversing the prior two weeks' increases and suggesting that a gradual labor market slowdown remained in place. Other data on Thursday showed the economy grew faster than previously estimated in the third quarter, driven by robust consumer spending. The upbeat reports came a day after the Federal Reserve delivered a third consecutive interest rate cut, but projected only two rate reductions in 2025, citing the economy's continued resilience and still-elevated inflation.

  • Dec 19, 2024

IMF says Fed taking appropriate action on rates given high US uncertainty

The International Monetary Fund views Wednesday's Federal Reserve interest rate cut and adoption of a more cautious outlook as appropriate given high U.S. economic uncertainty, IMF spokesperson Julie Kozack said on Thursday. "Data from the last few months shows that the labor market continues to cool at the same time that inflation has been somewhat higher than expected, but still trending down toward the target," Kozack told a news briefing. "So with this background, we see the Fed's action as appropriate."

  • Dec 19, 2024

North Korea-linked hackers accounted for 61% of all crypto stolen in 2024

Alongside the rising adoption and value of crypto assets, theft is also on the rise. This year, the total value of cryptocurrency stolen surged 21%, reaching a substantial $2.2 billion. And according to a Chainalysis report released on Thursday, more than half of this amount was stolen by North Korea-affiliated hacking groups. Earlier this year, the United Nations Security Council said that North Korean hackers stole $3 billion in cryptocurrency assets between 2017 and 2023. In 2024, hackers lin

  • Dec 19, 2024

Philly Fed's manufacturing gauge slumps to 20-month low

The Federal Reserve Bank of Philadelphia said on Thursday that its monthly manufacturing index fell for a second straight month to negative 16.4 - the lowest since April 2023 - from negative 5.5 in November. The regional report from the Philly Fed suggests the factory sector, accounting for just over 10% of the economy, is continuing to struggle finding its footing in the wake of the Federal Reserve's interest rate hikes in 2022 and 2023. While the Fed has shifted to rate cuts in the last half of this year, it is not expected to ease that much further from here and market-based measures of borrowing costs remain notably higher than they were in early 2022 and continue to exert pressure on investment.

  • Dec 19, 2024

Jim Cramer Warns Of 'Incredible Panic' As Jerome Powell's Hawkish Outlook Send Stocks Into Free Fall: 'People Throwing Away Good And Bad'

The U.S. stock market experienced a severe selloff Wednesday after Federal Reserve Chair Jerome Powell‘s comments triggered what CNBC’s Jim Cramer described as “incredible panic” in the markets. What Happened: “People throwing away good and bad. Typical index fund behavior,” Cramer wrote on X, specifically highlighting concerns about small-cap stocks’ performance. “And all of those people who loved the Small Caps (the Russell 2000?) now what??” Don’t Miss: Warren Buffett once said, "If you don't

  • Dec 19, 2024

Wall Street Pins Hopes On Friday's Crucial Fed Inflation Report: Miracle Needed To Shift Narrative

If markets hope to recover from the sharp sell-off triggered by the Federal Reserve’s December meeting, Friday's release of the Personal Consumption Expenditure price index — widely regarded as the Fed’s preferred inflation measure — will play a crucial role. Unfortunately for investors, the outlook is far from reassuring. Scheduled for release at 8:30 a.m. ET Friday, economists expect the PCE price index to climb to 2.5% year-over-year in November 2024, up from 2.3% in October. This would mark

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