Stocks could see a 10% correction by early October on a trifecta of bearish factors, strategist says
"There's still a little longer fuse on this correction that's likely to take place before we're done," Renaissance Macro's Jeff DeGraaf said.
JPMorgan Abandons Recommendation to Buy China Stocks Ahead of US Election
(Bloomberg) -- JPMorgan Chase & Co. abandoned its buy recommendation for Chinese stocks, citing heightened volatility around the upcoming US elections in addition to growth headwinds and tepid policy support. Most Read from BloombergHow Air Conditioning Took Over the American OfficeHong Kong’s Arts Hub Turns to Selling Land to Stay AfloatThe Outsized Cost of Expanding US RoadsChina was downgraded to neutral from overweight in the bank’s emerging markets allocation, strategists led by Pedro Marti
Top super PAC backing Kamala Harris to accept cryptocurrency donations
A top super political action committee (PAC) backing U.S. Vice President and Democratic presidential candidate Kamala Harris known as Future Forward PAC will accept cryptocurrency donations, a Coinbase spokesperson said Wednesday. Future Forward has raised hundreds of millions of dollars to back Harris in the Nov. 5 U.S. election in which she faces Republican presidential candidate and former President Donald Trump. Although Harris has yet to publicly take a stance on crypto, her campaign staff have met with prominent crypto firms, including Coinbase and Ripple, Reuters has previously reported.
US economy is slowing, but still has momentum, former official says
The U.S. economy is slowing but it still has some momentum, former Treasury Secretary Robert Rubin said on Thursday. The U.S. Federal Reserve is doing about the right thing, Rubin told the Bund Summit in Shanghai, adding that former President Donald Trump poses multiple risks to the economy.
Watch These Tesla Price Levels as Stock Tries to Jumpstart Rally
Shares Gained More Than 4% on Wednesday
Oaktree’s Marks Says Fed Cuts Won’t Take US Rates Below 3%
(Bloomberg) -- US interest rates will settle in a range of between 3% and 4% after reductions by the Federal Reserve, according to Oaktree Capital Management LP’s Howard Marks.Most Read from BloombergHow Air Conditioning Took Over the American OfficeHong Kong’s Arts Hub Turns to Selling Land to Stay AfloatThe Outsized Cost of Expanding US Roads“The Fed will back off from the emergency rate of five and a quarter, five and a half and get down into the threes,” Marks, the co-chairman and co-founder
Robinhood's Former Ban on Crypto Withdrawals Draws $3.9M Settlement in California
Robinhood's crypto-trading subsidiary used to prevent customers from withdrawing the tokens they bought. Though Robinhood Crypto LLC abandoned that policy in 2022, on Wednesday its past practices earned a $3.9 million slap on the wrist from the state of California.
Robinhood's Former Ban on Crypto Withdrawals Draws $3.9M Settlement in California
The popular trading app's sunsetted ban on customer crypto withdrawals caught the ire of California's attorney general.
Vape-to-Earn Crypto Project PuffPaw Raises $6M For Blockchain Vapes
Puffpaw is betting specialty vapes that give tokens to smokers can help them kick nicotine addiction.
Fed's Daly says rate cuts needed to keep labor market healthy
The Federal Reserve needs to cut interest rates to keep the labor market healthy, but it is now down to incoming economic data to determine by how much, San Francisco Fed President Mary Daly said on Wednesday. "As inflation falls, we've got a real rate of interest that's rising into a slowing economy; that's a basic recipe for over-tightening," Daly told Reuters in an interview. Labor market health, she said, has to be "sustained and protected, and we have to be very mindful that if policy is overly tight, you might get additional slowing in the labor market, and to my mind, that would be unwelcome."