Bussiness
Will the Fed follow Europe and Canada’s lead on rate cuts?
The U.S. stock market extended its bull market rally for another week, achieving fresh record highs for both the S&P 500 and the tech-heavy Nasdaq 100 indices.
The tech sector, particularly the chipmaker industry, led broader market gains, driven by strong investor optimism toward artificial intelligence growth.
Nvidia’s valuation hit $3 trillion on Wednesday, briefly surpassing Apple as the second most valuable U.S. company, before experiencing a slight pullback by the week’s end.
On the monetary policy front, the European Central Bank and the Bank of Canada both enacted a 25-basis-point rate cut, signaling the beginning of easing conditions globally and raising hopes for a similar move by the Federal Reserve.
Friday’s May jobs report revealed tighter-than-expected labor market conditions, dampening market expectations of imminent Fed rate cuts.
Market expectations no longer fully price in two Fed rate cuts by the end of the year. Investors reduced bets on a September cut, now giving it a 54% probability compared with 70% before the jobs data.
AI investment confidence
Ark Invest CEO Cathie Wood maintains her bullish stance on AI investments despite selling off Nvidia stock in 2023, underscoring her long-term belief in the sector’s growth potential.
Keith Gill’s comeback
Keith Gill, known as “Roaring Kitty,” the key figure in the GameStop “meme stock” saga, disclosed that he holds over $115.7 million worth of shares in the video game retailer.
Experts warn that Gill’s GameStop trades, exploiting SEC regulatory gaps, highlight significant market manipulation concerns and call for regulatory scrutiny.
Robinhood buys Bitstamp
Brokerage Robinhood saw its stock surge following the acquisition of Bitstamp, highlighting investor confidence in the company’s strategic expansion into the cryptocurrency market.
Apple WWDC 2024
At the upcoming WWDC (Worldwide Developers Conference) 2024 event, Apple is expected to showcase advancements in GPT AI, Siri and VisionPro’s global rollout, highlighting the company’s commitment to innovation and enhanced user experiences.
CEO-friendly stock exchange
Wall Street’s largest fund managers, including BlackRock and Citadel Securities, are reportedly planning to challenge the dominance of the New York Stock Exchange and Nasdaq by developing a new national stock exchange in Texas. The “Texas Stock Exchange” has reportedly secured $120 million in funding from individuals and large investment firms.
More: Scammers take advantage of kindness by asking to borrow phones, sending fake cash to apps
More: WDIV-TV’s Rod Meloni eyes retirement, reflects on decades of business news in Detroit
Benzinga is a financial news and data company headquartered in Detroit.
Penta Infra shapes European growth plans with new shareholder
Alstom and OnTrain Unite for Multinational Rail Expansion Across Europe – Travel And Tour World
How UK inflation compares to Europe and the rest of the world
Taiwan Shines as a Prime Destination For French Tourists, According To New Travel Data From Skyscanner And Expedia – Travel And Tour World
This Airlines Connects Kuusamo, Rovaniemi, Kittilä, Ivalo with New Flight Routes to Lapland: New Update for Tourists Travelling to North Europe – Travel And Tour World
Swiss bolsters long-haul fleet with A350 order
The 2025 Outlook
BCD M&E appoints global sustainability director
Italo opens new lounge and expands intermodal network
