Summary Of the Markets Today:
- The Dow closed up 125 points or 0.32%,
- Nasdaq closed down 0.03%,
- S&P 500 closed up 0.16%,
- Gold $2,369 up $29.50,
- WTI crude oil settled at $78 down $0.91,
- 10-year U.S. Treasury 4.500% up 0.051 points,
- USD index $105.30 up $0.07,
- Bitcoin $60,663 down $2400,
- Baker Hughes Rig Count: U.S. -2 to 603
*Stock data, cryptocurrency, and commodity prices at the market closing.
Click here to read our current Economic Forecast – May 2024 Economic Forecast: No Real Change So Expect The Economy To Continue To Plod Along
Today’s Economic Releases Compiled by Steven Hansen, Publisher:
The near-term outlook for the U.S. economy looks better now than it did three months ago, according to 34 forecasters responding to the Second Quarter Survey of Professional Forecasters. On an annual-average over annual-average basis, the forecasters expect real GDP to grow at an annual rate of 2.5 percent in 2024 and 1.9 percent in 2025. These annual projections are 0.1 percentage point higher than the previous estimates of three months ago. The projections for the unemployment rate are nearly unchanged from those of the previous survey. On an annual-average basis, the forecasters predict the unemployment rate will increase from 3.9 percent in 2024 to 4.1 percent in 2027. On the employment front, the forecasters see job gains in the current quarter at a rate of 200,000 per month. The employment projections for the current quarter and the following three quarters show upward revisions from those of the previous survey.
University of Michigan Consumer sentiment retreated about 13% this May following three consecutive months of very little change. This 10 index-point decline is statistically significant and brings sentiment to its lowest reading in about six months. This month’s trend in sentiment is characterized by a broad consensus across consumers, with decreases across age, income, and education groups. Consumers in western states exhibited a particularly steep drop. While consumers had been reserving judgment for the past few months, they now perceive negative developments on a number of dimensions. They expressed worries that inflation, unemployment and interest rates may all be moving in an unfavorable direction in the year ahead.
Here is a summary of headlines we are reading today:
- U.S. Unveils Ambitious Plans to Boost Domestic Lithium Production
- Biden Admin Set to Announce Tariffs on Chinese EVs and Solar Panels
- Biggest Solar Storm in 19 Years Could Disrupt Electric Grids
- Europe Is Once Again Worried About Russian Spies
- Stronger Chinese Oil Imports May Send WTI Above $80
- McDonald’s is working to introduce a $5 value meal
- Russia Launches Surprise Offensive In Kharkiv, Aims To Extend Border 10km Deep Into Ukraine
- FBI Officials Told To ‘Stand Down’ The Day Before Jan. 6: Report
Click on the “Read More” below to access these, other headlines, and the associated news summaries moving the markets today.
The Market in Perspective
| Here are the headlines moving the markets. | |
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U.S. Unveils Ambitious Plans to Boost Domestic Lithium ProductionThe U.S. has big plans for lithium production in the coming years as it ramps up output to support the rollout of utility-scale battery storage and greater electric vehicle (EV) uptake. To ensure the U.S. has enough lithium to support the rapid growth of the battery market and reduce reliance on China, President Biden is supporting the development of the country’s lithium industry with funding from the Inflation Reduction Act (IRA) and other national policies. Meanwhile, the private sector is investing heavily in lithium as the consumer uptake… Read more at: https://oilprice.com/Metals/Commodities/US-Unveils-Ambitious-Plans-to-Boost-Domestic-Lithium-Production.html |
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Can AI Derail the Energy Transition?Artificial intelligence is shaping up as the hottest topic of the year. Analysts are predicting how it would benefit virtually every industry, and developers are eager to try it everywhere they can. But there is one potentially huge problem with AI: its energy and raw material requirements. The energy problem surfaced last year, with one scientist doing the maths on how much electricity data centers hosting AI hardware would require. Warnings began coming in saying that the utilization of artificial intelligence will reverse the transition… Read more at: https://oilprice.com/Energy/Energy-General/Can-AI-Derail-the-Energy-Transition.html |
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Biden Admin Set to Announce Tariffs on Chinese EVs and Solar PanelsThe Biden administration is expected to make a major announcement on China tariffs as soon as next week that will impact semiconductors, solar power, and electric vehicles, according to Bloomberg, citing people familiar with the matter. While the possibility of additional tariffs has been widely known, the specific industries to be targeted have now been identified. Moreover, Beijing will likely release angry comments after Biden’s speech next week, followed by a tit-for-tat response. Two of the people said the decision to hit China’s “new… Read more at: https://oilprice.com/Energy/Energy-General/Biden-Admin-Set-to-Announce-Tariffs-on-Chinese-EVs-and-Solar-Panels.html |
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Oil Rig Counts Falls as WTI Holds Below $80The total number of active drilling rigs for oil and gas in the United States fell this week, according to new data that Baker Hughes published on Friday. The total rig count fell by 2 to 603 this week, compared to 731 rigs this same time last year. The number of oil rigs fell by 3 this week, after falling by 7 in the week prior. Oil rigs now stand at 496–down by 90 compared to this time last year. The number of gas rigs rose by 1 this week to 103, a loss of 38 active gas rigs from this time last year. Miscellaneous rigs stayed the same at 4.… Read more at: https://oilprice.com/Energy/Energy-General/Oil-Rig-Counts-Falls-as-WTI-Holds-Below-80.html |
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U.S. Extends License For Transactions With Venezuela’s PDVSAThe United States has extended a general license through November 15, allowing certain transactions with Venezuelan state oil company PDVSA that are necessary for wind-down operations, according to a notice from the U.S. Treasury Department. The extension covers key players in the industry, including Halliburton, Schlumberger, Baker Hughes Holdings, and Weatherford International PLC. This extension comes amid ongoing political tensions and economic challenges in Venezuela. Recent contract cancellations by entities like Polish refiner Orlen… Read more at: https://oilprice.com/Latest-Energy-News/World-News/US-Extends-License-For-Transactions-With-Venezuelas-PDVSA.html |
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Biggest Solar Storm in 19 Years Could Disrupt Electric GridsThe most severe solar storm in nearly two decades could disrupt electric power grids, navigation, radio, and satellite operations on Friday and Saturday, NOAA’s Space Weather Prediction Center (SWPC) said in a warning today, in the first such severe solar storm advisory since 2005. SWPC, a division of the National Weather Service, said that “Space weather forecasters have issued a Severe (G4) Geomagnetic Storm Watch for the evening of Friday, May 10. Additional solar eruptions could cause geomagnetic storm conditions to persist… Read more at: https://oilprice.com/Energy/Energy-General/Biggest-Solar-Storm-in-19-Years-Could-Disrupt-Electric-Grids.html |
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China’s Purchases of Saudi Crude to Drop in JuneHigher Saudi crude prices and weakened refining margins will see Chinese refiners lift lower volumes of oil from the world’s top oil exporter in June compared to May, sources familiar with the plans told Reuters on Friday. This month, China is set to buy a total of 45 million barrels of Saudi crude. The volume is then expected to drop by 5.8 million barrels in June, with the lower supply mostly in the Arab Medium and Arab Heavy crude grades, according to Reuters’ sources. The Kingdom is also limiting some heavier crude… Read more at: https://oilprice.com/Latest-Energy-News/World-News/Chinas-Purchases-of-Saudi-Crude-to-Drop-in-June.html |
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U.S. Leverages Saudi-Israeli Relations to Isolate IranThe United States wants to force a gradual shift in Iran’s “decision-making calculus” by signing a defense deal with Saudi Arabia and securing the normalization of relations between Riyadh and Israel. “We continue to work with allies and partners to enhance their capabilities to deter and counter the threats Iran poses, impose costs on Iran for its actions, and seek to shift Iran’s decision-making calculus over time,” a U.S. State Department spokesperson told RFE/RL. The security package has several components,… Read more at: https://oilprice.com/Geopolitics/International/US-Leverages-Saudi-Israeli-Relations-to-Isolate-Iran.html |
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South Africa May Limit Shell’s Drilling Licenses After Its Downstream ExitSouth Africa has hinted that Shell could receive fewer oil exploration licenses after the supermajor decided to sell its downstream business in the country, Mineral Resources and Energy Minister Gwede Mantashe told Bloomberg in an interview published on Friday. Earlier this week, Shell said it is preparing to divest from downstream operations in South Africa as a result of an internal portfolio review. Shell holds a majority share in Shell Downstream SA (SDSA), which was formed by the merger agreement between Shell South Africa and… Read more at: https://oilprice.com/Latest-Energy-News/World-News/South-Africa-May-Limit-Shells-Drilling-Licenses-After-Its-Downstream-Exit.html |
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Enbridge Tops Q1 Earnings Estimates Amid Strong Oil DemandStrong oil demand and production in North America helped Canadian pipeline giant Enbridge Inc (NYSE: ENB) raise its first-quarter adjusted earnings and beat analyst estimates. Enbridge, operator of Mainline, North America’s biggest oil pipeline network, reported on Friday adjusted earnings of US$1.46 billion (C$2.0 billion) for the first quarter. Per share earnings rose by 8% year-over-year to C$0.92 per common share, which beat the C$0.81 average analyst estimate compiled by LSEG. Adjusted core… Read more at: https://oilprice.com/Latest-Energy-News/World-News/Enbridge-Tops-Q1-Earnings-Estimates-Amid-Strong-Oil-Demand.html |
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Crescent Point Q1 Earnings Drop Amid Lower Oil and Gas PricesCanadian oil and gas producer Crescent Point Energy (NYSE: CPG) reported on Friday that its adjusted net earnings from operations declined by 15% year-over-year in the first quarter of 2024, dragged down by lower crude oil and natural gas realizations. Crescent Point booked adjusted net earnings from operations of US$137 million (C$187 million) for Q1, down from US$160 million (C$219 million) for the same period of 2023. Net loss was at US$301 million (C$412 million) for the quarter that ended March 31, 2024, primarily driven… Read more at: https://oilprice.com/Latest-Energy-News/World-News/Crescent-Point-Q1-Earnings-Drop-Amid-Lower-Oil-and-Gas-Prices.html |
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Oil Prices Are Rallying Once AgainFollowing several weeks of declines, oil prices are now rising once again on a combination of geopolitical risk, rising demand, and supply concerns.Friday, May 10th 2024Oil prices are once again climbing after several weeks of declines. Falling US crude inventories and robust Chinese imports have sparked some bullish sentiment in oil markets. Brent futures are set to post their first weekly gain since early April, moving closer to $85 per barrel, further boosted by the easing of the US labor market (jobless claims the highest in… Read more at: https://oilprice.com/Energy/Energy-General/Oil-Prices-Are-Rallying-Once-Again.html |
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Europe Is Once Again Worried About Russian SpiesYet more house-cleaning this week in the European spy dens as tensions rise among European nations who are now placing bets on the future of Ukraine. The panic is in full force. In the UK, Downing Street is expelling a Russian Defense attache believed to be an undeclared military intelligence officer and revoking diplomatic status over some properties in the UK that are believed to be used for Russian intelligence operations. In Poland, government networks were targeted by Russian cyberspies operating as part of the GRU (Russian military intelligence).… Read more at: https://oilprice.com/Energy/Energy-General/Europe-Is-Once-Again-Worried-About-Russian-Spies.html |
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Israel-Hamas Peace Talks Fall ApartPolitics, Geopolitics & Conflict In the Middle East, this week’s peace talks saw Hamas agree to proposals for a ceasefire laid out by Egypt and Qatar, but Israel proceeded with its incursion into Rafah (southern Gaza), ordering a full-scale invasion. That took peace talks off the table again and came with a warning from the Biden administration that the U.S. would pause bomb shipments to Israel over civilian deaths. On Thursday, Netanyahu responded by saying Israel could “stand alone”. Last week, Turkey cut off its $9+-billion… Read more at: https://oilprice.com/Energy/Energy-General/Israel-Hamas-Peace-Talks-Fall-Apart.html |
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Stronger Chinese Oil Imports May Send WTI Above $80Crude oil futures are in a position to close higher for the week after recovering from earlier setbacks. Notably, both Brent and West Texas Intermediate (WTI) crude futures reached one-week highs, driven by positive demand signals from China and the U.S. This recent uplift positions the market to potentially break a four-week decline, providing a critical moment for traders monitoring market directions. US Demand Insights In the U.S., the crude price gains were moderated by concerning demand data. According to the latest Energy Information Administration… Read more at: https://oilprice.com/Energy/Energy-General/Stronger-Chinese-Oil-Imports-May-Send-WTI-Above-80.html |
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Consumer sentiment tumbles as inflation fears surgeThe University of Michigan Survey of Consumers posted a reading of 67.4 for May, down from 77.2 in April. Read more at: https://www.cnbc.com/2024/05/10/consumer-sentiment-tumbles-as-inflation-fears-surge-closely-watched-survey-shows.html |
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Dow jumps more than 100 points to post 8th winning day and best week of 2024: Live updatesInvestors are feeling more confident as of late in the outlook for stocks, buoyed by a strong earnings season and hopes for rate cuts from the Federal Reserve. Read more at: https://www.cnbc.com/2024/05/09/stock-market-today-live-updates.html |
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Jim Simons, billionaire quantitative investing pioneer who generated eye-popping returns, dies at 86Jim Simons, a legendary mathematician who founded quantitative hedge fund Renaissance Technologies, passed away on Friday. Read more at: https://www.cnbc.com/2024/05/10/jim-simons-billionaire-quantitative-investing-pioneer-who-generated-eye-popping-returns-dies-at-86.html |
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Elon Musk’s X loses lawsuit against Bright Data over data scrapingA federal judge in California dismissed a lawsuit filed by Elon Musk’s X against Israel’s Bright Data, and said X “wants it both ways.” Read more at: https://www.cnbc.com/2024/05/10/elon-musks-x-loses-lawsuit-against-bright-data-over-data-scraping.html |
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BMO is buying the real estate dip. These dividend-yielding stocks are on its buy listReal estate investment trusts have become oversold and that has presented an opportunity for investors, according to BMO. Read more at: https://www.cnbc.com/2024/05/10/bmo-is-buying-the-real-estate-dip-these-dividend-yielding-stocks-on-are-its-buy-list.html |
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Sam Altman takes nuclear energy company Oklo public to help further his AI ambitionsSam Altman, best known as the CEO of OpenAI, is also chairman of a nuclear power company called Oklo, which has just gone public through a SPAC. Read more at: https://www.cnbc.com/2024/05/10/sam-altman-takes-nuclear-startup-oklo-public-to-power-ai-ambitions.html |
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McDonald’s is working to introduce a $5 value mealThe potential new offering comes at a time when low-income consumers are beginning to pull back on spending, particularly at fast-food brands. Read more at: https://www.cnbc.com/2024/05/10/mcdonalds-working-on-5-value-meal.html |
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Missed the last student loan forgiveness deadline? There may still be other options for reliefSome of the student loan borrowers who missed the April 30 deadline to qualify for quicker debt forgiveness may still be eligible for other relief options. Read more at: https://www.cnbc.com/2024/05/10/missed-the-student-loan-forgiveness-deadline-there-are-other-options.html |
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Sweetgreen shares soar 34% after company beats revenue expectationsShares of the salad chain surged 34% Friday after the company’s revenue beat analysts’ expectations during its fiscal first quarter. Read more at: https://www.cnbc.com/2024/05/10/sweetgreen-shares-soar-after-company-posts-revenue-beat.html |
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Behind America’s divided economy: Booming luxury travel and a jump in ‘relief’ loansConsumers are acting vastly different depending on income level. Read more at: https://www.cnbc.com/2024/05/10/behind-americas-divided-economy-booming-luxury-travel-and-a-jump-in-relief-loans.html |
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How retailers like Best Buy, T.J. Maxx and Home Depot quietly target ‘problem’ returnersThe latest crackdown on returns is only that latest effort by retailers to tamp down on return losses, with many U.S. names using third-party tracking software. Read more at: https://www.cnbc.com/2024/05/10/how-best-buy-tj-maxx-home-depot-quietly-target-problem-returners.html |
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$3,500 in New York, $8,000 in LA—renters reveal what they pay: ‘It’s just crazy how expensive it is here’New Yorkers and Angelenos share how much they spend on rent in those big cities and if the believe the massive expense is worth the money. Read more at: https://www.cnbc.com/2024/05/10/how-much-rent-is-in-nyc-and-la-what-people-pay-and-is-it-worth-it.html |
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Crypto miner CleanSpark expands with acquisition of two Wyoming locations: CNBC Crypto WorldCNBC Crypto World features the latest news and daily trading updates from the digital currency markets and provides viewers with a look at what’s ahead with high-profile interviews, explainers, and unique stories from the ever-changing crypto industry. On today’s show, Zachary Bradford, CEO of CleanSpark, discusses the company’s earnings and plans to expand in Wyoming. Read more at: https://www.cnbc.com/video/2024/05/10/crypto-miner-cleanspark-acquisition-two-wyoming-locations-crypto-world.html |
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Apple Apologizes For ‘Soul Crushing’ iPad AdAuthored by Steve Watson via Modernity.news, Apple has issued an apology following massive backlash to an ad for the new iPad Pro that crushes physical creative tools in an industrial press.
As we highlighted, the commercial shows the device obliterating items such as musical instruments, paint and cameras, then unveiling an iPad as the replacement for everything creative.
Following an overwhelmingly negative response from viewers who branded the ad ‘soul crushing’, Apple issued … Read more at: https://www.zerohedge.com/technology/apple-apologizes-soul-crushing-ipad-ad |
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Russia Launches Surprise Offensive In Kharkiv, Aims To Extend Border 10km Deep Into UkraineFollowing several more cross-border attacks from Ukraine, including direct drone hits on Russian oil facilities over the past 48 hours, Russian forces have launched a surprise ground offensive which seeks to break through front lines in the northeastern Kharkiv border region on Friday. “Russia launched a new wave of counteroffensive actions… Ukraine met them there with our troops, brigades, and artillery,” Ukrainian President Volodymyr Zelensky confirmed of the new action in a briefing. “Now there is a fierce battle underway.”
Ukraine’s defense ministry said that t … Read more at: https://www.zerohedge.com/geopolitical/russia-launches-surprise-offensive-kharkiv-aims-extend-border-10km-deep-ukraine |
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FBI Officials Told To ‘Stand Down’ The Day Before Jan. 6: ReportAuthored by Ken Silva via Headline USA,
Among the 107 pages of new records is a series of emails with the subject line, “Stand down. See below.” The emails are heavily redacted … Read more at: https://www.zerohedge.com/political/fbi-officials-told-stand-down-day-jan-6-report |
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Actual Collusion? Missouri AG Accuses Biden DOJ Of Coordinating With Trump ProsecutorsMissouri Attorney General Andrew Bailey filed a Freedom of Information Act (FOIA) request on Thursday as part of a probe into whether the Biden DOJ coordinated with Trump prosecutors.
“The investigations and subsequent prosecutions of former President Donald J. Trump appear to have been conducted in coordination with the United States Department of Justice,” Baily posted in a lengthy thread on X. “This is demonstrated by the move of the third-highest ranking member of the Department of Justice, Matthew Colangelo, to the Manhattan District Attorney’s Office in order to prosecute President Trump in December 2022,” Baily continues. What’s more, Manhattan DA Alvin Bragg worked hand-in-hand with NY Attorney General Letitia James in pursuing civil litigation against Trump, which he used to campaign on. Read more at: https://www.zerohedge.com/political/actual-collusion-missouri-ag-accuses-biden-doj-coordinating-trump-prosecutors |
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Post Office boss denies ‘covering tracks’Rod Ismay denies deleting emails about a ‘back door’ in Horizon Read more at: https://www.bbc.com/news/articles/c4n13j4lq7yo |
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Sunak says it’ll take time for people to feel betterThe prime minister says “there is more work to do” as the UK emerges from recession. Read more at: https://www.bbc.com/news/articles/cmm3gzz1dj3o |
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Faisal Islam: Economy is getting better but people may not noticeGrowth was stronger than expected, but millions of households are yet to feel the benefit. Read more at: https://www.bbc.co.uk/news/business-68989270 |
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9 equity mutual fund categories witnessed inflows in April. Here is the break upThe data further showed that two categories saw outflows in the same period. Read more at: https://economictimes.indiatimes.com/mf/analysis/9-equity-mutual-fund-categories-witnessed-inflows-in-april-here-is-the-break-up/slideshow/110009311.cms |
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Tech View: Nifty faces major hurdle at 21-DEMA. What traders should do next weekLast month, the index found support around 21,780 levels, and the 100-Days exponential moving average (DEMA) is placed near 21,820. Therefore, on the downside, 21,780-21,820 will act as the next key support for the index. Read more at: https://economictimes.indiatimes.com/markets/stocks/news/tech-view-nifty-faces-major-hurdle-at-21-dema-what-traders-should-do-next-week/articleshow/110012731.cms |
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Solar stocks outshine with up to 1,318% return in 1 year. Who’s driving the bull run?Waaree Renewable Technologies, a smallcap solar company, has emerged as the leading gainer in the solar sector, boasting an astounding annual return of 1,318%. It is followed by WAA Solar with a gain of 561%, Zodiac Energy with 393%, and SJVN with 236%. Read more at: https://economictimes.indiatimes.com/markets/stocks/news/solar-stocks-outshine-with-up-to-1318-return-in-1-year-whos-driving-the-bull-run/articleshow/109996685.cms |
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Jim Simons, considered one of the world’s greatest investors, dead at 86Billionaire investor Jim Simons, a mathematician who founded one of the most profitable trading firms of all time and pioneered the field of quantitative investing, has died at the age of 86. Read more at: https://www.marketwatch.com/story/billionaire-investor-jim-simons-dead-at-86-simons-foundation-says-1f7f0f34?mod=mw_rss_topstories |
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Treasury yields end at one-week highs after data show inflation expectations are risingRates on U.S. government debt finished at their highest levels in a week after Friday’s consumer-sentiment data from the University of Michigan showed inflation expectations have risen. Read more at: https://www.marketwatch.com/story/bond-yields-steady-amid-signs-of-slowing-u-s-labor-market-3b9287a5?mod=mw_rss_topstories |
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This Social Security rule change could help millions of people who get food benefitsUnder a new rule, people receiving and applying for Supplemental Security Income will now have an easier time getting benefits. Read more at: https://www.marketwatch.com/story/this-social-security-rule-change-could-help-millions-of-people-who-get-food-benefits-c487f7ac?mod=mw_rss_topstories |
Via ReutersCivilians have also been witnessed fleeing border areas in droves as heavy fighting ensues. Already Moscow forces have penetrated at least 1 kilometer deep in what’s being described as an effort to create a larger ‘buffer zone’ in order to help prevent Ukrainian attacks from reaching Russian territory.
Jan. 6, 2021. PHOTO: WikipediaThe FBI released on Tuesday a new batch of records about its investigation into the Jan. 6, 2021, Capitol Hill uprising—raising more questions about the event in the process.
