Summary Of the Markets Today:
- The Dow closed up 115 points or 0.34%,
- Nasdaq closed up 1.51%,
- S&P 500 closed up 0.94%,
- Gold $1,960 down $24.60,
- WTI crude oil settled at $72 down $0.80,
- 10-year U.S. Treasury 3.653% up 0.007 points,
- USD Index $103.52 up $0.64,
- Bitcoin $26,736 down $661,
*Stock data, cryptocurrency, and commodity prices at the market closing.
Click here to read our Economic Forecast for May 2023
Today’s Economic Releases Compiled by Steven Hansen, Publisher:
The Federal Reserve Bank of Philadelphia’s May Manufacturing Business Outlook Survey showed that manufacturing activity in the Third Federal Reserve District contracted in May. The survey’s headline index, which measures overall business activity, rose to -10.4 in May from -31.3 in April. This is the ninth consecutive month that the index has been negative. The survey’s indexes for new orders, shipments, and employment also remained negative in May. The survey’s prices paid and prices received indexes both rose in May. The prices paid index rose to 36.2 from 29.4 in April, and the prices received index rose to 19.0 from 10.2 in April. The survey’s future general activity index fell to -10.3 in May from -1.5 in April. This suggests that firms do not expect activity to improve much over the next six months. So far the regional Fed’s manufacturing surveys are showing a fall in manufacturing output.
Challenger, Gray & Christmas, Inc. released its April 2023 CEO Turnover Report showing that 147 CEOs left their positions in April 2023, up from the 139 CEOs who left in March 2023. This is the highest quarterly toal since Q1 2020. Andrew Challenger, Senior Vice President of Challenger, Gray & Christmas, Inc. stated:
Companies have a lot to consider as we head to the second half of the year, as recession and inflation concerns continue. Many sectors are letting go of workers, and new technologies, like AI, are forcing conversations about use cases. This environment is conducive to new leadership.
The National Association of Realtors (NAR) reported that existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums, and co-ops, decreased 3.4% in April to a seasonally adjusted annual rate (SAAR) of 4.28 million. The median existing-home price3 for all housing types in April was $388,800, a decline of 1.7% from April 2022 ($395,500). The decline in existing-home sales was likely due to a number of factors, including rising mortgage rates, rising home prices, and a limited supply of homes for sale.
The advance figure for seasonally adjusted initial unemployment claims for state unemployment insurance benefits in the week ending May 13 was 242,000, a decrease of 22,000 from the previous week’s unrevised level of 264,000. The four-week moving average was 244,250, a decrease of 1,000 from the previous week’s unrevised average of 245,250.
The ports of Los Angeles and Long Beach imported 657,000 Twenty-Foot Equivalent Units (TEUs) in April 2023, down 23% in April 2022. This is the lowest monthly volume since April 2020. Exports were down 5% from April 2022. Imports show consumption in the U.S. – and it appears that consumption is down which is indicative of a slowing economy. The Ports of Los Angeles and Long Beach are the busiest ports in the United States and the second busiest ports in the world, in terms of container volume. They handle more than 40% of all containerized cargo entering the United States.
A summary of headlines we are reading today:
- Russia’s Finally Starting To Cut Oil Production
- Stainless Steel Remains Buyers Market As Demand Growth Flatlines
- Chances Of World Reaching Net-Zero By 2050 Unlikely: Exxon
- Oil Prices Fall Again As Wall Street Sees Threat Of Historic Default
- Disney scraps plans for new Florida campus, mass employee relocation amid DeSantis feud
- Meta pulls the curtain back on its A.I. chips for the first time
- Stocks close higher for a second straight day, S&P 500 adds nearly 1% on hopes for a debt ceiling resolution: Live updates
- “Huge” Bearish Bets Gone Wrong Cost Carl Icahn $9 Billion In Losses
- Financial Crime: ‘Fraud is fun’: Teen hacker charged with breaking into DraftKings accounts leading to theft of $600,000
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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Will Government Intervention End Brazil’s Oil Boom?Latin America’s largest economy Brazil has experienced a massive oil boom over the last decade and a half that saw the country become the top regional and leading global petroleum producer. For some time, analysts have asserted that Brazil has the potential to boost hydrocarbon production by as much as 70%, which would see it become the world’s fourth-largest oil producer, but there are several headwinds that can impede such significant growth. There are fears that leftist President Lula da Silva will implement unfavorable policies… Read more at: https://oilprice.com/Energy/Energy-General/Wil-Government-Intervention-End-Brazils-Oil-Boom.html |
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Russia’s Finally Starting To Cut Oil ProductionRussia’s crude oil production should fall 350,00 barrels per day from February 2023 levels, reaching 10.709 million bpd, Kpler analysts said on Thursday in a note, indicating that the country could be making good on its promise to cut 500,000 bpd. Leading the production cut charge are Russia’s state-owned companies, Kpler said, although exports are unlikely to drop. Heading in the second half of the year, Russia’s crude oil output could rebound to 10.83-10.85 million bpd, Kpler said, with higher demand coming out of China. Russia’s President Vladimir… Read more at: https://oilprice.com/Latest-Energy-News/World-News/Russias-Finally-Starting-To-Cut-Oil-Production.html |
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How A Cactus Inspired Scientists To Make Cheaper HydrogenEngineers at The University of Texas at El Paso have proposed a low-cost, nickel-based material as a catalyst to help split water more cheaply and efficiently. Their inspiration? A desert succulent known as the prickly pear cactus. The durability and unique design of prickly pear cactus in desert environments by adsorbing moisture through its extensive surface and ability to bear fruits at the edges of leaves inspired this study to adopt a similar 3D architecture. Image Credit: University of Texas at El Paso. Click the study paper link for more… Read more at: https://oilprice.com/Alternative-Energy/Fuel-Cells/How-A-Cactus-Inspired-Scientists-To-Make-Cheaper-Hydrogen.html |
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Russia’s Oil Revenues Sag Due To Price Cap Says U.S. TreasuryRussia’s revenue from the sale of crude oil has sagged considerably since the implementation of the price cap by Western countries, the U.S. Treasury Department said on Thursday in a post on its website. “The Price Cap on Russian Oil: A Progress Report,” published on Thursday by the U.S. Department of the Treasury, tells a story of “two seemingly contradictory goals”: restricting crude oil revenues and maintaining the supply of Russian crude in an effort to choke off Russia’s funding for its war in Ukraine. The… Read more at: https://oilprice.com/Latest-Energy-News/World-News/Russias-Oil-Revenues-Sag-Due-To-Price-Cap-Says-US-Treasury.html |
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Stainless Steel Remains Buyers Market As Demand Growth FlatlinesBy Nichole Bastin via AGMetalminer.com The Stainless Monthly Metals Index (MMI) rose a modest 0.67% from April to May. Following increased volatility over the last few months, nickel prices began to slow down in terms of sharp breakouts or breakdowns. As a result, the larger sideways trend continued with no clear direction. Stainless Remains a Buyer’s Market For months, buyers have had the benefit of opportunistic pricing on transactional stainless 304 business. Inventories throughout the entire supply chain continue to be working their… Read more at: https://oilprice.com/Metals/Commodities/Stainless-Steel-Remains-Buyers-Market-As-Demand-Growth-Flatlines.html |
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Alberta Wildfires Threaten Canada’s Oil Sands ProductionFollowing a brief respite at the end of last week, the wildfires in Alberta began raging again this week as temperatures rose, threatening the oil sands operations in the province and forcing operators to shut in oil and gas production. Early last week, the wildfires in Canada resulted in the shut-in of 319,000 barrels of oil equivalent per day (boepd) from the country’s oil and natural gas production or 3.7% of all output. In the middle of last week, major oil and gas operators in Canada’s energy-producing province of Alberta… Read more at: https://oilprice.com/Energy/Energy-General/Alberta-Wildfires-Threaten-Canadas-Oil-Sands-Production.html |
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Chances Of World Reaching Net-Zero By 2050 Unlikely: ExxonThe likelihood of the world reaching net-zero carbon dioxide emissions by 2050 is remote, Exxon said in a U.S. Securities and Exchange Commission communication. The IEA’s 2050 Net Zero Emissions does not “meet the level of likelihood required to be considered in our financial statements,” Exxon said, adding that the world is not on its way toward achieving net zero by 2050. Exxon also cautioned that cutting energy production to levels that fall below consumption would push energy prices higher, like in Europe. The IEA has said that all new oil… Read more at: https://oilprice.com/Latest-Energy-News/World-News/Chances-Of-World-Reaching-Net-Zero-By-2050-Unlikely-Exxon.html |
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Consortium Of Japanese Companies To Back Promising Fusion Startup16 companies in Japan, including Mitsubishi Corp., Kansai Electric Power Co. and one government affiliated fund, are readying a $73.6 million investment in a startup working to commercialize fusion power. Tokyo-based Kyoto Fusioneering was founded in 2019 by researchers from Kyoto University, according to Nikkei, who calls the company “the most successful startup in Japan working with fusion-related technology.” The ultimate goal is to move toward implementing and developing fusion, which makes heat by combining hydrogen atoms to make helium.… Read more at: https://oilprice.com/Alternative-Energy/Nuclear-Power/Consortium-Of-Japanese-Companies-To-Back-Promising-Fusion-Startup.html |
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Vietnam Faces Power Cuts Amid HeatwaveThe biggest city in Vietnam, Ho Chi Minh City, is looking to conserve electricity usage amid a heatwave that has depleted water reservoirs for hydropower, the source generating around one-third of Vietnam’s electricity. Parts of Asia have been under a spell of hot and dry weather in recent weeks due to the forming of the El Nino pattern that brings dry and hot weather in most of Southeast Asia. Coal is Vietnam’s single biggest power source, with a 46% share, followed by hydropower with 31%, according to BloombergNEF data from 2021.… Read more at: https://oilprice.com/Latest-Energy-News/World-News/Vietnam-Faces-Power-Cuts-Amid-Heatwave.html |
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Oil Prices Fall Again As Wall Street Sees Threat Of Historic DefaultOil prices shed 1% in Thursday morning trading over American debt and the prospects for a historic default, despite gains on Wednesday driven by demand optimism in the U.S. market. Bloomberg’s take on this is that Wall Street is afraid of what it calculates as a potential $1-trillion aftershock for the economy if the debt ceiling is not resolved. On Thursday at 10:38 a.m. EST, Brent crude was trading down 1% at $76.19, down 77 cents on the day, while WTI was down 0.85% at $72.21, down 62 cents on the day. U.S. President Joe Biden is… Read more at: https://oilprice.com/Energy/Oil-Prices/Oil-Prices-Fall-Again-As-Wall-Street-Sees-Threat-Of-Historic-Default.html |
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Gazprom Plans To Have Record-High Natural Gas Stocks This WinterAs Gazprom’s natural gas exports and production drop, the Russian gas giant plans to have a record-high level of gas reserves in domestic storage during the next winter. Gazprom on Thursday said that it expects its stocks of natural gas at Russian underground storage facilities to hit an all-time high of 72.842 billion cubic meters. The daily maximum capacity of the gas reserves is thus expected at 858.8 million cubic meters, says Gazprom, as carried by Reuters. Gazprom has seen its natural gas exports drop in recent months after Russia… Read more at: https://oilprice.com/Latest-Energy-News/World-News/Gazprom-Plans-To-Have-Record-High-Natural-Gas-Stocks-This-Winter.html |
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Global Oil Demand Hit A Record High In MarchRising demand in China and the United States sent global oil demand surging by 3 million barrels per day (bpd) in March compared to February and hitting the highest level on record, data from the Joint Organizations Data Initiative (JODI) showed on Thursday. Total product demand in China jumped by 1.6 million bpd month-on-month to 16.79 million bpd in March, showed the JODI data shared by the Riyadh-based International Energy Forum (IEF). The estimated Chinese demand was the third-highest level ever reported for the country in JODI. China’s… Read more at: https://oilprice.com/Latest-Energy-News/World-News/Global-Oil-Demand-Hit-A-Record-High-In-March.html |
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U.S. And Allies Want More Surveillance To Curb Illicit Oil TransfersThe United States and several other Western countries plus Ukraine are calling for increased surveillance for cracking down illicit ship-to-ship transfers of oil, which have soared since the embargoes on Russian crude and product exports came into effect. “These transfers undermine the rules-based international order and increase the risk of pollution to nearby coastal States. This threatens global efforts to prevent pollution from ships,” the U.S., the UK, Denmark, Australia, Canada, Spain, and Ukraine wrote in a paper submitted to… Read more at: https://oilprice.com/Energy/Energy-General/US-And-Allies-Want-More-Surveillance-To-Curb-Illicit-Oil-Transfers.html |
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Wisconsin Tribe And Michigan AG Seek Shutdown Of Line 5 PipelineMichigan Attorney General Dana Nessel has joined a Wisconsin Native American tribe in seeking a court injunction to shut down Enbridge’s Line 5 pipeline due to an increased risk of erosion and rupture. The Bad River Band of Lake Superior Chippewa last week filed an emergency motion with a federal court in Wisconsin requesting that Line 5 be closed, due to erosion of the Bad River riverbank in the past month, which threatens to lead to a rupture of the pipeline. In an opposition brief to the court, pipeline operator Enbridge… Read more at: https://oilprice.com/Latest-Energy-News/World-News/Wisconsin-Tribe-And-Michigan-AG-Seek-Shutdown-Of-Line-5-Pipeline.html |
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Brazil Axes Controversial Amazon Oil ProjectThe Brazilian environmental protection agency has refused to grant approval for a controversial offshore oil project led by state oil major Petrobras. The agency based its decision, which was celebrated by environmentalists, on “a function of a group of technical inconsistencies.” The FZA-M-59 block was originally under license to BP Energy but Petrobras took over in 2020. The block, located in the Foz do Amazonas basin, off Brazil’s northern coast, is close to the mouth of the Amazon River, which prompted the environmentalist… Read more at: https://oilprice.com/Latest-Energy-News/World-News/Brazil-Axes-Controversial-Amazon-Oil-Project.html |
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Disney scraps plans for new Florida campus, mass employee relocation amid DeSantis feudDisney and Florida Gov. Ron DeSantis are entangled in a bitter feud centered in part around the company’s special district and development plans. Read more at: https://www.cnbc.com/2023/05/18/disney-scraps-lake-nona-florida-campus.html |
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Meta pulls the curtain back on its A.I. chips for the first timeMeta revealed that it built a video-processing computer chip and another chip to help with A.I. tasks such as recommendations. Read more at: https://www.cnbc.com/2023/05/18/meta-pulls-the-curtain-back-on-its-ai-chips-for-the-first-time.html |
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Stocks close higher for a second straight day, S&P 500 adds nearly 1% on hopes for a debt ceiling resolution: Live updatesHouse Speaker Kevin McCarthy said Thursday that he’s optimistic congressional negotiators could reach a deal in time for a House vote next week. Read more at: https://www.cnbc.com/2023/05/17/stock-market-today-live-updates.html |
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Netflix stock jumps 10% as it boasts ad-tier growthNetflix said it had five million monthly active users for its ad-supported option and 25% of its new subscribers were signing up for the newest tier. Read more at: https://www.cnbc.com/2023/05/18/netflix-stock-ad-tier-growth.html |
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Battleground stocks: These are the stocks analysts are most divided onWall Street analysts are torn as to where these volatile stocks are headed in the next few months. Read more at: https://www.cnbc.com/2023/05/18/-battleground-stocks-these-are-the-stocks-analysts-are-most-divided-on.html |
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Stocks making the biggest moves midday: Walmart, Netflix, Alibaba, Nvidia & moreThese are the stocks posting the largest moves in midday trading. Read more at: https://www.cnbc.com/2023/05/18/stocks-making-the-biggest-moves-midday-walmart-netflix-alibaba-nvidia-more.html |
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Warner Bros. Discovery CEO Zaslav backs CNN chief Licht amid anger over Trump town hallWarner Bros. Discovery CEO David Zaslav emphasized CNN must “show both sides” while veteran CNN journalist Christiane Amanpour attacks the concept. Read more at: https://www.cnbc.com/2023/05/18/cnn-trump-town-hall-fallout-zaslav-licht.html |
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The free online tax-filing system IRS is testing doesn’t include automated returns — but pre-populated ones may be possible, research showsThe IRS is testing free direct filing for some taxpayers in 2024. Research shows that pre-populated tax returns may be possible for some filers. Read more at: https://www.cnbc.com/2023/05/18/pre-populated-tax-returns-may-be-possible-research-shows.html |
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Bitcoin 2023 kicks off, and Binance Australia halts Australian dollar deposits: 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, Lule Demmissie, the U.S. CEO of eToro, discusses bitcoin’s outlook, sentiment at Bitcoin 2023 and regulation from one of the largest bitcoin conferences in the world. Read more at: https://www.cnbc.com/video/2023/05/18/bitcoin-2023-kicks-off-binance-australia-halts-australian-dollar-deposits-cnbc-crypto-world.html |
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Ukraine war live updates: China says there’s ‘no panacea’ to end Ukraine war; explosion derails train in Russian-occupied CrimeaChina said it is willing to help bring about a ceasefire in Ukraine, but insisted “there is no panacea to resolve the crisis.” Read more at: https://www.cnbc.com/2023/05/18/ukraine-war-live-updates-latest-news-on-russia-and-the-war-in-ukraine.html |
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McCarthy says House could vote on debt ceiling deal as soon as next week“I just believe where we were a week ago and where we are today is a much better place,” said McCarthy, sounding more optimistic than ever about a deal. Read more at: https://www.cnbc.com/2023/05/18/mccarthy-says-house-could-vote-on-debt-ceiling-deal-as-soon-as-next-week.html |
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This $18 million Invisible House is the most expensive listing in Joshua Tree — and it’s already a money-makerIt was one of Airbnb’s most wish-listed properties in 2023 and generated $1.4 million in revenue between guest rentals and production shoots. Read more at: https://www.cnbc.com/2023/05/18/inside-joshua-tree-invisible-house-sale.html |
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Tractor maker Deere’s future in precision agriculture hinges on space-based connectivityThe company, like competitors CNH Industrial and AGCO, has been investing in precision agriculture using sensors, software and data analytics. Read more at: https://www.cnbc.com/2023/05/18/deeres-future-in-precision-agriculture-hinges-on-space.html |
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“Huge” Bearish Bets Gone Wrong Cost Carl Icahn $9 Billion In LossesRegular readers may recall that there was a time back in 2016 when Carl Icahn emerged as one of the market’s biggest bears, warning CNBC that a lot of companies are “way overvalued” and that he was “very concerned about the market in the short-term”, not long after we first reported that the bearish exposure of the billionaire’s investment vehicle, Icahn Enterprises, had gone a record 149% net short.
And despite frequent at-the-time accusations that Uncle Carl was merely t … Read more at: https://www.zerohedge.com/markets/huge-bearish-bets-gone-wrong-cost-carl-icahn-9-billion-losses |
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Ford’s “Redefining Tough” Commercial Features LGBT-Colored TruckAuthored by Paul Joseph Watson via Summit News, Ford Motor Company has found itself ensnared in a potential controversy after Twitter users highlighted an ad that features a rainbow colored vehicle as part of a campaign called ‘redefining tough’.
The commercial shows two Ford Raptor pick-up trucks racing through desert terrain. Both are covered with sand at the start of the ad as they begin to compete against each other.
Read more at: https://www.zerohedge.com/political/fords-redefining-tough-commercial-features-lgbt-colored-truck |
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Ukraine Tells China Envoy It Will Not Cede Territory Or Accept ‘Freeze’This week Ukraine’s foreign minister met with China’s special envoy to Kyiv, Li Hui, to discuss Beijing’s as well as Ukraine’s respective peace plans. FM Dmytro Kuleba emphasized in the meeting that Ukraine would not accept any scenario which results in ceding territory to the Russians. “Ukraine does not accept any proposals that would involve the loss of its territories or the freezing of the conflict,” Kuleba said, reiterating Zelensky’s longtime demand that Russian forces must withdraw from all Ukrainian territory before peace talks can begin. Peace depends on “respect of the sovereignty and territorial integrity of Ukraine,” he stressed.
Wednesday talks in Kiev, Ukrainian Foreign Ministry Press Office via APThe Ukrainian top diplomat did underscore that China has played an impor … Read more at: https://www.zerohedge.com/geopolitical/ukraine-tells-china-envoy-it-will-not-cede-territory-or-accept-freeze |
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Portland Wants To Re-Fund Its PoliceAuthored by Michael Letts via AmericanThinker.com, Portland, OR was one of the leading voices in the “Defund the Police” movement in the wake of George Floyd’s death. Politicians gave into the demands of like-minded rioters and activists and began cutting the budget of the city’s Bureau of Police.
On its face, this should have been seen as a bad decision since the very people making the demands were rioting and damaging private and public property. So, at a time when a greater police presence was needed, city government cut back on police. Read more at: https://www.zerohedge.com/political/portland-wants-re-fund-its-police |
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Disney scraps $867m Florida plan amid Ron DeSantis feudThe company makes the decision amid an escalating legal battle with Florida Governor Ron DeSantis. Read more at: https://www.bbc.co.uk/news/world-us-canada-65639132?at_medium=RSS&at_campaign=KARANGA |
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Train strikes: New RMT walkout means three strikes in four daysMembers of the RMT union will strike on Friday 2 June in a national dispute with 14 train companies. Read more at: https://www.bbc.co.uk/news/business-65635420?at_medium=RSS&at_campaign=KARANGA |
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Princess of Wales’s parents’ party firm sold after collapseParty Pieces, started by Carole Middleton in 1987, is sold after falling into administration. Read more at: https://www.bbc.co.uk/news/business-65637650?at_medium=RSS&at_campaign=KARANGA |
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Nifty charts lack strength to sustain the highs. What should traders do on FridayNifty on Thursday formed a lower top formation on intraday charts and also formed a bearish candle on daily charts. This indicates that the market is weak and may not be able to sustain the highs. Chartists said confirmation of strength could be seen only above the key hurdle at the 18473 mark. Read more at: https://economictimes.indiatimes.com/markets/stocks/news/nifty-charts-lack-strength-to-sustain-the-highs-what-should-traders-do-on-friday/articleshow/100331636.cms |
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India’s top 5 IT companies in profit terms. Do you own any?Based on the March quarter performance, here are India’s top five IT firms in terms of profitability. Read more at: https://economictimes.indiatimes.com/markets/web-stories/indias-top-5-it-companies-in-profit-terms-do-you-own-any/articleshow/100323757.cms |
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The Ratings Game: JPMorgan investor day should ‘reinforce the resiliency’ of the megabank: analystBofA Securities reiterates buy rating on JPMorgan Chase and says investors may seek clues on potential succession plans for CEO Jamie Dimon. Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-71FA-530B71D1B176%7D&siteid=rss&rss=1 |
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Financial Crime: ‘Fraud is fun’: Teen hacker charged with breaking into DraftKings accounts leading to theft of $600,000Joseph Garrison, 18, allegedly made millions from prior scams and was charged last year with making bomb threats to schools across the country. Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-71FA-0D1BFF110E78%7D&siteid=rss&rss=1 |
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Nvidia stock hits highest price since 2021 and nears all-time high as new gaming cards dropNvidia shares rallied to within sight of their all-time high Thursday as the company announced a slew of high-performance gaming cards aimed at budget shoppers Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-71FA-30C32D2656B0%7D&siteid=rss&rss=1 |
