Summary Of the Markets Today:
- The Dow closed down 530 points or 1.35%,
- Nasdaq closed down 1.40%,
- S&P 500 closed down 1.23%,
- Gold $2,304 down $11.10,
- WTI crude oil settled at $87 up $1.12,
- 10-year U.S. Treasury 4.309% down 0.046 points,
- USD index $104.26 up $0.010,
- Bitcoin $68,325 up $2.434 (2.72%),
*Stock data, cryptocurrency, and commodity prices at the market closing.
Click here to read our current Economic Forecast – March 2024 Economic Forecast: A Modest Improvement In Our Index Predicting Little Change In Main Street Growth
Today’s Economic Releases Compiled by Steven Hansen, Publisher:
U.S.-based employers announced 90,309 job cuts in March 2024, up 7% from the 84,638 cuts announced in February, and virtually the same as (+0.7%) the 89,703 cuts announced in the same month last year. It is the highest monthly total since 102,943 cuts occurred in January 2023, according to a report released Thursday from global outplacement and leadership development and executive coaching firm Challenger, Gray & Christmas, Inc. ,” Andy Challenger, Senior Vice President of Challenger, Gray & Christmas, Inc. stated:
Layoffs certainly ticked up to round out the first quarter, though below last year’s levels. Many companies appear to be reverting to a ‘do more with less’ approach. While Technology continues to lead all industries so far this year, several industries, including Energy and Industrial Manufacturing, are cutting more jobs this year than last.
February 2024 exports were up 5.9% year-over-year. February imports were up 3.6% year-over-year.. The February increase in the goods and services deficit increased but is still down 1.7% year-over-year. Trade continues to be lower than pre-pandemic levels.
In the week ending March 30, the advance figure for seasonally adjusted initial unemployment claims 4-week moving average was 214,250, an increase of 2,750 from the previous week’s revised average. The previous week’s average was revised up by 500 from 211,000 to 211,500. This is the highest level since 27January2024.
NFIB’s monthly jobs report shows a general slowdown in employment activity for small businesses in March, with a seasonally adjusted net 11% planning to create new jobs in the next three months, down one point from February and the lowest level since May 2020. NFIB Chief Economist Bill Dunkelberg added:
Job openings on Main Street are now in line with the levels before the pandemic. Even with the slowdown in openings, the small business labor market remains tight, and owners continue to compete to retain and recruit employees.
Here is a summary of headlines we are reading today:
- Baltimore Port Shutdown Sends Shockwaves Through Auto Industry
- 3 Reasons Gold Prices Continue To Climb
- Tesla Set to Explore India For Next Multi-Billion Dollar Factory
- The World Faces A Natural Gas Glut Not Seen in Decades
- U.S. Gasoline Prices Hit Highest Level in Six Months
- Dow closes 500 points lower, its fourth straight losing session: Live updates
- Bitcoin’s peak could be a harbinger of a stock market top next, Stifel says
- Ron Insana: The U.S deficit is on the rise, but Treasurys are holding up. Here’s why
- Oil Surges Over $90, Stocks Tumble After Israel Puts Embassies Around World On Maximum Alert
- Treasury yields finish lower as Fed officials raise specter of higher-for-longer interest rates
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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Baltimore Port Shutdown Sends Shockwaves Through Auto IndustryVia Metal Miner Month-over-month, the Automotive MMI (Monthly Metals Index) exhibited little movement. The index trended sideways, only moving up a slight 0.28%. However, recent events continue to raise questions about the future of the industry, especially where automotive imports are concerned. Despite the index itself not witnessing much movement, individual components of the index saw much more price movement than last month. This includes palladium, copper, and shredded scrap steel. Despite this, firm sideways movements from other components… Read more at: https://oilprice.com/Energy/Energy-General/Baltimore-Port-Shutdown-Sends-Shockwaves-Through-Auto-Industry.html |
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Sanctions Force Russia’s Novatek to Scale Back Arctic LNG 2 ProjectRussia’s LNG exporter Novatek is forced to scale back what would have been the biggest Russian export plant, Arctic LNG 2, as Western sanctions are constraining the company’s access to ice-class LNG tankers, Reuters reported exclusively on Thursday, citing industry sources. Arctic LNG 2 was initially planned to have three gasification trains with a total capacity of 19.8 million metric tons per year of LNG and 1.6 million tons per year of gas condensate output. However, sanctions on the project, levied at the end of last year,… Read more at: https://oilprice.com/Latest-Energy-News/World-News/Sanctions-Force-Russias-Novatek-to-Scale-Back-Arctic-LNG-2-Project.html |
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3 Reasons Gold Prices Continue To ClimbUnless you’ve been living under a rock, it won’t have escaped your notice that gold is doing rather well. The safe haven asset has been stirred upwards as conflicts across the world have shown little to no sign of abating, and the four-year-long wait for interest rate cuts in the US and UK continues. Yesterday, gold was trading near $2,250 (£1,788) per troy ounce and touching $2,288 (£1,818) today, another all-time record extending the record-setting days that have come in January, February and March this year. But why is… Read more at: https://oilprice.com/Metals/Gold/3-Reasons-Gold-Prices-Continue-To-Climb.html |
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Egypt To Lease Natural Gas TerminalState-run Egyptian Natural Gas Holding Co is planning to lease a natural gas import terminal from providers of FLNG units, anonymous sources told Reuters this week. EGAS is hoping to find a willing participant for a five-year contract with the option of extending it, the source suggested. So far, Egypt has already purchased one LNG shipment scheduled to deliver sometime in May, but it has plans to purchase more in an attempt to get ahead of the scorching summer season that routinely triggers power blackouts due to the heavier load. This batch of… Read more at: https://oilprice.com/Latest-Energy-News/World-News/Egypt-To-Lease-Natural-Gas-Terminal.html |
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Uzbekistan’s Natural Gas Crunch Squeezes State CoffersUzbekistan is grappling with a natural gas production crunch, putting pressure on state coffers. In February, Tashkent sharply reduced gas supplies to China, according to a March 28 report published by the UzDaily.uz website. The drop in export volume resulted in a sharp downturn in earnings, from $38.77 million in January to $18.6 million in February, according to data published by China’s General Customs Administration. The February 2024 figure was still better than earnings during the same month the previous year, during which no gas export… Read more at: https://oilprice.com/Energy/Natural-Gas/Uzbekistans-Natural-Gas-Crunch-Squeezes-State-Coffers.html |
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Tesla Set to Explore India For Next Multi-Billion Dollar FactoryIf Tesla has demand worries as a result of its poor Q1 2024 delivery numbers, it sure isn’t showing it. Instead the company is reported to be looking to expand even further geographically, with FT reporting this week that Tesla is eyeing India as a potential site for its next electric vehicle factory, with an investment estimate ranging from $2 billion to $3 billion. The company is set to explore locations in states like Maharashtra, Gujarat, and Tamil Nadu, known for their existing automotive infrastructure. This move aligns with Prime… Read more at: https://oilprice.com/Latest-Energy-News/World-News/Tesla-Set-to-Explore-India-For-Next-Multi-Billion-Dollar-Factory.html |
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Ukraine Aid Bill Faces High-Stakes Showdown in CongressAfter months of delays that have sapped the strength of Ukraine’s fight against the Russian invasion, a multibillion-dollar aid bill may soon be headed toward passage by the U.S. Congress, albeit with substantial challenges still in its path. Mike Johnson, the Republican speaker of the House of Representatives, told Fox News on March 31 that he wants new Ukraine aid approved “right now” and suggested he would propose a package soon after Congress returns from recess on April 9. Johnson said the proposal would include “important… Read more at: https://oilprice.com/Geopolitics/International/Ukraine-Aid-Bill-Faces-High-Stakes-Showdown-in-Congress.html |
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Denmark Closes Busy Oil Shipping Strait Over Faulty Missile LauncherThe National Maritime Authority of Denmark has closed down the Great Belt strait–a key shipping venue for Russia’s shadow sanctions-busting oil fleets–after the Danish navy activated a faulty missile launcher, endangering traffic. The missile launcher was activated and could not be deactivated, prompting the Danish authorities to bar access, which blocks access to the Baltic Sea, citing the risk of “falling missile fragments”, Reuters reports. “Until the missile launcher is deactivated, there is a risk… Read more at: https://oilprice.com/Latest-Energy-News/World-News/Denmark-Closes-Busy-Oil-Shipping-Strait-Over-Faulty-Missile-Launcher.html |
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Why Is Iraq Now Blaming International Oil Companies For Ongoing Delay To KurdishIt has now been just over a year since the Federal Government of Iraq (FGI) centred in Baghdad imposed an embargo on oil exports from the country’s semi-autonomous region of Kurdistan (KRI) based in Erbil. Over this time, there have been many comments from politicians, analysts, and executives of international oil companies working in Kurdistan who have decried the embargo as making no sense for any party involved. As highlighted by OilPrice.com, though, it makes perfect sense if it is understood that the FGI does not want Kurdistan… Read more at: https://oilprice.com/Energy/Energy-General/Why-Is-Iraq-Now-Blaming-International-Oil-Companies-For-Ongoing-Delay-To-Kurdish.html |
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Port Workers’ Strike Could Delay Chile’s Commodity ExportsCommodity exports from Chile, a top producer of copper and lithium, could be delayed amid a workers’ strike that began early on Thursday, which disrupted loading and unloading of vessels. Members of the UPC and FTPC trade unions started a 24-hour strike on Thursday morning local time, Bloomberg reports. “The strike is intended to draw the attention of the government regarding the union’s demands related to decarbonization and unemployment in ports,” Albatrans International Freight Forwarders said in a LinkedIn post on… Read more at: https://oilprice.com/Latest-Energy-News/World-News/Port-Workers-Strike-Could-Delay-Chiles-Commodity-Exports.html |
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The World Faces A Natural Gas Glut Not Seen in DecadesTwo warmer winters in a row have lifted natural gas inventories in the United States and Europe and have eased concerns about supply, which were sparked by the Russian invasion of Ukraine and the cutoff of most of Russia’s pipeline gas supply to the EU. U.S. inventories of natural gas in the week to March 22 were 41% more than the five-year average and 23% higher than last year at this time, per the latest EIA data. Europe, for its part, just exited the winter heating season with its highest level of… Read more at: https://oilprice.com/Energy/Natural-Gas/The-World-Faces-A-Natural-Gas-Glut-Not-Seen-in-Decades.html |
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Russia Is Struggling to Repair Refineries Due to SanctionsDue to the sanctions, Russia cannot access spare parts from Western engineering companies that have provided refinery equipment in the past, leaving Russian refiners struggling to repair damaged units, multiple industry sources in Russia have told Reuters. Western firms including America’s UOP and Swiss ABB have supplied parts and equipment to major Russian refineries in the past. After the invasion of Ukraine, they no longer fulfill new orders from Russia, leaving local engineers scrambling to find spare parts and equipment. … Read more at: https://oilprice.com/Latest-Energy-News/World-News/Russia-Is-Struggling-to-Repair-Refineries-Due-to-Sanctions.html |
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Ex-BP CEO Browne: £2.7 Trillion Needed to Pivot Climate Crisis into CorrectionCompanies, governments, and investors need to confront short-term trade-offs and make tough choices to alter the world’s climate change course.The former boss of UK oil supermajor BP has said around £2.7 trillion needs to be invested in sustainable financing every year for the next decade to limit climate change damage. Lord Browne of Madingley, who led the oil giant for 12 years until 2007, said the energy transition will pivot the world from a period of “climate crisis into climate correction”. The ” huge but achievable”… Read more at: https://oilprice.com/Energy/Energy-General/Ex-BP-CEO-Browne-27-Trillion-Needed-to-Pivot-Climate-Crisis-into-Correction.html |
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U.S. Gasoline Prices Hit Highest Level in Six MonthsRising seasonal demand and higher crude oil prices have resulted in the highest average U.S. gasoline prices in nearly six months, with the national average at $3.58 per gallon as of April 4.The national average hit a new multi-month high on Thursday morning, rising to $3.58 per gallon, the highest since October 14, Patrick De Haan, head of petroleum analysis at GasBuddy, noted. The national average is now 7.2 cents per gallon higher than at this time last year, De Haan added. The current average price of a gallon of regular gasoline is some… Read more at: https://oilprice.com/Latest-Energy-News/World-News/US-Gasoline-Prices-Hit-Highest-Level-in-Six-Months.html |
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Russia Halves Gasoline Shipments via Railway After Export BanRussia slashed in half its gasoline exports via railway after imposing a six-month ban on exports from March 1 to ensure sufficient domestic supply in peak demand season, while several refineries are undergoing regular maintenance and urgent repairs after Ukrainian drone strikes. Russian shipments of gasoline from refineries via railway were around 323,000 metric tons in March, according to Reuters calculations based on data from market sources. Most of these went to countries of the Eurasian Economic Union (EAEU) led by Russia and countries… Read more at: https://oilprice.com/Latest-Energy-News/World-News/Russia-Halves-Gasoline-Shipments-via-Railway-After-Export-Ban.html |
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Dow closes 500 points lower, its fourth straight losing session: Live updatesThe major averages have struggled to gain momentum in the first week of the second quarter. Read more at: https://www.cnbc.com/2024/04/03/stock-market-today-live-updates.html |
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Retailers like Peloton and Saks keep paying vendors late, signaling possible ‘financial distress’Over the last year, Peloton, Saks, Express and Bath & Body Works have often failed to pay vendors on time, a sign they could be struggling to manage cash flows. Read more at: https://www.cnbc.com/2024/04/04/retailers-like-peloton-saks-express-are-late-on-vendor-bills.html |
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Job gains expected again in March. Here are all the things to look for in Friday’s reportThe Labor Department’s Bureau of Labor Statistics will release the report Friday at 8:30 a.m. ET. Read more at: https://www.cnbc.com/2024/04/04/job-gains-expected-again-in-march-what-to-look-for-in-fridays-report.html |
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Biden says U.S. economy is world’s best. Trump calls it a ‘cesspool.’ Data is clear.U.S. GDP significantly outpaced countries like Japan and Canada last year, the International Monetary Fund estimated in January. Read more at: https://www.cnbc.com/2024/04/04/biden-us-economy-worlds-best-trump-claims-cesspool-data-is-clear.html |
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Bitcoin’s peak could be a harbinger of a stock market top next, Stifel saysA bitcoin top could signal trouble for stocks – and a shift in market leadership, according to Stifel. Read more at: https://www.cnbc.com/2024/04/04/bitcoins-peak-could-be-a-harbinger-of-a-stock-market-top-next-stifel-says.html |
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U.S. crude oil breaks $86 as tensions mount between Israel and IranOil prices have rallied this year, booking three consecutive months of gains, with U.S. crude adding 21% while Brent is up about 18%. Read more at: https://www.cnbc.com/2024/04/04/us-crude-oil-hovers-around-85-as-traders-take-stock-of-rally.html |
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Meta shares hit intraday record after analyst says company ‘has too many advantages to count’Analysts at Jefferies and RBC lifted their price targets on Meta, citing the company’s improving position in the digital ad market. Read more at: https://www.cnbc.com/2024/04/04/meta-rises-to-record-after-jefferies-rbc-analysts-raise-price-targets.html |
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Trump Media is ‘a scam’ and people buying its stock are ‘dopes,’ Barry Diller saysDonald Trump, the presumptive Republican presidential nominee, is the biggest shareholder in Trump Media, the owner of the Truth Social app he often uses. Read more at: https://www.cnbc.com/2024/04/04/trump-media-stock-is-a-scam-barry-diller-says.html |
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Disney’s Iger says Peltz proxy battle was a ‘distraction,’ board is focused on picking his successorDisney CEO Bob Iger called Nelson Peltz’s proxy battle with the company a “distraction” and said the company’s board is focused on succession planning. Read more at: https://www.cnbc.com/2024/04/04/bob-iger-discusses-proxy-fight-with-nelson-peltz-after-board-vote.html |
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Ron Insana: The U.S deficit is on the rise, but Treasurys are holding up. Here’s whyThe growing concerns around the nation’s rising debt and deficit is understandable. Read more at: https://www.cnbc.com/2024/04/04/ron-insana-why-treasurys-arent-under-strain-even-as-the-us-deficit-is-rising.html |
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Trump loses bids to dismiss classified docs, Georgia election cases on the same dayDonald Trump lost two separate bids to dismiss criminal cases on Thursday, less than 24 hours after he lost a bid to delay his upcoming New York hush money trial. Read more at: https://www.cnbc.com/2024/04/04/trump-loses-bids-to-dismiss-classified-docs-georgia-election-cases.html |
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Trump defends Truth Social as media company’s skeptics grow, stock price whipsawsAs critics question Trump Media’s value, the company has become by far the most expensive stock in the U.S. to sell short. Read more at: https://www.cnbc.com/2024/04/04/trump-defends-truth-social-from-critics-as-media-stock-whipsaws.html |
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Amazon resumes construction on office tower in Seattle suburb after yearslong hiatusAmazon is resuming construction on a 42-story office tower in the Seattle suburb of Bellevue after 22 floors of the building sat unfinished since 2022. Read more at: https://www.cnbc.com/2024/04/04/amazon-resumes-construction-on-office-tower-after-years-long-hiatus.html |
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Google Eyes Paid AI Search Features, Explores Subscription Model; ReportAuthored by Amaka Nwaokocha via CoinTelegraph.com, Google is considering introducing premium features powered by generative artificial intelligence (AI) in its search engine.
The move would mark the first time a core Google product is behind a paywall. However, the free search experience with advertisements will still be available. According to a Financial Times report on April 3, the tech giant is looking at a variety of options, including incorporating AI-powered search features to its premium subscription services, which already provide access to its new Gemini AI assistant in Gmail and Docs. Google mainly relies on advertising for monetization. The company already offers various plans, such as the Gemini AI assistant in Gmail and Docs. However, these su … Read more at: https://www.zerohedge.com/technology/google-eyes-paid-ai-search-features-explores-subscription-model-report |
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US Gas Price Hits Highest Level In Six Months Amid Speculation Biden Will Drain More Oil From Petroleum ReserveRising seasonal demand and higher crude oil prices have resulted in the highest average U.S. gasoline prices in nearly six months, with the national average gas price hitting $3.57 per gallon, up from $3.10 at the start of the year, and higher than a year ago.
The national average hit a new multi-month high on Thursday morning, rising to $3.57 per gallon, the highest since October 14, Patrick De Haan, head of petroleum analysis at GasBuddy, noted. The current average price of a gallon of regular gasoline is some 20 cents higher than the $3.352 average one month ago, according to data from AAA, and is 7.2 cents per gallon higher than at this time last year, De Haan added. At this time last year, the national average price was at $3.507 per gallon. The rise in prices this week follows a week of barely changed prices. After climbing for four straight weeks, the national average was unchanged on Monday compare … Read more at: https://www.zerohedge.com/energy/us-gas-price-hits-highest-level-six-months-amid-speculation-biden-will-drain-more-oil |
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Oil Surges Over $90, Stocks Tumble After Israel Puts Embassies Around World On Maximum AlertAt this point Israel’s ties with key Gulf countries like the UAE are near breaking point, after only a few short years ago diplomatic normalization was hailed through Trump’s Abraham accords. But international and Israeli press reports are confirming the UAE has announced it is halting all coordination on humanitarian aid with Israel. Further, as Israeli media reports: “The United Arab Emirates (UAE) has announced a suspension of diplomatic coordination with Israel in the wake of the death of seven World Central Kitchen humanitarian workers in Gaza.” Simultaneously, Israel is busy putting its embassies across the world on high security alert due to the “heightened Iranian response threat” in wake of Monday’s Israeli attack on the Iranian embassy in Damascus. All of this served to send Brent soaring in the last two hours, with Brent spiking above $90 for the first time since October….
Read more at: https://www.zerohedge.com/geopolitical/oil-pushes-higher-reports-uae-severing-aid-coordination-israel-bibi-puts-embassies |
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Janet Yellen Arrives In China For High-Stakes Economic MeetingsAuthored by Dorothy Li and Frank Fang via The Epoch Times, U.S. Treasury Secretary Janet Yellen has arrived in China for a 6-day visit, a trip she said was necessary to “advance America’s economic and national security interests.”
Ms. Yellen landed in the southern Chinese export hub of Guangzhou on Thursday afternoon. Before her arrival, she took to social media platform X to explain the objectives of her trip.
The Treasury Department said her trip, the second in less than a year, aims to press her Chinese … Read more at: https://www.zerohedge.com/geopolitical/janet-yellen-arrives-china-high-stakes-economic-meetings |
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Train strikes: How will you be affected?Rail workers at 16 companies will take industrial action from Friday but Tube strikes are called off. Read more at: https://www.bbc.co.uk/news/business-61634959 |
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X gives free blue ticks to its most popular usersThe site formerly known as Twitter is giving premium access to those with more than 2,500 verified followers. Read more at: https://www.bbc.co.uk/news/technology-68718291 |
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Air passengers face extra year of 100ml liquid ruleMajor airports will not have new scanners at all security lanes by the summer, the BBC understands. Read more at: https://www.bbc.co.uk/news/business-68723697 |
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Three small cap funds fail to beat benchmark in two consecutive yearsSmall cap schemes are benchmarked against Nifty Smallcap 100 – TRI, Nifty Smallcap 250 – TRI, and S&P BSE 250 Small Cap – TRI. Note, We considered yearly returns from 2018 as Sebi did recategorization of mutual funds in this year. Read more at: https://economictimes.indiatimes.com/mf/analysis/three-small-cap-funds-fail-to-beat-benchmark-in-two-consecutive-years/articleshow/109027064.cms |
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Tech View: Nifty chart shows bearish reversal; what traders should do on FridayNifty 50 ends 0.4% higher at 22515 points, facing potential bearish reversal. On the daily chart, the index has formed a hanging man pattern, indicating a potential bearish reversal in the short term, said Rupak De, senior technical analyst at LKP Securities. Read more at: https://economictimes.indiatimes.com/markets/stocks/news/tech-view-nifty-chart-shows-bearish-reversal-what-traders-should-do-on-friday/articleshow/109039677.cms |
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My elderly parents are hoarders. I see them once a year. They say cleaning up their ‘junk’ will be my problem after they die. What can I do?“They have lived in the same house in New Jersey for 50 years and they don’t throw anything away.” Read more at: https://www.marketwatch.com/story/my-elderly-parents-are-hoarders-i-see-them-once-a-year-they-say-cleaning-up-their-junk-will-be-my-problem-after-they-die-what-can-i-do-70adb297?mod=mw_rss_topstories |
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Treasury yields finish lower as Fed officials raise specter of higher-for-longer interest ratesYields on U.S. government debt finished lower on Thursday, as a lineup of Federal Reserve policy makers pointed to the possibility of higher-for-longer interest rates to curb inflation. Read more at: https://www.marketwatch.com/story/treasury-yields-nudge-higher-with-payrolls-report-viewed-as-next-big-catalyst-7085b8bc?mod=mw_rss_topstories |
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‘I have been propping her up for 15 years’: My niece, 35, is horrible with money. How can I help her become financially responsible?“I told them I would give them some financial advice for a wedding present.” Read more at: https://www.marketwatch.com/story/i-have-been-propping-her-up-for-15-years-my-niece-35-is-horrible-with-money-how-can-i-help-her-become-financially-responsible-298df05d?mod=mw_rss_topstories |
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