China’s passenger car market is undergoing a fundamental shift toward electric-powered vehicles, with new energy vehicles (comprising battery and hybrid-powered cars) making up 65.1% of new passenger vehicle purchases this July—a rise from 54% during the same month last year, based on figures from the China Passenger Car Association released Tuesday. Industry data from Autohome … Read more
Computing power is emerging as a tradable asset class as CME Group partners with Silicon Data to launch the first futures contracts tied to the cost of running artificial intelligence chips, according to announcements from the companies. The upcoming derivatives, slated for October 5 pending regulatory approval, will allow companies and investors to trade and … Read more
Space Exploration Technologies (SpaceX) could see its stock price more than double as investors begin to price in the company’s expanding artificial intelligence division, according to a Morgan Stanley report issued Monday by analyst Adam Jonas. The Wall Street firm maintained an overweight rating and a $300 price target on the stock, pointing to the … Read more
The S&P 500 slipped 0.06% to close at 7,753.11 amid persistent doubts over a lasting resolution to the U.S.-Iran conflict, according to market data from the New York Stock Exchange. The Nasdaq Composite declined 0.32% to 26,605.36, and the Dow Jones Industrial Average dropped 60.95 points, or 0.11%, to finish at 53,975.98. While major U.S. … Read more
Apple shares slumped in pre-market trading after investment firm Jefferies downgraded the tech giant to underperform from hold, citing the reported cancellation of its anticipated all-glass iPhone due to low production yields. According to Jefferies analyst Edison Lee, abandoning the ambitious hardware project delivers a significant blow to the company’s hardware revenue strategy, prompting the … Read more
Big Tech venture capital portfolios are artificially inflating corporate earnings reports through massive investment gains from private artificial intelligence firms like Anthropic and OpenAI, according to financial data from LSEG. Microsoft, Amazon, and Alphabet recently booked sizable investment gains in their latest quarters due to their private stakes in these soaring AI developers, masking software … Read more
The Dow Jones Industrial Average surged 693.38 points, or 1.32%, to close at 53,178.41 as major technology stocks rebounded sharply on the first day of August trading, according to market data. Driven by gains in companies like Meta Platforms and Amazon, the broader market rally also found support from declining oil prices after President Donald … Read more
Goldman Sachs pulled in record numbers last quarter, driven largely by a surge in equities trading rather than traditional dealmaking, according to the bank’s latest earnings report. Equities revenue jumped 72% to a record $7.42 billion, outperforming analyst estimates as top Wall Street firms cashed in on heavy market volatility. Global Banking & Markets, the … Read more
The Federal Reserve opted to keep its benchmark interest rate at a range of 3.5% to 3.75%, according to the central bank’s announcement on Wednesday. While markets largely expected the Federal Open Market Committee to stay on hold, recent comments from several officials indicate a sizable constituency within the central bank considered raising borrowing costs … Read more
The Nasdaq Composite dropped 0.5% on Friday, according to market data, as chip stocks dragged the tech-heavy index toward a weekly loss of 2%. At the same time, according to market reports, the S&P 500 traded near the flatline while the Dow Jones Industrial Average climbed 134 points, or about 0.3%, as investors weighed sliding … Read more