On Thursday, U.S. stocks experienced a mixed performance as investors reacted to the release of May’s producer price index data. This data indicated that inflation pressures may be easing, leading to some uncertainty among traders. While the S&P 500 edged lower, it still hovered near record highs, reflecting the cautious optimism prevailing in the market.
Revolut, a prominent British financial technology firm, recently made headlines by announcing its plan to relocate its official headquarters in London to Canary Wharf, the city’s major financial district. This strategic decision signifies a significant step for the company, as it moves its global headquarters to the YY London building in the heart of Canary
In recent years, the financial technology industry has undergone significant changes, with many industry insiders believing that the sector has reached a “bottom.” The days of exuberant valuations and excessive venture capital funding for startups with unproven business models seem to be a thing of the past. Iana Dimitrova, CEO of embedded finance startup OpenPayd,
Broadcom recently released their earnings report for the second fiscal quarter, exceeding analysts’ expectations. The company reported an adjusted earnings per share of $10.96, surpassing the estimated $10.84, and revenue of $12.49 billion compared to the expected $12.03 billion. In addition to their impressive financial performance, Broadcom announced a 10-for-1 stock split. This move is
Foundation Robotics Labs, a startup aiming to revolutionize the robotics industry, has come under scrutiny for making bold claims in its investor pitch. The company allegedly asserted close ties and an impending investment from General Motors (GM), along with commitments from other notable investors like Tribe Capital. The fundraising document mentioned that GM had agreed
Oracle Chairman Larry Ellison’s net worth soared by nearly $19 billion as the software giant announced double-digit revenue growth for the fiscal year. This news caused Oracle’s stock to experience its most significant rally since 2021, reaching a record high of $140.38 per share on Wednesday. Despite stepping down as CEO a decade ago, Ellison
The Federal Reserve recently decided to keep its key interest rate untouched and hinted that a single cut can be expected before the end of the year. While many were hoping for a more lenient central bank approach, the policymakers steered away from the possibility of two rate reductions, as previously indicated in March. The
The sell-off in GameStop shares on Wednesday was accompanied by a spike in trading volume in the call options that meme stock leader “Roaring Kitty” owns. This intensified sell-off saw GameStop calls with a strike price of $20 and an expiration date of June 21 trading a whopping 93,266 contracts, more than nine times its
Last week, mortgage rates experienced a significant drop, leading to a surge in total mortgage applications. According to the Mortgage Bankers Association, the total volume of mortgage applications increased by nearly 16% compared to the previous week. However, this trend was short-lived as rates quickly rebounded following a stronger-than-expected monthly employment report. The average contract
The federal government recently announced a groundbreaking initiative by issuing over $1 billion in upfront tax credits to incentivize the purchase of electric vehicles (EVs) in an effort to accelerate the transition to cleaner transportation options. This move marks a significant shift in how EV tax incentives are administered, allowing buyers to receive immediate savings