Author: News Room

USD extends its gains to second day following mixed signals from ADP, ISM Services PMIs. Business activity in the US service sector expanded in May, ISM Services PMI showing signs of recovering in April. Markets gear up for Nonfarm Payrolls and Wage inflation data to give additional insight into US economy. On Wednesday, the US Dollar Index (DXY) extended its gains despite mixed signals about the US economy. The solid performance of the service sector, coupled with lower-than-expected private sector employment data, caused a moderate stir in the market. However, the overall outlook for the US economy remains resilient. All…

Wormhole is one of the biggest interoperability platforms, which powers various applications and bridges. It provides developers access to liquidity and users on over 30 leading networks. It enables multiple use cases that span over Defi, NFT, Dao and more. The fully integrated blockchain can use cross-chain dApps to send and receive tokens and NFTs. The platform can also verify and publish messages to and from the network. Source: Wormhole.com It is used by some of the biggest platforms like Circle and Uniswap. Wormhole Connect is a cutting-edge front-end development tool designed to simplify the transfer of wrapped and native…

Every weekday the CNBC Investing Club with Jim Cramer holds a “Morning Meeting” livestream at 10:20 a.m. ET. Here’s a recap of Wednesday’s key moments. The S & P 500 climbed Wednesday after a second round of weak jobs data pushed bond yields lower and gave the market hope for Federal Reserve interest rate cuts later this year. Private payroll data from ADP indicated that hiring in May slowed down more than expected. The big report of the week comes Friday when the government releases its latest monthly employment numbers. The Nasdaq was by far the star Wednesday — up…

The Federal Trade Commission is preparing an antitrust lawsuit against the largest U.S. alcohol distributor, Southern Glazer’s Wine and Spirits, two sources familiar with the matter tell CNBC. The suit could be filed in a matter of weeks.The FTC’s case is not yet finalized. But one source said the commission is likely to allege that Southern Glazer’s has been providing “secret kickbacks” to large retail customers and violating the 1936 Robinson-Patman Act. Politico first reported the potential legal action.Florida-based Southern Glazer’s Wine and Spirits distributes alcohol for over 7,000 brands in 44 states. Founded in 1968, the company serves as…

One of Donald Trump’s leading super PACs told donors it raised nearly $70 million in May and shared plans to spend $100 million this summer in key battleground states, according to a copy of a memo sent Tuesday and obtained by CNN. Taylor Budowich, the CEO of Make America Great Again, Inc., laid out the PAC’s strategy to boost Trump in Pennsylvania, Georgia, Nevada and Arizona – all states that the former president narrowly lost in 2020 and that remain competitive four years later. The document, sent to CNN by a source who received it, serves as a marker for…

Welcome back to The Prompt. Today, a group of 13 current and former employees at both OpenAI and Google Deepmind published an open letter warning that leading AI companies are not doing enough to make their AI systems safe and accusing them of prioritizing profits and growth instead. The letter highlights the lack of transparency from companies about the risks and limitations of their AI applications, which could “potentially result in human extinction.” The letter also called for more protections for whistleblowers by developing processes for raising concerns to company decision makers and removing restrictive non-disparagement agreements. This letter is…

The market volatility we contrarians have been waiting for is finally starting to show up—and we’re going to play it with a cheap energy fund paying a sweet 9.1% dividend. These days, most investors think energy is played out. But the truth is, we’ve seen a “slow-mo” selloff, with crude tumbling about 10% from back in early April. And we’ve got Uncle Sam on our side here, too. This is an election year after all, and last week we got word the Biden Administration will empty the Northeast Gasoline Supply Reserve, set up to provide an emergency supply after Superstorm…

So you might have heard the US is not in a recession, but the good news about the economy doesn’t stop there. A soft landing is on the horizon, too — or already here depending on who you ask — and recent data reinforces that.Per a St. Louis Fed post in October, economic policy advisor Paulina Restrepo-Echavarria finds while there is not an exact way to define a soft landing, a good rough definition is “when we increase interest rates and we manage to decrease inflation, but without causing unemployment to go up drastically and GDP growth to go negative.””The…

Ultra-low-cost airlines are taking one out of left field.In a candid interview with The Air Show podcast published on Monday, United Airlines CEO Scott Kirby said the carriers are “going out of business” due to bad business strategy and poor customer service.”It’s a fundamentally flawed business model,” he said. “The customers hate it.”Kirby’s comments point to no-frills carriers like Frontier Airlines and Spirit Airlines, which offer cheap tickets thanks to their unbundled fares and barebones planes. Usually, these lower fares are at the expense of passenger comfort.In a bid to attract more customers, the ultra-low-cost carriers, or ULCCs, have improved…

By Michael S. Derby (Reuters) – A top Federal Reserve Bank of New York official said Wednesday it’s time now for market participants to get prepared for new clearing rules looming in the Treasury bond market. Citing a new rule by the Securities and Exchange Commission mandating central clearing in the government bond market, Michelle Neal, who leads the New York Fed’s Markets Group, said “given the importance and scope of this market structure change, it is crucial for market participants to engage now to identify how the SEC rule affects their businesses and to develop plans for clearing eligible…