Cathie Wood's Ark Invest Offloads $7M in Robinhood Shares Amid Market Shifts
Prominent investment firm Ark Invest, led by Cathie Wood, has sold nearly $7 million worth of Robinhood stock through its Innovation ETF. The sale comes as Robinhood faces regulatory challenges and expands into new trading markets, including Bitcoin and commodities futures.
Alphabet Stock Plunges 6% as Cloud Revenue and AI Costs Worry Investors
Google parent company Alphabet saw its shares tumble after disappointing quarterly results, particularly in its cloud division, amid increased AI investments. The revenue miss and growing expenses raised concerns about the company's competitive position against rivals Microsoft and Amazon.
Yuan Weakens Amid US-China Trade Tensions While Yen Strengthens
Chinese currency faces downward pressure as Beijing announces retaliatory measures against US tariffs, highlighting growing market uncertainty. Meanwhile, Chinese tech shows resilience with DeepSeek's new chatbot launch, though trade concerns persist.
Moderna Stock Plummets as 2025 Sales Forecast Cut by $1 Billion Amid Vaccine Challenges
Moderna's shares dropped 17% following a $1 billion reduction in its 2025 revenue forecast, driven by declining Covid vaccine market share and lower vaccination rates. The biotech company plans aggressive cost-cutting measures while maintaining optimism about its future product pipeline.
U.S. Credit Card Defaults Surge to 14-Year High, Signaling Consumer Financial Strain
Credit card defaults have reached their highest level since 2010, with lenders writing off $46 billion in seriously delinquent loans during the first nine months of 2024. The sharp rise in defaults, particularly among younger and paycheck-to-paycheck borrowers, points to mounting pressure on household finances after years of high inflation.
Biden Backs Congressional Stock Trading Ban, Questions Lawmakers' Ethics
President Biden has publicly endorsed efforts to prohibit members of Congress from trading stocks, marking his first clear stance on this contentious issue. The President's support bolsters the ETHICS Act, which would prevent lawmakers and their families from buying stocks while serving in Congress.
US Weekly Jobless Claims Plunge to 220,000, Signaling Strong Labor Market
Initial unemployment claims dropped by 22,000, surpassing economists' forecasts and highlighting the resilience of the US job market. The decline suggests employers are maintaining workforces despite economic uncertainties, potentially boosting consumer confidence ahead of the holiday season.
Federal Judge Blocks Historic $25B Kroger-Albertsons Grocery Merger
A federal court has halted Kroger's proposed $25 billion acquisition of Albertsons, siding with FTC concerns over reduced competition and consumer impacts. The ruling derails what would have been one of the largest U.S. grocery retail mergers, despite the companies' arguments about competing with major retailers like Walmart and Amazon.
Fed Signals More Cautious Approach with Two Rate Cuts Projected for 2025
The Federal Reserve revises its interest rate outlook, reducing projected cuts from four to two for 2025 amid persistent inflation concerns. Chair Powell acknowledges progress in inflation reduction but notes recent stagnation, leading to a more conservative approach that surprised markets.
GameStop Stock Surges After Roaring Kitty's Social Media Return
GameStop shares jumped up to 14% following Keith 'Roaring Kitty' Gill's cryptic post on X, triggering massive options trading activity. The influential retail trading figure's unexpected return has energized meme stock investors, with short interest remaining high at 20%.