U.S. crude oil on Friday was on pace for its first weekly loss in three weeks, as the prospect of growing oil supplies from Saudi Arabia overshadowed China’s efforts to stimulate its economy. The U.S. benchmark West Texas Intermediate is down nearly 6% this week, while global benchmark Brent has pulled back nearly 4%. Prices … Read more
Signage at the New World Tower, which houses the headquarters of New World Development Co., in Hong Kong, China, on Thursday, Sept. 26, 2024. New World Developmen suspended trading of its shares in Hong Kong on Thursday morning. Bloomberg | Bloomberg | Getty Images Shares of Hong Kong’s New World Development surged following the resignation … Read more
The Alibaba office building is seen in Nanjing, Jiangsu province, China, Aug 28, 2024. CFOTO | Future Publishing | Getty Images Chinese tech stocks, including beaten-down names like Alibaba, rallied this week, hitting highs not seen in more than a year after China’s central bank announced measures to stimulate the world’s second-largest economy. The Hang … Read more
Costco on Thursday reported ho-hum quarterly results, with a small topline miss being more than offset by strong profitability to deliver an earnings beat. The report didn’t blow us away, but it still offered plenty of reminders on why Costco investors should stick around. Total revenue in its fiscal 2024 fourth quarter totaled $79.7 billion, … Read more
OpenAI’s Sora AI tool allows users to create AI-generated videos from text-based inputs. Costfoto | Nurphoto | Getty Images OpenAI CFO Sarah Friar is looking to reassure its investors that the richly valued artificial intelligence startup is still in a strong position and is poised to close a big funding round soon, despite losing top … Read more
Excavators transfer coal at the coal terminal in China’s eastern Jiangsu province on January 22, 2024. Str | Afp | Getty Images China’s industrial profits plunged by 17.8% in August from a year ago, the National Bureau of Statistics said Friday. That followed a 4.1% year-on-year increase in July, the fastest pace in five months. … Read more
The Nasdaq Market site is seen on the day that shares of Truth Social and Trump Media & Technology Group start trading under the ticker “DJT”, in New York City, U.S., March 26, 2024. Shannon Stapleton | Reuters United Atlantic Ventures LLC, a major shareholder in Trump Media, has sold or otherwise gotten rid of … Read more
Every weekday, the CNBC Investing Club with Jim Cramer releases the Homestretch — an actionable afternoon update, just in time for the last hour of trading on Wall Street. Lost steam: Stocks are up Thursday, but the S & P 500 has come well off its highs of the morning. Similarly, the tech-heavy Nasdaq initially … Read more
Vice President and Democratic presidential candidate Kamala Harris speaks at the Philip Chosky Theatre during a campaign event in Pittsburgh, Pennsylvania, on September 25, 2024. Jim Watson | AFP | Getty Images A majority of millionaire investors said they plan to vote for Vice President Kamala Harris in November, even though they give former President … Read more
David Tepper, founder and president of Appaloosa Management. David Orrell | CNBC Appaloosa Management’s David Tepper said investors should believe the Federal Reserve when it says it will lower interest rates because the central bank has now to keep credibility. “You just read what these guys are saying,” Tepper said on CNBC’s “Squawk Box” Thursday. … Read more
