Cryptocurrency prices also dropped precipitously. The price of Bitcoin fell as low as $26,000 on Thursday, down 60 percent from its peak in November, before rising somewhat. Since the start of the year, Bitcoin’s price movement has closely mirrored that of the Nasdaq, a benchmark that’s heavily weighted toward technology stocks, suggesting that investors are…
Category: Business
Jim Cramer says investors shouldn’t allow a tumultuous market to prevent them from finding ‘better opportunities’
CNBC’s Jim Cramer on Thursday said that while investors should tread carefully as the stock market continues to be stormy, they also shouldn’t be afraid to make moves to strengthen their portfolios. “We want to be very careful to buy stocks with stories that can handle a slowdown. … A good portfolio manager never sells…
Start-up investor Jason Calacanis raising millions for Twitter stake
Jason Calacanis Adam Jeffrey | CNBC Angel investor Jason Calacanis, an early backer of Uber and Robinhood, is seeking to raise tens of millions of dollars for a stake in Twitter as part of Elon Musk’s $44 billion agreement to buy the social media company. “We are now collecting interest to invest in Twitter with…
US to boost baby formula imports to ease shortage after Abbott Nutrition recall
Baby formula is offered for sale at a big box store on January 13, 2022 in Chicago, Illinois. Scott Olsen | Getty Images The US will increase baby formula imports as part of an effort to ease a nationwide shortage, senior Biden administration officials said on Thursday. The scarcity of formula was triggered in part…
Stock futures fall slightly with S&P 500 teetering on edge of a bear market
Stock futures dipped on Thursday evening as investors geared up for the S&P 500 to potentially slide into official bear market territory. Futures tied to the Dow Jones Industrial Average shed 68 points, or 0.2%. S&P 500 futures lost 0.2% and Nasdaq-100 futures fell 0.3%. On Wednesday, the S&P 500 and Dow bounced off their…
Stablecoins are struggling to survive the crypto crash
It’s been a crushing few days for the Terra project, in a week that has been unforgiving for cryptocurrency as a whole. Over the past few days, the TerraUSD (UST) stablecoin, which is meant to maintain a dollar peg, uncoupled dramatically from the $1 mark and dropped to a low of less than 30 cents…
Wall Street Slide Continues, With S&P 500 Edging Closer to Bear Market
Stocks fell slightly on Thursday, with the S&P 500 heading for its sixth consecutive weekly decline and inching closer to bear market territory. Trading was turbulent, and after a sharp rally the S&P 500 ended just 0.1 percent lower, after a drop of 1.7 percent on Wednesday. The Nasdaq composite was also volatile, but was…
Robinhood shares pop more than 20% after Sam Bankman-Fried buys 7.6% stake
Sam Bankman-Fried, CEO of FTX US Derivatives, testifies during the House Agriculture Committee hearing titled Changing Market Roles: The FTX Proposal and Trends in New Clearinghouse Models, in Longworth Building on Thursday, May 12, 2022. Tom-Williams | CQ-Roll Call, Inc. | Getty Images Sam Bankman-Fried, the CEO of crypto exchange FTX, has taken a 7.6%…
Two Twitter Leaders Are Leaving Company Following Musk Deal
SAN FRANCISCO — Twitter’s chief executive fired two top executives, froze most new hiring and said he was slashing spending on Thursday, as the social media company tries to change its business trajectory while grappling with a takeover from Elon Musk, the world’s richest man. In a memo shared with employees and obtained by The…
Global shares fall on fears of global economic slowdown
Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, US, May 12, 2022. REUTERS/Brendan McDermid Register now for FREE unlimited access to Reuters.com Register World stocks drop to 1-1/2 yr low, down almost 20% YTD Europe down over 2%, US equity futures struggle Dollar hits 2yr highs, accelerates…