|Dow Jones||S&P 500||Nasdaq|
Bitcoin was trading high on Monday, rising back towards $63,000 as Wednesday’s all time high just below $67,000 had been met with some subsequent selling. Bitcoin’s highest rallies came as the first bitcoin futures exchange-traded fund in the U.S. debuted up 5% an important development that drummed up excitement in crypto. The ProShares Bitcoin Strategy ETF which like bitcoin itself saw selling Thursday and Friday, rose about 3% in Monday’s premarket trading. Bitcoin’s prior all-time high in April coincided with another milestone for digital assets: crypto exchange Coinbase’s debut on the Nasdaq.
The main concern for the FTC is whether Facebook had withheld information from the agency concerning its internal research. Three lawmakers have urged the commission to use its enforcement powers to ensure that all “powerful technology platforms comply with their public statements and policies on children’s and teen’s privacy.”
Tesla’s stock closed at $1024.86 ashare, up more than 12% on the day and giving the company a market value of $1.03 trillion.
If the House approves that legislation, Biden may sign it into law later this week. The domestic spending package is likely to be within $1.5 trillion to $2 trillion, down from its original $3.5 trillion, as Democrats address concerns by two centrist party members, Sens. Joe Manchin of West Virginia and Kyrsten Sinema of Arizona. Their support is crucial in order for the plan to pass the Senate, which is evenly split 50-50 among the Democrats and Republicians.
Finance chiefs are boosting salaries and recruitment spending, offering more in the way of perks and expanding their equity plans as they contest to attract-and retain-workers.
Employees have quit their jobs in droves this year as the economy has picked up after last year’s pandemic slump.
Microsoft rose 2% in Wednesday’s pre-market, the morning after handily beating estimates on fiscal first-quarter earnings and revenue. Microsoft benefited from significant growth in its cloud computing business.
Alphabet shares were under modest pressure in premarket trading. The Google parent reported late Tuesday third-quarter earnings and revenue that exceeded estimates. However, YouTube Ad revenue and Google’s cloud revenue were below estimates.
Shares of Robinhood tumbled nearly 10% in Wednesday’s premarket, below their IPO Price, the morning after delivering a huge revenue miss for the third quarter as cryptocurrency trading dropped off. Robinhood issued a much wider adjusted quarterly loss than expected.
The SEC asked at least one asset manager not to proceed with plans for leveraged bitcoin ETF. The SEC indicated it wants to limit new bitcoin related products to those that provide unleveraged exposure to bitcoin futures contracts. The decision is the latest challenge to the asset-management industry’s efforts to cash in on the investor interest in cryptocurrencies by launching new products.
Several volatilty-linked leveraged ETFs suffered significant losses in 2018 when trading suddenly turnded violent, wiping out billions of dollars in investor assets. Leveraged products also were hit hard last year when Covid-19 put energy markets into a tail spin. The SEC responded last year by imposing restrictions on how much leverage these products can use, and SEC Chairman Gary Gensler has indicated those concerns remain at the forefront of the agency’s thinking.
President Joe Biden will announce Thursday that he’s reached a deal with Senate Democratic holdouts on a social spending and climate bill, according to multiple sources with knowledge of his plans. The deal represents the culmination of months of sometimes tense negotiations between moderate and progressive lawmakers.
Workers filing for unemployment benefits declined last week to their lowest level since the coronavirus pandemic began, as employers competed for employees in a tightening labor market.
Companies are paying more to attract and keep employees: Average hourly earnings for all private-sector workers in September rose 4.6% from a year earlier, the fastest rate of growth since February.
It is unclear how many of thos workers will ever return to the labor force. New research from the St. Louis Fed found that more than three million Americans retired early , out of the 5.25 million who left the labor force from the beginning of the pandemic.
Facebook Chief Executive Officer Mark Zuckerberg said the company changed its name to Meta to reflect growth opportunities beyond its namesake social-media platform in online digital realms known as the metaverse.
The U.S. economy grew at the slowest pace of the recovery in the third quarter, but economists expect strong consumer demand and an easing pandemic to boost growth in the coming months despite lingering supply constraints.
Growth domestic product grew at a seasonally adjusted annual rate of 2.0% from July to September , the Commerce Department said Thursday, marking the weakest quarter of growth since the recovery began in mid-2020.
Growth was hit by two factors: a surge in virus cases due to the highly contagious Delta variant of Covid-19 and deeping supply bottlenecks affecting goods from autos to food..
Apple’s revenue for the period increased to $83.4 billion , while analysts had been looking for $85.1 billion . The company hadn’t missed revenue expectations since the holiday quarter of 2018, when it issued a warning ahead of time due to challenges in China.
Apple is feeling the supply challenges across “pretty much” all of its product lines. While the manufacturing disruptions have largely improved, Apple anticipates that chip shortages will be the main source of pressure in the holiday period.
On Wednesday, Tesla tacked on an additional 2% to $1,038.31. The rental-car provider, Hertz, plans to list its shares on the Nasdaq in the fourth quarter, under its previous ticker symbol, HTZ. The listing would mark a comeback for Hertz, whose bookings collapsed as Covid-19 rapidly spread in the U.S. in the spring of 2020.
Starting Nov.1, Uber drivers can rent Teslas from Hertz in Los Angeles, San Francisco, San Deigo and Washington , D.C., rather than use their personal vehicles, with a nationwide expansion planned in the coming weeks.