Markets

US gas prices have hit a five-month high, fuel-tracker GasBuddy said Thursday.  Americans are paying an average of $3.54 a gallon to fill-up their vehicles, and $3.65 is in sight.  Gas prices are rising following a jump in oil prices after OPEC+ said it will slash production starting in May.  Loading Something is loading. Thanks… Continue reading Gas prices are on the rise again and drivers can expect more increases to come after steep oil production cuts by OPEC+

Tiger Global founder Chase Coleman says to buy shares of mega-cap tech companies, per Bloomberg.  The sector is attractive again, Coleman says, because of emerging tech like AI.  The hedge fund was stung by 2022’s tech market rout, reportedly marking down $23 billion from its startup investments.  Loading Something is loading. Thanks for signing up!… Continue reading Hedge fund billionaire Chase Coleman says buy mega-cap tech stocks as the sector is looking more attractive thanks to emerging areas like AI

Morgan Chittum Photo by TIMOTHY A. CLARY/AFP via Getty Images) US stocks were mixed on Wednesday as traders digested weak jobs data.  The Nasdaq Composite fell 1% as traders retreated on recession fears. Gold traded near record highs at $2,049 per ounce.  Loading Something is loading. Thanks for signing up! Access your favorite topics in… Continue reading US stocks end mixed as soft jobs data revives fears of a looming recession

Defaults on commercial real estate loans will likely rise from a potential credit crunch, says UBS Global Wealth Management.  But stress on banks that service such loans appears to be manageable, the firm says.  Data from Trepp shows the delinquency rate for loans in the office market climbed in March.  Loading Something is loading. Thanks… Continue reading Commercial real estate loan defaults will rise in a credit crunch but a crisis like 2008 is unlikely, says UBS

The US dollar could weaken 10%-15% by the middle of 2024, Stephen Jen at Eurizon SLJ Capital wrote in a note. As inflation continues to cool, the central bank could cut rates in 2023, which would lead to the dollar’s depreciation, Jen said. “As the USD loses cyclical support, the US’ familiar structural flaws might… Continue reading The US dollar could weaken another 15% over the next 18 months as cooling inflation prompts the Fed to cut rates, research firm says

Higher interest rates are creating unprecedented headwinds for businesses, according to Chamath Paliphitiya. In a letter, Paliphitiya pointed to “destruction” across multiple sectors, thanks to tighter financial conditions. Some companies that Paliphitiya helped take public via SPAC have faltered as rates surged.  Loading Something is loading. Thanks for signing up! Access your favorite topics in… Continue reading SPAC king Chamath Palihapitiya says higher rates have created a ‘wave a destruction’ across whole sectors

C3.ai plummeted 26% on Tuesday after a short seller alleged serious accounting issues. Kerrisdale Capital said in a letter that C3.ai has inflated metrics to meet analyst estimates. “The American public markets have no place for deceitful accounting,” Kerrisdale wrote.  Loading Something is loading. Thanks for signing up! Access your favorite topics in a personalized… Continue reading C3.ai plunges 26% after short-seller says the buzzy AI company has ‘serious accounting and disclosure issues’

Jimmy Buffett, LeBron James, Tom Ford, and Tiger Woods joined Forbes’ annual billionaires list this year. The “Margaritaville” singer is on the lower end of the world’s richest list with a $1 billion fortune.  Ford made it after selling his fashion brand to Estée Lauder for $2.8 billion in November.  Loading Something is loading. Thanks… Continue reading Jimmy Buffett, LeBron James, Tom Ford, and Tiger Woods are all officially billionaires