The conversation over the future of the Fed's $120 billion in monthly bond purchases is just beginning, and is expected to be a central topic when Fed Chair Jerome Powell appears on Tuesday before the U.S. House of Representatives Select Subcommittee on the Coronavirus Crisis.
$TSLA Unveils its new supercomputer to train the neural nets powering Tesla’s Autopilot and upcoming self-driving AI.
CHINA CENTRAL BANK SAYS URGES BANKS AND PAYMENT COMPANIES TO PROMPTLY CUT PAYMENT CHANNELS FOR CRYPTOCURRENCY TRADING.
$ETHUSD Breaks below $2,000 for 1st time in a month amid news from Chinese city Ya'an announced to root out all Etherium and Bitcoin mining within 1 year (Ethereum).
BERNSTEIN SAYS HE'S MORE CONCERNED ABOUT INFLATION THAN BEFORE.
Wells Fargo Securities’ Michael Schumacher expects the benchmark 10-year Treasury Note rate to end the year as high as 2.20%. “Not a steady rise to be sure. But we do think there’s a pretty strong bear case to be made over the next six [to] seven months.”
$CURI - CuriosityStream downgraded to Underperform from Buy at BofA with a price target of 14$.
The next major Fed-related catalyst will likely be the June jobs report on Fri 2nd of July.
WASHINGTON (Reuters) - The U.S. House Judiciary Committee will vote on Wednesday on a package of six antitrust bills, including several targeting the market power of Big Tech, the panel said on Thursday.
There's no eco data, no earnings of note, but that doesn't mean it's going to be a quiet day. It's a triple witching Friday. Options and futures on indexes and equities expire, which could lead to an exciting and volatile trading day. Or not. We'll have to wait and see.
*U.S. JOBLESS CLAIMS RISE BY 412,000; EST. 359,000. PREVIOUS 375,000.
TikTok owner ByteDance’s revenue surged 111% in 2020, records 1.9 billion users.
$CVAC posted VERY disappointing P2/3 efficacy data for its first-gen COVID vaccine, coming in at just 47%.
$GM - General Motors Anticipates Up To $3B Hit From Chip Shortage, Inflation In Second Leg Of 2021.
$BIDU - Baidu pushes to put driverless taxis on China’s roads, pledging to build 1,000 in 3 years.
HONG KONG (Reuters) -China is poised to unveil a much tougher than anticipated crackdown on the country's $120 billion private tutoring industry, four sources told Reuters, including trial bans on vacation tutoring and restrictions on advertising.
Fed officials on Wednesday projected an accelerated timetable for interest rate increases, beginning in 2023 instead of 2024, and said the 15-month health emergency was no longer a core restraint on U.S. commerce.
With uptake of Russia’s coronavirus shot Sputnik V sluggish among its own citizens, Russia is considering launching Covid vaccination travel packages for tourists - CNBC.
Concerns over security of the cryptocurrency raise after U.S. officials managed to recover most of the ransom paid to hackers that targeted Colonial Pipeline - CNBC.
Semiconductor shipments from Taiwan’s factories may face delays due to a resurgence in COVID, a development that would exacerbate current shortages - Financial Times.
TESLA DELIVERS 33,463 CHINA-MADE CARS IN MAY, UP 29% M/M.
Washington state residents can now get a free joint with a COVID shot - NYP.
CuriosityStream looks set to join the Russell 3000 Index - SeekingAlpha.
France fines Google $267 million for abusing ‘dominant position’ in online advertising.
Higher interest rates would be good for the country, Treasury Secretary Yellen says.
U.S. Treasury Secretary Janet Yellen predicted inflation would hit 3% this year although she continues to think this will only be transitory.
On monetary policy, the Fed isn’t tapering now but is increasingly moving toward a discussion about when to dial back purchases.
Attention will now turn to the U.S. consumer price report on Thursday where the risk is of another high number, though the Fed still argues the spike is transitory.
Tesla has canceled the most expensive variant of its flagship sedan, the Model S Plaid Plus, according to a tweet from CEO Elon Musk on Sunday.
@elonmusk (Twitter): “Plaid+ is canceled. No need, as Plaid is just so good.”
LONDON (Reuters) -The United States, Britain and other large, rich nations reached a landmark deal on Saturday to squeeze more money out of multinational companies such as Amazon (NASDAQ:AMZN) and Google (NASDAQ:GOOGL) and reduce their incentive to shift profits to low-tax offshore havens.
*U.S. MAY UNEMPLOYMENT RATE FALLS TO 5.8% VS 6.1%.
US Labor May Nonfarm Payrolls +559K; Consensus +671K.
U.S. Looks Into Cryptocurrency’s Role in Ransomware Hacks.
The White House is exploring possible ways to trace transactions that line hackers’ pockets.
*EU and UK Open Antitrust Probes Into Facebook;
*EU and UK Investigate Whether Facebook Uses Advertiser Data to Favor Own Services.
$AMC Proposes to increase authorized share capital by 25M shares for 2022; contrasts with a previous request that shareholders authorize 500M new shares; no plans for a stock split or reverse stock split - proxy statement.
Jack Ma’s Ant Group gets nod to operate consumer finance firm, a key step in fixing regulatory issues.
*US Jobless Claims -20K To 385K In May-29 Wk; Survey 393K
*US May-22 Week Continuing Claims +169K to 3,771,000.
Google To Reverse Crypto Exchange and Wallet Advertisement Ban - news.
Russia warns its economy is showing signs of overheating.
Asked when the ECB would start tapering its asset purchases programme, a slim majority of economists, or 20 of 35, said sometime later this year, including 13 who expected a start as early as next quarter.
BMW To Build 360,000 EV Charging Sites In China In Green Push - BBG.
The Fed said on Wednesday that it plans to slowly sell a portfolio of corporate debt purchased through an emergency lending facility that it launched in 2020 when COVID-19 hit financial markets.
China to hand out $6.2 million in digital currency to Beijing residents as part of trial.
GLOBAL JOBS MARKET WON'T RECOVER FROM PANDEMIC "UNTIL AT LEAST 2023" - ILO.
Italian Artist Sells Invisible Sculpture for More Than $18,000 - news.
WASHINGTON (Reuters) -The United States is getting closer to the Fed's maximum employment and 2% inflation goals, Fed Governor Lael Brainard said on Tuesday, but the depth of the remaining problem still requires the central bank to stick to its super-easy monetary policy until more progress is seen.
$ZM - Zoom Video reports Q1 EPS $1.32, consensus 99c.
Reports Q1 revenue $956.2M, consensus $906.03M.
(Reuters) - Amazon.com Inc (NASDAQ:AMZN) said on Tuesday it supports a proposed U.S. legislation to legalize cannabis at the federal level, and would drop weed-testing requirements for some recruitments.
COINBASE GLOBAL -STARTING THIS WEEK, WE'LL INVITE SELECT CUSTOMERS OFF THE WAITLIST FOR COINBASE CARD TO BEGIN EARNING UP TO 4% BACK IN CRYPTO REWARDS.
Ford's electric Mustang tops Norway car sales in May.