It’s been a stellar year for Nvidia, with its shares skyrocketing by an impressive 220%, securing its position as the top-performing S&P 500 stock in 2023. The chipmaking giant recently reported robust third-quarter earnings, boasting a 34% increase in revenue from the previous quarter and a remarkable 206% surge from the same period last year….
The Supreme Court found itself immersed in a legal labyrinth on Monday, delving into the intricate web of federal bankruptcy code to determine the validity of a controversial settlement. This agreement aims to provide billions to victims of the opioid epidemic while affording protection to the Sackler family, Purdue Pharma’s owners, from existing and potential…
The United States finds itself at the crossroads of fiscal challenges, with its national deficit surpassing a staggering $33 trillion. What makes this situation even more intriguing is the emergence of “bond vigilantes” – fixed-income traders traditionally silent during economic upswings but now expressing apprehension over the government’s expanding financial obligations. The Resurgence of Bond…
The US Senate Budget Committee has initiated an investigation into the financial stability of Florida’s state-backed insurance company, Citizens Property Insurance Corporation. With rising concerns about the impact of climate change, including warming oceans and sea-level rise leading to more destructive storms, the committee is questioning the insurer’s ability to handle future disasters. This investigation…
OPEC+, the coalition of oil-producing nations, has announced voluntary oil production cuts totaling 2.2 million barrels per day in the first quarter of 2024. Saudi Arabia, the largest global crude oil exporter, will lead the initiative by extending its voluntary production cut of 1 million barrels per day for an additional three months. The decision…
The Dow Jones Industrial Average reached a new high for the year, climbing 520 points (1.5%) on Thursday. The surge was propelled by favorable inflation data and robust third-quarter earnings from Salesforce, which saw its stock soar by 9.4%. Despite mixed market performance overall, November emerged as one of the top-performing months of 2023 for…
In an unexpected twist, OpenAI has reinstated Sam Altman as CEO, marking a reversal of his firing just twelve days ago. This decision comes amid internal upheaval, with the majority of the company’s 800 employees threatening to resign unless Altman and former Chairman Greg Brockman were reinstated. The move hints at the crucial role Altman…
U.S. home prices have reached a new record high, extending the trend for the eighth consecutive month, according to data released on Tuesday. Despite mortgage rates lingering above 7% in September, historically low inventory remains a driving force behind the surge in home prices. The S&P CoreLogic Case-Shiller US National Home Price Index reports a…
Meta, the parent company of Facebook and Instagram, is under fire as attorneys general from 33 states accuse it of knowingly allowing children under 13 to use its platforms, violating privacy laws. The unsealed lawsuit claims Meta collected personal data from underage users without parental consent, breaching the Children’s Online Privacy Protection Rule. The complaint…
In the wake of nearly two years marked by surging prices and mounting interest rates, American consumers have played a pivotal role in sustaining the resilience of the US economy. Despite these challenges, the willingness of consumers to open their wallets and tap into credit lines has been a driving force. However, a confluence of…