Posted: Mar 21, 2023 4:52AM EST Cathie Wood bought a stock she doesn’t trade much — Microsoft MSFT — on Monday. ARK Next Generation Internet ETF ARKW bought $11 million worth of Microsoft stock while selling the same amount in talent agency Endeavor Group EDR. According to tracking service Cathie’s Ark, this is Microsoft’s first …
Cathie Wood’s Internet Fund Makes Its First Microsoft Purchase Read More »
The Swiss regulator announced on Sunday that it was writing the value of Credit Suisse’s additional Tier 1 bonds – also called AT1 bonds or contingent convertible bonds or CoCos – down to zero, as part of the bank’s merger with UBS. The news has spooked investors of the AT1 market, which is valued at …
What are CoCos and why are Credit Suisses now worth zero? Read More »
Last updated: 17 March 2023 at 11:02 PM ET First published: March 17, 2023 at 10:26 PM ET Moody’s Investors Service downgraded its credit rating on First Republic Bank to junk late Friday, citing a “deterioration of the bank’s financial profile.” First Republic’s FRC debt rating was cut to B2 from Baa1, Moody’s said. Fitch …
First Republic Bank’s debt cut to junk by Moody’s Read More »
Last updated: 17 March 2023 at 10:27 a.m. ET First published: March 17, 2023 at 10:06 a.m. ET The numbers: A survey of consumer sentiment fell to 63.4 in March, falling for the first time in four months, reflecting anxiety among Americans about high inflation and the health of the economy. The preliminary reading in …
Last updated: 17 March 2023 at 10:25 a.m. ET First published: March 17, 2023 at 10:12 a.m. ET The numbers: America’s leading economic index fell 0.3% in February — its 11th straight decline — and continues to signal a coming recession. Economists polled by the Wall Street Journal had predicted a 0.4% decline. The Leading …
US economy heading for trouble, leading to economic index signals Read More »
And so we draw to the end of another hectic week in the markets. The CBOE VIX index VIX, gauge of equity volatility, rose twice up to 30 before falling back. The ICE BoAML MOVE index, a financial market VIX, jumped to its highest since the Great Financial Crisis of 2008, at one point up …
Last updated: 16 March 2023 at 1:15 PM ET First published: March 16, 2023 at 12:04 PM ET The numbers: Mortgage rates are down for the first time in six weeks as the US economy deals with bank collapses and an uncertain path forward. The 30-year fixed-rate mortgage was 6.60% per annum on average. March …
Last updated: 16 March 2023 at 9:08 a.m. ET First published: March 16, 2023 at 8:49 a.m. ET The numbers: The Philadelphia Fed said Thursday that its measure of regional business activity rose to negative 23.2 in March from negative 24.3 the previous month. Any reading below zero indicates improved conditions. This is the seventh …
The Philadelphia Fed’s output gauge remains deep in contraction territory in March Read More »
Published: March 16, 2023 at 8:36 a.m. ET The numbers: The number of Americans filing for jobless benefits last week fell sharply to 192,000, returning near historic lows, suggesting that layoffs in the U.S. remain fairly low despite more stress on the economy. New US claims for benefits fell by 20,000 from 212,000 in the …
The number of unemployed falls to 192,000 and shows no signs of increasing US layoffs Read More »
Published: March 13, 2023 at 11:46 a.m. ET Rivian Automotive Inc.’s stock fell more than 3% Monday after news that the electric car maker and Amazon.com Inc. are discussing possible changes to their electric van deal. Citing people familiar with the matter, the Wall Street Journal reported Monday that the companies are in talks to …
