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☆ Dow sinks nearly 700 points after GDP report, heading toward its largest drop of the year
▼ + stars: | 2024-04-25 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +2 min

New York CNN —US stocks sank Thursday morning after the latest GDP report showed that US economic growth slowed to 1.6% in the first quarter of the year, a much weaker pace than expected. “This report was the worst of both worlds: economic growth is slowing and inflationary pressures are persisting,” wrote Chris Zaccarelli, chief investment officer at Independent Advisor Alliance, in a note Thursday morning. Economic growth appears to be floating back down to earth after notching a very strong second half of 2023. GDP grew by 4.9% and 3.4% in the third and fourth quarters of last year. Those sticky inflation rates have pushed investors to slash their expectations for interest rate cuts by the Fed.

Persons: Dow, ”, Chris Zaccarelli, They’re, It’s, stagflation, Jamie Dimon, “ Stagflation, “, we’ve, Ben Carlson Organizations: New, New York CNN, Nasdaq, Federal Reserve, Independent, Alliance, Fed, Economic, of New, JPMorgan, Ritholtz Wealth Management, Tech, Meta, Microsoft, Amazon Locations: New York, of New York

☆ Jamie Dimon fears for the future of the free world and US debt
▼ + stars: | 2024-04-24 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +6 min

New York CNN —JPMorgan Chase CEO Jamie Dimon is worried about the future of the free world. “The geopolitical situation is probably the most complicated and dangerous since World War II,” Dimon said during a talk at the Economic Club of New York on Tuesday. “The world order that formed after WWII, Bretton Woods, WTO [the World Trade Organization], and the UN is kind of being challenged,” he said. This is not the first time Dimon has warned that the world is on the brink of a massive realignment. The country’s national debt is now over $34.5 trillion, or about $103,000 for every American.

Persons: Jamie Dimon, ” Dimon, Dimon, Bretton, ”, That’s, “, Jerome Powell, Niall Ferguson, Chris Isidore, Tesla, Elon Musk, Jeanne Sahadi, Joe Biden, “ won’t Organizations: CNN Business, Bell, New York CNN, JPMorgan, Economic, of New, World Trade Organization, UN, AAA, NATO, Atlantic Treaty Organization, Federal, Federal Trade Commission, FTC, of Commerce Locations: New York, of New York, Ukraine, NATO, Israel, US, China, Bretton Woods, WTO, Russia

☆ Can markets make a comeback? That depends on tech earnings
▼ + stars: | 2024-04-23 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

The Nasdaq tumbled 2.1% on Friday as tech stocks plunged, marking its worst day since January 31. “US earnings updates this week will be key to see if they can keep topping expectations and buoying risk appetite in a higher-for-longer interest rate environment.”Tesla, Facebook-parent Meta, IBM, Microsoft and Alphabet all report first quarter earnings later this week. “Big Tech earnings may determine whether the stock market avoids its first four-week losing streak in two years,” wrote Chris Larkin, managing director of trading and investing at E*TRADE from Morgan Stanley on Monday. About 15% of S&P 500 companies have reported first quarter earnings, and nearly three-quarters of those companies have posted a positive earnings-per-share surprise. But investors are nervously waiting for the Magnificent Seven, those massive Tech stocks that carry an outsized portion of market weight, to report.

Persons: Monday’s, “, ”, They’re, Tesla, Chris Larkin, Morgan Stanley, aren’t, we’re, Dave Sekera, ” Taylor Swift’s, Apple Taylor Swift, Liam Reilly, Department ”, Post Malone, Laura He Organizations: CNN Business, Bell, New York CNN —, Nasdaq, BlackRock, Federal Reserve, Facebook, IBM, Microsoft, “ Big Tech, Tech, Companies, Nvidia, Apple, Big Tech, Bank of America, Morningstar, Department, Spotify, Poets Department, Amazon Music, Apple Music, EV, Tesla Locations: New York, Wells, China, Germany, United States, Tesla’s, Europe

☆ Investors are fearful. They shouldn’t be
▼ + stars: | 2024-04-22 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +8 min

The economy has been extraordinarily resilient for the past few years — consistently proving the naysayers wrong, he says. For all of the market gloom last week, stocks are still near all-time highs, and this earnings season has been strong. Investors have been worrying about the Federal Reserve keeping rates higher for longer. I speak with many institutional investors, and I don’t see them folding in fear. Residual lubricant reduced the retention of the pad to the pedal,” the NHTSA wrote in the recall document.

Persons: ”, Philipp Carlsson, there’s, Carlsson, Szlezak, they’re, I’m, it’s, I’ve, we’re, TikTok, Brian Fung, Joe Biden, Tesla, Chris Isidore, Peter Valdes Organizations: CNN Business, Bell, New York CNN, Federal Reserve, Boston Consulting, ByteDance, NHTSA Locations: New York, Europe, Ukraine, Israel, Washington

☆ Private equity finds its next bet: college admissions
▼ + stars: | 2024-04-17 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +10 min

Now, private equity firms are swooping in to help while taking majority stakes in exchange. Last week, the company announced that it would partner with California-based private equity firm Nexus Capital Management and move its test into a for-profit company. A company owned by private equity can obfuscate what the company actually does to the public and potentially to regulators. Private equity firms “come into industries that are already suffering from a lack of funding,” said Creeks. They’ve had a lack of funding and support and so sometimes private equity is the only viable option.

Persons: New York CNN — It’s, Janet Godwin, “, ” Goodwin, ”, we’ve, Charlie Eaton, Goodwin, Critics, Constantine Yannelis, Rebecca Winthrop, They’ve, ” Powell, Jerome Powell, Powell, Bryan Mena, Chris Isidore, United, Max Organizations: CNN Business, Bell, New York CNN, ACT Inc, U.S ., ACT, Nexus Capital Management, ”, CNN, Nexus, Higher, University of California, ” Nonprofit, Nexus Capital, Savvas Learning Company, Private Equity, Project, University of Chicago Booth School of Business, Center for Universal Education, Brookings Institution, P Global Market Intelligence, College Board, Veritas Capital, “, Bank of Canada, Wilson, Fed, United, United Airlines, Boeing, Alaska Airlines, Federal Aviation Administration Locations: New York, Iowa, California, Merced, Canada

☆ Trump Media stock swings higher after two very bad days
▼ + stars: | 2024-04-17 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +2 min

New York CNN —Investors in Trump Media & Technology Group’s stock are finally, after two days of turmoil, seeing an uptick in their shares. The stock TMTG (DJT) rebounded by more than 12% in early afternoon trading on Wednesday after tumbling precipitously earlier this week. The price of fameThere are many reasons why Trump Media shares have been so volatile, including the fact that the company is inextricably linked to the former president. Trump Media lost $58 million in 2023 and made just $4.1 million in revenue. Extreme turbulenceTrump Media’s extreme peaks and troughs have caused wild swings in the net worth of the company’s largest shareholder and chairman: former President Donald Trump.

Persons: Donald Trump, Trump Organizations: New, New York CNN — Investors, Trump Media & Technology, Disney, Trump Media, Trump Locations: New York

☆ Geopolitical strife is roiling Wall Street. Here’s what investors are watching
▼ + stars: | 2024-04-16 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

Those what-ifs could further roil gas and oil prices. But if there’s further conflict, he said, “you’d see a much higher premium for oil prices. If there’s a de-escalation of tensions between Israel and Iran, they said, oil prices should come down over the next few weeks. But if there’s an escalation in conflict, they expect that oil prices could jump to more than $100 per barrel, they wrote in a note Monday. Retail sales rose 0.7% in March from the prior month, a slower pace than February’s upwardly revised 0.9% gain, the Commerce Department reported Monday.

Persons: New York CNN —, JPMorgan Chase, Jamie Dimon, ” Dimon, Jerome Powell, We’ll, Christine Lagarde, Andrew Bailey, Dave Sekera, Israel doesn’t, ”, “, Moody’s, there’s, Chris Isidore, Pete Muntean, Sam Salehpour, Read, Bryan Mena, Claire Tassin Organizations: CNN Business, Bell, New York CNN, Dow, JPMorgan, International Monetary Fund, IMF, Bank, Bank of Canada, Seven, European Central Bank, Bank of England, Morningstar, Nvidia, AMD, Wall Street Journal, Federal Reserve Bank of New, Boeing, Federal Aviation Administration, Alaska Airlines, Commerce Department, Morning, Amazon Locations: New York, Russia, Ukraine, China, United States, Washington ,, Iran, Israel, Federal Reserve Bank of New York

☆ Three ways investors can minimize their tax payments
▼ + stars: | 2024-04-15 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +8 min

It’s particularly difficult for investors, he said, who have to report their earnings and losses from the market to the IRS. As an alternative, Harris, who currently heads financial services firm Evergreen Money and recently authored a book about reducing tax burdens, shared his three biggest tax tips for investors with Before the Bell. So for tax purposes, selling securities that have lost value can offset the taxes due on gains from successful investments. If your losses exceed your gains, you can carry the net loss (total losses minus total gains) into the next tax year, potentially reducing future tax burdens. If you have three children and two parents, that’s $108,000 in tax free money a year, Harris said.

Persons: They’ll, ”, Bill Harris, It’s, Harris, “, Roth, hasn’t, “ you’re, Laura, Anna Cooban, Brent, Germany’s DAX, Read, Tempore Mike McGuire Organizations: New, New York CNN, National Taxpayers Union Foundation, Paypal, CNN, Evergreen Money, Bell, Investments, Brent, Traders, CAC, FTSE, Nikkei, International Energy Agency, ANZ, Google, California Journalism, Meta, California, Pro, Tempore, ” Locations: New York, United States, Israel, Iran, Tehran, Syria, Shanghai, Paris, California, America

☆ More people are working well past retirement age. It’s not easy
▼ + stars: | 2024-04-14 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +11 min

So last October, at the age of 80, Murray ended her retirement and got a job giving out samples at Costco. Forecasters expect that cohort of older , working Americans to double over the next decade. “More people are working at desk jobs that don’t require much physical labor,” said Gal Wettstein, a senior research economist at the Center for Retirement Research at Boston College. “That’s people who are changing jobs, younger workers and non-college educated workers.” Older workers tend not to change jobs, and they’re more likely to have a college degree. The Age Discrimination in Employment Act (ADEA) forbids age discrimination against people who are age 40 or older in the workplace.

Persons: Hope Murray, ”, Murray, she’ll, “, Murray isn’t, Gal Wettstein, Monique Morrissey, ” Morrissey, What’s, Heidi Brockway, Brockway, Morrissey, ageism, Bob Vaughn, Wettstein, Vaughn, Mary Susan, they’ve, Mary Susan’s, they’d, They’re, Diane Reiter, ” Reiter, she’s, I’d, She’s Organizations: New, New York CNN, Gas, Costco, ”, Pew Research Center, Center for Retirement Research, Boston College, Economic Policy Institute, Social, Social Security Agency, Social Security, Lawmakers, AARP, Retirement Research, Amazon, Economic, Worker, Brookings Locations: New York, Hollywood, San Diego, Los Angeles, Southeast Florida, Florida, United States, Charlotte , North Carolina, Asheville, Chicago

☆ JPMorgan Chase beats in first-quarter earnings as Dimon warns of ‘unsettling’ global landscape
▼ + stars: | 2024-04-12 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +1 min

New York CNN —JPMorgan Chase, the world’s largest bank by market capitalization, kicked off earnings season Friday with a beat, but also a warning. The bank’s first-quarter revenue increased by 8.5% from the year before, to $41.9 billion. However, looking ahead, we remain alert to a number of significant uncertain forces,” he wrote in a press release Friday. “First, the global landscape is unsettling — terrible wars and violence continue to cause suffering, and geopolitical tensions are growing. Second, there seems to be a large number of persistent inflationary pressures, which may likely continue.

Persons: FactSet, Jamie Dimon, ”, “ Organizations: New, New York CNN, JPMorgan Chase, FactSet Locations: New York

☆ Dow drops by nearly 500 points after a surprisingly bad inflation report
▼ + stars: | 2024-04-10 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +2 min

New York CNN —US stocks fell sharply Wednesday morning after inflation data for March came in higher than expected. That’s up considerably from February’s 3.2% rate and marks the highest annual gain in the past six months. Investors worry this will push back the Fed’s timeline for the rate cuts it has been hinting would come this year. The 10-year Treasury yield, which serves as a standard for mortgage and loan rates, surged after the announcement, approaching 4.5%. Shares of bank stocks fell.

Persons: Dow, “ Today’s, ”, Seema Shah, Wells Organizations: New, New York CNN, Nasdaq, Bureau of Labor Statistics, Asset Management, Treasury, Bank of America, JPMorgan Chase, Microsoft, Apple Locations: New York, Wells Fargo

☆ Banks say they’re meeting climate pledges. A new report says they’re ineffective
▼ + stars: | 2024-04-10 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

Why gold prices are at record highsFrom central banks to Costco customers, it seems everyone is buying gold these days, reports CNN’s John Towfighi. Central banks see gold as a long-term store of value and a safe haven during times of economic and international turmoil. When interest rates fall, gold prices tend to rise, as bullion becomes more appealing than income-paying assets like bonds. The People’s Bank of China bought gold for the 17th straight month in March, adding 160,000 ounces to bring reserves to 72.74 million troy ounces of gold, according to Reuters. The Honest Company posted a strong fourth quarter in March.

Persons: –, ” Mark Carney, ”, GFANZ, Jamie Dimon, ” Dimon, JPMorgan, CNN’s John Towfighi, China —, Read, Jessica Alba, Ramishah Maruf, Alba’s, Chuck Organizations: CNN Business, Bell, New York CNN, European Central Bank, Glasgow Financial Alliance, UN, Bank of England, ECB, MIT, Columbia Business School, Zero Banking Alliance, United Nations, decarbonization, CNN, JPMorgan Chase, State, JPMorgan, Investors, Federal Reserve, China, People’s Bank of China, Reuters, UBS, The Honest, The Honest Company, Honest, Nasdaq Locations: New York, Glasgow, China, India, Turkey

☆ The stock market is shrinking and Jamie Dimon is worried
▼ + stars: | 2024-04-09 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +10 min

Jamie Dimon, one of the world’s most influential business leaders, is worried. The PE boom: The shrinking public market has private equity to blame — funds that pool money from investors to acquire or invest in companies. When a PE fund buys a public company, it takes that company private. The number of private companies in the US backed by PE firms has grown from 1,900 to 11,200 over the last two decades, according to JPMorgan data. Dimon’s company, of course, makes a huge amount of money from taking companies public, so he’s not exactly an impartial observer.

Persons: Jamie Dimon, ”, Matthew Kennedy, Dimon, “, it’s, Russell, Lewis, Glass Lewis, Wells, aren’t, Matt Egan, Donald Trump’s, That’s, Reddit, —, Read, Biden, Joe Biden’s, Sam Fossum, Anna Cooban, ” Biden Organizations: CNN Business, Bell, New York CNN, JPMorgan Chase, JPMorgan, Renaissance, PE, ” Companies, Companies, Harvard Law, Corporate, Institutional, Services, Deutsche Börse, Peloton Capital, CNN, ISS, Social, Trump Media & Technology Group, Trump, Trump Media, Twitter, White, Taiwan Semiconductor Manufacturing Company Locations: New York, United States, America, German, Arizona, ”

☆ Why 2024 will be a year of fits and starts for dealmaking on Wall Street
▼ + stars: | 2024-04-08 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +8 min

New York CNN —Dealmaking is big business on Wall Street. That made Goldman responsible for nearly a third of the total global M&A advisory market last year. But there are fits and starts to today’s market. What do the fits and starts mean? I go back to fits and starts with good underlying trends that momentum builds, but it’s not going to be a straight line.

Persons: New York CNN —, Goldman Sachs, Goldman, Stephan Feldgoise, we’re, we’ve, it’s, Jamie Dimon, ”, Dimon, JPMorgan Chase Organizations: CNN Business, Bell, New York CNN, Retail, JPMorgan Chase, International Monetary Fund, Industries, Nvidia, Microsoft, JPMorgan, Software, New Locations: New York, Oregon, Michigan, Arizona , Delaware, Florida , Iowa , Massachusetts, Wyoming

☆ Jamie Dimon says in shareholder letter AI could be as consequential to the economy as electricity
▼ + stars: | 2024-04-08 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +5 min

JPMorgan, the world’s largest bank by market capitalization, is exploring the potential of generative AI within its own ecosystem, said Dimon. “Over time,” wrote Dimon, “we anticipate that our use of AI has the potential to augment virtually every job, as well as impact our workforce composition. First Republic purchaseJPMorgan acquired most of First Republic’s assets last May after the San Francisco-based regional bank was seized by the government. Dimon wrote those odds are far too optimistic. “Small changes in interest rates today may have less impact on inflation in the future than many people believe,” he said.

Persons: Jamie Dimon, ”, Dimon, JPMorgan Chase, ” Dimon, “ Organizations: New, New York CNN, JPMorgan Chase, International Monetary Fund, Industries, Nvidia, Microsoft, JPMorgan, Software, San, First Republic, Silicon Valley Bank, Signature Bank, Markets, Traders, Federal Reserve Locations: New York, Republic, San Francisco, Silicon

☆ Why some people feel good about their bank accounts but bad about the economy
▼ + stars: | 2024-04-07 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +10 min

A recent Wall Street Journal poll of American voters in swing states found that while people think the national economy is in bad shape, they feel good about their personal finances. In Gallup polling from last April, just 16% rated the economy as “good” or “excellent,” but 45% said their personal finances were “good” or “excellent.”But according to available data the economy has improved. But the dichotomy between how people feel about their own finances and the economy at large presents a different conundrum. It’s important to look at consumer behavior and not just sentiment when determining how Americans feel about the economy, said Harris. Those behaviors signal that Americans, overall, actually feel pretty good about their economy.

Persons: New York CNN — Nathan Frederiksen, “, ”, ” Frederiksen, It’s, “ We’ve, I’ve, ” He’s, —, Wisconsin —, Joe Biden, Ben Harris, else’s, ” Harris, Harris, Jonathon Barricklow, Barricklow, we’d, Dave Koloskee, he’ll, Megan McCoy, we’re, ” McCoy, Julie Levitch, Suze Orman, she’s, I’m, ’ ”, ‘, they’re Organizations: New, New York CNN, CNN, Gallup, Economic, Brookings, Bureau of Labor Statistics, Facebook, Kansas State University, “, Finance, LinkedIn Locations: New York, Boise , Idaho, Arizona, Georgia, Michigan, North Carolina , Nevada , Pennsylvania, Wisconsin, it’s, United States, Bowling Green , Ohio, East, Europe, Erie , Pennsylvania, Scottsdale , Arizona

Stocks rallied Friday after the latest jobs report came in piping hot. The Dow rose 307 points, or 0.8%, after climbing more than 400 points at the day's highs. Still, all three major indexes ended the week lower, starting the second quarter of the year on a sour note. While the latest jobs report supports the idea that the US economy is holding strong against interest rates at a 23-year high and could avoid a recession, it also puts into question when the Federal Reserve will begin its long-awaited rate cuts. The US economy added 303,000 jobs last month, according to data released Friday by the Labor Department.

Persons: Stocks, Mike Sanders Organizations: Dow, Nasdaq, Federal Reserve, Labor Department, Fed, Madison Investments

☆ Why this market has left behind direct-to-consumer companies like Warby Parker, AllBirds and Rent the Runway
▼ + stars: | 2024-04-03 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

Direct-to-consumer brands – household names like HelloFresh, Peloton, Allbirds, Stitch Fix, Warby Parker and Rent the Runway, which cut out traditional retailers, wholesalers and other middlemen – have been falling. Investors shied away from high-growth stocks and retreated into companies with solid fundamentals and, most importantly, lots of profit. The problem is that none of these direct-to-consumer (DTC) companies have managed to make the transition to profitability themselves. Rent the Runway was down $114 million, and mattress company Purple lost about $121 million. Other companies, like SmileDirectClub, which went public in 2019, and Winc, a wine subscription company that went public in 2021, have declared bankruptcy.

Persons: Allbirds, Warby Parker, don’t, they’ll, ”, Ben Cogan, they’ve, Cogan, Casper, “, it’s, Sesame, Michael Botta, Tesla, Chris Isidore, Elon Organizations: New, New York CNN, Agora, CNN, Hubble, Venture, “, Companies, Wonder Group, Durational Capital Management, Costco, Western, Tesla Locations: New York

☆ Retirement crisis looms as Americans struggle to save
▼ + stars: | 2024-04-02 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

“However, I am fully aware that I’m creating another problem for myself down the road.”For now, his retirement plans sit on the back burner. Retirement savings in the United States were long thought of as a three-legged stool. Americans had pension plans, Social Security benefits, and defined contribution plans like the 401(k). Social Security payments still provide about 90% of income for more than a quarter of older adults, according to Social Security Agency surveys. She’s had to rely on her 401(k) retirement savings to support her and her son more than once.

Persons: Eric Payne, there’s, ”, Payne, I’ve, he’ll, What’s, Larry Fink, “, –, ” Fink, Fink, Jamie, She’s, – Jamie, wasn’t, Donald Trump, ” Trump, Joe Biden, Karoline Leavitt, Trump, Biden, Bernie Sanders, Sanders, BlackRock’s Fink, Beth, ” Beth Organizations: New, New York CNN, CNN, Social Security, Social, Social Security Agency, Security, Lawmakers, BlackRock, CNBC, Vermont Independent, Medicare Locations: New York, Portland , Maine, United States, Central Texas, Pittsburgh

☆ It’s jobs week. Here’s what to watch for
▼ + stars: | 2024-04-02 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

New York CNN —Welcome to jobs week. Fed Chair Jerome Powell said last week that a weakening labor market would be a reason to reduce interest rates. It’s hard to imagine that this jobs report will substantially move the needle on Fed policy, said Michael Brown, a senior research strategist at Pepperstone. The Conference Board’s February Consumer Confidence survey found that “Consumers’ appraisal of the labor market was more positive in March” than in previous months. The week ahead: While the main event this week is Friday’s jobs report, there’s plenty of other jobs data this week for traders to grab on to.

Persons: Jerome Powell, I’ll, nonfarm, ”, Dave Sekera, “, ‘, we’re, Goldman Sachs, Michael Brown, Powell, Brown, It’s, Donald Trump, Matt Egan, Trump, That’s, Natasha Chen Organizations: CNN Business, Bell, New York CNN, Federal Reserve, Goldman, Labor, Stanford, Social, Trump Media & Technology Group, Trump Media Locations: New York, ”, California

☆ Costco begins offering Ozempic prescriptions to some members
▼ + stars: | 2024-04-02 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +2 min

The warehouse retailer is now offering its US members access to prescriptions for GLP-1 weight loss drugs through its low-cost health care partner Sesame. Costco first partnered with Sesame, a direct-to-consumer health care marketplace that connects medical providers nationwide with consumers, last fall when it began offering its members online health checkups for as low as $29. “The number one search term of Costco members seeking primary care on Sesame was around weight loss,” Goldhill said in an interview with USA Today. JPMorgan researchers estimate that 30 million people may be taking GLP-1 drugs by 2030, or around 9% of the US population. It also made a $100 million-plus deal to buy Sequence, a telehealth business that can offer virtual prescriptions, where appropriate, to patients for these weight loss drugs.

Persons: Sesame, David Goldhill, ” Goldhill, WeightWatchers Organizations: New, New York CNN, Costco, USA, CNN, JPMorgan Locations: New York

☆ One of the largest FTX creditors is trying to recoup millions for victims
▼ + stars: | 2024-04-01 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +8 min

Bruch is one of the largest individual FTX creditors and has been tapped by the US Department of Justice to serve as one of nine on the FTX Creditors’ Committee, where he is working to recoup the funds lost by customers. DOJ-appointed creditor committees ordinarily consist of people and companies who hold the seven largest unsecured claims against the debtor (in this case, FTX), according to the agency. Before the Bell spoke with Bruch about Sam Bankman-Fried, FTX, MyPrize and the future of crypto. I feel for all of the creditors and am doing everything I can to help recoup what was taken from us. I’ve worked at some of the largest crypto trading desks in the world and then also started trading my own book of capital and grew to become one of the largest individual crypto traders.

Persons: Sam Bankman, Fried, Zach Bruch, Bruch, MyPrize, Bell, Sam Bankman Fried, —, ”, Sam Bankman Fried’s, Bitcoin, I’ve, Elisabeth Buchwald, Jerome Powell wasn’t, ” Powell, Powell, Christopher Waller, Evan Gershkovich, Evan Gershkovich’s, Radina Gigova, Anna Chernova, Antonina Favorskaya, Alexey Navalny, Favorskaya, Gershkovich Organizations: CNN Business, Bell, New York CNN, US Department of Justice, ’, DOJ, Arrington Capital, Department of Justice, Federal, Commerce Department, San Francisco Fed, ” Fed, CNN, Wall Street Locations: New York, Russia, Yekaterinburg

☆ The Titanic may play a role in who pays for the Baltimore bridge collapse. Here’s why
▼ + stars: | 2024-03-31 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +8 min

New York CNN —The massive cargo ship crash that destroyed the Baltimore’s Francis Scott Key Bridge on Tuesday will probably cost various shipping companies and insurers billions of dollars in damages. “Maritime law is steeped in antiquity. Maritime law is rooted in the need to settle disputes and enforce rules between different peoples, even before there was the concept of countries with definitive laws. That rule, known as general average, is still a guiding principle of maritime law. “it’s just a fundamental part of the way that the shipping business works,” said Martin Davies, director of the Maritime Law Center at Tulane University.

Persons: Francis Scott Key, ” Sean Pribyl, “ It’s, ”, Rhodes, Rhodians, Pribyl, “ it’s, Martin Davies, ” Davies, Dali, “ don’t, Davies, Chugging, “ Organizations: New, New York CNN, Holland, CNN, American Bar, Titanic, Star Line, White Star, Maritime Law Center, Tulane University, Grace Ocean, ”, Repair Company, Flint & Co, Supreme Locations: New York, Brooklyn, Baltimore, American, Great Britain, Southampton, Singapore, . Flint

☆ Dow nears 40,000 as stocks look to close out first quarter on a high note
▼ + stars: | 2024-03-28 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +1 min

The S&P 500 was up 0.1% on Thursday, reaching a new record high. The Dow gained 47 points, or 0.1% also hitting a new high. Thursday was the final day of trading for March and the first quarter of 2024, wrapping up an outstanding quarter for US stocks. For the quarter, the S&P 500 is about 10.2% higher, its strongest first quarter since 2019. Tech stocks like Nvidia and the AI-craze have helped drive stocks higher in the first quarter.

Persons: Dow Organizations: New, New York CNN, Nasdaq, Tech, Nvidia, Federal Reserve Locations: New York

☆ Are you struggling to save for retirement?
▼ + stars: | 2024-03-28 | by ( Nicole Goodkind | ) edition.cnn.com time to read: 1 min

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