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Today we're diving into how a recession could affect the stock market — and why it may not be all bad in the eyes of investors. Traders gather on the floor of the New York Stock Exchange, Friday, March 18, 2016. Markets so far this year haven't acted like they're too concerned about a recession, and that's no accident, according to DataTrek Research. : Sticky, high prices have weighed on stocks, but a slowdown would alleviate this. Falling productivity in the labor market: A recession could stop companies from hoarding workers, which could improve profit margins.
Famed money manager Cathie Wood has made an eye-popping prediction about Tesla, once again. The Ark Invest CEO said the electric vehicle-maker's stock could hit $2,000 by 2027 on a robotaxi boom, per CNBC. Under her bear-case scenario, Wood sees Tesla stock hitting $1,400, while her bull case sees the automaker surging to $2,500. Each one of them now presents the potential for robotaxi and robotaxi fleet," Wood said. In February, the money manager also made a monster forecast for bitcoin, predicting the world's largest cryptocurrency could hit $1.5 million by 2030.
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailArk Invest CEO Cathie Wood has a $2,000 price target for Tesla in 2027Cathie Wood, Ark Invest CEO, joins 'Closing Bell: Overtime' to discuss Tesla after the company's shares tumble after reporting its earnings.
Ark Invest's Cathie Wood said Thursday her EV darling Tesla could hit $2,000 in five years on the back of a robotaxi boom. The innovation investor updated her price target for the Elon Musk company to $2,000 by 2027, a whopping 1,127% increase from Tesla's Thursday close of $162.99. Wood believes the robotaxi opportunity could deliver $8 trillion to $10 trillion in revenue by 2030. The innovation investor said she wasn't fazed by Tesla's first quarter earnings that triggered a near 10% sell-off Thursday. Each one of them now presents the potential for robotaxi and robotaxi fleet," Wood said.
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSell-off hits bitcoin, and SEC Chair Gensler grilled on crypto in House hearing: CNBC Crypto WorldCNBC Crypto World features the latest news and daily trading updates from the digital currency markets and provides viewers with a look at what's ahead with high-profile interviews, explainers, and unique stories from the ever-changing crypto industry. On today's show, ARK Invest crypto lead Yassine Elmandjra breaks down his long-term outlook for bitcoin.
The House Financial Services Committee will hold a hearing on oversight of the Securities and Exchange Commission this morning. That's because SEC Chair Gary Gensler has aroused the ire of many in corporate America over his 50+ list of new regulatory proposals the SEC is scheduled to vote on this year. "Chair Gensler has identified a range of 50-55 regulatory priorities since the start of his tenure, and has already proposed twice as many rules as his predecessor in just half the time." "The vast majority of crypto tokens are securities," Gensler declared in his written testimony to the House Financial Services Committee. "SEC Chair Gensler is long overdue to testify before the House Financial Services Committee," Rep. French Hill (R.-Ark), Vice Chairman of the House Financial Services Committee, said in a statement released to CNBC.
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWe're not for the government defaulting on their debt, says Rep. French HillRep. French Hill (R-Ark.) joins 'Squawk Box' to discuss the idea of taking the debt limit bill to Wall Street, negotiations between the Republic Party and President Biden on the debt ceiling, and more.
Qaem-5 precision-guided munition, documented by Conflict Armament Research in Ukraine. Shahed-131 UAV documented by Conflict Armament Research in Ukraine. Circuit boards of four different items of Russian military equipment found in Ukraine by Conflict Armament Research investigators. Electronic components documented by Conflict Armament Research investigators in Ukraine. Source: Conflict Armament Research
Edward Koren, the New Yorker cartoonist who created a fantasy world of toothy, long-nosed, hairy creatures of indeterminate species that articulated the neuroses and banalities of middle-class America for six decades, died on Friday at his home in Brookfield, Vt. His wife, Curtis Koren, said the cause was lung cancer. In the gentle, affable kingdom of Koren, the beasts form a polite queue in the woods at a 24-hour banking A.T.M. With Charles Addams, James Thurber and Saul Steinberg, Mr. Koren was one of the most popular cartoonists in The New Yorker’s long love affair with humor. In a bed for three, a grimacing psychiatrist squeezed between battling spouses takes “couples therapy” notes.
Canadian ETF slipup could have spillover effect
  + stars: | 2023-04-14 | by ( ) www.reuters.com   time to read: +1 min
TORONTO, April 14 (Reuters Breakingviews) - Canadian regulators have halted trading in 11 exchange-traded funds after their sponsor, Emerge Canada, failed to file audited financial statements by a deadline of March 31, the Financial Times reported. Toronto-based Emerge Canada, which distributes Cathie Wood’s Ark Invest ETFs among other products, failed to find a replacement auditor after announcing in December that it ended its relationship with the previous auditor, BDO Canada. Emerge Canada has been looking for a new auditor ever since. Some investors flocked to invest in Canadian ETFs during the U.S. regional bank turmoil. If Canada wants to build on its new-found safe haven status, it will have to make sure the problems at Emerge Canada are short-lived.
Stock Market Today: Dow Futures Creep Higher
  + stars: | 2023-04-13 | by ( ) www.wsj.com   time to read: 1 min
Stock futures are edging higher. Today, investors may view the producer-price index with an eye to the Federal Reserve's potential path for interest rates. This follows yesterday's consumer-price index data that showed inflation eased in March. Join us: The Journal is hosting a live Q&A on the bull and bear cases for Cathie Wood’s ARK Innovation Exchange-Traded Fund at 11 a.m. Tune in, and submit questions, here.
Stocks closed higher Thursday after new data showing supplier prices fell in March from the previous month, the latest sign that inflation is easing—albeit slowly. The Nasdaq led the indexes upward, while nine of the S&P 500's 11 sectors rose. The cryptocurrency market is seeing more action, with bitcoin prices trading above $30,000 for the first time since June 2022. The Journal this morning hosted a live Q&A on the bull and bear cases for the fund. And here's why ARKK is one of the first tickers one investor checks every morning.
Inside the Online Market for Overseas Abortion Pills
  + stars: | 2023-04-13 | by ( Allison Mccann | ) www.nytimes.com   time to read: +17 min
A selection of abortion pill kits available online from overseas sellers. A chart of the estimated number of abortion pills provided outside the U.S. health care system from July through December 2022. For most patients, the cost of the service remains the most important factor in deciding where to get pills online. A chart showing the minimum, average and maximum cost of abortion pills from overseas providers: Aid Access, Las Libres and for-profit online sellers. A chart showing the minimum, average and maximum delivery speeds of abortion pills from overseas providers: Aid Access, Las Libres and for-profit online sellers.
What Are People Even Doing All Day?
  + stars: | 2023-04-12 | by ( Malia Wollan | ) www.nytimes.com   time to read: +12 min
For Laroi, there is no clearly defined day or night. Sometimes he drives all night and sleeps all day; sometimes he sleeps all day and drives all night. One day a week, Sophie works late so she can meet with far-flung colleagues in real time. Now she has enough energy left at the end of the day to go grocery shopping and cook dinner. The time markers reflect the time of day when participants told an interviewer they would normally be doing the activity shown.
In late 2021 Matthew Tuttle launched a fund that bets against the ARK Innovation ETF. A month ago he started a new ETF that shorts stocks picked by Jim Cramer of "Mad Money." Tuttle, the CEO and investment chief of Tuttle Capital Management, is starting to get a lot of requests for "anti"-ETFs. When shorting big name investors makes senseIt's easy to assume Tuttle is motivated by personal or professional dislike for Wood and Cramer. While he's considered creating an anti-fintwit ETF, Tuttle is still positive on Fintwit itself.
Notable investor Bill Miller is getting into the exchange traded fund game, according to securities filings. Miller Value Partners made the initial filings for what appears to be its first ETFs on Wednesday — the Miller Value Partners Appreciation ETF and the Miller Value Partners Leverage ETF. The leveraged ETF is also actively managed, but will include leveraged ETFs and swaps on the S & P 500 in addition to equities and standard ETFs. Miller Value Partners will use an "adaptive, data-driven approach" to determine each day whether the fund should be leveraged or unleveraged, the filing said. While Miller has made his name as a value investor, he has expanded his portfolio to include bets on certain tech stocks like Amazon .
Amazon is laying off roughly 100 employees across its video games division, an executive overseeing the unit wrote in a memo to staffers on Tuesday. Amazon's video games division has also experienced some turnover among its top ranks. Mike Frazzini, who helped launch Amazon's game studios, stepped down last March. And in January, John Smedley, who headed up Amazon Games' San Diego studio, exited the company. A spokesperson for Amazon confirmed the layoffs and the existence of the memo but declined further comment.
WYNNE, Ark.—Mike Ellis saw one tornado in Little Rock from his father’s ninth-floor hospital room and worried about his mom, who uses a walker and was home alone in Wynne, so he rushed to her house Friday in time for a second tornado. He and his 18-year-old son had barely pulled into the driveway when the sirens started to go off. Mr. Ellis helped his mother into a bathroom closet before grabbing a mattress to shield his son and himself as they took cover in a hallway. In a few minutes the tornado was over them.
WYNNE, Ark.—As Danielle Russell drove back into her neighborhood Friday night after a tornado tore through this small city, she said she saw a white shape in the dark and hoped it wasn’t the roof of her house. Moments later she pulled up and saw that powerful winds had peeled off much of a metal layer of her roof, which now hung down, covering the house’s front. The damage forced Ms. Russell, 38 years old, to spend Friday night with her two children in their car, worried that the house wasn’t safe.
At least four people were killed in Wynne, Ark., when a suspected tornado spawned by a supercell hit the cityA powerful storm system barreled across the central U.S. Friday, killing at least 12 people and unleashing reports of at least 60 tornadoes recorded across six states. Powered by a series of so-called supercells, the rotating thunderstorms that can spawn tornadoes, the system battered homes, downed trees and power lines and flipped cars and RV campers, with some landing in the Mississippi River.
LITTLE ROCK, Ark.—A powerful storm system barreled across the central U.S. Friday, killing at least 22 people and unleashing reports of at least 69 tornadoes recorded across at least eight states. Fueled by a series of so-called supercells, the rotating thunderstorms that can spawn tornadoes, the system battered homes, downed trees and power lines and flipped cars and RV campers, with some landing in the Mississippi River.
Arkansas’ governor said the damage in the central part of the state was significant. A large tornado touched down Friday in Little Rock, Ark., part of a major storm system forecast to bring severe weather across the central U.S. The National Weather Service said it had received reports of downed trees and power lines as well as damaged homes around the city. There were no immediate reports of fatalities, the agency said.
Rep. French Hill weighs in on bank crisis
  + stars: | 2023-03-30 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailRep. French Hill weighs in on bank crisisRep. French Hill (R-Ark.) joins 'Squawk Box' to discuss the banking crisis, the move from Congress to de-regulate some larger banks, and more.
But it also gave the fine wine and crypto industry a big boost as panicking investors rushed out of the financial sector and into alternative assets. Bittersweet banking: SVB lent over $4 billion to winery clients since 1994, with over 400 wine industry clients (including wineries, vineyards and vendors) working with the bank’s premium wine division, according to the bank’s website. Recent SEC filings, meanwhile, indicated SVB had about $1.2 billion in outstanding loans to high-end wine clients when the bank collapsed. Circle, the company behind popular stablecoin USDC, said it had about $3.3 billion of its $40 billion in reserves at SVB. The collapse of Signature Bank, a major crypto lender, also had serious implications for the industry.
The opportunity for Tesla is in robotaxis, says Ark Invest
  + stars: | 2023-03-30 | by ( ) www.cnbc.com   time to read: 1 min
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe opportunity for Tesla is in robotaxis, says Ark InvestTasha Keeney of the investment management firm says there are early signs that "autonomous driving is already safer than humans."
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