DIRS.INFO The most relevant business & tech news

☆ I always knew I wanted to launch a startup in India — so I made 2 key career moves in the US first to minimize the risks
▼ + stars: | 2024-09-18 | by ( Shubhangi Goel | ) www.businessinsider.com time to read: +6 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewThis as-told-to essay is based on a conversation with Rohan Bhide, who moved from New York to Pune, India in 2024 to launch his startup. We knew we wanted to settle down in India, and our wedding next year became a deadline to get the ball rolling. We are working on launching a consumer tech product in the next few months. Even though I'm glad to be back in India, I definitely think the US is my second home now.

Persons: —, Rohan Bhide, Sunny Doultani, I've Organizations: Service, University of Pennsylvania, Business, Meta, Google, Big Tech Locations: New York, Pune, India, Silicon, StubHub

☆ UK inflation holds steady in August, matching expectations
▼ + stars: | 2024-09-18 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +1 min

Anadolu | Getty ImagesLONDON — U.K. inflation held steady during the month of August, data from the Office for National Statistics showed Wednesday, and matched analyst expectations. Headline CPI had come in at 2% in May and June, in line with the Bank of England's target rate. Services inflation — which is closely watched by the BOE, given its dominance within the U.K. economy and its reflection of domestically-generated price rises — rose to 5.6% in August from 5.2% in July. Core inflation, excluding energy, food, alcohol and tobacco, came in at 3.6%, up from the 3.3% recorded in July. "Despite recent data showing a stagnation in UK economic output and easing wage growth, core inflation remains sticky, with services inflation rising from 5.2% to 5.6% which will weigh heavily on the BOE's decision-making," Carter said in a note.

Persons: BOE, Richard Carter, Cheviot, Carter Organizations: Anadolu, Getty, Office, National Statistics, Headline CPI, Bank of, U.S . Federal Reserve

☆ It’s Fed decision day, and investors aren’t 100% sure what to expect
▼ + stars: | 2024-09-18 | by ( Fred Imbert | ) www.cnbc.com time to read: +2 min

Traders across Wall Street expect the Fed to lower rates, ending the tightening cycle that began in March 2022. That said, investors aren't sure how big the rate reduction will be. To be sure, it closed more than 30 points below the closing all-time high of 5,634.58 set in July. We tend to agree with that, but also think the setup for a 'false breakout' remains high," wrote Krinsky. Elsewhere on Wall Street this morning , Barclays upgraded VF Corp to overweight from equal weight.

Persons: Chris Murphy, Susquehanna, Jonathan Krinsky, It's, Adrienne Yih Organizations: Federal, Traders, Barclays, Corp

☆ Oil prices steady, with investors focusing on Fed decision
▼ + stars: | 2024-09-18 | by ( ) www.cnbc.com time to read: +2 min

Oil prices steadied on Wednesday, after rising in the previous two sessions, as investors await the U.S. Federal Reserve's anticipated interest rate cut, with the potential for more violence in the Middle East supporting the market. "Markets have calmed down as concerns over hurricane damage and escalating tensions in the Middle East have been factored in," said Mitsuru Muraishi, an analyst at Fujitomi Securities. "Now, investors are focusing on the Fed's rate cuts which could revitalize U.S. fuel demand and weaken the dollar," he said, predicting that oil prices are likely to maintain a bullish tone after Brent hit its lowest since 2021 last week. Traders kept bets the Fed will start an expected series of interest rate cuts with a half-percentage-point move downward on Wednesday, an expectation that may itself put pressure on central bankers to deliver just that. Oil stockpiles rose by 1.96 million barrels in the week ended Sept. 13, according to market sources citing the API figures, but gasoline and distillate stocks both rose by about 2.3 million barrels.

Persons: Hurricane Francine, Mitsuru Muraishi, Brent, Biden Organizations: U.S, U.S . Federal, Brent, Fujitomi Securities, Traders, Strategic Petroleum Reserve, American Petroleum Institute, Reuters, U.S . Energy Locations: U.S ., U.S, Israel, Lebanon, Beirut

☆ Dollar catches footing ahead of Fed
▼ + stars: | 2024-09-18 | by ( ) www.cnbc.com time to read: +3 min

The dollar steadied on Wednesday as stronger-than-expected U.S. retail sales had traders slightly trimming bets that the U.S. easing cycle will begin with an outsized interest rate cut. The Federal Reserve is expected to make its first interest rate cut in more than four years at 1800 GMT, which will be followed by a news conference half an hour later. A rate cut is fully priced, with interest rate futures implying a 63% chance of a 50 basis point cut, after flirting with 70% a day earlier. Traders say the Fed's tone as well as the size of the rate cut will drive the next moves in the foreign exchange market. China's stock, bond and currency markets resume trade on Wednesday after the mid-autumn festival break, though it is a holiday on Wednesday in Hong Kong.

Persons: Nathan Swami, Swami Organizations: Federal, Traders, Citi, Australian, New Zealand, Sterling, Bank of, ANZ Bank Locations: Buenos Aires, Argentina, Asia, U.S, Japan, Atlanta, Singapore, Hong Kong, Bank of England

☆ Investors are pouring into this defensive corner of the stock market amid fears of an economic slowdown
▼ + stars: | 2024-09-17 | by ( Kelly Cloonan | ) www.businessinsider.com time to read: +3 min

Analysts are increasingly recommending defensive stocks to blunt the impact of an economic slowdown. The S&P 500's consumer staples sector has risen more than 4% in the last month. AdvertisementAmid fears of a recession and increased market volatility, analysts have been pointing to defensive stocks as a safe bet to hedge macro risk. Among defensive sectors — which include things like real estate and financials — investors recently have been pouring into consumer staples in particular. With the Federal Reserve likely to finally cut rates at its meeting this week, defensive stocks could be poised for further growth.

Persons: —, Morgan Stanley's, Mike Wilson, Wilson, that's, Savita Subramanian, Subramanian Organizations: Service, Retailers, Walmart, Target, Bank of America, P Global Semiconductor, Financial Times, Bloomberg, Federal Reserve Locations: cyclicals

☆ Dollar pinned down by 50 bp Fed cut bets
▼ + stars: | 2024-09-17 | by ( ) www.cnbc.com time to read: +2 min

The dollar traded near its lowest levels of the year on Tuesday, on the eve of the expected the start to a U.S. easing cycle that markets are betting may begin with an outsized rate cut. The euro rallied overnight to $1.1138 and traded around there early in the Asia session, not far from the year's high against the dollar of $1.1201. Fed funds futures rallied on Monday to push the chance of a 50 basis point rate cut to 67%, against 30% a week ago. "That's because the contrast between central bank outlooks will remain starkest between the Fed and the BoJ, for the time being." The U.S. dollar index weakened 0.4% overnight to 100.7, not far from its 2024 low made last month at 100.51.

Persons: Sterling — Organizations: Macquarie, Fed, Bank of, The Bank of England, New, U.S Locations: U.S, Asia, Tokyo, Bank of Japan, New Zealand

☆ The Archegos disaster isn't over yet for banks as the feds reportedly revive criminal antitrust probe
▼ + stars: | 2024-09-17 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

Read previewFederal prosecutors are reexamining Wall Street banks that lost billions in the 2021 Archegos collapse, anonymous sources told Bloomberg. The revived probe follows just months after Archegos' founder Bill Hwang was convicted of fraud, racketeering, and market manipulation in July. AdvertisementHowever, this plot fell apart when the stocks fell in March 2021, sending Archegos's $150 billion in bets fell into freefall. After an agreement failed to materialize, banks such as Goldman Sachs and Morgan Stanley unleashed their shares onto the market. Sources told Bloomberg that the department has begun making inquiries, with special attention paid to the 2021 banks' emergency discussions.

Persons: —, Archegos, Bill Hwang, Hwang, Goldman Sachs, Morgan Stanley Organizations: Service, Bloomberg, US Department of Justice, Business, Credit Suisse, Nomura, UBS, DOJ Locations: freefall

☆ History says these 5 sectors are poised for double-digit gains within a year after the Fed cuts rates
▼ + stars: | 2024-09-17 | by ( James Faris | ) www.businessinsider.com time to read: +4 min

As expected, the Fed has been coy about cuts, leaving markets torn between pricing in a 25- or 50-basis-point reduction. "In cycles where rate cuts were able to prolong economic expansion and keep corporate earnings on an upward trend, stocks performed quite well," Belski wrote in a mid-September note. AdvertisementWhile rate cuts aren't a cure-all, Belski is confident that the economic expansion will continue, which will keep this bull market on firm footing. "But with significantly strong trailing one-year performance headed into this initial rate cut, future gains are likely to be more muted relative to historical norms." Sectors poised to outperform as the Fed finally cuts ratesAfter outlining how US stocks broadly have fared following cuts in the last four decades, BMO shared relative sector performance before and after periods of rate declines.

Persons: —, that's, Ohsung Kwon, Brian Belski, Belski Organizations: Service, Federal Reserve, Business, " Bank of America, BMO Capital Markets, Fed, BMO Locations: bankable, Montreal

☆ Big names like David Tepper and 'Big Short' investor Michael Burry are quietly upping their bets on the Chinese economy
▼ + stars: | 2024-09-17 | by ( Zahra Tayeb | ) www.cnbc.com time to read: +5 min

From property woes to sluggish economic data, China appears to be suffering from long Covid. Wall Street turns bullishBillionaire investors, including Appaloosa Management founder David Tepper and "Big Short" investor Michael Burry, recently revealed they are sticking to their China bets. The famed investor loaded up on Alibaba stock in the second quarter, revealing an $11.2 million position in the company. That makes Alibaba Burry's largest holding, with other Chinese tech stocks including Baidu and JD.com also featuring on Burry's portfolio. Meanwhile, BCA Research recently upgraded Chinese onshore stocks to overweight, with China strategist Jing Sima expecting Chinese onshore stocks to passively outperform global equities.

Persons: Jiang Sheng, It's, Ted Alexander, CNBC's, David Tepper, Michael Burry, Alibaba, Tepper, Burry, JD.com, Jing Sima, George Boubouras, Goldman Sachs, Song Zhiyong, Eric Lin Organizations: Visual China, Getty, Appaloosa Management, KE Holdings, Baidu, BCA Research, K2 Asset Management, CNBC, Bank of America, National Bureau of Statistics, China's Ministry of Transport, Civil Aviation Administration, Asia Pacific Summit for Aviation Safety, Paris Olympic Games, Greater, Greater China Research, UBS Locations: China, Beijing, Wall, Japan, South Korea, Singapore, Europe, Greater China

☆ Snap unveils latest AR glasses despite ongoing struggles in core ad business
▼ + stars: | 2024-09-17 | by ( Jonathan Vanian | In | ) www.cnbc.com time to read: +2 min

Snap on Tuesday announced the fifth generation of its Spectacles augmented reality glasses that can overlay digital graphics onto the physical world. Snap's announcement comes days before rival Meta's Connect event, a conference where Facebook's parent typically unveils its latest hardware. Like Meta, Snap has been trying for years to break into consumer hardware. The previous day Meta reported better-than-expected quarterly results that sent the stock price up 7%. The company has yet to find meaningful success, but Wall Street has afforded Meta patience with Reality Labs because the company's advertising business is thriving.

Persons: Evan Spiegel, OpenAI, Meta's, Leo Gebbie Organizations: Snap Inc, Barker, Tuesday, Meta, Labs, Reality Labs, CCS Insight Locations: Santa Monica , California

☆ The race in Big Tech to sell customers on AI products is heating up
▼ + stars: | 2024-09-16 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +7 min

Meanwhile, in today's newsletter, we're looking at how AWS is ramping up its sales team to pitch customers on AI . The big storySell, sell, sellAmazon; Getty Images; Alyssa Powell/BIWhen it comes to the AI revolution, building is only half the battle. AdvertisementAfter drawing scrutiny from investors about their massive investments in generative AI, tech companies are prioritizing getting returns on their big bets. Amazon; OpenAI; Microsoft; Getty Images; Chelsea Jia Feng/BIAWS' pressure to ramp up AI sales isn't just focused on ROI. And while these companies can't afford not to pitch their customers on AI tech, they also risk turning them off to the idea by selling them products that might not live up to expectations.

Persons: —, Donald Trump, Trump, Alyssa Powell, Insider's Eugene Kim, Eugene, Chelsea Jia Feng, it's, Anna Kim, Getty, Tyler Le, Martha Stewart, Al Capone, Morgan Stanley, Dre, Jeff Chiu, Larry Page's, Wayne Osborne, Elon, Grimes, Ryan Mac, Kate Conger unearths, Musk, Department's, We've, Kamala Harris, Biden, Booker, Dan DeFrancesco, Hallam Bullock, Milan Sehmbi, Amanda Yen Organizations: Service, FBI, Business, Amazon Web Services, that's, AWS, Microsoft, Getty, Google, Sunshine, Twitter, Huber & Starke, Hollywood, Teamsters Locations: West Palm Beach , Florida, today's, Florida, hustles, New York, London

☆ Crypto spending on 2024 election hits $190 million, led by Winklevoss twins
▼ + stars: | 2024-09-16 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +6 min

The Winklevoss twins, Coinbase and Ripple didn't immediately respond to requests for comment. Huge jump from 2020Delmore, who has been assembling reports on crypto donations in the 2024 election for blockchain analytics platform Breadcrumbs, told CNBC that industry spending is nearly double where it was in the mid-terms — more than $190 million in the 2024 election versus $98 million in the 2022 election. It's nearly 13 times spending in 2020 of $15 million — a figure based on a mix of data from FEC and OpenSecrets filings. Unlike the past two election cycles, which featured spending from the now-bankrupt crypto exchange FTX and founder Sam Bankman-Fried, this year's contributor list is more robust and diverse. "Most of the crypto donations in 2022 were from FTX and SBF and almost all of them went to Democrats or PACs that support Democrats," Delmore said.

Persons: Tyler Winklevoss, Cameron Winklevoss, Joe Raedle, Cameron, James Delmore, Donald Trump, Chris Larsen, Brad Garlinghouse, Ro Khanna, John Deaton, Democratic Sen, Elizabeth Warren, Stuart Alderoty, Alderoty, Ripple, David Sacks, Trump, Gary Gensler, Gensler, Harris, Biden, Delmore, It's, Sam Bankman, Fried, Andreessen Horowitz, Coinbase, Coinbase's Organizations: Gemini, Mana Convention, Getty, CNBC, Trump, Republican, Trump America PAC, Fairshake PAC, Labs, Democratic, SEC, San, FEC, Citizen, Fairshake, Bloomberg, Crypto Alliance, DC Locations: Wynwood, Miami , Florida, bitcoin, Massachusetts, San Francisco, FTX

☆ Turkey's 'balancing act' with BRICS may stoke NATO fears, but the West needn't be too worried, analysts say
▼ + stars: | 2024-09-15 | by ( Rebecca Rommen | ) www.businessinsider.com time to read: +6 min

Read previewEarlier this month, a spokesperson for Turkey's ruling AK Party said that a process was "underway" for Turkey to join the BRICS group of emerging-market nations. He now appears to be seeking to maintain what experts have dubbed a "balancing act" between its relations with the West, Russia, and China. "Even if Turkey does join BRICS, I do not believe it is going to lead to a fundamental redefinition of Turkey's relationship with the West." Advertisement"Understanding and collaborating with Turkey's perspective can enhance US and NATO relations with Turkey, irrespective of potential administrative changes in Ankara," Can wrote in an article for the Wilson Center. For its part, the US has remained relatively quiet following the news that Turkey's BRICS ambitions may be inching forward, which Aydintaşbaş said was likely a savvy move aimed at avoiding a public dispute.

Persons: —, Omer Celik, Tayyip Erdoğan's, Aydintaşbaş, Erdogan, Bulent Aliriza, Yusuf, Aliriza, there's, Turkey's Organizations: Service, AK Party, Reuters, Business, United, Saudi, NATO, EU, West, Brookings Institution, Russia, China, Eurasia Program, Center for Strategic, International Studies, Middle, Wilson Center, Wilson, of Europe, France Locations: Turkey, Ankara, Turkish, Brazil, Russia, India, China, South Africa, Ethiopia, Iran, Egypt, United Arab Emirates, Saudi Arabia, Ukraine, United States, Europe, France, West, Russian, U.S, Washington, Kazan

☆ Big stock sales from tight-lipped Berkshire Hathaway executives are saying a lot
▼ + stars: | 2024-09-14 | by ( Yun Li | ) www.cnbc.com time to read: +3 min

Top bosses at Berkshire Hathaway are usually tight-lipped about their market outlook, but recent investment actions from the executives are saying a lot. News broke earlier this week that Ajit Jain, the conglomerate's insurance chief for nearly 40 years, sold more than half of his Berkshire stake worth $139 million. That marked the biggest sale of Berkshire stock by the 73-year-old vice chairman of insurance operations since he was hired by Warren Buffett in 1986. He believes it would be "value-destroying" if he overpaid for Berkshire shares. But the magnitude of the sales could also suggest a bearish attitude toward the market and stock valuations.

Persons: Berkshire Hathaway, Ajit Jain, Warren Buffett, Jain, Ajit, Steve Check, Buffett, Brian Meredith, Meredith Organizations: Berkshire, Berkshire Class, Check Capital Management, Berkshire Hathaway, UBS, BNSF Railway, of America, Apple, Buffett, Bank of America Locations: Berkshire, Omaha, U.S

☆ Dollar weak as traders add to wagers of big rate cut from Fed
▼ + stars: | 2024-09-13 | by ( ) www.cnbc.com time to read: +3 min

While the Fed is all but certain to cut rates next week, uncertainty around whether it will go with a 25 basis point cut or 50 basis points has kept investors on the edge and weighed on the dollar. Analysts pointed to media reports from the Financial Times and the Wall Street Journal suggesting the Fed's decision would be a close call as one of the reasons for traders adding to wagers of a big rate cut next week. Higher U.S. jobless claims data released on Thursday and the Wall Street Journal article on the Fed's rate cut dilemma revived bets on a jumbo cut at the September meeting, according to Christopher Wong, currency strategist at OCBC. Besides the Fed, the Bank of England and Bank of Japan hold policy meetings next week. "Risks remain that inflation may not return to target as easily as everyone, including the Fed, seems to expect."

Persons: Christopher Wong, Christine Lagarde, Ryan Brandham, Naoki Tamura, Sterling, BoE Organizations: Federal Reserve, Financial Times, Wall, Traders, European Central Bank, Fed, Bank of England, Bank of Japan, Validus Risk Locations: North America

☆ U.S. lawmakers introduce bill to put regulations on sports betting operators
▼ + stars: | 2024-09-13 | by ( Jessica Golden | ) www.cnbc.com time to read: +6 min

Six years later, sports betting has exploded across the United States, as 38 states have legalized it. The bill addresses three key areas tied to sports betting: advertising, affordability and artificial intelligence. It would mandate gambling operators ensure customers who wager more than $1,000 can afford to do so. "The gambling industry is following a playbook developed by the tobacco industry and this is a direct threat to public health," said Richard Daynard, a law professor and president of the Public Health Advocacy Group at Northwestern. The sports betting operators, meanwhile, are fighting back and saying the industry has brought benefits.

Persons: Sen, Richard Blumenthal, Paul Tonko, Conn, Tonko, It's, Gordon Douglas, he's, Andrew Douglas, Douglas, Blumenthal, Richard Daynard, Chris Cylke, Clyke, Dina Titus, — CNBC's Contessa Brewer Organizations: U.S, Capitol, Sports, American Gaming Association, National Institutes of Health, National Council, Public Health, Northwestern, American Gaming Association's Locations: Washington ,, United States, U.S

☆ Same-sex marriage was on a roll in Asia. Not anymore
▼ + stars: | 2024-09-13 | by ( Chris Lau | ) edition.cnn.com time to read: +11 min

The winning formulaMore than 30 jurisdictions worldwide now recognize same-sex marriage, according to the Pew Research Center. Since the first same-sex marriage law was passed in the Netherlands in 2001, progress has been made mostly in Europe, the Americas and Australasia. Gay couples cut a wedding cake in Amsterdam on April 1, 2001 after the first same-sex marriage law was passed in the Netherlands. But on the national level, Japan does not recognize same-sex marriage and local courts have returned conflicting verdicts on the issue. Up to 68% of Japan’s adults support same-sex marriage, the highest share in Asia, according to the Pew Research Center.

Persons: Pokpong Jitjaiyai, ”, Pokpong, Watit Benjamonkolchai, Suen, Nadia Rahman, Marcel Antonisse, Kangwan Fongkaew, ” Kangwan, Jennifer Lu, ” Lu, Taiwan’s, Tsai Ing, Sanjit, Chanakarn Laosarakham, Carl Court, Asia’s, Anish Gawande, Narendra Modi, Gawande, Kazuhiro Nogi, –, Hiroshima’s, Scuffles, Andrew Kim, Roslan Rahman, Shawna Tang, Hong Kong’s, Peter Newman, ” Suen, CNN’s Samra, Yoonjung Seo, Aishwarya Iyer Organizations: Hong Kong CNN, Thailand’s Senate, CNN, Chinese University of Hong, Pew Research, Amnesty, Racial Justice, Refugees, Migrants, Getty, Burapha University, Presidential, List, Court, Japan, Seoul Queer Culture, Christian, Korea University’s College of International Studies, University of Sydney, Appeal, University of Toronto’s, Inwentash, Social Locations: Hong Kong, Bangkok’s, Siam, Thailand’s, Bangkok, Thailand, Southeast Asia, Taiwan, Nepal, Asia, Chinese University of Hong Kong, Netherlands, Europe, Americas, Australasia, Myanmar, Malaysia, Sri Lanka, Brunei, Bangladesh, Indonesia’s ultraconservative, Aceh, United Kingdom, Amsterdam, China, Kathmandu, AFP, Taiwan's, Taipei, India, List India, India’s, Delhi, Tokyo, Japan, South Korea, Daegu, Seoul, Korea, Singapore, aren’t, –, Beijing, Indonesia

☆ Dollar firm as inflation data douse bets for big Fed rate cut
▼ + stars: | 2024-09-12 | by ( ) www.cnbc.com time to read: +3 min

The dollar traded near a four-week high versus the euro on Thursday after signs of some stickiness in U.S. inflation reinforced expectations that the Federal Reserve would avoid a super-sized interest rate cut next week. The dollar traded near a four-week high versus the euro on Thursday after signs of some stickiness in U.S. inflation reinforced expectations that the Federal Reserve would avoid a super-sized interest rate cut next week. Meanwhile, a quarter-point rate reduction from the European Central Bank is widely expected later on Thursday, with investors anxious for hints on how soon the monetary authority will cut again. Early on Wednesday, Bank of Japan board member Junko Nakagawa reinforced the central bank's tightening bias by saying low real rates leave room for further rate hikes. As a result, traders essentially priced out the chances of a 50-basis point rate cut on Sept. 18, paring the odds to 15% versus 85% probability for a 25-bp reduction.

Persons: Junko Nakagawa, Naoki Tamura, Tony Sycamore Organizations: Federal, European Central Bank, Bank of Japan, IG, ECB, Sterling, Swiss Locations: U.S

☆ Warren Buffett's $13 billion bet on Occidental Petroleum turns sour as oil prices hit a 3-year low
▼ + stars: | 2024-09-12 | by ( Matthew Fox | ) www.businessinsider.com time to read: +4 min

Occidental Petroleum shares have dropped 29% since mid-April, impacting Warren Buffett's stake in the company. Berkshire Hathaway's $13 billion stake in Occidental Petroleum may be underwater, based on estimates. The price decline in Occidental shares has coincided with a 23% decline in crude oil prices since mid-April. AdvertisementTo be clear, the average price Berkshire Hathaway paid for its Occidental Petroleum stake is only known by Berkshire Hathaway itself. Another sign that Berkshire Hathaway's Occidental Petroleum bet is souring is based on the warrants it owns to purchase additional shares.

Persons: Warren Buffett's, —, Warren, Warren Buffett's Berkshire, Buffett, Berkshire Hathaway, Chris Bloomstran, Semper Augustus, Bloomstran, Vicki Hollub, it's, Hollub Organizations: Occidental Petroleum, Berkshire Hathaway's, Service, Warren Buffett's Berkshire Hathaway, Berkshire, Berkshire Hathaway's Occidental Petroleum, Apple, Bank of America, Occidental, Occidental Petroleum's Locations: Berkshire, Occidental

☆ Federal judge allows prediction market Kalshi to offer betting on upcoming US elections
▼ + stars: | 2024-09-12 | by ( Piper Hudspethblackburn | Piper Hudspeth Blackburn | ) edition.cnn.com time to read: +3 min

CNN —A federal judge made way on Thursday for legal political gambling in the United States, rejecting a federal watchdog’s last-minute effort to delay a prediction market from offering bets on the November elections. She also denied a request by the government during Thursday’s hearing to block Kalshi from offering contracts pending its appeal. The CFTC has argued that the contracts count as illegal gambling and that it doesn’t have the resources to monitor them. Its chairman, Rostin Behnam, has also warned that election contracts would “ultimately commoditize and degrade the integrity” the electoral process. Luana Lopes Lara, a co-founder of Kalshi, celebrated the decision on Thursday, writing on X, “WE’RE LIVE.” The CFTC declined to comment.

Persons: Jia Cobb, “, ” Cobb, Kalshi, Rostin Behnam, Luana Lopes Lara, ” Organizations: CNN, Senate, Futures Trading Commission, DC, Kalshi, CFTC Locations: United States, Washington ,, Kalshi, New York

☆ Why we've stay committed to tech stocks during the sector's recent sell-off
▼ + stars: | 2024-09-12 | by ( Jim Cramer | ) www.cnbc.com time to read: +4 min

None other than the legendary Larry Ellison, founder of the enterprise software company that is Oracle , said it on Monday. That investment by Google and that lack of investment by Microsoft may be two sides of one of the most pivotal decisions in history. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. Larry Ellison, co-founder, chairman and chief technology officer of Oracle, speaks during the Oracle OpenWorld conference in San Francisco on Oct. 1, 2017.

Persons: Larry Ellison, Ellison, Eaton —, Microsoft's Bing, Bing, Jim Cramer's, Jim Cramer, Jim, David Paul Morris Organizations: Oracle, Club, Microsoft, Nvidia, Broadcom, Devices, Google, Justice Department, DOJ, Jim Cramer's Charitable, CNBC, Bloomberg, Getty Locations: San Francisco

☆ Stock market today: Indexes rise as stocks whipsaw after inflation-fueled decline
▼ + stars: | 2024-09-11 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

US stocks traded mixed as traders reacted to a mixed inflation report. Core consumer prices rose more than expected, reducing chances of a 50 basis-point rate cut. AdvertisementUS stocks traded mixed on Wednesday, with investors staging a recovery after taking in a mixed inflation report. Odds for a 50 basis-point cut have been slashed by more than half to just 15%, according to the CME FedWatch tool. Markets will assess August producer price inflation data and weekly jobless claims on Thursday and fresh retail sales data next Tuesday.

Persons: —, Bill Adams, Jensen Huang, Goldman Sachs Organizations: Service, Dow Jones, Traders, Comercia Bank, Bank of America, Tech, Nvidia, Here's

☆ We didn't get clarity on anything from the Harris-Trump debate, says strategist
▼ + stars: | 2024-09-11 | 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 EmailWe didn't get clarity on anything from the Harris-Trump debate, says strategistMarko Papic of BCA Research says the debate has not given any clarity on the outcome of U.S. presidential election, making it difficult for investors to make any macro bets.

Persons: Harris, Marko Papic Organizations: Trump, BCA Research

☆ Amazon is opening Fresh supermarkets after yearlong stall — but many locations remain vacant
▼ + stars: | 2024-09-11 | by ( Annie Palmer | In Annierpalmer | ) www.cnbc.com time to read: +9 min

In this article AMZN Follow your favorite stocks CREATE FREE ACCOUNTWorkers stock shelves at an Amazon Fresh grocery store in Seattle, Washington, US, on Thursday, May 2, 2024. As part of the Fresh store redesign, Amazon created a more colorful layout and added Krispy Kreme donut and coffee stalls. "We like the early results a lot," Jassy said on the company's first-quarter earnings call in April, referring to the revamped Fresh stores. Amazon declined to comment on the status of the Fresh stores that remain unopened. "You walk into the Amazon Fresh store in Roseville and it feels like you're in a stainless steel wine cellar," Thill said.

Persons: David Ryder, Joe Knowles, Bensalem, it's, Andy Jassy's, Jassy, CNBC it's, It's, Ted Weill, AlbaneseCormier, Weill, they've, Brent Thill, Thill Organizations: Amazon, Bloomberg, Getty, CNBC, Foods, Walmart, Jefferies, Anadolu, Mart, Shoppers, Aldi, Rancho Mirage Locations: Seattle , Washington, US, Philadelphia, Bensalem , Pennsylvania, California , Illinois, Maryland , New Jersey, Virginia, Illinois, California, Amazon's, U.S, Woodland, Los Angeles, San Mateo , California, United States, Pennsylvania , New Jersey , New York , Florida, Washington, Florida, Mirage , California, Palm Springs, Italian, Sacramento, Roseville, Amazon

Search resuls for: "Bets"

25 mentions found