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Banking

“Federal Reserve lowers interest rates by 0.50 percentage points in first cut since 2020”

“The Federal Reserve on Wednesday said it is cutting its benchmark interest rate by 0.50 percentage points, marking the first reduction in four years and moving to ease borrowing costs as inflation-weary consumers are grappling with high rates on everything… Continue Reading…

Stocks

“Tesla shares close down 12% after earnings miss for biggest slump since 2020”

“…The stock closed down 12% on Wednesday at $215.99. It’s now down 13% for the year, while the Nasdaq is up 16% over that stretch. Tesla on Tuesday said auto revenue declined 7% from a year earlier to $19.9 billion while margins… Continue Reading…

Real Estate

“Homebuyers need to earn 80% more than in 2020 to afford a house in this market. It’s not just due to high mortgage rates”

“…Almost four years ago, a household earning $59,000 annually could afford a new mortgage without spending more than 30% of their monthly income and with a 10% down payment, according to a recent report by Zillow Group. That is no longer the… Continue Reading…

Energy, Stocks

“Sunnova CEO tries to reassure rattled investors after stock plunged 26% in worst day since March 2020”

“…Sunnova shares plummeted 26.7% Thursday after the residential solar company announced a $100 million at-the-market stock offering program. Sunnova’s market cap declined by $382 million in the worst day for the company since March 2020 and the second worst day… Continue Reading…

Economy

“Wholesale prices fell 0.5% in October for biggest monthly drop since April 2020”

“Wholesale prices in October posted their biggest decline in 3½ years, providing another indication that the worst of the inflation surge may have passed. The producer price index, which measures final-demand costs for businesses, declined 0.5% for the month, against… Continue Reading…

Economy

“U.S. Coal Consumption Hit 60-Year Low In 2020”

“Six of the world’s ten largest consumers of coal are in the Asia Pacific region. All of last year’s top consumers saw a decline in coal consumption from 2019, with the exception of China and Vietnam. Below were the world’s… Continue Reading…

Economy

“Jobless claims: Initial filings broke below 400,000 for the first time since March 2020”

“…The Department of Labor released its weekly report on new jobless claims Thursday at 8:30 a.m. ET. Here were the main metrics from the report, compared to consensus data compiled by Bloomberg: Initial jobless claims, week ended May 29: 385,000 vs. 387,000 expected… Continue Reading…

Business

“Schwab adds 3.2 million new brokerage accounts in first quarter – more than all of 2020”

“Retail investing behemoth Charles Schwab added more clients in the first three months of 2021 than in all of 2020. Schwab added a record 3.2 million new clients in the first quarter of 2021. The firm added about 2.4 million… Continue Reading…

Personal Finance

“Americans Got Richer in 2020. Here Are 5 Charts Showing Who Benefited—and How.”

“Gross domestic product fell by 2.4% between the end of 2019 and the end of 2020, with roughly 10 million fewer people in jobs at the end of last year than before the pandemic. Yet the average American household was… Continue Reading…

Business, Economy

“Lamborghini reports record profits in 2020, CEO teases electric future”

“Lamborghini reported record profits in 2020 as its wealthy customers — especially in China — rode the global bull market in style. Despite a mandatory factory shutdown of over two months during the Covid-19 pandemic, the “raging bull” of the… Continue Reading…