In March last year, a top venture capital firm described Covid-19 as the “black swan of 2020.” “Private financings could soften significantly, as happened in 2001 and 2009,” Sequoia Capital told portfolio company founders and CEOs in a memo reminiscent of its “R.I.P. Good Times” presentation in the 2008 crisis. Fast forward to July 2021, […] Read more
Stocks rose on Friday and the S&P 500 hit another record high after the June jobs report showed an accelerating recovery for the U.S. labor market. The broad market index rose 0.75% to 4,352.34, while the tech-heavy Nasdaq Composite climbed 0.81% to notch its own record at 14,639.33. The Dow Jones Industrial Average added 152.82 […] Read more
OPEC heads into Thursday’s meeting with Russia and other allies with a better command of world oil prices than it has had in years, analysts said. OPEC+, the organization of oil-producing countries and its allies, is expected to consider adding between 500,000 and 1 million barrels per day, but analysts said there is some talk […] Read more
Bitcoin continued to rebound from its lows for the year on Wednesday. The cryptocurrency sank below the key $30,000 threshold Tuesday, at one point briefly erasing all its 2021 gains. It later recovered to turn positive for the day. On Wednesday, bitcoin surged 18%, climbing back above the $34,000 mark in early morning trading, according to Coin Metrics data. […] Read more
Technology shares led the broader market lower on Monday as investors dumped high-flying Big Tech stocks and bet on companies leveraged to a strong economic comeback. The Nasdaq Composite dropped 2.3% as Amazon and Apple lost more than 2% each. Facebook and Netflix both dropped over 3%. Tesla shed more than 6%. The Dow Jones […] Read more
Saudi Arabia is in talks to sell 1% of state-backed oil giant Saudi Aramco to a “leading global energy company,” the kingdom’s crown prince told a Saudi-owned news channel this week. “I don’t want to give any promises, but there’s a discussion for the acquisition of a 1% stake by a leading global energy company,” Crown […] Read more
Following the booming profit beats of its Wall Street rivals, Credit Suisse is expected to report a significant loss on Thursday as it navigates the fallout from two high-profile crises. The Swiss lender announced earlier this month that it took a $4.7 billion hit from the meltdown of U.S. family hedge fund Archegos Capital and now expects a […] Read more
Dogecoin started out as a joke. Now it’s a top 10 digital currency worth $40 billion. The cryptocurrency is based on the “Doge” meme, which rose to popularity in late 2013. The meme portrays a Shiba Inu dog alongside nonsensical phrases in multicolored, Comic Sans-font text. Created in 2013 by software engineers Billy Markus and Jackson […] Read more
China — The value of the cryptocurrency market topped $2 trillion for the first time on Monday driven by a rally in ether, the second-largest digital coin. In just over two months, the market capitalization of the cryptocurrency market has doubled, according to price tracking website CoinGecko, as retail and institutional investors pile into the space. […] Read more
LONDON — Credit Suisse and Nomura warned Monday of “significant” hits to first-quarter results, after they began exiting positions with a large U.S. hedge fund that defaulted on margin calls last week. While neither Credit Suisse nor Nomura named the fund, it’s been widely reported that Archegos Capital Management is the firm connected to the fire sale. In a […] Read more
