• September 11, 2024

Tech rally, August CPI, Fed dot plot: Market Takeaways

The technology sector (XLK) was the clear standout in Wednesday's trading session, where the tech-heavy Nasdaq Composite (^IXIC) surged by over 2.1% and the S&P 500 (^GSPC) climbed 1.07%. Yahoo Finance markets reporter Josh Schafer analyzes tech sector gains following Nvidia (NVDA) CEO Jensen Huang's conference comments about the "intense" semiconductor demand, market reactions to August's Consumer Price Index (CPI), and what fresh data is indicating about the Federal Reserve's interest rate plans next week. For more expert insight and the latest market action, click here to watch this full episode of Asking for a Trend. This post was written by Luke Carberry Mogan.

  • September 11, 2024

U.S. Lawmakers Investigate SEC Over Alleged Politically Motivated Hiring

According to Odaily, several U.S. lawmakers sent a letter to SEC Chairman Gary Gensler on September 11, expressing concerns over potential politically motivated hiring practices within the agency. The joint letter, signed by Judiciary Committee Chairman Jim Jordan (R-Ohio), Financial Services Committee Chairman Patrick McHenry (R-N.C.), and Oversight and Accountability Committee Chairman James Comer (R-Ky.), outlines specific worries regarding political considerations in SEC's recruitment of senior employees.The investigation aims to determine whether the SEC has taken political affiliations into account when hiring senior staff, potentially compromising the agency's impartiality and violating federal law. The lawmakers cited evidence suggesting that under Gensler's leadership, political factors have influenced the hiring of senior personnel. The letter specifically mentions Dr. Haoxiang Zhu, who was appointed as Director of Trading and Markets in November 2021. Reportedly, prior to his appointment, Zhu assured Gensler of his political compatibility in an email dated May 2021, stating, 'I believe I am in the right place politically,' following discussions with Gensler about the role.

  • September 11, 2024

Nasdaq pops over 2%, stocks higher on August inflation print

The Nasdaq Composite (^IXIC) pops by over 2.1% to end Wednesday's trading session in positive territory after August's Consumer Price Index (CPI) came in-line with inflation estimates. The S&P 500 (^GSPC) followed, rising 1.07%, while the Dow Jones Industrial Average (^DJI) closed the day 0.3% higher. Market Domination Overtime's Julie Hyman recaps market index performances, joined by Alexandra Canal to examine single-day gains in the tech sector (XLK) and tech-heavy Nasdaq 100 (^NDX). For more expert insight and the latest market action, click here to watch this full episode of Market Domination Overtime. This post was written by Luke Carberry Mogan.

  • September 11, 2024

Adam Neumann's crypto comeback company is reportedly refunding investors

In a development that will surprise few, former WeWork CEO Adam Neumann's climate/crypto/carbon-credit startup Flowcarbon appears to be in the process of curling up to die, Forbes reported today. Buyers of the outfit's "Goddess Nature Token," pitched as the first step in putting carbon credits on the blockchain, have reportedly been contacted about receiving refunds over the last month, but they must first sign a confidentiality agreement and release of claims against Flowcarbon. The company told Forbes this was "well known" that it has been offering refunds, citing carbon credit market conditions for the operational delay.