Category: Business

  • Reddit stock jumps after OpenAI partnership

    Reddit stock jumps after OpenAI partnership

    By Yuvraj Malik (Reuters) -Shares of Reddit rose 13% on Friday, following a partnership with artificial intelligence firm OpenAI that is expected to boost advertising income for the social media platform. The jump pushed the stock up at $63.64, within striking distance of the record closing price of $65.11 hit in late-March, putting the company…

  • GameStop and AMC tumble as meme stocks rally deflates

    GameStop and AMC tumble as meme stocks rally deflates

    By Medha Singh (Reuters) -Retail investor darlings GameStop and AMC fell for a second straight session on Thursday, as excitement over the social media return of “Roaring Kitty,” who was the central figure in 2021 meme-stock rally, fizzles out. Shares of the videogame retailer GameStop tumbled 30% to close at $27.67 after jumping as high…

  • Dow surpasses 40,000, world stocks hit record amid rate cut hopes

    Dow surpasses 40,000, world stocks hit record amid rate cut hopes

    By Caroline Valetkevitch NEW YORK (Reuters) – The Dow Jones industrial average crossed the 40,000 level on Thursday for the first time and a world stock index scored a third straight record intraday high on hopes of U.S. interest rate cuts and strong earnings before stocks turned mostly flat in afternoon trading. Data on Wednesday…

  • Walmart’s strong forecast sparks stock surge to record high

    Walmart’s strong forecast sparks stock surge to record high

    By Ananya Mariam Rajesh and Siddharth Cavale (Reuters) -Walmart raised its full-year forecast and reported better-than-expected quarterly results on Thursday, betting that easing inflation will drive stronger sales of groceries and non-essential merchandise like clothing and electronics, sending its shares to a record high in their biggest one-day gain in four years. Some U.S. retailers…

  • Major brokerages retain US rate-cut view after soft inflation data

    Major brokerages retain US rate-cut view after soft inflation data

    (Reuters) – Top global brokerages have retained their expectations for when the U.S. Federal Reserve will lower interest rates this year, after softer-than-expected inflation data boosted hopes of a soft landing for the economy. J.P. Morgan and Goldman Sachs expect the Fed to start cutting rates as soon as July, while Morgan Stanley, UBS Wealth…

  • Digitalisation of banking creates new risks, says global watchdog

    Digitalisation of banking creates new risks, says global watchdog

    By Huw Jones LONDON (Reuters) – The digitalisation and entry of Big Tech into finance create new vulnerabilities and amplify existing risks in the banking system that may need new rules to mitigate, global banking regulators said in a report on Thursday. The growth of cloud computing, whereby key banking services are aided by outside…

  • US consumer inflation resumes downward trend as domestic demand cools

    US consumer inflation resumes downward trend as domestic demand cools

    By Lucia Mutikani WASHINGTON (Reuters) – U.S. consumer prices increased less than expected in April, suggesting that inflation resumed its downward trend at the start of the second quarter in a boost to financial market expectations for a September interest rate cut. Hopes of the Federal Reserve starting its easing cycle this year were further…

  • Netflix to stream NFL games on Christmas Day from this year

    Netflix to stream NFL games on Christmas Day from this year

    (Reuters) -Netflix said on Wednesday it would stream two National Football League games on Christmas Day this year, doubling down on efforts to add more live programming on its streaming service. It will also stream at least one game on Christmas Day in 2025 and 2026 as part of the exclusive three-season agreement. The deal…

  • US retail sales unexpectedly flat in April

    US retail sales unexpectedly flat in April

    WASHINGTON (Reuters) – U.S. retail sales were unexpectedly flat in April as higher gasoline prices pulled spending away from other goods, indicating that consumer spending was losing momentum. The unchanged reading in retail sales last month followed a slightly downwardly revised 0.6% increase in March, the Commerce Department’s Census Bureau said on Wednesday. Retail sales…

  • Factbox-US, Canadian companies kick off 2024 with layoffs

    Factbox-US, Canadian companies kick off 2024 with layoffs

    (Reuters) -Companies in the United States and Canada have kicked off 2024 with thousands of job cuts across sectors, signaling that the spate of layoffs seen in 2023 could persist as they scramble to rein in costs. While hopes of a soft landing have grown in recent months, companies continue to be cautious as the…