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“Sinking stocks, dicey economy may hand NYC’s Eric Adams major budget crisis” Mayor Eric Adams’ $101 billion budget may be more fiscally responsible than any of his predecessor’s spending plans, but the ailing economy, and market, threaten to trigger a giant shortfall. To keep the city in the black — without raising taxes and fees…
“Bitcoin dips below $19K as crypto fund Three Arrows implodes” Bitcoin briefly sank below $19,000 on Thursday, hitting a fresh low for the year as investors digested the collapse of cryptocurrency hedge fund Three Arrows and the rising risk of an economic recession. The leading cryptocurrency was down 4.4% at $19,209.20 as of 9:30 a.m….
“Dow jumps more 800 points as Wall Street as rate fears ease” Wall Street’s main indexes jumped sharply on Friday in a broad rally as signs of slowing economic growth and a recent pullback in commodity prices tempered expectations for the Federal Reserve’s rate-hike plans. The Dow Jones Industrial Average surged 823.32 points, or 2.7%, to…
“Bear market spells big trouble for NY state and city budgets” Wall Street generates an outsized share of New York’s tax revenue, so the recent drop in stock prices should worry both Gov. Kathy Hochul and Mayor Eric Adams — even if a recession doesn’t quickly follow. The securities industry generates 20% of total private…
“Robinhood stock plummets, now worth less than cash on hand” Robinhood shares hit a new low this week that pushed the company’s market capitalization below the value of its cash on hand. The brokerage app, once a darling of the tech industry, has slumped to roughly $7 per share — an 80% decline since its…
“Billionaire Leon Cooperman calls cryptocurrency ‘crap’” Stocks still have further to fall, billionaire investor Leon Cooperman warned on Tuesday — adding that speculative assets such as SPAC deals, cryptocurrencies and NFTs are “crap” and aren’t likely to recover anytime soon. Cooperman, the chairman and CEO of Omega Advisors, said he sees the US economy falling…
“Coinbase lays off 18% of workers, CEO warns of ‘crypto winter’” The CEO of Coinbase said Tuesday that he’s laying off more than 1,000 of the cryptocurrency exchange’s employees, warning of an impending recession and “crypto winter.” The news comes as cryptocurrency markets tank, with bitcoin dipping below $21,000 late Monday — its lowest level…
“Your 401(k) is in the Fed’s hands this week” At this week’s policy meeting, the Federal Reserve will have to choose its poison. If it fails to accelerate the pace of interest-rate hikes, it risks losing control over runaway inflation. Yet if it surprises us with a faster pace of interest-rate increases, it risks further…
“US stocks tank over sky-high May inflation data” Stocks plummeted on Friday as data showing inflation accelerated to a fresh four-decade high in May rattled Wall Street and sent indexes to another week of losses. The Dow Jones Industrial Average tumbled 880 points or 2.7%. The tech-heavy Nasdaq index slid 414.21 points, or 3.5%, while…
“JPM’s chief economist, others disagree with Dimon’s ‘hurricane’ warning” JPMorgan Chase boss Jamie Dimon’s view of a looming “hurricane” for the US economy has some notable dissenters, including his bank’s own chief economist Bruce Kasman, who sees clearer skies. Kasman said Monday that there is “no real reason to be worried about a recession,” arguing…