Cryptocurrency Live News & Updates : Dow Jones Declines as S&P Nears Record Highs
Following a favorable U.S.-EU trade deal, traders are now awaiting updates on U.S.-China negotiations, with the Dow Jones down 0.10% and the S&P 500 close to all-time highs. In the latest market developments, the Dow Jones has dipped by 0.10% while the S&P 500 is nearing record highs, reflecting mixed sentiments among traders after a recent U.S.-EU trade agreement. This deal, which imposes a 15% tariff on EU goods while maintaining a 0% rate on U.S. exports, has raised concerns about its impact on EU industries. As the August 1 deadline for U.S.-China trade talks approaches, uncertainty looms over potential punitive tariffs if an agreement isn't reached. Meanwhile, the cryptocurrency market is witnessing significant movements, with Vine Coin skyrocketing 90% following Elon Musk's comments about reviving the Vine platform, reflecting the influence of social media on crypto prices. Additionally, BNB's market cap has surged to $119.14 billion, surpassing major companies like Nike, while CAKE has broken out of an ascending triangle pattern, targeting a 38% rally. These developments highlight the dynamic interplay between traditional markets and the evolving cryptocurrency landscape. Show more
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First Post
11 minutes ago
- First Post
‘Good faith' payment: Why Elon Musk has been awarded Tesla shares worth $29 billion
Tesla's board has agreed to grant Elon Musk shares worth $29 billion (nearly Rs 2.55 lakh crores), calling it a 'first step, good faith payment' to the CEO. The move comes as the company experiences falling global sales and continues its legal battle to reinstate a much larger pay deal that was previously struck down by a judge in Delaware read more Tesla's board has approved a large stock award for owner and CEO Elon Musk. On Monday, the electric vehicle maker gave Musk shares worth $29 billion, calling it a reward for years of what it described as 'transformative and unprecedented' growth. The decision has been described as a 'first step, 'good faith' payment' to Musk. ALSO READ | Tesla finally rolls into India with first showroom in Mumbai: Are there takers for Elon Musk's EV car? STORY CONTINUES BELOW THIS AD It comes as the company remains locked in a legal fight to restore a much larger pay package that was earlier struck down by a judge in Delaware. The development also comes as Tesla experiences a drop in global sales. Meanwhile, Reuters has reported that Tesla's brand loyalty has fallen sharply since Musk publicly supported US President Donald Trump last summer, citing recent data from research firm S&P Global Mobility. In this explainer, we look at why Tesla really paid Musk $29 billion worth of its shares. Let's take a look: Why Tesla really paid CEO Musk $29bn in shares Tesla has said Elon Musk has not received any pay in recent years because his 2018 compensation plan was rejected by a Delaware court. This latest award comes eight months after a judge overturned that plan for a second time. Tesla has since appealed the decision. On Monday, the company described the new grant as a 'first step, good faith' effort to retain Musk and keep him focused, pointing to his work with SpaceX, xAI and other firms. The development comes as Tesla experiences a drop in global sales. Reuters/File Photo Notably, Musk recently said he needed more shares and control to avoid being removed by activist investors. 'Rewarding Elon for what he has done and continues to do for Tesla is the right thing to do,' the company said in a filing, adding that Tesla's stock market value has grown by $735 billion since 2018. STORY CONTINUES BELOW THIS AD The share award is worth about $29 billion, based on Friday's closing price. Musk's total net worth is now $350 billion, according to Bloomberg's billionaires index. The move is intended to keep Musk, who is seen as the face of Tesla and key to its robotaxi plans, focused on guiding the company as it shifts from traditional vehicles to autonomous cabs and robotics. It may also silence any talk that the board is growing frustrated with Musk, especially after recent controversies including his entry into politics. ALSO READ | Did Tesla try to replace Elon Musk behind the scenes? Giving Musk more control shows that the board still believes he is the right person to lead Tesla through its future challenges, Reuters reported. With this stock award, Musk's stake in Tesla will rise from 12.7 percent to over 15 percent. 'While we recognise Elon's business ventures, interests and other potential demands on his time and attention are extensive and wide-ranging… we are confident this award will incentivise Elon to remain at Tesla,' said a special committee that Tesla set up this year to review his pay. STORY CONTINUES BELOW THIS AD Why Tesla sales have plunged Tesla shares have dropped 25 percent this year, a decline largely linked to Elon Musk's public support for Donald Trump, according to the Associated Press. But that is not the only challenge. Tesla is also under pressure from growing competition, both from the automakers in Detroit and from Chinese carmakers. In its most recent financial results, Tesla reported a sharp fall in profits, dropping from $1.39 billion to $409 million. Revenue was also down, and the company failed to meet even the reduced expectations set by Wall Street. Research by S&P Global Mobility shows that Tesla's customer loyalty hit a peak in June 2024. At the time, 73 percent of Tesla-owning households looking for a new car chose to buy another Tesla. However, that number began to fall in July, just after Musk endorsed Trump following an assassination attempt on the Republican candidate in Pennsylvania. Loyalty fell further and hit a low of 49.9 percent in March, slightly below the industry average. This happened after Musk launched Trump's Department of Government Efficiency (Doge) in January and began cutting thousands of government jobs. STORY CONTINUES BELOW THIS AD Analysts told Reuters that the drop in brand loyalty points to a shift among Tesla's core customers, who may have been put off by Musk's political involvement. Tesla's brand loyalty has fallen sharply since Musk publicly supported Donald Trump. Reuters/File Photo 'If they have Democratic leanings, then perhaps they consider other brands in addition to Tesla,' Morningstar analyst Seth Goldstein told the news agency. Meanwhile, in December, Delaware Chancellor Kathleen St. Jude McCormick stood by her earlier decision to cancel Musk's 2018 pay plan. The ruling came in response to a lawsuit from a Tesla shareholder. If the 2018 pay package is restored by the appeals court, the latest stock award given to Musk will be cancelled. With inputs from agencies
The Hindu
41 minutes ago
- The Hindu
Palantir raises annual revenue forecast again on surging AI demand
Palantir Technologies on Monday raised its forecast for annual revenue for the second time this year, expecting robust demand for its artificial intelligence-linked services from businesses and governments. The data analytics and defense software firm projected revenue in the range of $4.14 billion to $4.15 billion for 2025, up from its earlier forecast of between $3.89 billion and $3.90 billion. The raised forecast is also above analysts' average estimate of $3.90 billion, according to data compiled by LSEG. Palantir, which was initially backed by the CIA, has capitalised on its expertise in managing and analysing data to help train and run new AI apps using its platforms. Its shares have more than doubled in value this year, far outpacing the 6% gain for the benchmark S&P 500, as investors bet on its ability to benefit from the proliferation of AI technology and government spending on defense tech. Palantir, co-founded by tech billionaire Peter Thiel, said it now expects revenue derived from U.S. businesses to come in above $1.30 billion, up from its earlier guidance of more than $1.18 billion. They nearly doubled to $306 million in the June quarter. The business is closely watched as the company works to cut its reliance on government contracts. Sales to the U.S. government jumped 53% to $426 million, representing more than 42% of total second-quarter revenue of about $1 billion, which beat estimates. Last week, the U.S. Army said it might purchase services of up to $10 billion from Palantir over a decade. Palantir also forecast third-quarter sales above estimates. The company's second-quarter adjusted earnings of 16 cents per share beat estimates of 14 cents.
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Business Standard
41 minutes ago
- Business Standard
China's services growth hits 14-month high in July on export demand: PMI
China's services activity expanded at its fastest pace in 14 months in July, fuelled by stronger demand, including a rise in new export orders, a private-sector survey showed on Tuesday. The S&P Global China General Services PMI rose to 52.6 in July from 50.6 the previous month, marking the fastest pace since May last year. The 50-mark separates expansion from contraction. The reading contrasted with China's official survey, which showed services activity edging down slightly to 50.0 in July from 50.1 in June. The S&P PMI is considered a better read of trends among smaller, export-oriented firms, particularly along the east coast, while the official PMI primarily tracks large and medium-sized enterprises, including state-owned companies. China's economy, the world's second largest, slowed less than expected in the second quarter helped by policy measures and factories leveraging the US-China trade truce to front-load shipments. However, concerns remain about the second half of the year as export momentum weakens, prices decline and consumer confidence remains subdued, partly hurt by a prolonged property market downturn. According to the S&P Global survey, the fastest growth in new business in a year supported the rise in activity heading into the second half of the year. The new export orders sub-index rose for the first time in three months, bolstered by stronger tourism activity and more stable trade conditions. The survey showed that after reducing staffing levels in June, service providers increased employment at the quickest rate since July 2024, driven by higher workloads and improved confidence. This led to a slower accumulation of backlogged work. Rising costs for raw materials, fuel and salaries kept average input prices in expansion territory in July. As a result, service providers raised their selling prices for the first time in six months. With new business and activity on the rise, overall business confidence improved. From July, Caixin no longer sponsors the S&P Global China PMI.
