Markets open flat as US-China deal approaches
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Reuters
16 minutes ago
- Reuters
Crypto exec Do Kwon, charged with fraud, expected to plead guilty
NEW YORK, Aug 11 (Reuters) - Do Kwon, the South Korean cryptocurrency entrepreneur facing U.S. fraud charges over two digital currencies that lost an estimated $40 billion in 2022, is expected to enter a guilty plea, court records showed on Monday.
Reuters
18 minutes ago
- Reuters
Wall Street stocks end down, inflation data, China trade in focus
Aug 11 (Reuters) - Wall Street's main indexes ended lower on Monday as investors anxiously await inflation data this week to assess the outlook for interest rates and eye U.S.-China trade developments. Investors expect the recent shakeup at the U.S. Federal Reserve and signs of labor market weakness could nudge the central bank into adopting a dovish monetary policy stance later this year, fueling much of the optimism. July's consumer inflation report is due on Tuesday, and investors anticipate that the Fed will lower borrowing costs by about 60 basis points by December, according to data compiled by LSEG. "Markets are on rate watch, so anything inflation-related will move markets this week," said Jamie Cox, managing partner at Harris Financial Group. "It's all about three rate cuts versus two at this point." According to preliminary data, the S&P 500 (.SPX), opens new tab lost 15.13 points, or 0.24%, to end at 6,374.32 points, while the Nasdaq Composite (.IXIC), opens new tab lost 62.99 points, or 0.29%, to 21,388.60. The Dow Jones Industrial Average (.DJI), opens new tab fell 193.29 points, or 0.44%, to 43,982.32. Shares of Nvidia (NVDA.O), opens new tab and Advanced Micro Devices (AMD.O), opens new tab were volatile through the day. A U.S. official told Reuters the semiconductor majors had agreed to give the United States government 15% of revenue from sales of their advanced chips to China. Analysts said the levy could hit the chipmakers' margins and set a precedent for Washington to tax critical U.S. exports, potentially extending beyond semiconductors. Separately U.S. President Donald Trump signed an executive order extending a pause in sharply higher U.S. tariffs on Chinese imports for another 90 days, a White House official said. Enabling semiconductor sales to China was an integral issue in the agreement Washington and Beijing signed this year, which expires on Tuesday. Trump lauded China's cooperation in talks at a White House press conference on Monday. Traders took a step back after the S&P 500 (.SPX), opens new tab and the Nasdaq (.IXIC), opens new tab last week logged their strongest weekly performances in more than a month. Citigroup and UBS Global Research became the latest brokerages to raise their year-end targets for the benchmark S&P 500. Micron Technology (MU.O), opens new tab raised its forecast for fourth-quarter revenue and adjusted profit, boosting its shares. Intel (INTC.O), opens new tab rallied after a report said CEO Lip-Bu Tan was expected to visit the White House. Trump had called for his removal last week. TKO (TKO.N), opens new tab jumped after Paramount (PSKY.O), opens new tab bought the rights from the live entertainment company to exclusively distribute UFC events for the next seven years in a deal valued at around $7.7 billion.
Daily Mail
18 minutes ago
- Daily Mail
Joy Reid's substack following climbs after MSNBC firing
On Monday, the former Reid Out host announced that she was a 'Substack Bestseller with thousands of paid subscribers.' While it's unclear how many of her 168,000-plus followers shell out the $8 monthly subscription fee, even a small percentage of paying customers would potentially net Reid six figures per month. 'At the start of the year, I had a grand total of nine thousand subscribers, who mostly came to this page (then called "And another thing with Joy") to read my occasional posts, and to live chat with me as I sat on set at 30 Rock during MSNBC special coverage,' Reid wrote on Monday. 'That modest growth ended abruptly in January, when my then boss, the MSNBC president, told me I wasn't allowed to have a Substack. Other paid plans for her Substack musings include an annual subscription for $80 and a yearly 'Founding Member' subscription for $240. Substack takes a 10 percent commission from each of its authors - as well as a four percent surcharge per payment - leaving Reid with plenty left over to pay the bills. Even if just 5,000 of her subscribers opted for the yearly plan, she would still be raking in a cool $360,000 a year. That doesn't account for any revenue earned from her YouTube series, The Joy Reid Show, which launched on June 9 and counts more than 243,000 subscribers. Former CNN anchor Jim Acosta, for example, has amassed just over 300,000 subscribers on Substack after his resignation from the network in early January. Reid, who rankled MSNBC brass with her extreme online rants, was fired in late February by the network's new boss. An insider at MSNBC told Politico that her controversial social media posts - including shamed Latino Republican's for voting for Trump and claiming the media's preoccupation with Russia's invasion of Ukraine was motivated by the victims being 'white and largely Christian' - 'gave the Standards Department heartburn.' In January, Reid compared President Donald Trump to Nazi leader Adolf Hitler on Holocaust Remembrance Day.
