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Musk Confidant Leaves Tesla in Latest Executive Departure

Musk Confidant Leaves Tesla in Latest Executive Departure

Bloomberg5 hours ago

A Tesla executive and key confidant to CEO Elon Musk, Omead Afshar, has left the company, according to people familiar with the matter. This latest high-level departure comes during a volatile period for the electric vehicle maker. Ed Ludlow and Caroline Hyde discuss this latest development on 'Bloomberg Tech." (Source: Bloomberg)

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Major Indexes End the Day Up as Nasdaq and S&P Near Records	 - Minute Briefing
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Major Indexes End the Day Up as Nasdaq and S&P Near Records - Minute Briefing

Full Transcript This transcript was prepared by a transcription service. This version may not be in its final form and may be updated. Julia Carpenter: Here's your closing bell brief for Thursday, June 26th. I'm Julia Carpenter for the Wall Street Journal. All three major US stock indexes ended the day up with both the Nasdaq and S&P 500 closing near record levels. The Dow Jones Industrial Average gained 404 points to close at 43,387. The S&P 500 advanced 49 points, and the Nasdaq rose 194 points. The US dollar fell to a three-year low earlier in the day after President Trump floated the idea of naming a successor to Federal Reserve Chairman Jerome Powell much earlier than expected. Meanwhile, the White House had previously set a deadline of July 9th to arrive at trade deals. But today, Press Secretary Karoline Leavitt, said "The deadline is not critical." More than a dozen nations are rushing to secure deals ahead of the tariffs. In individual companies trading today, JP Morgan Chase stock hit a new intraday peak and was on track to close with a market capitalization above $800 billion for the first time. Shares ended the day up 1.7%. and Goldman Sachs Group were also among the big gainers. Shares in Amazon advanced 2.4%, and Goldman Sachs rose 2.6%. Shell is denying a WSJ report that says it's in early talks to buy rival oil company BP. Shares in Shell were up 2.2% as shares in BP nudged down 0.1%. Stock in Nvidia gained 0.5% following the AI chip makers record high close on Wednesday afternoon. The record high close makes Nvidia the largest company by market capitalization. We'll have a lot more coverage of the day's news on the WSJ's What's News Podcast. You can add it to your playlist on your smart speaker or listen and subscribe wherever you get your podcasts.

Coinbase, Circle rally as stablecoin momentum heats up
Coinbase, Circle rally as stablecoin momentum heats up

Yahoo

time17 minutes ago

  • Yahoo

Coinbase, Circle rally as stablecoin momentum heats up

Coinbase (COIN) and Circle (CRCL) shares rose sharply on Thursday as both the crypto exchange and the stablecoin issuer emerged as major winners of growing enthusiasm around digital tokens. Coinbase gained 5% to notch its first all-time high since November 2021. The stock has surged more than 40% since the Senate passed the GENIUS Act last week. The landmark legislation is aimed at establishing a regulatory framework for stablecoins, digital tokens backed by assets such as the US dollar and short-term treasuries. Bernstein analyst Gautam Chhugani this week dubbed Coinbase the "Amazon of crypto financial services." His team raised their price target on the stock to a Street high of $510 from $310, with an Outperform rating. On Thursday, shares traded near $375 each, more than 950% above their "crypto winter" lows in late 2022 following the collapse of FTX. Today, analysts point to Coinbase's buildout of a suite of crypto financial services beyond trading, including the stablecoin industry. Earlier this month, shopping platform Shopify (SHOP) partnered with Coinbase and payment processing company Stripe ( to launch digital wallet stablecoin payments, allowing merchants to accept the tokens globally. Read more about Coinbase and Circle's stock moves and today's market action. Meanwhile, shares of Circle, of which Coinbase owns a minority stake, have also soared. The stock is now up more than 575% from its IPO price of $31 per share as investors bet on the rapid global adoption of the company's flagship product, USDC stablecoins. "We view Circle as a top-tier crypto 'disruptor' with a sizeable future opportunity," Jeff Cantwell wrote last week. The firm sees "the stablecoin 'market cap' potentially reaching $2T over the longer-term, from roughly $260B today." Momentum around Circle has also been fueled by a wave of new stablecoin initiatives from major financial players. Read more: Can you buy crypto with a credit card? See the pros and cons. On Monday, fintech firm Fiserv (FI) announced plans to launch a digital asset platform, including a new stablecoin (FIUSD) by the end of this year using existing infrastructure from issuers Paxos and Circle. One analyst, however, warned of possible share price pressures later this year as competition in the stablecoin space intensifies. "We expect competition to accelerate after stablecoin legislation passes," Compass Point analyst Ed Engel wrote in a note Tuesday. "This influx of competition could reduce long-term market share expectations and pressure CRCL shares in 2025." Engel and his team initiated coverage of the stock with a Neutral rating and $205 price target. On Thursday, shares of Circle were trading near $210 a piece. Ines Ferre is a senior business reporter for Yahoo Finance. Follow her on X at @ines_ferre. Click here for in-depth analysis of the latest stock market news and events moving stock prices Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data

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