US stocks slump as Tesla shares tank on Trump-Musk row
WASHINGTON – Wall Street stocks tumbled on June 5 as a row between US President Donald Trump and Tesla boss Elon Musk erupted – with the electric vehicle firm’s share price tumbling around 14 per cent.
The Dow Jones Industrial Average slumped 0.3 per cent to 42,319.74 and the broad-based S&P 500 Index lost 0.5 per cent to 5,939.30.
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Read MoreMortgage rates ease for the first time in a month
Mortgage rates fell slightly this week for the first time in a month as the Treasury yields that underpin them also fell.
The average 30-year mortgage rate was 6.85% this week through Wednesday, from 6.89% a week earlier, according to Freddie Mac data. The average 15-year mortgage rate was 5.99%,
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Read MoreFed’s Kugler looks to hold rates steady as she warns of higher inflation from Trump's tariffs
Federal Reserve governor Adriana Kugler warned Thursday she sees the risk of higher inflation from tariffs and supports keeping interest rates steady for now.
“I see greater upside risks to inflation at this juncture and potential downside risks to employment and output growth down the road, and this leads me to continue to support maintaining the FOMC’s policy rate at its current setting if upside risks to inflation remain,”
Read MoreLululemon stock plunges 20% as company's second quarter outlook misses Wall Street estimates
Lululemon stock (LULU) fell as much as 20% in after hours trade on Thursday after the company warned profits would take a hit amid what it called a “dynamic macro-environment.”
It now expects second quarter adjusted earnings per share to fall in a range of $2.85-$2.90, far lower than Wall Street’s estimates for EPS of $3.31.
Read MoreWells Fargo’s Chief Economist Warns US Economy Is ‘Skating Pretty Close to a Recession’ – Here’s His Outlook
The chief economist at banking giant Wells Fargo, Jay Bryson, is warning that America is awfully close to entering an economic recession.
In a new interview on CNBC’s Squawk Box, Bryson says he’s not forecasting a recession at this time, but it wouldn’t take much more negative economic data to change that outlook.
Read MoreThe Burst
How a 2nd Trump Presidency Will Affect Markets?
A second Trump presidency may have broad-reaching implications for the stock market, influenced by a mix of tax and economic strategies as well as geopolitical implications.
In his first-term, Trump oversaw significant corporate tax cuts, which boosted corporate earnings and stock prices. A second term is likely to continue or expand these tax policies,
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Read MoreThe Ivy
The Magnificent 7 Have a New Trillion Dollar Rival
Berkshire Hathaway (NYSE:BRK.B) is arguably one of the most successful companies in American history. The conglomerate founded by Warren Buffett now owns stakes in both large public companies and several wholly-owned subsidiaries.
Berkshire itself has also been a remarkable investment vehicle for its shareholders, boasting a 30-year total return of over 3,000%.
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Read MoreThe Spotlight
51% Of Buffett’s Portfolio Is In 1 Stock
Warren Buffett is one of the most successful investors of all time. He has made billions of dollars by following a simple investment philosophy: invest in companies with strong competitive advantages that are trading at fair prices.
One of Buffett’s favorite companies is Apple now represents an astonishing 51% of his entire stock portfolio.
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