Economy
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Elon Musk’s new Twitter CEO faces uphill battle as ‘a textbook case of the glass cliff’
Elon Musk’s appointment of Linda Yaccarino to succeed him as Twitter’s chief executive has all the characteristics of a so-called glass cliff: She’s tasked with the nearly impossible job of turning around a company that faces a steep ad-revenue shortfall, with one of the most dominant Twitter users looking over her shoulder every day. After teasing the…
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U.S. bank deposits decline for second straight week
The numbers: Deposits at commercial U.S. banks declined in the week ended May 3, according to the Federal Reserve on Friday. Deposits fell to $17.15 trillion from $17.16 trillion in the prior week, the Fed said. There has been a steady erosion in deposits as interest rates have risen. A main reason is that money-market…
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George Soros bet on railroads, fitness, gig economy and lightened load on Disney, Amazon, dumped Tesla
George Soros’s Soros Fund Management placed new bets on railroads and the gig economy during the first quarter, recalibrated its holdings in a struggling media industry and dumped electric-vehicle maker Tesla Inc. During the first quarter, the fund scooped up 363,483 shares of railroad operator CSX Corp. CSX, +0.09%, according to a filing. The fund…
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The regional-bank crisis did not appear over on Thursday
While prominent gurus in the financial world have declared the end of the regional banking crises after the failure for four large regional banks, depositors and shareholders of those banks don’t necessarily agree. As baseball Hall of Famer Yogi Berra once said, it ain’t over until it’s over. And the banking crisis still has legs,…
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Two-month T-bill rate leads drop in yields as debt-ceiling impasse drags on
Treasury yields finished mostly lower on Thursday, led by a decline in the 2-month rate, as traders weighed debt-ceiling concerns against signs of moderating inflation. What happened The 2-month T-bill rate was 4.539% as of 3 p.m. Eastern time, down 43.4 basis points from Wednesday’s close of 4.973%, according to Tradeweb. Thursday’s level is the…
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Mamma mia, here they go again. War and inflation on the pricey road to Eurovision Song Contest in 2023.
It’s the biggest and strangest live-music event on the planet, and the odds are pointing to Sweden as the hot favorite to win Eurovision Song Contest on Saturday, after Åkersberga-native 2012 victor Loreen cruised to the finals with the love ballad “Tattoo.” That may help put history on the side of the six-time-champion country that…
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Peloton stock closes at new all-time low after recall announcement
Shares of Peloton Interactive Inc. slid to a new all-time low Thursday, with a recall announcement the latest in a string of negative developments for the maker of connected exercise equipment. The stock PTON, -8.90% closed off 8.9% in afternoon trading to finish the session at $6.86, below its prior closing low of $6.93 level…
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Dow suffers fourth straight fall as Disney sinks; regional bank woes back in spotlight
U.S. stocks closed mostly lower on Thursday, with the Dow Jones Industrial Average leading the way down as disappointing earnings from Disney weighed on the blue-chip gauge, while investors grappled with another selloff in shares of regional banks and the threat of a U.S. debt default. How are stocks trading The Dow Jones Industrial Average…
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‘Death cross’ in 10-year yield highlights the end of the longest bullish stretch in at least 30 years
A bearish “death cross” has appeared in the daily chart of the 10-year Treasury yield, to reflect the end of the longest bullish stretch by one technical metric in more than 30 years. And there’s reason to believe the yield will fall even further this year before the secular uptrend reasserts itself. The 10-year yield…
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Treasury yields rise after Fed survey shows banks reported tighter lending standards; inflation data looms
The 2-year Treasury yield rose Monday, extending the gain seen at the end of last week after a stronger-than-expected April jobs report, while investors assessed the latest Fed Senior Loan Officer Opinion Survey for signs that financial institutions have tightened lending standards after the collapse of three U.S. regional banks. What happened Market drivers Yields…