Traders Are Cashing Out of Markets En Masse

(Bloomberg) — The great market rally of 2024 looks dangerously close to unraveling as Wall Street’s once-invincible bull brigade begins to withdraw its winnings. Most Read from Bloomberg With Treasury yields breaking out, Federal Reserve hawks ascendant and Middle East strife flaring, money has just been pulled out of equities and junk bonds at the fastest rate in more than a year. Dip-buyers have been muzzled. The S&P 500 fell

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Why Nvidia Stock Plunged 10% Today

It’s rare for a $2 trillion stock to fall on no direct news, but that’s exactly what happened to Nvidia (NASDAQ: NVDA) today. Shares of the AI chip leader got swept up in a broader AI sell-off after one analyst noted that Super Micro Computer (NASDAQ: SMCI), another AI stock leader, failed to report preliminary revenue, casting doubt on its upcoming results. That news caused Nvidia to fall 10%, while

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Fed says 1,804 banks and other institutions tapped emergency lending facility

(Reuters) – Some 1,804 depository institutions tapped the emergency lending facility set up last March in the wake of Silicon Valley Bank’s collapse, amounting to about 20% of all eligible firms, the Federal Reserve said on Friday. About 95% of the borrowers, which included banks, credit unions, savings associations, and branches and agencies of foreign banks, had less than $10 billion in assets, the U.S. central bank said in its

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VW workers vote on union in Tennessee — a major test for organized labor

The United Auto Workers is hoping the third time proves the charm in Chattanooga, Tennessee. As the final ballots are cast Friday by 4,300 Volkswagen workers deciding on whether to join the UAW, expectations are running high among labor advocates that the union will prevail after two failed attempts.  “A lot is riding on what is taking place now and what will be decided tonight,” Harley Shaiken, a professor emeritus

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Nvidia Stock, AI Stocks Catch A Cold After Super Micro Computer Sneezes

AI chipmaker Nvidia (NVDA) saw its shares dive on Friday after key hardware partner Super Micro Computer (SMCI) announced its next earnings date without giving preliminary results. Nvidia stock fell in tandem along with other highflying AI stocks. X On the stock market today, Nvidia stock sank 10% to close at 762. The drop came after data-center hardware specialist Super Micro revealed that it will release its fiscal third-quarter results

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A bitcoin halving is imminent. Here’s what that means.

Bitcoin is expected to go through a “halving” within the next day or two, a preprogrammed event that could impact production of the world’s largest cryptocurrency.  A halving, which occurs about every four years, was designed by bitcoin’s creator, Satoshi Nakamoto, to effectively reduce by half the reward that miners of the digital token receive. The idea is that by cutting in half the amount bitcoin miners currently make for their

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Nvidia Stock Plummets In Broad Market Sell-Off

Nvidia (NVDA) plunged Friday, falling sharply below its 50-day average as the broader market retreated. Nvidia stock is down sharply from a March high, about 22% off as of Friday afternoon. X Nvidia Stock Joins Fellow AI Play Shares of the AI chip behemoth dropped 10% to 761 in late afternoon trading, joining Super Micro Computer (SMCI) stock in setting the pace for the market slide. Both stocks flashed sell

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Bank of Canada ‘committed to finishing the job’ on inflation: Macklem

Article content Uneven economic growth in countries around the world may mean interest rates are brought down on differing schedules after a “forceful” run-up in the past couple of years to rein in inflation, Bank of Canada governor Tiff Macklem said Friday. “It’s important that nobody mistake different timing of interest rate moves with differences in objectives,” said Macklem, who is in Washington for meetings of the International Monetary Fund.

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Tech stocks smoked, Nvidia tumbles 10% to cap worst week of the year

If an autonomous future was one pillar supporting Tesla’s (TSLA) “Magnificent” market valuation, an electric car cheap enough for most families was the other. But changes from inside the company and from outside forces are swiftly complicating that vision. Tesla’s stock price is predicated in part on mass-market EVs and leading the paradigm shift in how most of the country gets around. But sky-high costs for autos — and especially

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