Tag Archives: Market News

Amid the current banking crisis in the United States, stablecoin issuers like Tether and Circle have been moving their reserves to the safest instrument i.e. US Treasury. In a recent development, USDC stablecoin issuer Circle has reported that it has recently adjusted its reserve treasury in order to avoid the risks of US debt defaults. On Wednesday, May 10, Circle CEO Jeremy Allaire appraised the same stating that the firm has adjusted the mix of reserves backing the stablecoin USDC by...

Vision Fund, SoftBank’s tech investment arm, posted a loss of 4.3 trillion yen for its fiscal year that ended March 31st.  SoftBank sustained a $32 billion record loss for its Vision Fund tech investment arm amid a challenging period for tech stocks. For its fiscal year ending March 31st, the Japanese investment holding company’s Vision Fund posted a 4.3 trillion yen ($32 billion) deficit. This loss surpassed the 2.55 trillion yen that SoftBank sustained in the same period last year....

Palantir also revealed that it closed the quarter with $1.62 billion in US Treasury securities. Software company Palantir Technologies (NYSE: PLTR) has sold all the gold bars it acquired in August 2021. The company invested $50.9 million to buy 100-ounce precious metal, which it said will be initially kept in a secure third-party facility in the northeastern United States. At a time when many companies put their money in Bitcoin and other digital assets, Palantir said the gold bars...

The Mortgage Bankers Association said there was a 10% jump in homeownership demand last week in anticipation of paused rate hikes.  Mortgage demand in the US recently climbed considerably after the Federal Reserve signaled that it could pause interest rate hikes. The increase in applications for home-buying was a direct result of reduced mortgage rates last week. Although last week’s drop in mortgage rates was not substantial, it was enough to induce current homeownership demand. As it...

Despite the fall off of the US stock futures, there is no doubt that the fight against inflation is yielding a relatively positive fruit in the United States. The US stock futures are seeing a very concerning slump today following the release of the latest inflation figure for the month of April. According to the data from the Bureau of Labor Statistics (BLS), the Consumer Price Index (CPI) for the month of April increased by 0.4% when seasonally adjusted, and by 4.9% over the last 12...

Chicago Board Options Exchange parent Cboe has again filed for a spot Bitcoin ETF with the SEC despite being rejected in late January.  In a recent regulatory filing, Cboe Global Markets made its third attempt to list the ARK 21Shares Bitcoin exchange-traded fund (ETF). On Tuesday, the Chicago Board Options Exchange parent company sought approval from the Securities and Exchange Commission (SEC). The latest regulatory filing reflects the Cboe’s struggle for a US Spot Bitcoin ETF. The SEC...

PayPal has been forced to update its 2023 earnings outlook due to its latest financial reports. Multinational digital payment company PayPal (NASDAQ: PYPL) has released the financial report of its earnings in the first quarter of 2023. PayPal benefited from the outbreak of the novel coronavirus in 2020 as more people switched to online transactions. The company’s revenue ascended from $17.8 billion in 2019 to over $25 billion in 2021. Its shares also increased significantly during the...

Regional banks are financial institutions that operate in specific geographic areas of the country and often provide a variety of banking services such as deposit accounts, loans, and other financial goods. PacWest Bancorp (NASDAQ: PACW), an American regional bank with headquarters in Beverly Hills, California has reduced its shareholder’s dividends amid the current banking crisis. This bold gesture has helped ticked the sheer recovery in the shares of the regional bank. As reported by...

Satellite TV provider DISH fell short of EPS and revenue expectations for Q1 2023 amid its sustained stock devaluation troubles.  DISH Network Corporation (NASDAQ: DISH) has published Q1 2023 numbers that missed earnings per share (EPS) and revenue estimates. The satellite television and telecommunications company’s reported EPS for the first quarter was $0.35 compared to the consensus estimate of $0.36. Also, DISH’s revenue came in at $3.96 billion versus the $4.06 billion analysts...

The automobile industry is becoming an increasingly important market for chipmakers such as Qualcomm as the number of electric vehicles and cars equipped with advanced driver assistance systems (ADAS) grows. American multination tech giant Qualcomm Inc (NASDAQ: QCOM) is looking at expanding its footprint in the automotive business through the acquisition of Autotalks, an Israeli firm that specializes in producing chips used in vehicle crash prevention technologies. Qualcomm announced on...