Author: starbpo

Indian stocks hit a record high on Monday, after several days of selling. This was because exit polls showed that Prime Minister Narendra Modi’s Bharatiya Janata Party would win the election. Dow Jones Market Data says that India’s BSE Sensex IN:1 rose 3.4% to 76,533, and it’s on track to close at a record high. That beat last week’s record of over 75,000. The Sensex had been going down for five days in a row. INR 83.12, which is almost 0.4% less than the dollar (USDINR, -0.35%). The general election in the country ended on Saturday, and the official counting…

The Delaware State Court said that cancer patients who say the heartburn drug Zantac caused their illness can have jury trials. This caused GSK shares to drop the most in almost two years. FactSet data shows that GSK’s London-listed shares GSK, -9.31% GSK, +1.70% dropped by 9.5%, which was the biggest drop in a single day since August 11, 2022, when they dropped 10.1%. GSK said it would use the decision as an example in court. According to 16 epidemiological studies that looked at data from people who took ranitidine, there is no consistent or reliable evidence that it raises…

On Friday, shares of electric vehicle startup Faraday Future Intelligent Electric Inc. gave up some of the gains they had made in recent weeks. This came after a week of extreme ups and downs, including a record-setting drop. The stock fell the most ever in a single day on Wednesday, but it started to rise again on Thursday. Faraday Future FFIE, +3.20% shares closed Friday up 3.2% on a volume of 219.42 million shares, which was higher than the 65-day average volume of 161.82 million shares. A social network for investors and traders called Stocktwits told BourseWatch that the community’s…

Roaring Kitty is back, and it looks like he has a lot of GameStop stock. In the past month, GameStop Corp. shares GME, +2.34% have gone through the roof since famous trader Keith Gill, also known as Roaring Kitty on X and YouTube, came back to social media. Gill was an important part of GameStop’s 2021 meme-stock craze. Trade in GameStop shares before the market opened nearly doubled to $45.24. An AMC Entertainment AMC, +2.36% stock that is also a meme went up 30%. Gill’s Reddit handle, DeepF—ingValue, posted a screenshot of what looked like his holdings on Sunday. They…

The Federal Reserve has set interest rates where they need to be to lower prices. John Williams, president of the New York Federal Reserve, said this Thursday. Williams said that he thinks inflation will “resume moderating in the second half of this year” in a major speech at the Economic Club of New York. Prices have stayed high for four months in a row, but Williams said this wasn’t the start of a trend. “In general, I think that some of the most recent inflation readings are mostly a return to the unusually low readings of the second half of…

The numbers: The U.S. economy grew at a slow 1.3% annual rate in the first three months of the year, according to updated data. This was mostly due to lower consumer spending, which could mean that the economy as a whole will slow down. Gross domestic product, which is the economy’s official scorecard, rose by the least amount in almost two years. The government said earlier that GDP grew at a rate of 1.6% in the first quarter. The weak GDP report was mostly caused by a bigger trade deficit and less production of goods that haven’t been sold yet.…

The amounts: The advanced estimate from the Commerce Department released Thursday shows that the U.S. trade deficit in goods grew by 7.7% to $99.4 billion in April. Since May 2022, that’s the biggest deficit ever. A poll of economists by Econoday found that most of them thought the deficit would grow to $92.5 billion. The report also showed that wholesale inventories went up by 0.2% in April, after going down by 0.4% the previous month. And retail inventories that were already out there went up 0.7%, after going up 0.1% in March. If you take out cars, retail inventories went…

Is the economy getting worse? It doesn’t look like that, at least based on what we know about this week’s economic data. The Wall Street Journal polled economists and found that most of them think the job market will grow in a healthy way. It is also expected that the service sector will get better. But Scott Anderson, who is the chief U.S. economist at BMO Capital Markets, is worried that the U.S. economy is losing some of its air. A lot of “downbeat data” came out last week, he told his clients. This included a lower estimate for GDP…

The Senate is expected to intensify its work on the tax and spending megabill that was approved by the House of Representatives prior to the week-long vacation as Congress returns to Washington. According to House Speaker Mike Johnson, Senate Republicans should “make as few modifications as possible, remembering that I have a very delicate balance on our very diverse Republican caucus over in the House.” The megabill was finally approved on May 22 by a narrow margin of 215 to 214 in the House, where the GOP holds a 220-212 majority. Additionally, President Donald Trump and his advisers are advocating…

A separate bill focusing on the cryptocurrency business this week gives a bipartisan bill on credit-card swipe fees, which has been dormant for years, another chance to pass the U.S. Senate. Later this week, there is a possibility that the Credit Card Competition Act, which aims to provide retailers more options when using credit-card networks, will be added as an addition to the Genius Act, a bill that aims to regulate and strengthen stablecoins. One kind of cryptocurrency whose value is tied to another asset, such as the dollar, is called a stablecoin. According to a group of Washington policy…