Author: starbpo

In a crash on Sunday, Iran’s president was killed, according to state media. President Ebrahim Raisi and other important Iranian officials were going to an event in the east of the country. Rescue teams were in the area, but because of bad weather, they hadn’t been able to get in touch with any survivors, state media said. If the president dies, there is a greater chance of a war between the United States and Israel, which is at war with Hamas. Iran backs Hamas. At the end of April, Iran launched its first direct attack on Israel, which made people…

During his speech to Morehouse College graduates on Sunday, President Joe Biden said that he had heard their pain over the war between Israel and Hamas and that scenes from the fighting in Gaza have broken his heart. Some of the students at the historically Black, all-male college wore keffiyeh scarves around their shoulders over their black graduation robes. “I support peaceful, nonviolent protest,” he told them. “You deserve to be heard, and I promise I do see you.” “There is a humanitarian crisis in Gaza,” the president said. “That’s why I’ve called for an immediate cease-fire to stop the…

Reporting quarterly results for Nvidia Corp. has become a ritual that always ends with huge profits for the company, which makes chips. But when it plays again on Wednesday, the company, which is at the center of the AI craze, will face more questions about how its long-term goals might affect short-term demand as it gets ready for a big rollout of new chips. At the same time, executives are talking about inflation less and less on earnings calls, a FactSet analysis released on Friday showed. However, we’ll likely hear more about its long-lasting effects this week, either directly or…

Once more, bad news for the economy is good news for the stock market. Market experts say good news is also important. Based on how U.S. stocks responded to this week’s flurry of mixed economic data, it looks like a summer rally is almost certain to happen. As expected, the U.S. April CPI report from the Bureau of Labor Statistics showed that inflation slowed more than expected last month. This led to a rise in stocks this week. Core prices went up 3.6% from one year to the next. That’s still a lot more than the Federal Reserve’s 2% goal,…

The Dow closed above the important 40,000-point level on Friday, with little change in the stocks. These stocks changed: The stock price of GameStop dropped 20% after the company said it would sell up to 45 million shares at the market price. The company also gave bad predictions for the first quarter of its fiscal year. Doximity shares went up 18% after the online platform for doctors made more money than expected in its fourth fiscal quarter. The company’s board of directors also gave the go-ahead to buy back up to $500 million worth of Class A common stock. The…

Deutsche Bank says that Reddit Inc.’s new deal with OpenAI is likely a sign of how much demand there is for the social media platform’s data. The partnership was announced by Reddit (RDDT, +10.04%) and OpenAI late Thursday night. OpenAI is getting access to Reddit’s Data API and the social media site is adding its content to OpenAI’s ChatGPT service. As part of the deal, Reddit will also give its users and moderators access to new features that are powered by AI. OpenAI will also become a partner for advertising on Reddit. Benjamin Black, an equity research analyst at Deutsche…

Investors will once more think about the long term when Nvidia Corp. reports its earnings next week. Oppenheimer Rick Schafer said that it’s pretty clear that the company is seeing “insatiable” demand for AI accelerators. He also said that he and most others expect Nvidia NVDA, -1.99% to report another beat-and-raise quarter when it reports quarterly earnings on Wednesday afternoon. But Wall Street doesn’t seem to care as much about the present now that Nvidia is getting ready to ship its new Blackwell chip line later this year. Jefferies analyst Blayne Curtis wrote, “The bar is quite high for NVDA,…

BlackRock said in a Friday client note that changes to how the Federal Reserve handles one of the most important treasure troves of assets in the world pose “underappreciated” risks to the financial markets. Early in May, the Federal Reserve said it would change how quickly it tries to reduce its $7.3-trillion balance sheet starting June 1. This change was “barely a side note” in the financial markets, according to Tom Becker, portfolio manager at BlackRock’s Global Tactical Asset Allocation team. BlackRock BLK, +0.56%, on the other hand, saw it as a big deal. In the first quarter, it had…

Does the economy seem to be going in the right direction? Investors on Wall Street think so for sure. This week, they pushed U.S. stocks to a new high. Why all the hope? One good thing about April is that inflation didn’t get worse. Wall Street and the Federal Reserve were shocked when inflation shot up in the first three months of the year. Last month, Americans also spent less at stores, which some saw as a sign that the economy is slowing down. Of course, most people don’t think it’s a good thing when the economy slows down. But…

Paul McCartney of The Beatles is a billionaire. The ex-member of the Fab Four is the first British musician to be worth 1 billion pounds ($1.27 billion), according to numbers released on Friday. According to the Sunday Times Rich List, the musician’s and his wife Nancy Shevell’s wealth has grown by 50 million pounds since last year. This is because of McCartney’s 2023 Got Back tour, the rising value of his back catalog, and Beyonce’s cover of The Beatles’ “Blackbird” on her “Cowboy Carter” album. “Now and Then,” the “last” Beatles song, came out in November and topped the charts…