A little over three years ago, private equity investor Orlando Bravo called FTX the “most cutting-edge, sophisticated cryptocurrency exchange in the world,” as his buyout firm helped lead a $900 million investment in the company at a valuation of $18 billion.Bravo now tells CNBC that he and his firm, Thoma Bravo, are permanently out of crypto after that disaster. FTX spiraled into bankruptcy in late 2022, and founder Sam Bankman-Fried is in the early days of serving a 25-year prison sentence for the massive fraud and conspiracy that doomed FTX and sister hedge fund Alameda Research.”Once you make a mistake…
Author: usaeverydaylife
When Idaho scored on its second trick play of Saturday night’s surprising showdown against No. 3 Oregon to pull to within three points of the Ducks midway through the fourth quarter, the Vandals looked poised to pull off the biggest upset in college football history.The Ducks, who had beaten all of their FCS opponents in the past 20 years by an average score of 60-13, were a 45 1/2-point favorite. But dreams of a stunning upset for the Vandals were snuffed out after Oregon wide receiver Tez Johnson scored on a 12-yard pass from quarterback Dillon Gabriel to seal a…
A man hangs flags with a portrait of tech tycoon Elon Musk during a demonstration called by former Brazilian President Jair Bolsonaro at Copacabana Beach in Rio de Janeiro, Brazil, on April 21, 2024.Mauro Pimentel | AFP | Getty ImagesAs billionaire Elon Musk’s clash with a Brazilian Supreme Court justice came to a head last week, there were legal twists, insults, ultimatums, defiance and then, finally, capitulation. When the digital dust settled, X had become an ex.Musk’s social media platform was banned nationwide and Justice Alexandre de Moraes set a whopping $9,000 daily fine for anyone using a virtual private network to skirt the suspension. Brazil’s…
Michael Feroli, chief U.S. economist of JPMorgan Securities, listens during a Bloomberg Television interview in New York on March 6, 2018.Christopher Goodney | Bloomberg | Getty ImagesThe Federal Reserve should cut interest rates by 50 basis points at its September meeting, according to JPMorgan’s Michael Feroli.”We think there’s a good case that they should get back to neutral as soon as possible,” the firm’s chief U.S. economist told CNBC’s “Squawk on the Street” on Thursday, adding that the high point of the central bank’s neutral policy setting is around 4%, or 150 basis points below where it is currently. “We…
While investors have been laser focused on semiconductors and other technology-related themes, the health care sector has managed to log two months of solid outperformance. In fact, from the end of June through this week, with the Nasdaq-100 down about 3% and the S & P 500 up just under 2%, the Health Care Select Sector SPDR Fund (XLV) is up over 6%. A quick review of charts in the health care sector yields some compelling technical setups, including a rare bullish chart pattern for Medtronic, Inc. (MDT) . The daily chart reveals what’s known as an “inverted complex head…
Andreypopov | Istock | Getty ImagesWall Street is gearing up for one of the most important economic releases of the year Friday, when the Labor Department puts out a jobs report expected to go a long way in determining the future of Federal Reserve policy.The Wall Street consensus is for nonfarm payrolls growth of 161,000 for August and a slight decline in the unemployment rate to 4.2%, according to Dow Jones.However, recent data, including a massive downward revision to previous counts, has pointed to a sharp slowdown in hiring and has put some downside risk to that forecast.In turn, markets…
U.S. Vice President Kamala Harris at the White House, Washington, U.S., July 22, 2024 and former U.S. President Donald Trump in Bedminster, New Jersey, U.S., August 15, 2024 in a combination of file photographs. Nathan Howard | Jeenah Moon | ReutersThe results are in, and Democratic presidential nominee Kamala Harris will defeat Republican rival Donald Trump in the Nov. 5 election — at least according to the historian dubbed the “Nostradamus” of presidential election predictions.It’s the latest election prophecy from Allan Lichtman, an American University distinguished professor who boasts of having successfully predicted the results of every U.S. presidential race since 1984.Lichtman…
The top tier is always exclusive territory when 50 NFL coaches and executives have their say in Quarterback Tiers each summer.That exclusivity has reached another level this year.Led by the incomparable Patrick Mahomes, only three players achieved Tier 1 status when balloting for the 11th annual survey was finished. That’s the lowest number since 2016, but with a crop of younger players rising, there’s a potentially bright future for the elite ranks.The Baltimore Ravens’ Lamar Jackson reached new heights. The Green Bay Packers’ Jordan Love and the San Francisco 49ers’ Brock Purdy made massive jumps. The Houston Texans’ C.J. Stroud…
This report is from this week’s CNBC’s “Inside India” newsletter which brings you timely, insightful news and market commentary on the emerging powerhouse and the big businesses behind its meteoric rise. Like what you see? You can subscribe here.The big storyIndian stocks reached dizzying heights this week with a record-breaking 14-day rally.Equities also set six all-time highs within that period.Stock Chart IconStock chart iconThis enthusiasm isn’t new, though. The Nifty 50 has been on the march throughout the year. There have been 44 record highs set in this year’s 169 trading sessions, according to CNBC’s count.However, the latest economic data shows…
IRA access, tax breaks can phase out for high earnersIRAs have a $7,000 annual contribution limit for 2024. Investors age 50 or older can save an extra $1,000, or $8,000 total this year.Investors who save in a pretax IRA typically get a tax deduction on their contributions. However, they generally pay income tax later on earnings and withdrawals. Roth contributions don’t get the same upfront tax break: Investors fund Roth IRAs with after-tax money, but generally don’t pay income taxes on earnings or withdrawals in retirement.Many high earners can’t make the most of these tax-advantaged accounts, though. For example, married…
