Here are the most important news items that investors need to start their trading day:1. Running to recordsU.S. stocks have taken a steady climb to new records. The S&P 500 and Dow Jones Industrial Average both notched their highest closes ever on Friday. Both of those indexes and the Nasdaq Composite rose more than 1% last week. As investors monitor the U.S. presidential election, conflict in the Middle East and Federal Reserve policy, a major string of earnings will also help to determine whether stocks continue their record run. Follow live market updates here.2. Banking on earnings Goldman Sachs CEO…
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Bill McDermott, Chairman, President & CEO ServiceNow, speaking on CNBC’s Squawk Box at the World Economic Forum Annual Meeting in Davos, Switzerland on Jan. 17th, 2024. Adam Galici | CNBCAmerican enterprise software giant ServiceNow announced Monday it plans to invest $1.5 billion in the U.K. over the next five years, in a vote of confidence for Prime Minister Keir Starmer as he looks to attract foreign investment to the country.The tech firm said the mammoth sum of cash will go toward growing its U.K. business, as it plans to expand with new office space and grow its employee base beyond…
Patrick Collison, CEO and co-founder of Stripe, speaking at 2022’s Italian Tech Week in Turin, Italy.Giuliano Berti | Bloomberg | Getty ImagesFounders of some of Europe’s largest technology unicorns on Monday backed an open letter calling for a “tech renaissance” fueled by the creation of a single pan-European entity to promote startups and innovation in the bloc.The list of entrepreneurs backing the proposal includes the likes of Patrick Collison, CEO of payments tech giant Stripe; Taavet Hinrikus, co-founder of money transfer app Wise and venture capital firm Plural, and Eléonore Crespo, CEO of French accounting software unicorn Pigment.”The multitude of countries and…
Nobel Committee announces the winners of the 2024 Nobel Prize in Economic Science during a press conference at the Karolinska Institute in Stockholm, Sweden, on October 14, 2024. The 2024 Nobel Prize in Economy was awarded to Daron Acemoglu, Simon Johnson and James Robinson for their work on formation of institutions and their impact on welfare. Anadolu | Anadolu | Getty ImagesU.S.-based economists Daron Acemoglu, Simon Johnson and James Robinson were awarded the Nobel prize in economic sciences on Monday for their work on wealth inequality between nations.The academics have helped show why societies with “poor rule of law and institutions…
Investors should snatch up shares of Flutter Entertainment following a recent sell-off, according to Wells Fargo. Analyst Daniel Politzer upgraded shares of the online sports betting company to overweight from equal weight. The change comes after the stock sold off 8.8% on Friday following reports that the U.K. is weighing higher taxes on the gambling industry. “Friday’s sell-off reflects a near-worst case UK tax scenario,” he wrote. However, “FLUT management is realistic about gaming taxes (‘they only go up over time’), but its track record highlights its attractive UK industry positioning (#1 overall w/ 30% market share), which provides some…
U.S. President Joe Biden delivers remarks on the initial impacts of Hurricane Milton, as well as the Federal government’s ongoing support to State and local officials in the South Court Auditorium of the Eisenhower Executive office building in Washington, U.S., October 10, 2024. Annabelle Gordon | ReutersPresident Joe Biden announced while surveying storm-damaged Florida on Sunday that over $600 million will flow to states affected by hurricanes Helene and Milton, which ravaged Georgia and North Carolina as well.During remarks in St. Pete Beach, a barrier island city off of St. Petersburg, Biden said nearly $100 million of the money would go toward…
Britain’s Prime Minister Keir Starmer delivers a speech on stage during the International Investment Summit, held at The Guildhall, in central London, on October 14, 2024.Jonathan Brady | Afp | Getty ImagesLONDON — U.K. Prime Minister Keir Starmer on Monday vowed to slash regulatory red tape to boost anemic investment in the country.”We’ve got to look at regulation across the piece, and where it is needlessly holding back investment … mark my words, we will get rid of it,” he told delegates at the government’s inaugural International Investment Summit, held at London’s Guildhall.”It’s time to upgrade the regulatory regime. We will…
Sam Hou Fai delivers a speech at a polling booth at the China-Portuguese-speaking Countries Commercial and Trade Service Platform Complex on Oct. 13, 2024 in Macao.China News Service | China News Service | Getty ImagesSlated to become the next leader of Macao, Sam Hou Fai wants to steer China’s special administrative region further away from its heavy reliance on gaming and gambling. Formerly Macao’s top judge, Sam was elected Macao’s next leader in an uncontested vote on Sunday.In a speech following his election, Sam said he plans to improve business conditions and support smaller enterprises, according to Chinese state media.In the…
Todd Graves’ high-risk funding strategy for Raising Cane’s Chicken Fingers was a bold gamble that almost cost him his dream.Today, the co-CEO and founder of Raising Cane’s is worth an estimated $9.5 billion, according to Forbes, thanks to his over 90% ownership stake in the company. But getting there was no easy feat. He had to work 90-hour weeks in an oil refinery and fish for salmon in Alaska just to raise enough capital to open the restaurant’s first location.When he was growing the chain, Graves said he took out loans with private investors at a 15% interest rate. He…
A shipping container and gantry cranes at the Yangshan Deepwater Port in Shanghai, China, on Thursday, Oct. 10, 2024.Bloomberg | Bloomberg | Getty ImagesBEIJING — China’s exports grew by 2.4% in September from a year ago in U.S. dollar terms, while imports rose by 0.3%, customs data showed Monday.Both figures were well below expectations. China’s exports were forecast to have risen by 6% year-on-year in September in U.S. dollar terms, according to a Reuters poll. That would be slower than the 8.7% increase in August.Imports were expected to have climbed by 0.9% in September from a year ago, according to…
