Representations of cryptocurrency Bitcoin are seen in this illustration taken November 25, 2024. Dado Ruvic | ReutersCryptocurrencies rose to start the year, rebounding from recent losses as investor optimism returned to the market.The price of bitcoin rose 2% to $96,711.71 Thursday, bringing its new year gain to about 3% when counting trading from the Jan. 1 session.The CoinDesk 20 index, a measure of the broader cryptocurrency market, advanced 4%. The token tied to Solana, the popular Ethereum competitor, led the gains with a 7% increase. Crypto stocks Coinbase and MicroStrategy each climbed 4% as well.Stock Chart IconStock chart iconBitcoin rebounds to…
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Tesla CEO and X owner Elon Musk speaks during an unveiling event for Tesla products in Los Angeles on Oct. 10, 2024.Tesla | Via ReutersTesla posted its fourth-quarter vehicle production and deliveries report on Thursday. Here are the key numbers:Total deliveries Q4 2024: 495,570Total production Q4 2024: 459,445Total annual deliveries 2024: 1,789,226Total annual production 2024: 1,773,443Results for the quarter represented the first annual drop in annual delivery numbers for Tesla, which reported 1.81 million deliveries in 2023. It reported 484,507 deliveries in the fourth quarter of 2023.Tesla shares were down more than 3% in pre-market trading Thursday. Analysts had expected Tesla to…
Traders work at the New York Stock Exchange on Dec. 31, 2024.NYSECrypto trades jumping. Roaring Kitty boosting meme stocks. Broader market ripping on no apparent catalysts.Animal spirits are on the run at the dawn of 2025 trading.Many speculative pockets of the stock market surged in early trading Thursday, the first session of the new year, right after the S&P 500 closed out the best two-year run since 1998.Stocks tied to the price of bitcoin jumped as the cryptocurrency climbed back over $96,000. Microstrategy added 4% premarket after climbing more than 360% in 2024. Crypto-related companies Coinbase, Robinhood, Mara Holdings and Riot…
Here are the biggest calls on Wall Street on Thursday: Deutsche Bank upgrades RTX to buy from hold Deutsche says the defense company is a compounder. “We are upgrading RTX to a Buy from Hold with a $140 target price (increased from $131). RTX trades like a defense stock and is valued like a defense stock but compounds EBIT like an aerospace stock.” JPMorgan reiterates Apple as overweight JPMorgan says it’s sticking with Apple in 2025. “We expect to see continued resilience from the shares till we are in the middle of the iPhone 17 cycle, with investors less likely…
Topgolf Callaway Brands could be due for big gains over the next several months as its breakup into two separate companies gets underway, according to Jefferies. Analyst Randal Konik upgraded the stock to buy from hold and increased his price target to $13 from $11, which implies 65.4% upside potential from Tuesday’s close. The call comes as shares of the golf and active lifestyle company have plummeted nearly 45% over the past year. Over the past six months, they are down more than 47%. MODG 1Y mountain MODG, 1-year “While TG fundamentals are weak, and MODG has suffered misexecution, shares…
A view from the United States Department of the Treasury building in Washington DC, United States on December 30, 2024. The US Treasury Department was cyberattacked by a Chinese state-sponsored actor in early December. Celal Gunes | Anadolu | Getty ImagesChinese government hackers breached the U.S. Treasury office that administers economic sanctions, the Washington Post reported on Wednesday, identifying targets of a cyberattack Treasury disclosed earlier this week.Citing unnamed U.S. officials, the Washington Post said hackers compromised the Office of Foreign Assets Control and the Office of Financial Research and also targeted the office of U.S. Treasury Secretary Janet Yellen.The department…
The euro and British pound hit multi-month lows against the U.S. dollar on Thursday, as the fresh trading year kicked off and investors geared up for the return of Donald Trump to the White House this month.The euro was 0.33% lower against the greenback at $1.032 shortly before 1 p.m. in London, hitting its weakest level since November 2022. Sterling dropped 0.78% to $1.242, an eight-month low.Optimism around the U.S. economy and equities was in focus as markets reopened following disrupted trade over Christmas and the New Year. Wall Street stock futures were higher amid declines in Europe and the…
A couple of catalysts could spell substantial gains for Cloudflare over the next several months, according to Goldman Sachs. The firm double upgraded shares of the cloud company to buy from sell and almost doubled its price target, increasing to $140 from $77. That reflects around 30% upside ahead, as of Tuesday’s close. “Recall that our Sell thesis was predicated on post COVID normalization driving more muted revenue growth, and the company’s progress in network security (SASE) and in the enterprise taking longer and costing more than originally planned,” analyst Gabriela Borges wrote in a Wednesday note. “Cloudflare outperformed S…
A home for sale in Austin, Texas, on May 22, 2024.Brandon Bell | Getty ImagesA sharp rise in mortgage interest rates toward the end of December took its toll on mortgage demand, hitting just as the housing market entered its typically slowest stretch of the year.Total mortgage application volume for the two weeks ended Dec. 27, 2024, dropped 21.9% compared with the week before that period, according to the Mortgage Bankers Association’s seasonally adjusted index. An additional adjustment was made to account for the Christmas holiday. The MBA released two weeks of data after being closed over the holiday.During that…
The Mitte Combined Heat and Power (CHP) natural gas power plant, operated by Vattenfall AB, in Berlin, Germany, on Wednesday, Jan. 1, 2025.Bloomberg | Bloomberg | Getty ImagesUkraine halted the flow of Russian gas to several European countries on New Year’s Day, bringing an end to Moscow’s decades-long dominance over Europe’s energy markets.Russia’s state-owned energy giant Gazprom confirmed gas exports to Europe via Ukraine stopped at around 8 a.m. local time (5 a.m. London time) on Wednesday.The widely expected move marks the end of a five-year transit agreement between Russia and Ukraine, with neither side willing to strike a new…
