Gold prices hit a record high on Tuesday, reaching $2,465.30, fueled by the growing anticipation of a September interest rate cut. This surge in demand for bullion was further ignited by the softening inflation data in June and dovish comments from Federal Reserve Chair Jerome Powell. As a result, markets are now pricing in a
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The 2023 Gallup poll on workplace engagement revealed some disheartening statistics – only one-third of employees are engaged, while approximately 50% are not engaged and 16% are actively disengaged. These numbers highlight a concerning trend where more and more employees are exhibiting signs of disengagement in the workplace. One manifestation of this disengagement is the
Bank of America reported second-quarter earnings that surpassed expectations, with earnings per share coming in at 83 cents compared to the 80 cents estimated by analysts. The revenue also exceeded expectations, reaching $25.54 billion, slightly higher than the $25.22 billion estimate. Despite a 6.9% year-over-year decline in profit to $6.9 billion, the bank’s performance in
Macy’s board announced on Monday that it had decided to terminate negotiations with the activist group seeking to take the retailer private for $6.9 billion. The decision was made unanimously, with the board citing concerns about the certainty of financing and the lack of compelling value in the proposal. Lead independent director Paul Varga expressed
The recent news of inflation easing has sparked discussions around potential interest rate cuts by the Federal Reserve. The consumer price index saw a dip in June for the first time in over four years, signaling positive data for the Fed to consider reducing interest rates. With the economy showing signs of cooling down, Greg
Goldman Sachs surprised investors by announcing that it exceeded profit and revenue estimates, driven by impressive results in fixed income and lower-than-expected loan loss provisions. The company reported earnings of $8.62 per share, surpassing the $8.34 per share estimate from LSEG, and revenue of $12.73 billion, higher than the $12.46 billion estimate. Significant Jump in
China’s National Bureau of Statistics recently released data indicating that the country’s second-quarter GDP grew by 4.7% year on year, falling short of the anticipated 5.1% growth. This unexpected decrease has led to concerns about the overall trajectory of China’s economy in 2024. Additionally, June retail sales figures failed to meet expectations, with only a
Citigroup has reported second-quarter results that exceeded expectations, with earnings per share at $1.52 compared to the expected $1.39, and revenue reaching $20.14 billion against the expected $20.07 billion. The bank’s net income rose by 10% to $3.22 billion, with revenue also seeing a 4% increase to $20.14 billion. Equities trading revenue saw a significant
The week started off with a rebound in the U.S. stock market as the S & P 500 recovered from a recent slump. Big Tech stocks took a hit as investors shifted their focus to smaller-cap stocks, resulting in a 5% drop for Nvidia. However, the chipmaker managed to bounce back on Friday with a
JPMorgan Chase CEO Jamie Dimon recently expressed concerns about ongoing inflationary pressures despite some recent signs of relief. He pointed out that while progress has been made in curbing inflation, there are still significant challenges ahead. These challenges include large fiscal deficits, infrastructure needs, trade restructuring, and global remilitarization. Dimon’s warning serves as a reminder