Holiday season spending is expected to rise this year versus last year, though the increase among middle-income shoppers is forecast to be far smaller due to the impact of student loans and lower wage growth. Overall, shoppers are predicted to spend an average of $1,652, up 14% from last year,...
The world’s largest bitcoin fund is surging faster than the cryptocurrency itself as investors anticipate that an exchange-traded fund centered on the token could soon launch. The Grayscale Bitcoin Trust (GBTC) is trading about 14% below the value of its underlying holdings intraday, the narrowest such reading going back to...
Charles Schwab Corp. reported Monday that its net interest revenue sank 24% to $2.2 billion from the year prior as clients moved cash into higher-yielding products. The company’s bank deposits fell 28% to $284.4 billion in the third quarter from the year prior, beating the $268.8 billion average estimate of...
European stocks and US equity futures fluctuated while Treasuries dropped as traders tracked efforts by the US and its allies to prevent further escalation of the Israel-Hamas conflict. Technology stocks led declines in Europe’s Stoxx 600 index after Bloomberg reported that the US is considering further restrictions to curb China’s...
The tagline from Wall Street was that 2023 was the year of the bond. Instead, fund managers are coming to terms with one of the toughest years ever. Lacy Hunt, Hoisington Investment Management Co.’s 81-year-old chief economist, who’s been analyzing markets, Federal Reserve policy and the economy for around a half-century, says it’s...
Birkenstock Holding Plc, the 249-year-old footwear brand, stumbled onto Wall Street last week in a debut that could quash the fledgling rebound of initial public offerings. The maker of cork-soled sandals closed down 12.6% on Wednesday for the worst first-day showing in a US IPO of $1 billion or more...
The Securities and Exchange Commission won’t ask a federal appeals court to reconsider a decision that paves the way for Grayscale Investments to launch a spot Bitcoin exchange-traded fund, according to a person familiar with the matter. In August, the DC Circuit Court of Appeals overturned the SEC’s rejection of...
Wells Fargo & Co. beat analysts’ expectations for net interest income in the third quarter and again raised its full-year guidance as the bank continues to benefit from higher interest rates. The San Francisco-based bank earned $13.1 billion in NII — revenue collected from loan payments minus what depositors are...
JPMorgan Chase & Co. posted another quarter of record net interest income and boosted its forecast for the year as the company benefits from higher interest rates and its purchase of First Republic Bank. NII was $22.9 billion in the three months through Sept. 30, above analysts’ expectations. The biggest...
US stocks can avoid a dire outlook as long as bond yields stay below a historic high of 5%, according to Bank of America Corp. strategist Michael Hartnett. The strategist — among the more bearish voices on Wall Street — said the S&P 500 index can continue to trade above...