Dow closes down nearly 400 points Friday as bank stocks tumble
Continued jitters over the banking sector put stocks under renewed pressure Friday, with ...
Continued jitters over the banking sector put stocks under renewed pressure Friday, with major indexes suffering sharp losses.
The S&P 500 financial sectorfell 3.3% to lead losers as cheer over a $30 billion infusion of deposits into First Republic Bank a day earlier faded. First Republic shares ended 33% lower on Friday.
The Dow Jones Industrial Averageended the day down by around 385 points, or 1.2%, while the S&P 500 shed 1.1% and the Nasdaq Composite fell 0.7%. The drop left the Dow with a weekly loss of 0.2%, while the S&P 500 maintained a gain of 1.4%. The Nasdaq, meanwhile, saw a 4.4% weekly rise, its strongest since a 4.8% gain in the week ended Jan. 13.
US-China oil trade returns to levels not seen since 2020
Rebounding Chinese demand and attractive US crude prices are set to push US oil exports to China to their...
Rebounding Chinese demand and attractive US crude prices are set to push US oil exports to China to their highest level since October 2020 in March, with at least 14 million barrels scheduled to load, according to ship-tracking data from Refinitiv, Vortexa and Kpler. The trend is likely to persist in the next two quarters, supported by the end of the refinery maintenance season in China, which is expected to further boost demand.
Goldman Sachs yesterday revised its recession odds for the year. Before...
Goldman Sachs yesterday revised its recession odds for the year. Before this week, the firm gave the US a 25% chance of tipping into recession in 2023.
In light of the bank runs, bank failures, and bank stock volatility, those odds are now at 35%, strategists said Thursday, citing "increased near-term uncertainty" surrounding the effects of small bank stress.
Thursday's research note followed a separate forecast from Goldman that slashed the 2023 GDP outlook by 0.3%, to 1.2%.
🤖 Microsoft vs. Google locked in workplace AI battle
Microsoft wants to make its Office suite great again by ...
Microsoft wants to make its Office suite great again by infusing it with the hottest tech around: the GPT-4 large language model. The company said it will include AI-powered assistants (“Copilots”) in apps such as Excel and PowerPoint to take busywork off your hands. That announcement comes days after Google revealed it would bring generative AI features to Google Docs, Google Sheets, and Gmail.
Google raised the price of its YouTube TV subscription from $65 per month to $73—a 12% bump. The service, intended as a cable replacement, hasn’t experienced a price hike since June 2020. But, according to Google, “content costs have risen” since then. It didn’t specify what content costs more now, but YouTube TV did recently pony up a reported $2 billion for the rights to the NFL’s Sunday Ticket package. Other streaming services from Apple, Disney, and HBO have raised prices recently.
