Author: Umar Hashmi

Cryptocurrency

Bitcoin price today: climbs above $67k with Trump speech in focus

Bitcoin price jumped on Friday, recovering some measure of losses this week as crypto markets awaited an address by Republican presidential nominee Donald Trump at the Bitcoin Conference this weekend. The world’s largest cryptocurrency rose 5% in the past 24 hours to $67,295.0 by 09:06 ET (13:06 GMT), recovering from lows of around $63,000 hit earlier in the week. Bitcoin was caught up in a wave of selling pressure across global financial markets, which saw investors dump risk-driven assets. This risk-off trend was particularly damaging to crypto, given the sector’s highly speculative nature. But this risk-off trend appeared to easing somewhat on…

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Stock Markets

Stock Market Today: Dow in 4th weekly win as data puts September rate cut in play

The Dow rallied Friday to a fourth-straight weekly win, supported by upbeat quarterly earnings from corporates and data showing cooling inflation that boosted hopes for a sooner interest rate cut. At 16:00 ET (20:00 GMT), Dow Jones Industrial Average rose 654 points, or 1.6%, S&P 500 rose 1.1%, and NASDAQ Composite rose 1.1%, with the latter two indexes posting two-straight weeks of loses for the first time since April. Cooling inflation data puts September rate cut in play  The PCE price index, the U.S. Federal Reserve’s preferred inflation metric, rose 0.1% on a monthly basis in June and 2.5% annually, both as expected. While the Federal Reserve’s meeting next…

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Top Picks

Bank of America’s out-of-consensus call: Fed will cut just once this year

Bank of America economists expect the Federal Reserve to maintain its policy rate unchanged in July while indicating that progress on reducing inflation has resumed. The Fed is optimistic about the possibility of near-term rate cuts but is unlikely to signal that a September cut is a “done deal,” economists said in a note. “It could happen, but it would depend on the data. This was the general tone of most FOMC members that delivered public remarks recently,” they noted. While the inflation data has been encouraging, more evidence is needed before policy rate normalization can begin. BofA also believes…

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Top Picks

FTC Non-Compete Ban: What You Need to Know

On April 23, 2024, the FTC announced its Final Non-Compete Clause Rule (“Final Rule”), which bans post-employment non-compete clauses between employers and their workers. The Final Rule becomes effective 120 days after being published in the Federal Register (Effective Date).[1] The Final Rule was published in the Federal Register and the effective date is September 4, 2024. Key Provisions Scope: The Final Rule prohibits an employer from entering into, or attempting to enter into, a non-compete clause with a “worker” (including, e.g., employees and independent contractors) or representing that a worker is subject to a non-compete clause.[2] The Final Rule allows employers to maintain…

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US delays sensitive Vietnam ‘market economy’ decision until August

The U.S. Commerce Department said on Wednesday it has delayed a difficult decision on whether to upgrade Vietnam to market economy status by about a week until early August, citing IT disruptions from the CrowdStrike software bug. A decision on the upgrade that Hanoi has long sought had been due by Friday. The upgrade is opposed by U.S. steelmakers, Gulf Coast shrimpers and honey farmers, but backed by retailers and some other business groups. It would reduce punitive anti-dumping duties on Vietnamese imports given the country’s current status as a non-market economy marked by heavy state influence. A Commerce Department…

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