XPeng stock just misses a record selloff, snaps 5-day win streak
The U.S.-listed shares of XPeng Inc. plunged Friday to snap a five-day win streak, as price cuts by Tesla Inc. in China soured sentiment toward China-based electric vehicle makers. The stock XPEV, -15.04% was down as much as 17.2% at its intraday low of $9.85, before recovering slightly to close down 15.04% at $10.11. It […]
Dozens in Congress beat stock market in 2022 despite downturn on Wall Street: analysis
The House truly always wins.More than two dozen members of Congress beat the stock market last year despite Wall Street suffering its worst year since 2008, according to an analysis by a stock-trading site. But there was one notable loser last year: Nancy Pelosi. The former House speaker’s portfolio dropped 19.8% in 2022 — worse […]
Don’t count on the bear market’s winners to fuel the next bull market
It’s too early to know which sector will lead U.S. stocks higher in the next bull market. But it’s not too early to have confidence that what it won’t be is the energy sector. Energy has been the best performer during this bear market. At no time over the last 5+ decades has the same […]
Fed’s Bullard says 2023 on track to be a ‘disinflationary year’
High U.S. inflation is likely to recede in 2023 thanks to aggressive Federal Reserve efforts to raise interest rates and cool off the economy, a senior central bank official said. James Bullard, president of the St. Louis Federal Reserve, said higher rates should help curb inflation by slowing the economy and reducing the demand for […]
The Fed delivered a message to the stock market: Big rallies will prolong pain
It was a “don’t make me come back there” moment from the Federal Reserve.A line from the minutes of the central bank’s December policy meeting released Wednesday afternoon was taken by analysts and economists as a warning to financial market participants that bets on a policy pivot in 2023 aren’t welcome. And, to the extent […]
ADP says 235,000 private-sector U.S. jobs created in December
The numbers: Private-sector employment rose by 235,000 in December, payroll processor ADP said Thursday, in a sign that many companies are still hiring and the U.S. labor market remains strong. ADP reported a 182,000 increase in November. The increase in hiring was larger than expected. Economists polled by The Wall Street Journal had forecast a […]
Gold prices end lower after a 4-session rise to their highest since June
Gold futures finished lower on Thursday, posting their first loss in five sessions, as traders booked profits in the wake of the metal’s rise to its highest price since June. Price action Gold for February delivery GC00, +0.04% GCG23, +0.04% fell $18.40, or 1%, to settle at $1,840.60 per ounce on Comex. Prices for […]
Credit Acceptance shares tumble 12% after regulators sue, claim illegal subprime auto lending practices
Shares of subprime auto giant Credit Acceptance Corp CACC, -11.61% tumbled about 12% on Wednesday after New York Attorney General Letitia James and a key U.S. consumer watchdog sued the lender, saying it has been illegally tricking low-income borrowers into high-cost car loans that lead to a debt spiral. The lawsuit aims to force Credit […]
Fed’s Kashkari backs interest rate hikes ‘at least the next few meetings’
The Federal Reserve should keep raising its policy interest rate until it is confident inflation has peaked and that means interest rate hikes “at least at the next few meetings,” said Minneapolis Fed President Neel Kashkari on Wednesday. In an essay published on his regional bank’s website, Kashkari said that he has projected that the […]