The ongoing plunge in US home prices may be nearing its end, Goldman Sachs analysts said in a note to clients this week. Long-term mortgage rates have cooled by nearly a full percentage point after surging above 7% as the Federal Reserve enacted a series of interest rate hikes last year. The trend should improve … Read more
Wall Street’s top regulator on Wednesday unanimously voted to propose a rule barring traders in asset-backed securities from betting against the very assets they sell to investors, behavior that became infamous in the wake of the 2008 global financial crisis. The rule is among the last to be adopted under the landmark Dodd Frank Wall Street reform … Read more
A middle-age software developer worth nine figures says he spends around $2 million each year to bio-hack his body into regaining its youth. Bryan Johnson, 45, who made his fortune in his 30s when he sold his payment processing company Braintree Payment Solutions to EBay for $800 million in cash, is touting a daily routine … Read more
Jared Kushner’s baby brother will be picking up the check the next time he has dinner with his better-known sibling. Josh Kushner, founder of Thrive Capital, has seen his personal fortune soar to an estimated $3.7 billion, according to Bloomberg’s calculations, after his firm secured a major investment from several billionaires. Disney CEO Bob Iger … Read more
Federal Reserve Vice Chair Lael Brainard is a contender for the White House’s top economic policy position, joining a list that includes Deputy Treasury Secretary Wally Adeyemo and Commerce Secretary Gina Raimondo, two people familiar with the process said Wednesday. Brainard is currently in the number two slot at the central bank, where she plays an influential role … Read more
Wall Street’s main indexes dropped on Wednesday, as Microsoft’s outlook weighed down technology stocks, while a bleak quarterly report from Boeing added to fears of a recession. The Dow tumbled 356 points, or 1.1%, to 33,377, the Nasdaq slid 1.8%, and the S&P 500 was down 1.3%. Shares of Microsoft fell 3% after it warned that growth in … Read more
Gautam Adani, the world’s third-richest man, is “the largest con in corporate history” through his India-based conglomerate Adani Group, according to scathing allegations published this week by influential short seller Hindenburg Research. Hindenburg — whose previous targets have included electric-truck makers Nikola and Lordstown Motors — revealed in a research note late Tuesday it had … Read more
A woman who worked at data journalist Nate Silver’s FiveThirtyEight news site blasted him as a “terrible boss” on Tuesday as Disney-owned ABC is reportedly looking into shuttering the data-driven news site. Farai Chideya, who worked as a reporter for FiveThirtyEight during the 2016 election, posted a lengthy tweet thread which went viral on Tuesday. … Read more
Sen. Josh Hawley (R-Mo.) wants to bar lawmakers and their spouses from owning and trading stocks while in office by proposing the ‘PELOSI Act.’ The bill, whose title is “Preventing Elected Leaders from Owning Securities and Investments (PELOSI) Act,” takes a dig at its namesake, former House Speaker Nancy Pelosi (D-Calif.). “For too long, politicians … Read more
The stock market is set to go “back to the meat grinder” this year despite a recent minor rally, with the broad-based S&P 500 potentially plummeting by 50% in a worst-case scenario, famed investor Jeremy Grantham warned Tuesday. Grantham, the 84-year-old co-founder of Boston-based asset management firm GMO, told clients in a letter that the … Read more