22 Mins Ago
MicroStrategy, largest corporate holder of bitcoin, drops as much as 18% as the cryptocurrency falls
Shares of MicroStrategy tumbled on Tuesday alongside the price of bitcoin, as the company bought even more of the cryptocurrency.
The stock was last lower by 12%. Earlier, it fell as much as 18%.
The move came as MicroStrategy bought an additional 9,245 bitcoins for about $623 million, according to a filing with the U.S. Securities and Exchange Commission. The company used $592.3 million in net proceeds from a recent private offering of convertible senior notes and excess cash to make its purchase.
For more on the move, read our full story here.
— Tanaya Macheel
57 Mins Ago
Clean energy ETF slides to lowest price since early 2019
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The Invesco WilderHill Clean Energy ETF over the past 10 years
That milestone comes amid a tough period for the ETF. Shares are down nearly 30% since 2024 began, putting the fund on track for its fourth-straight losing year.
— Alex Harring, Gina Francolla
An Hour Ago
Crypto stocks tumble as bitcoin slumps below $63,000
Jonathan Raa | Nurphoto | Getty Images
Crypto stocks fell Tuesday as bitcoin extended its slide, dropping 6.5% to $62,749.99, according to Coin Metrics. Last week, it climbed to a record $73,679.
Bitcoin proxy MicroStrategy tumbled 15%, while crypto exchange Coinbase fell 8%. Mining stocks were down across the board, with the biggest ones, Riot Platforms and Marathon Digital, lower by 7% and 8%, respectively.
“Overall, it would make sense for this pullback to be short-lived and for the rally to resume — though the [specter] of a recession next year looms over markets and could temper the rally in ways we may not be able to foresee,” said Bartosz Lipiński, CEO of Cube Exchange.
For more on what’s behind bitcoin’s big drop, read our full story here.
— Tanaya Macheel
An Hour Ago
Nvidia, semiconductor stocks fall after company unveils latest AI chips
An Hour Ago
Here are some of the biggest calls on Wall Street after Nvidia unveiled its latest AI chip
Nvidia founder and CEO Jensen Huang displays products onstage during the annual Nvidia GTC Conference at the SAP Center in San Jose, California, on March 18, 2024.
Josh Edelson | Afp | Getty Images
Nvidia announced its latest suite of artificial intelligence chips at its GTC Conference in California on Monday, giving Wall Street more reason to remain bullish on the chip giant up nearly 79% this year.
Some Wall Street firms, including Goldman Sachs, boosted their price targets on the stock following the event, citing Nvidia’s “compelling position” as a key AI leader.
Shares slipped about 1.5% before the bell.
Read more on some of the most critical calls from the biggest Wall Street firms here.
— Samantha Subin
2 Hours Ago
Nordstrom stock pops on news founding family wants to take retailer private
A Nordstrom department store at the Shops at Merrick Park in Coral Gables, Florida.
Jeff Greenberg | Universal Images Group | Getty Images
Nordstrom shares soared 12% on news that the company’s founding family is looking to take the retailer private, Reuters reported, citing people familiar with the matter.
According to the report, Nordstrom has asked investment banks Morgan Stanley and Centerview Partners to reach out to private equity firms to understand the interest for a potential deal. The founding family group previously, and unsuccessfully, attempted to take Nordstrom private in 2018.
Shares of the struggling U.S. retailer are up 15.6% over the past year and more than 3.5% year to date. Nordstrom had surpassed sales expectations for the holiday quarter, but said its revenue may decline this year, which has one less week of sales than 2023.
— Pia Singh
3 Hours Ago
Stocks open Tuesday in the red
3 Hours Ago
Housing data shows jump in permits and starts
Developing site of Sterling Ranch in Littleton, Colorado, on Jan. 17, 2024.
Hyoung Chang | Denver Post | Getty Images
Housing starts and building permits accelerated at a faster-than-expected pace in February, the Commerce Department reported Tuesday.
Privately owned starts totaled a seasonally adjusted 1.521 million on the month, up 10.7% from January and 5.9% from a year ago. Economists surveyed by Dow Jones had been looking for 1.43 million.
On the permit side, the total hit 1.518 million, a 1.9% increase from February and 2.4% from a year ago. The consensus estimate was for 1.49 million.
Completed housing on the month totaled 1.73 million, up 19.7% from January and 9.6% from the same month in 2023.
— Jeff Cox
3 Hours Ago
Super Micro Computer, Coinbase highlight early movers outside of Nvidia
While Wall Street waits to see how shares of Nvidia will react to the new artificial intelligence chip reveal, other stocks were seeing big swings in premarket trading. Here are some notable movers.
- Advanced Micro Devices — The chipmaker slumped more than 3% before the bell after competitor Nvidia unveiled a new generation of AI chips at its developers conference in San Jose, California.
- Coinbase, Riot Platforms — Crypto stocks were down sharply on Tuesday after bitcoin tumbled in overnight trading. Shares of Coinbase and Riot Platforms each fell about 5%.
- Super Micro Computer — The tech stock tumbled more than 10% after a filing showed a new stock offering of two million shares. Goldman Sachs is serving as the underwriter for the offering.
Check out more movers here.
— Jesse Pound, Samantha Subin
5 Hours Ago
Unilever pops following spinoff announcement
U.S. shares of Unilever rose more than 2% during premarket trading after the consumer products maker announced a spinoff of its ice cream business and a restructuring.
The company said on Tuesday that it would separate its ice cream business, which includes the Ben & Jerry’s and Magnum brands. Unilever said the move comes as part of a corporate reorganization that would result in about 7,500 job cuts.
Unilever’s stock is near flat on the year.
— Alex Harring, Karen Gilchrist
12 Hours Ago
Japan banks see volatile trade after BOJ ends negative interest rate policy
12 Hours Ago
Bank of Japan hikes interest rates after 17 years, abolishes yield control curve policy
The flag of Japan flutters at the Bank of Japan headquarters in Tokyo on Dec. 19, 2023.
Kazuhiro Nogi | AFP | Getty Images
Japan’s central bank raised interest rates for the first time since 2007 on Tuesday, and also did away with its yield control curve policy. Japan had negative rates in place since 2016.
The Bank of Japan hiked its short-term rates to around 0% to 0.1% from -0.1%, according to a statement.
Japan’s central bank also announced that it abolished its yield curve control policy for 10-year Japanese government bonds, which it employed to target longer-term interest rates by buying and selling bonds as necessary.
The Nikkei 225 index was down 0.7% in volatile trading, while the broader Topix remained flat. The Japanese yen weakened against the dollar to last trade at 149.60.
— Shreyashi Sanyal
13 Hours Ago
Fidelity International to cut 16% of China unit staff, Longi lays off 5% of employees: Reuters
Fund manager Fidelity International is planning to lay off 20 people at its main China business unit, Reuters reported, citing sources.
This comes amid a downturn in China’s markets as well as a global downsizing by the firm, the report said. Fidelity’s China fund unit currently houses about 120 employees.
Separately, leading solar products manufacturer Longi will lay off 5% of its staff due to “market changes and [to] improve organizational efficiency,” Reuters reported.
Longi also refuted a Bloomberg report on Monday that alleged the company plans to cut nearly one-third of its staff.
— Lim Hui Jie
17 Hours Ago
Nvidia chief executive unveils new AI chips and software at inaugural conference
Nvidia CEO Jensen Huang delivers a keynote address during the Nvidia GTC Conference at the SAP Center in San Jose, California, on March 18, 2024.
Justin Sullivan | Getty Images
Nvidia CEO Jensen Huang unveiled the company’s latest iteration of artificial intelligence chips and software on Monday, named Blackwell, as the firm strengthens its grip on the broader AI market.
“Hopper is fantastic, but we need bigger GPUs,” Huang said Monday, referring to the company’s current slate of Hopper chips.
— Brian Evans
18 Hours Ago
Stock futures are little changed Monday
Stocks futures were little changed Monday night, following a regular trading session that saw the S&P 500 and broader field of technology stocks rebound.
Futures tied to the broad market index ticked down 0.03%, while Nasdaq 100 futures slipped 0.1%. Dow Jones Industrial Average futures added 16 points, or 0.06%.
— Brian Evans