The potential for the United States government to default on its debt has far-reaching consequences, both domestically and internationally. A default would seriously impact the global economy, which relies on the relative stability of the United States. Interest rates would increase and investment into Treasury securities would stop, impacting people's car loans, credit cards, and […]
Continue readingAfter a 13-year stint as CEO of Morgan Stanley, James Gorman has announced that he will be stepping down from his role within the next 12 months. Gorman, who transformed Morgan Stanley into a wealth management powerhouse, plans to take on the role of executive chairman after stepping down. The announcement has set up a […]
Continue readingWalmart, the world’s largest retailer, has posted first-quarter adjusted earnings and revenue that exceeded Wall Street expectations, raising its outlook for the fiscal year.[0] This is in contrast to other retailers that have reported results this week, particularly those that don’t focus as heavily on essentials. Walmart’s solid performance was driven by rising prices that […]
Continue readingFormer executives of Silicon Valley Bank and Signature Bank appeared before the Senate banking committee on May 16, 2023, to testify about the reasons behind the banks’ recent failures.[0] The hearing focused on how and why the banks collapsed, with lawmakers questioning the executives about their compensation, paychecks, and bonus payouts. The panel included former […]
Continue readingThe University of Michigan’s consumer sentiment index dropped nearly 6 points from April to May, falling to a six-month low of 57.7 and indicating that the debt ceiling fight had a negative impact on the economic outlook held by many Americans.[0] The data came out on Friday morning, and it showed that the preliminary read […]
Continue readingElon Musk, the billionaire entrepreneur and CEO of Tesla, has named Linda Yaccarino as the new CEO of social media platform Twitter.[0] The move comes several months after Musk promised to step back from the role.[1] Yaccarino is a longtime media executive who was previously chairman of global advertising and partnerships at NBCUniversal.[2] Her appointment […]
Continue readingAhead of the upcoming US FDA advisory committee meeting, concerns have been raised about the clinical trials, manufacturing, and preclusive nature of Sarepta Therapeutics’ gene therapy for Duchenne muscular dystrophy (DMD).[0] The therapy, known as SRP-9001, is designed to address the underlying cause of DMD through the targeted production of functional components of dystrophin in […]
Continue readingElon Musk has announced that he will step down as CEO of Twitter in six weeks, and will instead serve as executive chair and CTO.[0] Musk has stated that he has already hired a new CEO for Twitter’s parent company, X Corp., and suggested that the new boss will be a woman.[1] This news comes […]
Continue readingConsumer prices in the US rose 4.9% on an annual basis in April, marking the smallest year-over-year increase since May 2021 and coming in better than economists’ expectations for inflation to remain flat at 5%.[0] This is the first time annual inflation has landed below 5% in two years.[1] Furthermore, the CPI reading has cooled […]
Continue readingShares of PacWest Bancorp (PACW) saw a surge of 19% early Monday after the bank announced it was cutting its dividend from 25 cents per share in the previous quarter to 1 cent per share late Friday.[0] The move was made to preserve capital amid current economic uncertainty, recent volatility in the banking sector, and […]
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