In a dramatic turn of events, Wall Street witnessed a significant reaction on Wednesday as the CBOE Volatility Index (VIX) experienced its second-largest percentage increase in history, soaring by an astonishing 74%. This unprecedented surge was largely a response to the Federal Reserve’s announcement regarding its future interest rate strategies, which hinted at a more
On a notably challenging day for investors, Micron Technology, a leading semiconductor manufacturer, saw its shares experience a significant decline of 16% on Thursday, marking a harsh reminder of the volatility often seen within the tech sector. This marks the company’s worst trading day since March 2020, coinciding with the tumultuous onset of the COVID-19
As economic policies evolve under new leadership, the specter of tariffs on imported goods looms larger than ever, particularly within the automotive sector. President-elect Donald Trump has not shied away from discussing the implementation of substantial tariffs, notably a proposed additional 10% tariff on products imported from China, alongside another anticipated 25% on goods coming
In 2024, the Federal Reserve made headlines by lowering its interest rate target three times, prompting many prospective homeowners to hope for a dip in mortgage rates. However, experts caution that such adjustments might not lead to immediate relief for would-be buyers. Jordan Jackson, a global market strategist at J.P. Morgan Asset Management, anticipates that
In December 2024, the Federal Reserve made headlines by announcing a reduction in interest rates for the third time within the year. While this adjustment aimed to stimulate economic activity, an intriguing phenomenon emerged: mortgage rates surged despite the Fed’s efforts to lower borrowing costs. This article delves into the intricate relationship between the Fed’s
In a shocking turn of events, Party City has made the decision to close all of its retail locations, sending ripples of disbelief among employees and customers alike. The announcement came on a Friday, when CEO Barry Litwin conveyed the disheartening news during an internal meeting, marking an abrupt end to countless jobs. With immediate
The story of Dave, a digital banking service designed to assist cash-strapped Americans, is a compelling example of resilience and reinvention in the fast-evolving financial technology space. As the CEO, Jason Wilk, faced the devastating circumstances of June 2023, he encountered an abyss that many startup leaders dread. At that point, shares of the company
As we move through 2023, a notable upward trend in the average savings rate associated with 401(k) plans has emerged, as highlighted by the results of a recent industry survey. The average combined savings rate—taking into account employee contributions and employer matches—has risen to an impressive 12.7%, up from 12.1% in the previous year. This
2023 has marked an unprecedented year for chief executive officer (CEO) turnover in U.S. public companies, with 327 changes reported by Challenger, Gray & Christmas—a record since the firm began tracking this data over a decade ago. This significant shift indicates a broader trend of increasing volatility in corporate leadership, revealing an evolving landscape where
The Consumer Financial Protection Bureau (CFPB) recently took the significant step of suing the operators of Zelle, along with the three dominant banks involved in the payment network—JPMorgan Chase, Bank of America, and Wells Fargo. This lawsuit highlights a disturbing pattern of negligence regarding consumer protection practices associated with the Zelle payment system. The CFPB