Donald Trump's $2 billion stock windfall, Bitcoin falls, Super Micro Computer tanks: Markets news roundup
Plus, mortgage rates keep falling — but homebuyers still aren’t biting
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Former President Donald Trump could offload his 114.75 million shares of Trump Media & Technology Group, or about 60% of the company’s outstanding stock, next month. While the move would line his pockets, it could spell trouble for the already troubled stock.
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Bitcoin fell below $60,000 again on Wednesday, triggered by a significant amount of tokens transferred to popular crypto exchanges. This reversed the gains made over the weekend following the Fed Chair’s speech. The leading cryptocurrency decreased by more than 5% in the past 24 hours, dropping below $59,000.
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Trump Media & Technology Group stock hit a fresh post-merger low Wednesday, as its shares dipped below $20 for the first time since going public.
Shares of Trump Media, the company behind former President Donald Trump’s social media network Truth Social, fell roughly 6%, bottoming out at $19.38 per share. In the five months since its debut on the Nasdaq under the ticker DJT, the company has seen its market value plunge 66%.
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Just a day after a short-seller published a scathing report accusing Super Micro Computer (SMCI) of accounting red flags and questionable business dealings, the firm said it would delay filing its next financial reports.
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Mortgage rates declined for the fourth-consecutive week, in what should be a positive for both homeowners and homebuyers. But the drop in rates has, so far, done little to spur sales.
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Despite a positive second-quarter earnings report, Abercrombie & Fitch (ANF) stock took a more than 17% dive Wednesday after the CEO warned of an “increasingly uncertain environment.”
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Berkshire Hathaway (BRK.A) CEO Warren Buffett just got an early birthday present.
Berkshire Hathaway, Buffett’s sprawling Omaha-based conglomerate, reached a market capitalization of $1 trillion Wednesday, becoming the first U.S. company outside of the tech sector to reach the milestone.
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Shares of Dollar General (DG) plummeted 29% on Thursday, heading toward what could be the company’s worst single-day performance on record. The sharp decline followed the discount retailer’s fiscal 2024 second-quarter earnings report, which revealed both profit and sales figures that fell short of market expectations.
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What happens if the Bank of Japan raises interest rates and the yen carry-trade fallout continues? Jeff Weniger of WisdomTree breaks it down
11 / 11
Former President Donald Trump’s economic plan would be a “disaster” for the U.S., and implementing his proposed tariffs on Chinese imports would make inflation surge, according to a Nobel-prize winning economist.