Weekend Money Markets Roundup February 10, 2024

Disney stock jumped more than 10% during morning trading on Thursday (Feb. 8) as investors welcomed announcements from the media conglomerate about new partnerships with Taylor Swift and Fortnite maker Epic Games. The announcements followed a strong first quarter earnings report from the company. - Bruce Gil Read More

The Wall Street Journal has yet another story this morning about Elon Musk’s drug use —“ketamine recreationally through a nasal spray bottle,” “ecstasy from a water bottle,” among other substances and delivery methods — this time concerning how he does them with board members of his various companies, some of whom have amassed very valuable stock options in their time there. (Musk didn’t comment to the Journal for its story.) Some of them are worried that Musk is going to tank the value of those companies, but they’re scared to speak up because they don’t want to get on his bad side. - Melvin Backman Read More

A lot of people want the Fed to lower interest rates right now after a year and a half of keeping them at a two decade-plus high. The Fed, which is looking at an economy firmly intact, doesn’t feel like it, and Wall Street bettors are realizing they’ll have to wait awhile. The reason? Inflation has calmed down since the early days of the pandemic, but it’s still not where the Fed wants things. The explanation that Fed governor Adriana D. Kugler zeroed in on during a speech Wednesday (Feb. 7) is… service worker wages. - Melvin Backman Read More

US Federal Reserve Chair Jerome Powell appeared for a rare interview on the CBS News show 60 Minutes on Sunday night.

During the interview, Powell provided insight into the Fed’s strategy for addressing inflation and gave some hints as to when the central bank will finally cut rates. - Bruce Gil Read More

KFC sales in China bounced back in 2023, growing an “impressive” 20%, the chief executive of its parent company Yum! Brands told investors Wednesday (Feb. 7). That’s a big jump, considering that KFC sales dipped in the nation in 2022 and Chinese consumer sentiment remains low. - Laura Bratton Read More

Israel is still bombing the Gaza Strip, having killed at least 27,000 people since the Oct. 7 Hamas attack killed about 1,200. The Houthi rebels in Yemen have been shooting missiles at Israel-bound and US-flagged ships in the Red Sea in protest (because Israel is the largest foreign recipient of US military supplies). And to steer clear of having their crews and ships targeted, global shipping companies started routing them the long way to other side of the Suez Canal, around South Africa’s Cape of Good Hope. - Melvin Backman Read More

As we approach Super Bowl Sunday, more Americans may be dreaming of making the leap into pro-athlete roles like those of Travis Kelce and Patrick Mahomes of the Kansas City Chiefs. While pro sports aren’t for the faint of heart, athlete-hopefuls may have an easier time finding a job over the next decade than the average American. - Laura Bratton Read More

Back in January the US government said that exchange-traded funds, or ETFs, could start investing in bitcoin. Someone got so excited they hacked the US Securities and Exchange Commission’s website to break the news just a little bit earlier. Though a bunch of people — mainly the ever-woeful Grayscale trust — got out of their holdings after the rules of the market changed, a different bunch of people (or maybe even the same people seeking a better deal on fees) moved their money over to one of the nine other bitcoin ETFs that sprung up last month. - Melvin Backman Read More

LinkedIn’s Career Expert Andrew McCaskill tells Quartz how to lead a conversation around compensation packages

Despite consumer prices having eased in 2023, car loan and credit card delinquencies have been on the rise — continuing above pre-pandemic levels.

That comes from a new report by the Federal Reserve Bank of New York’s Center for Microeconomic Data released Tuesday (Feb. 6). The findings: even with inflation having come down, Americans are still feeling a wallet squeeze. The rise in delinquencies “signals increased financial stress, especially among younger and lower-income households,” Wilbert van der Klaauw, economic research advisor at the New York Fed, said in a press release. When it comes to car loans specifically, researcher said high interest rates may have played a role in making it harder for people to keep up with monthly payments. - Bruce Gil Read More