Author: Anthony M. Orbison
(Reuters) -United States Steel on Thursday forecast a surprise loss for the fourth quarter, sending its shares down nearly 5% in aftermarket trading. The company expects an adjusted loss of between 29 cents and 25 cents for the quarter, compared with analysts’ average estimate of a profit of 16 cents, according to data compiled by LSEG. U.S. Steel projected its fourth-quarter adjusted core profit to be about $150 million, which is below its prior forecast of $225 million to $275 million. Steel prices remained depressed and costs related to the ramp up of its Big River 2 (BR2) facility exert…
It was a sea of red in the crypto industry as Bitcoin price dropped below $100,000 briefly and the crypto fear and greed index moved from the extreme greed zone of 88 to 69. So, why did crypto crash this week? Bitcoin (BTC), he largest cryptocurrency, was trading at $102,300 on Dec. 19, while Ethereum (ETH) dropped to $3,600. Some of the top laggards were coins like Cosmis, Floki, THORChain, Curve DAO Token, and Fantom. Crypto crashed because of the Fed decision The most important reason why the crypto crash happened is the Federal Reserve decision. The bank decided to…
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Transcript:Conway Gittens: I’m Conway Gittens reporting from the New York Stock Exchange. Here’s what we’re watching on TheStreet today.The Dow staged a minor recovery Thursday after the federal reserve’s interest rate outlook prompted an 1100-point drop the day before. The rest of the market added to losses. On the bright side, November existing home sales were the strongest since March. Sales were up 6.1 percent over the past 12 months, which is the best annual gain in nearly 3-1/2 years. The median sales price rose to $406,100.Related: Amazon under investigation due to a concerning issueTurning to other business headlines, in what…
In what has been an impressive performance for the cryptocurrency, Ethereum has gained 65% this year, leading many traders to ponder if ETH is bound for a $5,000 all-time high in the fast-approaching 2025. The second largest crypto by market cap could be set to truly make good on its incredible potential.The asset has faced a notable price correction in recent days. The asset has fallen far below the $4,000 psychological level it had reached earlier this month. However, there are still high hopes for how it will fare in the coming year. With the entire sector set to get…
Summary The Fed wrapped up its Open Market Committee meeting and, as expected, lowered the federal funds rate by another 25 basis points. The fed funds target rate is now 4.25%-4.50%. This was the third reduction in the rate-cut cycle, which started in September after the central bank had hiked rates aggressively during 2022 and 2023. Three meetings, three cuts. But based on forecasts released along with the rate decision, it looks like the Fed will refrain from lowering rates in the months ahead at an aggressive rate. While the Fed has clearly shifted its emphasis from solely fighting inflation,…
BofA Global Research’s view on the Riksbank and Norges Bank suggests a more hawkish stance from Sweden’s central bank, while Norges Bank is more balanced and has guidance for a March cut, according to a note released on Thursday. The Riksbank’s rate cut to 2.50% was expected, according to BofA but the 2025 guidance was more hawkish than anticipated, with just one further cut projected in 1H25. BofA sees Norges Bank’s core inflation forecasts for next year more realistic now, however, still expects a quarterly cutting pace from March, but risks are still biased for less. In FX markets, BofA…
Bitcoin (BTC) fell to a low of $100,300 following hawkish comments by Fed chair Jerome Powell during the Federal Open Market Committee’s (FOMC)Markets retreated lower despite the expected 25 basis point cut in the US interest rate, bringing the rate to the 4.5% to 4.75% range.Bitcoin was trading at $100,740 as of press time, down 5.7% over the past 24 hours, based on CryptoSlate data.The wider crypto market experienced similar losses, with Ethereum (ETH) down 6.8% over the past day to $3,697 as of press time, while BNB and Solana (SOL) were down 4.6% and 8.1%, respectively.Dogecoin (DOGE) registered the worst…
Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.Joe Biden is sending top diplomats to Damascus to meet Abu Mohammed al-Jolani, the leader of the Islamist rebels that toppled Syria’s dictator Bashar al-Assad but which are designated a terrorist group by the US.Barbara Leaf, the state department’s senior Middle East official, will lead the delegation in the coming days, according to people familiar with the matter. The meeting would be the first formal in-person contact between the US and leaders of Hayat Tahrir al-Sham, which led the offensive that ousted…
Twas the week before Christmas and Wall Street felt dread, after a surprising statement straight from the Fed. Investors got their bells jingled big time on Dec. 18 after the Federal Reserve raised a clatter by indicating in a policy statement that it was forecasting two interest rate cuts in 2025 and not the previously projected four.Related: Fed Chair Powell is ‘adult in the room’ as Trump hammers CongressThe news hit markets like Jacob Marley rattling his chains as the Dow dropped about 1,100 points, or 2.5%, while the S&P 500 suffered its biggest post-Fed decision slide on record.The numbers were…