The U.S. Senate narrowly passed President Joe Biden’s Inflation Reduction Act on Sunday, aiming to cut government deficits and consumer medical bills while boosting climate-change spending, increasing corporate income taxes and creating a new 1% levy on stock buybacks. The measure passed on a party-line 51-50 vote, with all Democrats and Democratic-leaning independents in the … Read more
Ark Invest founder Cathie Wood seems to think the market is approaching a bottom and growth stocks would lead a recovery, the fund manager told CNBC’s Tech Trade Special Friday. “Typically growth stocks will outperform as we move towards the end of a bear market and of a recession because they are the new leadership,” … Read more
After finding out that the Chinese products are produced with forced labour, the US imposed a ban on Xinjiang imports, which hit China’s supply chain. In 2021, the Uyghur Forced Labour Prevention Act (UFLPA) was signed into law, under which the US government assumes that anything made even partially, in the Chinese manufacturing hub of … Read more
Investing in stocks over the next decade is going to get tough for those that simply buy and hold. That’s according to Stifel’s chief equity strategist, Barry Bannister, who foresees a lost decade for stocks. Here’s how investors should prepare for the potential of 0% returns in the US stock market through 2031, according to … Read more
JPMorgan’s top executive Jamie Dimon said the Federal Reserve could be more aggressive than many may have anticipated when it comes to fighting inflation. “My view is a pretty good chance there will be more than four,” Dimon said during the bank’s earnings call Friday. “It could be six or seven.” The CEO on Tuesday … Read more
Beijing has attacked the retailer over Xinjiang, after similar moves against Intel, Adidas and H&M A New Year’s Eve salvo from Beijing accusing Walmart Inc. of “stupidity and shortsightedness” has driven home a stark challenge for Western businesses in one of their most promising markets: As governments ratchet up accusations of human-rights violations in China, … Read more
The US has exported more empty shipping containers this year than any single good, according to a MarketWatch report. Surging US import rates incentivized shippers to skip American-made exports and hurry back to Asia. Agriculture exports dropped 22% in 2021, increasing the US trade deficit to record highs. The US’ biggest export this year was … Read more
Democrats are about to include a massive tax cut for the wealthy in their social spending plan. The plan could deliver much larger benefits to high-earners compared to middle-income families. Democrats argue that passage of the SALT cap in the Trump tax law was punitive to blue-state voters. Rich Americans could come out much further … Read more
Treasury Sec. Janet Yellen said Congress has until October 18 to raise the debt limit. She previously said the government’s ability to pay its bills will run out sometime in October. The GOP struck down a bill that would have raised the limit on Monday, refusing to help Democrats. See more stories on Insider’s business … Read more