Stocks sold off on Friday as new U.S. data sparked concern among investors over a slowing economy and sticky inflation, leading them in search of safer assets.
Cryptocurrency exchange says it was victim of $1.5 billion hack
A major cryptocurrency exchange says it was the victim of a sophisticated hack that stole about $1.5 billion worth of digital currency, marking one of the biggest online thefts of all time. Bybit said Friday that a routine transfer of Ethereum, one of the most popular cryptocurrencies, between digital wallets was “manipulated” by an attacker who transferred the crypto to an unidentified address.
Wall Street giant Morgan Stanley eases diversity emphasis in annual report
The report omitted the bank's past statement that "a diverse and inclusive workforce is important to Morgan Stanley's continued success." Instead, the report now says: "meritocracy is at the heart of Morgan Stanley's talent development" and "a workforce that represents the societies in which we live and work, and our global client base, is integral to Morgan Stanley's continued success." Several corporate giants have been softening their diversity commitments amid a push by Trump to dismantle diversity, equity and inclusion (DEI) programs in the federal government and the private sector.
These AI Stocks Plunged During Friday's Sell-Off
High-flying AI stocks tumbled on Friday amid a broad risk-averse pivot on Wall Street.
Transport stocks take a hit on Wall Street on economic and tariff fears
Transportation stocks went sharply in reverse on Friday with the economic bellwether Dow Jones Transport average index falling more than 2.6% in its steepest daily loss since December 18 and its third consecutive decline, as investors reacted to weak economic readings and worried about tariffs. While the transport index pared its losses by the close, most of its stocks fell for the day. Its biggest decliner was Old Dominion, finishing down 8.5%.
Rivian (RIVN) Stock Trades Down, Here Is Why
Shares of electric vehicle manufacturer Rivian (NASDAQ:RIVN) fell 4.8% in the afternoon session after Cantor Fitzgerald analysts downgraded the stock's rating from Buy to Neutral after it announced underwhelming Q4 2024 earnings. The analysts highlighted key concerns, including "lower vehicle deliveries, fewer EDV [electric delivery van] deliveries, and worsening macro conditions, including the implementation of incremental tariffs and the likely removal of the $7,500 EV Tax Credit."
Franklin Templeton files for Solana ETF as crypto interest expands beyond bitcoin
Investment managers are rolling out new products to capitalize on this increasing interest. In January, Grayscale Investments launched a fund tied to Dogecoin, a token the company said has "transitioned from a memecoin ... to a tool for global financial inclusion and a viable means of payment". Solana has gained more than 60% over the past year.
Bybit just suffered the biggest attack in crypto history, suffering $1.4 billion in losses
ByBit CEO says the platform is experiencing “massive withdrawals.”
Ginnie Mae, Stalwart of Mortgage Market, Squeezed by DOGE
(Bloomberg) -- Ginnie Mae, a $2.7 trillion stalwart of the US home mortgage market, is the latest Washington agency targeted by Elon Musk.Most Read from BloombergTrump to Halt NY Congestion Pricing by Terminating ApprovalTrump Targets $128 Billion California High-Speed Rail ProjectTrump Asserts Power Over NYC, Proclaims ‘Long Live the King’Airbnb Billionaire Offers Pre-Fab Homes for LA Fire VictimsSorry, Kids: Disney’s New York Headquarters Is for Grown-UpsOver the past week, as much as a quarte
Celsius (CELH) Stock Trades Up, Here Is Why
Shares of energy drink company Celsius (NASDAQ:CELH) jumped 39% in the pre-market session after the company delivered exceptional fourth quarter 2024 results, which blew past analysts' EBITDA, EPS, and revenue estimates, suggesting the struggles surrounding its controversy with Pepsi, where it oversold inventory to the behemoth, could be approaching the rearview mirror. Separately, the company announced its acquisition of Alani Nu, a popular up-and-coming energy drink brand. Zooming out, we thin