Top Market, Crypto, Tech and Politics Headlines Today While US Was Sleeping
08/02/2023 19:51US Markets Starbucks, Phillips 66 And 3 Stocks To Watch Heading Into Wednesday Fear & Greed Index Moves To 'Greed' Zone After S&P 500 Settles Lower Cathie Wood Buys $3.4M Worth Of Shares In This Payments Software Firm — Also Increases Exposure To Iridium Stock Crypto Binance Flourishing In Anti-Crypto China? $90B Transactions Reportedly Recorded In A Month Alameda's Shadow Over Bald Memecoin? Crypto Researcher Digs Out Possible Links But Rules Out SBF Connection Trump NFTs Skyrocket 650% In Sale
Bloomberg
Brazil’s Lula Hasn’t Intervened in Fuel Prices, Petrobras CEO Says
(Bloomberg) -- President Luiz Inacio Lula da Silva has never interfered in way Brazil’s state-controlled oil producer Petrobras adjusts politically sensitive fuel prices, Chief Executive Officer Jean Paul Prates told Bloomberg. Most Read from BloombergFitch’s US Credit Downgrade Sparks Criticism Along With UneaseMissing Goldman Sachs Analyst Confirmed Dead by New York PolicePoland Sends Troops to Belarus Border After Airspace BreachTrump Indicted on Federal Charges in 2020 Election ProbeUS, Euro
Bloomberg
Summers, El-Erian Pile Criticism on Fitch Downgrade Decision
(Bloomberg) -- Prominent economists Larry Summers and Mohamed El-Erian joined a cohort of their peers in criticizing Fitch Ratings’ decision to downgrade the US given signs of resilience in the world’s largest economy.Most Read from BloombergFitch’s US Credit Downgrade Sparks Criticism Along With UneaseMissing Goldman Sachs Analyst Confirmed Dead by New York PolicePoland Sends Troops to Belarus Border After Airspace BreachTrump Indicted on Federal Charges in 2020 Election ProbeUS, Europe Growing
Reuters
US private payrolls beat expectations in July, ADP says
U.S. private payrolls increased more than expected in July, pointing to continued labor market resilience that could shield the economy from a recession. Private payrolls rose by 324,000 jobs last month, the ADP National Employment report showed on Wednesday. Economists polled by Reuters had forecast private employment would increase by 189,000.
Reuters
US IRS to allow full digital document submissions for 2024 tax season
The U.S. Internal Revenue Service plans to allow taxpayers to submit all documents and correspondence to the agency digitally for the 2024 tax filing season and will convert all paper tax returns to digital documents by the 2025 season, the Treasury Department said on Wednesday. The initiative, part of a decade-long, $60 billion program to modernize systems and improve tax enforcement, will allow taxpayers to digitally submit all correspondence, non-tax forms and responses to IRS notices, the Treasury said.
Bloomberg
BofA Joins Fed in Reversing Recession Call Amid Growing Optimism
(Bloomberg) -- Economists at Bank of America Corp. revoked their forecast for a recession in the US, becoming the first large Wall Street bank to officially reverse its call amid growing optimism about the economic outlook.Most Read from BloombergFitch’s US Credit Downgrade Sparks Criticism Along With UneaseMissing Goldman Sachs Analyst Confirmed Dead by New York PolicePoland Sends Troops to Belarus Border After Airspace BreachTrump Indicted on Federal Charges in 2020 Election ProbeUS, Europe Gr
Reuters
Fitch cuts US credit rating to AA+; Treasury calls it 'arbitrary'
Rating agency Fitch on Tuesday downgraded the U.S. government's top credit rating, a move that drew an angry response from the White House and surprised investors, coming despite the resolution of the debt ceiling crisis two months ago. Traders' immediate response was to embark on a safe-haven push out of stocks and into government bonds and the dollar. Fitch downgraded the United States to AA+ from AAA, citing fiscal deterioration over the next three years and repeated down-the-wire debt ceiling negotiations that threaten the government’s ability to pay its bills.
SmartAsset
Can I Switch a Social Security Benefit to a Spousal Benefit?
Social Security benefits can provide you with a stream of retirement income that is reliable. Deciding when to take benefits is an important question, especially if you're married and hope to qualify for spousal benefits. If you're already taking Social … Continue reading → The post Rules for Switching Social Security Benefits appeared first on SmartAsset Blog.
Reuters
Kenya suspends crypto project Worldcoin over safety concerns
NAIROBI (Reuters) -Kenya's interior ministry said on Wednesday that it had suspended the local activities of cryptocurrency project Worldcoin while government agencies assess potential risks to public safety. The project founded by OpenAI CEO Sam Altman launched last week. It requires users to give their iris scans in exchange for a digital ID, and in some countries users also get free cryptocurrency as part of plans to create a new "identity and financial network".
Bloomberg
US Credit Downgrade by Fitch Attacked as Baseless by Biden Officials
(Bloomberg) -- Biden administration officials objected strenuously to a decision by Fitch Ratings to strip the US of its top-tier credit rating on Tuesday and sought to control the political and economic fallout. Most Read from BloombergFitch’s US Credit Downgrade Sparks Criticism Along With UneaseMissing Goldman Sachs Analyst Confirmed Dead by New York PolicePoland Sends Troops to Belarus Border After Airspace BreachTrump Indicted on Federal Charges in 2020 Election ProbeUS, Europe Growing Alar
The Fiscal Times
DeSantis Unveils Economic Plan Attacking ‘Failed Elites’
As he looks to revive his campaign for the 2024 Republican presidential nomination, Florida governor Ron DeSantis on Monday introduced a 10-point economic plan built on both populist talking points and long-standing conservative doctrine. In a campaign speech in New Hampshire, DeSantis tore into corporate interests, government bureaucrats and what he called the “failed elites” who have led America into military, cultural and economic decline. “Economic policy needs to be focused on making the co
Reuters
US job openings hit more than two-year low; labor market still tight
U.S. job openings fell to the lowest level in more than two years in June, but remained at levels consistent with tight labor market conditions, which could spur the Federal Reserve to keep interest rates elevated for some time. Labor market resilience was underscored by the third straight monthly decline in layoffs as employers hoard workers after difficulties finding labor during the COVID-19 pandemic. The report from the Labor Department on Tuesday, however, suggested workers are growing a bit less confident in the labor market, with resignations plunging by the most since April 2020.