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PROTECTED BY RECAPTCHA PRIVACY POLICY | TERMS OF SERVICE Better-than-expected economic data lifted stocks. The ISM non-manufacturing purchasing managers index, released Wednesday, showed a surprise rebound. Recommended CONSUMER Coca-Cola’s newest flavor ‘Dreamworld’ supposedly tastes like dreams CONSUMER U.S. Postal Service asks for temporary postage hike for holiday season “When we get a nice surprise like this it readjusts your thinking, so that’s why I think the market is taking off,” said Kim Forrest, founder at Bokeh Capital Partners, adding that every day investors are weighing if the U.S. is in a recession. “This is just more information telling us that maybe things just aren’t as bad as we forecast.” Traders shook off anxiety that House Speaker Nancy Pelosi’s visit to Taiwan could further strain already tense U.S.-China relations. China had spent weeks warning her not to make the trip. Markets fell further after three Federal Reserve presidents hinted that further rate hikes would be necessary to combat high inflation. Traders are also anticipating another batch of second-quarter earnings. Lucid Group and Spirit report after the bell. In economic data, investors this week will be watching the July nonfarm payrolls report, due Friday. Carmen Reinicke, CNBC Tanaya Macheel, CNBC Tanaya Macheel is a cryptocurrency and financial technology reporter for CNBC.
Aug. 4, 2022, 12:09 AM +07 By Carmen Reinicke, CNBC and Tanaya Macheel, CNBC U.S. stocks rallied Wednesday, as traders cheered better-than-expected economic data that slowed down the idea that a recession is inevitable. The Dow Jones Industrial Average rose 406 points, or 1.25%. The S&P 500 gained 1.46%, and the Nasdaq Composite increased 2.32%, boosted by rising tech stocks. Earnings season continued, giving investors hope that the market can recover. Moderna surged more than 15% and CVS Health gained nearly 5% after reporting earnings beats. Stocks rebound as investors cheer strong economic data AUG. 4, 202203:16 Comments from St. Louis Federal Reserve President James Bullard also boosted sentiment. He told CNBC Wednesday morning that he doesn’t think the U.S. is currently in a recession, and that rate hikes to tame high inflation will continue. “We’re going to have to see convincing evidence across the board, headline and other measures of core inflation, all coming down convincingly before we’ll be able to feel like we’re doing our job,” Bullard said during a live “Squawk Box” interview. Bullard’s comments echo remarks made by other Fed officials. San Francisco Fed President Mary Daly said Tuesday the central bank’s work to tame inflation is “far from done.” Get the Morning Rundown Get a head start on the morning’s top stories. SIGN UP THIS SITE IS
Aug. 3, 2022, 11:46 PM +07 By Yun Li, CNBC Think the meme stock mania is so 2021? Just take a look at AMTD Digital. The little-known Hong Kong-based fintech company saw its shares skyrocket 126% on Tuesday alone after experiencing a series of trading halts. AMTD Digital, a subsidiary of investment holding company AMTD Idea Group, went public in mid-July with its American depositary receipts trading on the NYSE. Two weeks later, the stock is up 21,400% to $1,679 apiece from its IPO price of $7.80. The monstrous move pushed its market cap above $310 billion as of Tuesday, making it bigger than Coca-Cola and Bank of America, according to FactSet. AMTD Digital generates revenue primarily from fees and commissions from its digital financial services business, and it only made $25 million in revenue in 2021, according to a regulatory filing. The wild trading is reminiscent of the GameStop mania of 2021 where a band of Reddit-obsessed retail investors managed to push up shares of the video game retailer and squeeze out short selling hedge funds. Indeed, the ticker HKD became the most popular mention on Reddit’s WallStreetBets chat room Tuesday, according to alternative data provider Quiver Quantitative. Get the Morning Rundown Get a head start on the morning’s top stories. SIGN UP THIS SITE IS PROTECTED BY RECAPTCHA PRIVACY POLICY | TERMS OF SERVICE AMTD Idea Group’s ADR was also the single-most actively traded stock on the Fidelity platform Tuesday. The stock has popped nearly 300% this week. The intense speculative behavior among retail investors is unnerving many on Wall Street yet again. “As we’ve learned over the past two years, events like this cause what I would say is opportunities for profit but great risk for loss particularly for our retail investors,” Jay Clayton, former SEC chairman, said Wednesday on CNBC’s “Squawk Box.” Famed short seller Jim Chanos took it to Twitter and expressed frustration about the mania. “So we’re all just going to ignore the $400B meme stock in the room?” Chanos said in a tweet. “We literally had Congressional hearings over the $30B runs of $GME and $AMC, but just [crickets] today. The crazy moves, based on no material news, also shocked the company itself. AMTD Digital issued a “thank you note” to investors Tuesday, adding it’s monitoring the market closely for any trading abnormalities. “To our knowledge, there are no material circumstances, events nor other matters relating to our Company’s business and operating activities since the IPO date,” AMTD Digital said in the statement. Yun Li, CNBC
Product detail for this product:
Suitable for Women/Men/Girl/Boy, Fashion 3D digital print drawstring hoodies, long sleeve with big pocket front. It’s a good gift for birthday/Christmas and so on, The real color of the item may be slightly different from the pictures shown on website caused by many factors such as brightness of your monitor and light brightness, The print on the item might be slightly different from pictures for different batch productions, There may be 1-2 cm deviation in different sizes, locations, and stretch of fabrics. Size chart is for reference only, there may be a little difference with what you get.
- Material Type: 35% Cotton – 65% Polyester
- Soft material feels great on your skin and very light
- Features pronounced sleeve cuffs, prominent waistband hem and kangaroo pocket fringes
- Taped neck and shoulders for comfort and style
- Print: Dye-sublimation printing, colors won’t fade or peel
- Wash Care: Recommendation Wash it by hand in below 30-degree water, hang to dry in shade, prohibit bleaching, Low Iron if Necessary
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