Finance News
Today, Asian shares are mostly up following a new set of record highs on Wall Street.
Today, the stock market in Asia is seeing mostly positive gains following another round of record highs on Wall Street.,
On Friday, Asian shares mostly traded higher in quiet holiday trading, with markets closed in Hong Kong, Sydney, Singapore, and India. Many financial markets were closed for Good Friday, while in India, markets were closed for the Holi holiday.
The Nikkei 225 in Tokyo rose 0.4% to 40,316.56, the Kospi in Seoul edged 0.1% higher to 2,748.55, and the Shanghai Composite index gained 0.5% to 3,025.56. Taiwan’s Taiex advanced 0.4%, and in Bangkok, the SET added 0.3%.
Oil prices saw a jump, with U.S. benchmark crude oil gaining $1.82 to $83.17 per barrel and Brent crude surging $1.59 to $87.00 per barrel in electronic trading on the New York Mercantile Exchange.
The U.S. dollar slipped to 151.30 Japanese yen from 151.38 yen, while the euro edged lower to $1.0775 from $1.0790.
Stock markets have been on a strong run, with the S&P 500 and Dow Jones Industrial Average setting records. The Nasdaq composite saw a slight dip. Oil prices surged, with U.S. benchmark crude oil gaining $1.82 to $83.17 per barrel. The U.S. dollar slipped against the yen and euro.
Amidst the market activity, companies like Nvidia and Super Micro Computer saw significant gains, while others, like Tesla and Boeing, faced challenges. The U.S. economy showed stronger growth than expected, with solid job market indicators. The Federal Reserve is expected to cut interest rates later this year.
Despite overall optimism, concerns remain about inflation and the pace of stock market growth. Analysts urge caution and emphasize the need for companies to deliver solid profits to justify market moves.
Specific company updates include RH reporting weaker profit and revenue than expected but indicating an upward trend in demand, and Chemours reporting better-than-expected results. Trump Media & Technology Group saw a decline after significant gains, driven by enthusiastic investors.
FAQ:
Q: Why did the U.S. stock market set records?
A: The market has been performing well amidst strong economic indicators and expectations of interest rate cuts.
Q: Which companies saw significant gains?
A: Nvidia and Super Micro Computer experienced notable increases in stock value.
Q: What challenges did companies like Tesla and Boeing face?
A: Tesla saw a significant decline in stock value, while Boeing faced safety and manufacturing quality concerns.
Q: What factors are influencing the Federal Reserve’s decision on interest rates?
A: The Fed is monitoring inflation and economic growth to determine the timing of rate cuts.
Bespoke Investment Group co-founder Paul Hickey breaks down the current volatility in the market and discusses his current favorite investment opportunities on ‘Making Money.’
JPMorgan CEO Jamie Dimon still isn’t a fan of Bitcoin but he’s not letting his personal feelings get in the way of business at the bank.
“When I look at the Bitcoin universe, the leverage in the system, the misuse,” he said at the company’s annual investor day Monday in New York. Noting that bad actors can use it for sex trafficking and terrorism.
“I am not a fan of it. We are going to allow you to buy it. And we’re not going to custody it. We’re going to do is put it on statements for clients. So, you know, I don’t think we should smoke, but I defend your right to smoke. I defend your right to buy Bitcoin, go at it”, he added.
JPMorgan Chase CEO Jamie Dimon Speaks at Investor Day 5/19
At JPMorgan’s Investor Day, Dimon said the bank will now allow clients to buy Bitcoin but that policy hasn’t changed his view on the cryptocurrency. (JP Morgan)
Bitcoin, the largest crypto by market value, is just shy of its all-time high of $106,734.51 reached last year.
DIMON SOUNDS OFF ON HIGH MORTGAGE RATES, LAYS BLAME
Dimon has long been a critic of Bitcoin, including these remarks from 2021:
“I personally think that Bitcoin is worthless,” Dimon said while speaking at a virtual event hosted by the Institute of International Finance. “But I don’t want to be a spokesman for that, I don’t care. It makes no difference to me.” Dimon has also likened the crypto to “fools gold.”
Shares of JPMorgan Chase are up over 10% outperforming the S&P 500 which is flat for the year.
In January 2024, the Securities and Exchange Commission greenlighted the first Bitcoin exchange-traded fund, prompting a slew of firms to launch their own, making the asset class more accessible for both institutional and retail investors.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| IBIT | ISHARES BITCOIN TRUST – USD ACC | 60.66 | +0.68 | +1.13% |
| FBTC | FIDELITY WISE ORIGIN BITCOIN FUND – USD ACC | 93.14 | +0.98 | +1.06% |
| GBTC | GRAYSCALE BITCOIN TRUST ETF – USD ACC | 84.12 | +0.88 | +1.06% |
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iShares Bitcoin Trust ETF, Fidelity Wise Origin Bitcoin ETF and Grayscale Bitcoin Trust ETF are currently the largest funds by assets under management, as tracked by ETF.com.
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Hooters CEO Sal Melilli joins ‘Fox & Friends’ to discuss plans to return the brand to its roots as a ‘neighborhood restaurant.’
Italian restaurant chain Bertucci’s is closing more locations after filing for bankruptcy again to mitigate losses.
The Massachusetts-based business, which has locations along the East Coast and is best known for its brick oven pizza and pasta, filed for Chapter 11 bankruptcy protection in Florida last week. It marked the chain’s third bankruptcy since 2018.
Bertucci’s also closed seven of its underperforming locations – five in Massachusetts, one in Rhode Island and one in Maryland. It now operates 15 restaurant locations in six states, according to court documents.
RESTAURANT CHAIN BERTUCCI’S FILES FOR BANKRUPTCY PROTECTION
Italian restaurant chain Bertucci’s has filed for bankruptcy for the third time since 2018. It has also closed seven restaurants to mitigate losses, according to an April 24 bankruptcy filing. (WFXT)
The company cited the “deterioration” of the U.S. economy and “lack of consumer demand for legacy casual-dining brands” as reasons why the restaurant chain has been operating at a loss, according to the filing.
FAST-FOOD CHAIN CLOSING UP TO 200 ‘UNDERPERFORMING’ LOCATIONS
“With losses accumulating, inflationary pressures still high, and industry headwinds gusting, the proverbial final straw fell on [Bertucci’s] this year as the world saw food costs soar, consumer spending slow, and an uncertain global economy falling in (and out) of decline,” as stated in the bankruptcy documents.
Bertucci’s has assets and liabilities between $10 million and $50 million, according to the filing.
TGI FRIDAYS’ US FOOTPRINT HAS SHRUNK TO 85 RESTAURANTS ACROSS THE COUNTRY
The restaurant chain hopes bankruptcy will provide the business with a “breathing spell” so it can “determine the best path forward and formulate an overall reorganizational plan,” it said in the filing.
In April 2018, Bertucci’s filed for Chapter 11 bankruptcy protection and closed 15 restaurants. In December 2022, amid challenges caused by the COVID-19 pandemic like the closure of restaurants and inflation, it declared bankruptcy for a second time and streamlined operations down to 23 locations, according to the filing.
Bertucci’s previously filed for bankruptcy in 2018 and 2022. (WFXT)
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Bertucci’s did not respond to FOX Business’ request for comment.
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