U.S

US heading into shallow recession, no respite from rate hikes yet: Reuters poll

BENGALURU, Dec 9 (Reuters) – The US economy is heading into a short and shallow recession over the coming year, according to economists polled by Reuters who unanimously expected the US Federal Reserve to go for a smaller 50 basis point interest rate hike on Dec . 14. The Fed has another half-point at least …

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S&P 500, Nasdaq snap losing streaks after jobless claims rise

Weekly jobless claims rise in line with estimates Moderna, Pfizer up as FDA authorizes updated COVID boosters Exxon climbs after boosting buyback program Indexes up: Dow 0.55%, S&P 0.75%, Nasdaq 1.13% Dec 8 (Reuters) – The S&P 500 (.SPX) ended higher on Thursday, snapping a five-session losing streak, as investors interpreted data showing a rise …

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What’s In Store For The Stock Market After The Midterm Election

Midterm elections, like the one we just had on November 7, tend to impact the stock market in predictable ways. Stocks tend to sell off and volatility increases before the vote, then the market typically calms down and rebounds in the months afterwards and through the first half of the following year. Has this midterm …

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Meta battles US antitrust agency over future of virtual reality

WASHINGTON/SAN JOSE, Calif., Dec 8 (Reuters) – The Federal Trade Commission, which enforces antitrust law, is about to engage in a real-life courtroom fight over virtual reality. On Thursday, a high-profile trial kicks off in which the FTC will try to prevent Facebook parent Meta Platforms Inc (META.O) from buying virtual reality app developer Within …

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Google must remove ‘manifestly inaccurate’ data, EU top court says

LUXEMBOURG, Dec 8 (Reuters) – Alphabet unit Google (GOOGL.O) must remove data from online search results if users can prove it is inaccurate, Europe’s top court said on Thursday. Free speech advocates and supporters of privacy rights have clashed in recent years over people’s “right to be forgotten” online, meaning that they should be able …

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US weekly jobless claims rise; continuing claims at 10-month high

Weekly jobless claims increase 4,000 to 230,000 Continuing claims rise 62,000 to 1.671 million WASHINGTON, Dec 8 (Reuters) – The number of Americans filing new claims for jobless benefits increased moderately last week, while unemployment rolls hit a 10-month high towards the end of November, suggesting the labor market was gradually slowing down. Still, labor …

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Pentagon splits $9 billion cloud contract between Google, Amazon, Oracle and Microsoft

Dec 7 (Reuters) – The Pentagon awarded $9 billion worth of cloud computing contracts to Alphabet Inc’s Google (GOOGL.O), Amazon Web Services Inc (AMZN.O), Microsoft Corp (MSFT.O) and Oracle Corp on Wednesday. The Joint Warfighting Cloud Capability (JWCC) is the multi-cloud successor to the Joint Enterprise Defense Infrastructure (JEDI), which was an IT modernization project …

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Elon Musk briefly loses title as world’s richest person to LVMH’s Arnault – Forbes

Dec 7 (Reuters) – Twitter owner and Tesla (TSLA.O) boss Elon Musk briefly lost his title as the world’s richest person on Wednesday, according to Forbes, following a steep drop in the value of his stake in the electric-car maker and a $44 billion bet on the social media firm. Bernard Arnault, the chief executive …

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Ex-Theranos president Balwani sentenced to nearly 13 years for fraud

Dec 7 (Reuters) – A US judge on Wednesday sentenced former Theranos Inc President Ramesh “Sunny” Balwani to 12 years and 11 months in prison on charges of defrauding investors and patients of the blood testing startup led by Elizabeth Holmes, a spokesperson for the US attorney’s office confirmed. US District Judge Edward Davila in …

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