Robinhood cuts losses after falling transaction revenue

Robinhood cuts losses after falling transaction revenue

Net loss at Robinhood HOOD -4.36% Markets fell in the third quarter after a steep decline in costs helped offset falling revenue and lower user numbers. The online brokerage reported third-quarter revenue of $361 million, down 1% year-over-year and a seventh straight quarterly decline. Rising interest rates helped lift quarterly net interest income to $128 … Read more

Hong Kong hails reopening to Wall Street despite Covid controversies, typhoon

Hong Kong hails reopening to Wall Street despite Covid controversies, typhoon

Hong Kong’s attempt to welcome back global investors with a flagship summit was overshadowed by the controversial handling of a top local official’s Covid-19 test result, a typhoon and a lack of debate on how coronavirus restrictions have dented investor confidence in both Hong Kong and Hong Kong. mainland China. Some of Wall Street’s top … Read more

Where are the markets headed? Six professionals take their best guess

Where are the markets headed?  Six professionals take their best guess

A massive sell-off of bonds. A dive into tech stocks. The implosion of cryptocurrencies. The highest inflation in four decades. Amid a brutal and uncertain climate, we asked six financial heavyweights to share their thoughts on the state of the market, how they’ve dealt with this year’s carnage, and what they expect going forward. Market … Read more

SEC favors midpoint prices on investor stock trades in rule review

SEC favors midpoint prices on investor stock trades in rule review

The Securities and Exchange Commission’s planned overhaul of stock trading rules seeks to ensure that small investors get better prices when buying or selling stocks. One of the SEC’s goals is to increase the likelihood that investors will get the midpoint price on trades — halfway between the publicly displayed bid and ask price — … Read more

Saudi conference draws Wall Street leaders amid strained relations with US

Saudi conference draws Wall Street leaders amid strained relations with US

RIYADH, Saudi Arabia – International business leaders sidestepped a diplomatic spat between the United States and Saudi Arabia and converged on the Saudis’ flagship investment conference in a kingdom riding high on an oil price boom and seeking to flex its geopolitical soft power. Hundreds of American leaders descended on the Ritz-Carlton hotel for the … Read more

What CEOs Say: Fed ‘Should Look Out the Windshield’

What CEOs Say: Fed ‘Should Look Out the Windshield’

Here’s what some of the world’s business leaders said this week about the economy, consumer spending and advertising trends, among other topics. “A shrewd analyst might wonder if talk of inflation, recession and other factors would translate into slower spending growth. We just don’t see that here at Bank of America.” (October 17) International business … Read more

Dow jumps nearly 750 points as stocks end higher, bond yields fall on reports Fed may switch to smaller rate hikes after November

Dow jumps nearly 750 points as stocks end higher, bond yields fall on reports Fed may switch to smaller rate hikes after November

U.S. stocks closed sharply higher on Friday as investors weighed a Wall Street Journal story and comments from Federal Reserve officials suggesting the central bank may shift to smaller rate hikes after its November meeting. Investors also weathered intraday volatility in stocks as about $2 trillion in notional value of options on stocks, indexes and … Read more

BDT merges with MSD partners, forms new investment and advisory firm

BDT merges with MSD partners, forms new investment and advisory firm

An investment company born out of Michael Dell‘s family office is merging with a merchant bank run by a former Goldman Sachs Group senior Inc. deal maker to form a new investment and advisory firm that will cater to family and founder-led business owners. Byron Trott’s BDT & Co. will join MSD Partners LP, the … Read more

Stock market sell-off could spell another 20% drop for S&P 500, says Wall Street veteran

Stock market sell-off could spell another 20% drop for S&P 500, says Wall Street veteran

““I generally believe that interest rates will continue to go higher and inflation will not fall as much as expected.”“ — Thomas Peterffy, chairman and founder of Interactive Brokers Thomas Peterffy, chairman and founder of Interactive Brokers Group Inc. IBKR, +5.94%, believes the S&P 500 could fall nearly 20% from Wednesday’s levels to bottom around … Read more

Day traders go back to their day jobs as the stock market swoons

Day traders go back to their day jobs as the stock market swoons

The pandemic day trading boom has burst. A dizzying stock market and high inflation have dampened individual investors’ enthusiasm for buying and selling stocks. That was shown in earnings reports and financial information from some of the biggest retail brokerages in recent weeks. The average daily number of retail trades handled by Charles Schwab corp. … Read more