📈 Stocks / Finance

Wall Street Declines Amid Job Market Uncertainty and Rising Oil Prices

Yahoo Finance

Stocks on Wall Street dipped on Thursday, with the S&P 500 falling nearly 0.2% and the Dow losing about 0.4%. Investors are anxiously waiting for the September jobs report after mixed signals about the labor market, including a slight rise in jobless claims. Oil prices surged for the third day, with both Brent crude and West Texas Intermediate futures increasing by over 5% due to rising tensions in the Middle East. Meanwhile, Tesla's stock dropped more than 3% after disappointing delivery numbers and halting online orders for its cheapest Model 3.

Extreme Networks Sued by Investors for Alleged Financial Misrepresentation

Global Newswire

Extreme Networks is facing a class-action lawsuit for allegedly misleading investors about its financial health during the COVID-19 pandemic. The complaint claims that the company inflated its customer demand metrics, which led to a significant 18% drop in its stock price on January 31, 2024, after revealing a projected revenue decline of up to 37% for the following quarters. Key executives, including CEO Edward B. Meyercord III, are accused of making false statements about the company’s strong performance. Investors have until October 15, 2024, to join the lawsuit if they experienced significant losses.

U.S. Dollar Surges Amid Economic Data and Global Tensions

Reuters

The U.S. dollar hit a six-week high due to solid economic growth and rising tensions in the Middle East. While U.S. services grew in September, the labor market showed signs of slowing, but upcoming jobs data could shift expectations. Safe-haven demand for the dollar rose as strikes and global conflicts threatened supply chains.

🪙 Crypto

Cathie Wood’s Bold Bitcoin Prediction: 5,789% Upside by 2030

Motley Fool

Cathie Wood, CEO of Ark Investment, predicts Bitcoin could skyrocket 5,789% by 2030, thanks to institutional demand, emerging market adoption, and its role as "digital gold." Despite this optimism, Bitcoin’s volatility and limited adoption challenge its potential to replace traditional money, with only 9,331 merchants worldwide accepting it. While Wood forecasts Bitcoin could hit $3.8 million per coin, critics argue that this price would exceed the value of entire global markets, making it unrealistic.

🌎 Global Economy

Strike Could Cause Shortages and Price Hikes Across U.S. Ports

Yahoo Finance

A dockworkers strike involving 45,000 workers has shut down ports along the U.S. East and Gulf coasts, risking shortages and higher prices for goods if it continues. Workers are demanding a 77% pay raise and a ban on automation, while port operators have offered a 50% raise and limits on automation. The strike’s impact could worsen if it drags on, especially with the holiday shopping season approaching.

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