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Social Security's surplus will last a little longer, new report predicts The reserve funds for Social Security and Medicare programs will last longer than previously thought — thanks to a faster and stronger-than-expected recovery from the 2020 pandemic-induced recession. The main Social Security trust fund will continue paying out full benefits through 2034, according to the annual report released Thursday from th…

GameStop quarterly revenue beats estimates on higher demand for video games GameStop Corp reported first-quarter revenue that exceeded market expectations on Wednesday, as the video game retailer pivots toward a more online-focused model amid increasing competition from large retailers such as Walmart Inc and Amazon.com Inc. Store closures during the COVID-19 pandemic affected GameStop's physical retail business, f…

We 'have reached peak bearishness' amid recession and Fed fears After a couple of days of strength in stocks, one Wall Street investment bank thinks the worst is behind investors — for now. "Over the near term, our high level takeaway is that the equity markets have reached a peak bearishness related to Fed expectations and recession risk," Citi Strategist Scott Chronert wrote in a new note to clients. "From here, …

Bonds Fall, Stocks Slide as Inflation Fears Mount. Stocks and US equity futures dropped, while bonds fell Tuesday as euro-zone inflation accelerated to a fresh all-time high, intensifying the debate at the European Central Bank about how rapidly to raise interest rates. S&P 500 and Nasdaq 100 contracts slipped at least 0.3%. Europe’s Stoxx 600 Index was set to snap four days of gains, retreating from a one-month hi…

China in Danger of Exporting Fresh Inflation China’s Covid-zero strategy is set to stay in place for the rest of the year, intensifying the world’s supply-chain woes and challenging efforts by central bankers to rein in inflation that’s running at multi-decade highs. While there are signs that China’s Covid outbreak is waning and some of the strictest controls are being rolled back, the takeaway from the latest MLI…

What to watch in markets this week A bounce in U.S. stocks last week snapped a seven-week losing streak for the S&P 500 and Nasdaq, while the Dow logged gains for the first time in eight weeks. These gains ended the longest weekly losing streak in over a decade for the S&P 500 after the index tip-toed into bear market territory. All three major indexes logged weekly gains of at least 5%, buoyed by a batch of upbeat…

Smaller NFTs are getting ‘obliterated’ amid crypto crash As NFT sales have plunged overall this year, smaller, lesser known NFTs are getting crushed, while bigger brand names are holding up a bit better. “What we're seeing in this market right now with NFTs is all of these small projects, ones that don't have a very strong roadmap, and I would say direction, just completely get obliterated,” Gannon Breslin, founder…

Nvidia falls short on guidance, stock down 9% after hours Nvidia (NVDA) reported its Q1 earnings after the bell Wednesday, beating analysts' expectations on revenue and earnings per share, but falling short on Q2 estimates. Here are the most important numbers from the report compared to what Wall Street was expecting from the graphics card giant in the quarter. Revenue: $8.29 billion versus $8.10 billion expected …

Stocks drift higher as traders await Fed meeting minutes U.S. stocks rose slightly on Wednesday, steadying after recent selling sparked amid growing concerns about the impact of inflation on company profits and the broader economy. Traders also awaited the Federal Reserve's meeting minutes later in the day, which may help further clarify the path of monetary policy in the near-term. The S&P 500 edged up after Tuesd…

A major shift in the economic narrative could be underway The overarching narrative of the markets and economy has been one of strong demand meeting lagging supply, a dynamic that has caused inflation to surge. While most signs suggest these trends continue to persist, a handful of anecdotes from the past week suggest this narrative could be changing. Signs that inventories are no longer depleted Supply chain disr…