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(Bloomberg) — Bitcoin dropped Monday as traders eased up on stimulus-fueled bets that had powered the digital token to a fresh record over the weekend. The largest cryptocurrency slumped by as much as 9.2% before trading at $56,131 as of 1:04 p.m. in New York, after topping out at $61,742 on Saturday. Bitcoin reached its latest all-time high on optimism that some of the pandemic relief payments in the U.S. will end up chasing the digital token’s towering rally. “The stimulus news was bid… Source link

Reuters Team New Zealand hit top gear to level America’s Cup at 3-3 Holders Team New Zealand roared back to beat Luna Rossa and make it 3-3 in the 36th America’s Cup match off the coast of Auckland on Saturday, after the Italian challengers dominated the day’s opening race. TNZ hit speeds of over 40 knots in the second race to cross the line in 27 minutes and 27 seconds, a minute and 41 seconds ahead of Luna Rossa, to the delight of most of the roughly 15,000 fans on the quay and some 2,000… Source link

Bloomberg Biden Eyes First Major Tax Hike Since 1993 in Next Economic Plan (Bloomberg) — President Joe Biden is planning the first major federal tax hike since 1993 to help pay for the long-term economic program designed as a follow-up to his pandemic-relief bill, according to people familiar with the matter.Unlike the $1.9 trillion Covid-19 stimulus act, the next initiative, which is expected to be even bigger, won’t rely just on government debt as a funding source. While it’s been… Source link

Bloomberg Biden Eyes First Major Tax Hike Since 1993 in Next Economic Plan (Bloomberg) — President Joe Biden is planning the first major federal tax hike since 1993 to help pay for the long-term economic program designed as a follow-up to his pandemic-relief bill, according to people familiar with the matter.Unlike the $1.9 trillion Covid-19 stimulus act, the next initiative, which is expected to be even bigger, won’t rely just on government debt as a funding source. While it’s been… Source link

Novavax, Inc.’s NVAX final data from a pivotal phase III study evaluating its coronavirus vaccine candidate, NVX-CoV2373, showed that it was 96.4% effective against mild, moderate and severe disease caused by the original COVID-19 strain in the United Kingdom. The company also announced results from the complete analysis of its phase IIb study in South Africa. In the region marked by a vast majority of strains that are B1.351 escape variants, the vaccine candidate delivered 55.4% efficiency… Source link

Wall Street opened on a mixed note Monday, with the broader market adding to recent gains but technology shares under renewed pressure, as investors balanced extending a rally against a backdrop of steadily rising Treasury yields. On Friday, major benchmarks ended a mixed session with the Dow Jones Industrial Average jumping by nearly 300 points and the S&P 500 Index also inching to a new high, bolstered by the signing of a new $1.9 trillion stimulus bill that’s poised to spur consumer… Source link

Costco’s stock may be down 12% this year as investors fret about growth slowing down after months of consumers stocking up during the COVID-19 pandemic, but it’s unlikely the usually strong market performer will stay stuck in neutral for too long. That inevitability for Costco (COST) reflects several byproducts of the pandemic that play right into the hands of the warehouse giant’s very business model (and by extension, its bottom line), argues Wells Fargo analyst Edward Kelly. One is… Source link

TipRanks These 2 EV Stocks Have Over 40% Upside Potential, Say Analysts Everyone wants to be part of the next big thing, and right now, in the automotive industry, that’s looking more and more like electric vehicles (EVs). A combination of social and political pressures are promoting EVs, and manufacturers – both legacy automakers like Ford and GM as well as newer companies like Elon Musk’s Tesla – are busy designing and building new lines of vehicles. That growth hit a snag last week,… Source link

Bloomberg Biden Eyes First Major Tax Hike Since 1993 in Next Economic Plan (Bloomberg) — President Joe Biden is planning the first major federal tax hike since 1993 to help pay for the long-term economic program designed as a follow-up to his pandemic-relief bill, according to people familiar with the matter.Unlike the $1.9 trillion Covid-19 stimulus act, the next initiative, which is expected to be even bigger, won’t rely just on government debt as a funding source. While it’s been… Source link

(Bloomberg) — Oil opened the week in robust form after a raft of economic data from China added to signs of recovery from the coronavirus pandemic just as the OPEC+ alliance presses on with output curbs to drain global inventories. West Texas Intermediate in New York gained 0.9%, while Brent also climbed. Figures from China for the first two months of the year showed a surge in industrial output, underscoring the strength of its V-shaped recovery and reinforcing expectations for increased… Source link