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Expect financial market and economic chaos to ensue if U.S. lawmakers don’t find a resolution on the debt ceiling this time around. “If there was even a temporary default on the U.S. debt, it would really be a financial catastrophe,” NYU professor and economist Nouriel Roubini told Yahoo Finance Live at the World Economic Forum (video above). “So if you default on the debt, domestic and foreign investors in the private sector are not going to buy your bonds, and you’ll have a spike in… Source link

This article first appeared in the Morning Brief. Get the Morning Brief sent directly to your inbox every Monday to Friday by 6:30 a.m. ET. Subscribe Thursday, January 19, 2023 Today’s newsletter is by Jared Blikre, a reporter focused on the markets on Yahoo Finance. Follow him on Twitter @SPYJared. Read this and more market news on the go with the Yahoo Finance App. Despite Wednesday’s losses in the major U.S. indexes, stocks are flying out of the gate in 2023. The Nasdaq Composite (^IXIC) and… Source link

A potential negotiated resolution in the NCAA infractions case involving the Michigan football program broke down this week after the NCAA demanded head coach Jim Harbaugh state that he lied to investigators, multiple sources told Yahoo Sports. According to sources, Harbaugh has acknowledged his program committed four Level II violations, as the NCAA initially alleged. He has further apologized to the university that they occurred. However, he has refused to sign any document or publicly… Source link

Remember Yahoo? Here’s an inside look at the company’s start more than 25 years ago Yahoo, one of the most popular early internet search engines, was founded nearly 30 years ago. It might not be as popular today, but when CNN visited in 1997, the company’s co-founders were each worth $120M. Here’s what those early days looked like. Source link

When KISS guitarist/frontman Paul Stanley began painting in 2001, he never expected anyone to even see, let alone purchase, his finished artwork. He took up the hobby upon the recommendation of a concerned friend, as a form of therapy, when he was “going through some tough personal times” due to his divorce from his first wife, actress Pamela Bowen. “Painting was a good outlet,” Stanley tells Yahoo Entertainment, speaking via Zoom from his art studio. “It didn’t solve everything… Source link

British actor Julian Sands at the 76th Venice Film Festival for his film The Painted Bird. (Photo: Reuters) Julian Sands, a British actor known for films like A Room with a View and Leaving Las Vegas, is missing after he was last seen hiking California’s Mt. Baldy on Friday. A spokesperson for the San Bernardino County Sheriff’s Department confirms to Yahoo Entertainment that “search and Rescue crews responded and began a search.” The news comes as Southern California’s mountains have been… Source link

Alcoa (AA) Alcoa shares fell in after hours on weaker-than-anticipated shipments for the precious metal this year. The U.S. based aluminum producer expects between 2.5 million and 2.6 million metric tons of shipments this year. That came in short of the consensus analyst estimates to ship an average of 2.65 million tons of aluminum. “The Company also worked to mitigate challenging market conditions throughout the year that included high costs for raw materials and energy and lower sequential… Source link

Microsoft (MSFT) announced on Wednesday that it is cutting 10,000 jobs as the tech giant contends with slowing PC and cloud sales. But according to at least one analyst, the layoffs are a proactive move as Microsoft and its Big Tech counterparts are forced to reckon with the unsustainable growth they saw during the pandemic. “It was a rip-the-Band-Aid-off moment from Nadella and Microsoft, and we’re seeing it across tech,” Wedbush analyst Dan Ives told Yahoo Finance Live. “These… Source link

Microsoft (MSFT) announced on Wednesday that it is cutting 10,000 jobs as the tech giant contends with slowing PC and cloud sales. But according to at least one analyst, the layoffs are a proactive move as Microsoft and its Big Tech counterparts are forced to reckon with the unsustainable growth they saw during the pandemic. “It was a rip-the-Band-Aid-off moment from Nadella and Microsoft, and we’re seeing it across tech,” Wedbush analyst Dan Ives told Yahoo Finance Live. “These… Source link

The 2007 season, one that saw the New England Patriots rewrite the offensive record book and post the NFL’s only 16-0 regular-season record, is remembered as one of Tom Brady‘s finest. The additions of Randy Moss, Wes Welker and Donte’ Stallworth led to some “Madden”-worthy performances, particularly over the first 10 games, when the Patriots averaged 41.1 points per game (and allowed just 15.7). But for my money, the season I remember as the one that cements Brady’s standing as the greatest… Source link