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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, November 4, 2021 No taper tantrum in sight, rate hikes take center stage On Wednesday, the Federal Reserve passed its first major test — announcing the slow normalization of policy without upsetting markets. In announcing that it would curtail bond purchases as growth slows and price pressures bubble over, markets responded by setting… Source link

Paul Sakuma / AP The Yahoo logo is displayed outside of offices in Santa Clara, Calif., in this Monday, April 18, 2011, file photo. Thursday, Nov. 4, 2021 | 2 a.m. In an all-too-rare instance of positive news coming from Big Tech, Yahoo announced this week that it was pulling out of China. Citing the Chinese government’s sweeping regulatory crackdown on the tech, education, gaming and entertainment industries in recent months, Yahoo said it was shutting down access to its services… Source link

Yahoo is leaving the China market, suspending its services there as of Monday amid what it says is an “increasingly challenging” business and legal environment. Foreign technology firms have been pulling out or downsizing their operations in mainland China as a strict data privacy law specifying how companies collect and store data takes effect. Such companies have decided the regulatory uncertainty and reputational risks outweigh the advantages of staying in the huge market. Which foreign… Source link

(Bloomberg) — Cathie Wood’s exchange-traded funds sold 3.9 million shares in Zillow Group Inc. on Wednesday as the stock’s rout deepened — a day after buying 288,813 of the securities. Most Read from Bloomberg The stake offloaded was about $255 million, assuming Wednesday’s closing price. That’s about 10 times the value of the shares purchased on Tuesday, when Seattle-based Zillow pulled the plug on its tech-powered home-flipping operation. Zillow’s stock has suffered as investors… Source link

Stock futures opened little changed Wednesday evening to hold near record highs, with investors contemplating the the Federal Reserve’s decision to begin paring back some of its monetary policy support as the economic recovery progresses further. Earlier during the regular session, each of the S&P 500, Dow and Nasdaq set record intraday and closing highs yet again, with the Fed’s latest monetary policy decision compounding with optimism over a slew of stronger-than-expected quarterly… Source link

Zillow (Z, ZG) will stop flipping homes, in a move that came just one day after Bloomberg reported that it was unloading 7,000 homes that it bought via its home-flipping business. The company, known for its online real estate listings, probably should have never ventured into home flipping, also known as iBuying, according to Barbara Corcoran, real estate veteran and “Shark Tank” host. Zillow started Zoom Offers, its iBuying service, in 2018 under the stewardship of CEO Richard Barton, who… Source link

Legendary investor Jeremy Grantham says US stocks are in a ‘magnificent bubble’ even crazier than in 1929 — here are 3 of his safe haven selections Jeremy Grantham, legendary investor and a pioneer of index fund investing, has added his voice to the chorus of financial wizards who expect today’s runaway stock market to soon hit the wall. Grantham recently told CNBC that equities in the U.S. are in a “magnificent bubble,” larger even than those in 1929 and 2000, which kicked off the… Source link

Uber’s recent tie-up with Hertz and Tesla on the electric vehicle front has garnered a good bit of attention (and market gains for Hertz and Tesla, in particular), but Lyft’s co-founder John Zimmer wants to remind everyone his company was first to pledge to an all-electric fleet future.  Zimmer reiterated in an interview on Yahoo Finance Live on Wednesday a commitment to have an all-electric fleet by 2030. The company is in active discussions with the major automakers to bring EVs to its… Source link

The Federal Reserve on Wednesday said it would start slowing its pace of asset purchases, the first step in paring back its COVID-era easy money policies. “In light of the substantial further progress the economy has made toward the committee’s goals since last December, the Committee decided to begin reducing the monthly pace of its net asset purchases,” the policy-setting Federal Open Market Committee said in its updated policy statement Wednesday. Since the depths of the pandemic, the… Source link

This article was first featured in Yahoo Finance Tech, a weekly newsletter highlighting our original content on the industry. Get it sent directly to your inbox every Wednesday by 4 p.m. ET. Subscribe Wednesday, November 3, 2021 Meta’s metaverse could track you more than you ever imagined Facebook is now Meta (FB), reflecting its focus on building up the so-called metaverse — a future version of the internet that will let people interact with others in 3-D virtual worlds. But that doesn’t… Source link