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SPACs are so hot even Jay-Z is partnering with one. He's set to be the 'chief visionary officer' for California's largest cannabis firm.

Alberto E. Rodriguez/Getty Images Jay-Z is joining the company set to be California's largest cannabis brand as a "chief visionary officer" as part of a SPAC deal announced on November 24. The special purpose acquisition company, Subversive Capital Acquisition, agreed on the same day to acquire the cannabis brand Caliva and the hemp producer Left Coast Ventures, forming The Parent Company in January, when the deal should close.  Jay-Z will help the company with marketing and brand strateg...
Tags: California, Jay Z, US, Trends, Cnn, Citigroup, Goldman Sachs, Social Equity, Business Insider, Meek Mill, Jpmorgan, SPAC, Roc Nation, Cowen, Berke, BDS Analytics


US weekly jobless claims rise to 778,000, more than economist forecasts as labor-market recovery weakens

REUTERS/Nick Oxford New US jobless claims for the week that ended Saturday totaled 778,000, the Labor Department said Thursday. The reading came in above the consensus economist estimate of 730,000 and showed an increase from the previous week's revised figure. Continuing claims, which track Americans receiving unemployment benefits, fell to 6.1 million for the week that ended November 14. The reading came in slightly above economist estimates. Visit Business Insider's homepage for more s...
Tags: US, Trends, Bloomberg, Goldman Sachs, Jpmorgan, Morningstar, Labor Department, Ben Winck, Emma Powell, Andy Kiersz Read, REUTERS Nick Oxford


Dow closes above 30,000 for first time ever on Biden-transition rally

Getty Images / Scott Olson US equities jumped on Tuesday after the General Services Administration's ascertainment of President-elect Joe Biden's victory lifted investor sentiments.The Dow Jones industrial average climbed above 30,000 for the first time, marking a rapid comeback from the index's low of 18,213 in March.The GSA announced on Monday that it would provide the "resources and services" needed to start Biden's transition to the White House. It was the clearest sign yet that the Tr...
Tags: Elon Musk, Microsoft, White House, US, Trends, Markets, Tesla, Joe Biden, Bill Gates, Treasury, General Services Administration, Astrazeneca, Oil Price, Janet Yellen, Biden, Donald Trump


Dow surges above 30,000 for the first time as investors cheer transition to Biden administration

Mario Tama / Getty Images US equities gained on Tuesday as the General Services Administration's ascertainment of President-elect Joe Biden's victory lifted investor sentiments.The Dow Jones industrial average climbed above 30,000 for the first time, marking a rapid comeback after the index sank as low as 18,213 in March.The GSA announced on Monday that it would provide the "resources and services" needed to start Biden's transition to the White House. It's the clearest sign yet that the T...
Tags: White House, US, Trends, Markets, Joe Biden, Treasury, General Services Administration, Astrazeneca, Oil Price, Janet Yellen, Biden, Donald Trump, Boeing, Chevron, Dow Jones, Gold Price


Dow climbs 310 points as investors cheer transition to Biden administration

Mario Tama / Getty Images US equities gained on Tuesday as the General Services Administration's ascertainment of a Biden victory lifted investor sentiments.The GSA announced Monday afternoon it will provide President-elect Biden with the "resources and services" needed to start his transition to the White House. The move is the clearest sign yet that the Trump campaign accepts its loss in the 2020 race.Value and cyclical stocks outperformed as the GSA's decision diminished election-relate...
Tags: White House, US, Trends, Markets, Joe Biden, Treasury, General Services Administration, Astrazeneca, Oil Price, Janet Yellen, Biden, Donald Trump, Nasdaq, Dow Jones, Gold Price, S&P 500


The US economy will shrink in the 1st quarter of 2021 as winter weather spurs virus resurgence, JPMorgan says

New Yorkers in need wait in a long line to receive free produce, dry goods, and meat at Lincoln Center on July 29, 2020. Scott Heins/Getty Images JPMorgan expects the US economy to contract in the first quarter of 2021, telling clients that rising COVID-19 case counts will make for a "grim" winter. The team led by Michael Feroli lowered its first-quarter growth forecast to -1% in a Friday note. Distribution of a coronavirus vaccine in early 2021 will fuel a quick bounce-back, the team adde...
Tags: UK, Congress, Senate, US, Trends, Georgia, Joe Biden, New York Times, Goldman Sachs, States, Lincoln Center, Biden, Times, Jpmorgan, Michael Feroli, COVID


The value-stock rally won't be as strong as investors expect as bond yields stay low, JPMorgan says

Bloomberg TV JPMorgan Asset Management's Patrik Schöwitz told CNBC on Monday he's not "overly optimistic" on the rotation into value stocks because he expects bond yields to stay low. "Traditionally, you need to see rising bond yields to actually have a big value rally," the global strategist said. "That's partly to do because financials are a big part of the value universe and they like higher bond yields." Schöwitz sees aggressive central bank action limiting the rise of bond yields, lea...
Tags: US, Trends, Investing, Markets, US Treasury, Pfizer, Biden, Morgan Stanley, Cnbc, Jpmorgan, Treasuries, US Treasuries, Bank Stocks, Yields, Value Investing, JPMorgan Asset Management


Biden team is reportedly pushing congressional Democrats to strike an immediate stimulus deal with Republicans to stave off a renewed recession

President-elect Joe Biden. Drew Angerer/Getty Images President-elect Joe Biden's economic advisors fear another recession is looming, The New York Times reported. The impasse over another stimulus package and the prospect of millions of people losing unemployment benefits are leading them to press congressional Democrats to pass another aid package very quickly, The Times said. The surge in virus cases is causing another wave of restrictions and closures that experts say could deal a blow ...
Tags: Politics, Congress, Washington Post, Senate, US, Trends, Markets, Joe Biden, Democrats, House, New York Times, The Times, Mitch McConnell, Nancy Pelosi, Biden, Times


Global stocks are vulnerable to $300 billion of outflows by year-end, JPMorgan says

A trader reacts as he works on the floor of the New York Stock Exchange (NYSE) in New York, U.S., March 18, 2020. Lucas Jackson/Reuters According to JPMorgan, there's a potential $300 billion headwind that could weigh on global stocks into year-end: portfolio rebalancing.The fourth quarter rally in stocks would likely trigger the balanced mutual fund universe to sell stocks and buy bonds as they rebalance to their 60/40 stock and bond target allocation.$160 billion in stocks are likely subj...
Tags: New York, US, Trends, Jpmorgan, New York Stock Exchange NYSE, Matthew Fox, Lucas Jackson Reuters


Bitcoin is 'here to stay' thanks to huge demand from millennials, BlackRock's Rick Rieder says

Steve Marcus/Reuters Bitcoin is "is here to stay," BlackRock's chief investment officer of fixed income Rick Rieder told CNBC on Friday.Rieder pointed to millenials openness to cryptocurrencies and digital payments as one reason why the popular crypto currency isn't going anywhere.While Rieder said he doesn't own bitcoin in his own portfolio, he does see potential for bitcoin to "take the place of gold to a large extent," according to the interview.Visit Business Insider's homepage for mor...
Tags: Finance, Trends, Markets, Bitcoin, Crypto, Trading, Cryptocurrencies, Goldman, Cnbc, Cryptocurrency, Blackrock, Rieder, Jpmorgan, Ray Dalio, Rick Rieder, Crypto Currency


Weekend reading: Terror of Tesla

What caught my eye this week. A las my co-blogger The Accumulator is too recumbent passive to bother with anything so energetic as sorting through the several hundred spam emails we get to Monevator each week in order to dig out reader messages. That means the readers who asked for our thoughts on the upcoming inclusion of $470bn electric car maker Tesla into the S&P 500 don’t get his comfy and sanguine words. Instead they get my snark. Let me first stress then that we’re flattered when anyone...
Tags: Google, Amazon, Facebook, Elon Musk, UK, New York, Putin, Russia, Marketing, US, Tesla, Bloomberg, Cnn, Netflix, Fca, Warren Buffett


US stocks slide amid dispute over Fed funds and spiking COVID-19 cases

Bryan R Smith/Reuters US stocks fell on Friday as conflict over the use of Federal Reserve funds offset positive developments for vaccine distribution.Treasury Secretary Steven Mnuchin urged the Fed on Thursday to return funds set aside for emergency lending, setting up several relief programs for year-end expiration.The move marked a rare bout of disagreement, as the Fed replied with a call to extend "the full suite of emergency facilities" past their upcoming deadlines.Pfizer and BioNTec...
Tags: California, US, Trends, Markets, Bank Of America, Bitcoin, Ubs, Treasury, World Health Organization, Oil Price, Warren Buffett, Fda, Pfizer, Federal Reserve, Dow Jones, Gold Price


The stock market will surge 26% next year as it has 'one of the best setups' in years, JPMorgan says

A trader works on the floor at the NYSE in New York Reuters The stock market is primed to surge in 2021 as key risks like the US election and COVID-19 pandemic begin to subside, according to a note from JPMorgan."The equity market has one of the best setups for sustained gains in year," JPMorgan said.The bank expects the S&P 500 to surge 26% to 4,500 by the end of 2021, according to the note. Visit Business Insider's homepage for more stories.US stocks are set to surge next year as key risk...
Tags: New York, Senate, US, Trends, Tesla, Joe Biden, Nyse, Reuters, Jpmorgan, Georgia Senate, Matthew Fox, Rob Arnott, Ashley Wilson, Lakos, Dubravko Lakos


The US economy is about to shrink, JPMorgan warns

The pandemic is intensifying, statewide curfews are back and Washington is asleep at the wheel. This toxic backdrop is derailing the US economic recovery just as Joe Biden prepares to take charge — and JPMorgan is warning the economy is in fact about to shrink.
Tags: Washington, US, Joe Biden, Cnn, Jpmorgan


JPMorgan becomes first major bank to say first-quarter GDP will decline because of Covid surge

Wall Street had been expecting a positive first quarter and improving growth next year.
Tags: Jpmorgan


The Fed and the Treasury are butting heads over more emergency relief at a time when spiking virus cases make cooperation more important than ever

Federal Reserve Chairman Jerome Powell talks with U.S. Treasury Secretary Steven Mnuchin during the G20 finance ministers and central bank governors meeting in Fukuoka, Japan June 8, 2019. REUTERS/Kim Kyung-Hoon/Pool The nation's top two economic-policy officials locked horns on Thursday, a rare public disagreement as the coronavirus pandemic worsens and the pace of economic recovery weakens. Treasury Secretary Steven Mnuchin called for the Federal Reserve to return funds allocated to a sp...
Tags: Congress, Senate, White House, US, Trends, Bloomberg, Joe Biden, House, Treasury, Mitch McConnell, Federal Reserve, Biden, Jefferies, Fed, Jpmorgan, U S Treasury


AstraZeneca gains after study suggests its COVID-19 vaccine produced immune response in elderly

Steve Parsons-WPA Pool/Getty Images AstraZeneca's COVID-19 vaccine demonstrated a strong immune response in elderly patients, according to a study from the University of Oxford.Data from the Phase II vaccine trial was published in the Lancet medical journal on Thursday."This is a very important step, because the big worry with any vaccine is that it doesn't work so well in older people," the Lancet's editor in chief told Bloomberg.Visit Business Insider's homepage for more stories.Another ...
Tags: Europe, UK, Finance, Time, Trends, Investing, Markets, Healthcare, Trading, Astrazeneca, Stocks, Pfizer, University of Oxford, Stock Market, Lancet, Biotechnology


Bet on bank stocks now before a virus vaccine and easier lending lifts the sector in 2021, Jefferies says

People walk past a Citibank branch of Citigroup in New York. Profit plummeted at the bank because of COVID-19 pandemic. Ron Adar/SOPA Images/LightRocket/Getty Images Jefferies raised its rating on financial stocks to "bullish" from "modestly bullish" on Wednesday, citing loosened lending conditions and new hopes for a near-term vaccine.Bank stocks are among the most sensitive to macroeconomic trends, and the latest COVID-19 surge "is likely to lead to some weaker economic data and potential...
Tags: Europe, New York, Time, US, Trends, Citigroup, Bank, Pfizer, Citibank, Federal Reserve, Jefferies, Jpmorgan, Sachs, Ron, Sean Darby, Moderna


Global stocks sag, as spread of COVID-19 across the US and Europe douses vaccine optimism

Joanne Millar, store manger of Joules in Belfast, places a sign in the shop window about compulsory face masks. Liam McBurney/PA Images via Getty Images Global shares have tumbled, as the spread of COVID-19 threatens economic recovery and offsets optimism over the rollout of a vaccine. Oil futures dropped after data shows a steep decline in US energy use in the latest week, as lockdowns and restrictions on movement came into force. Government bond yields marched lower, reflecting some of t...
Tags: Europe, Minnesota, Washington, New York City, Time, US, Trends, Belfast, US Treasury, Pfizer, Federal Reserve, Energy Information Administration, Johns Hopkins, Fed, Jpmorgan, Rabobank


A Tesla rival is going public at a $5.4 billion valuation via a SPAC set up by Marvel Comics' ex-CEO

Arrival A Tesla-like British startup is set to go public at a $5.4 billion valuation via a special-acquistion company formed by former Marvel Comics CEO Peter Cuneo.London-based Arrival will combine with US firm CIIG Merger. The combined company expects to list on the NASDAQ under the ticker symbol "ARVL."Arrival competes with EV-maker Tesla and the creator of Amazon's first custom-electric delivery vehicle, Rivian.The startup's signed contracts currently amount to as much as $1.2 billion....
Tags: Amazon, Europe, Elon Musk, UK, Time, Marvel, US, Trends, Tech, Markets, Tesla, UPS, Michigan, Marvel Comics, Nasdaq, Jpmorgan


Billionaire investor Bill Ackman discussed his pandemic hedge, praised Trump, and explained his Berkshire Hathaway exit in a recent interview. Here are the 19 best quotes

Reuters/ Allen Fredrickson Hedge-fund billionaire Bill Ackman spoke about his lucrative pandemic trade, selling his Berkshire Hathaway stock in May, and why he launched a "blank-check" company at the virtual Sohn Hearts & Minds conference last week.The Pershing Square boss also tackled other topics including politics, activist shareholders, short-sellers, and the market outlook for 2021.Scroll down for his 19 best quotes from the interview.Visit Business Insider's homepage for more stories...
Tags: Amazon, Europe, China, US, Trends, Berkshire Hathaway, Warren Buffett, Starbucks, Pfizer, Bill Ackman, Biden, Berkshire, Buffett, Trump, Jpmorgan, Morningstar


Nissan warned a no-deal Brexit could kill its UK business. It employs 7,000 people at Britain's biggest car plant.

Nissan Motor COO Ashwani Gupta speaks during a news conference at Nissan Motor headquarters in Yokohama Reuters Nissan's chief operating officer said Wednesday that a no-deal Brexit could threaten the company's future in the UK. Increased tariffs from a no-deal Brexit would raise Nissan's costs, its chief operating officer, told Reuters Wednesday. "If it happens without any sustainable business case ... obviously our UK business will not be sustainable, that's it," Ashwani Gupta said. Niss...
Tags: Europe, UK, Time, Trends, Eu, European Union, Bbc, Britain, Sunderland, Nissan, Brexit, Business Insider, Reuters, Jpmorgan, north east England, Gupta


Uber will soar 22% next year before returning to pre-COVID ridership by early 2022, Wedbush says

AP/Diane Bondareff Uber will leap 22% next year, as economies reopen, before returning to pre-COVID ridership by early 2022, Wedbush analysts said in a Wednesday note.Wedbush boosted their price target for Uber to $60 from $49, implying a 22% rally from current levels.The ride-hailing firm will be "standout name" next year as mass distribution of a COVID-19 vaccine by mid-year would mean consumer demand would snap back.The "shining" Uber Eats segment and acquisition of food-delivery startu...
Tags: Europe, Time, US, Trends, Biden, Jpmorgan, Morningstar, Wedbush, Strecker Backe, Shalini Nagarajan, Diane Bondareff Uber, Dan Ives Ygal Arounian


JPMorgan lays out the election scenario that could send markets into a tailspin

Much of Wall Street views the Trump campaign's efforts to overturn the election results as a desperate sideshow destined to fail. But JPMorgan is telling clients there's still a chance that this process descends into chaos. It is 2020, after all.
Tags: News, Stories, Trump, Jpmorgan


Weak economic data is 'ironically positive' for the stock market, Fundstrat says

Drew Angerer/Getty Images A roll-over in economic data is "ironically positive" for the stock market, Fundstrat's Tom Lee said in a note on Wednesday.Over the past few weeks, retail sales and consumer spending data have missed expectations.But as the economic recovery stalls amid a surge in daily COVID-19 cases, pressure only increases for Congress to pass more stimulus and for the Fed to remain dovish, two positive implications for the stock market, Lee said.Visit Business Insider's homep...
Tags: Congress, US, Trends, Fed, Jpmorgan, Lee, Tom Lee, Matthew Fox, Fundstrat, Angerer Getty


JPMorgan lays out election scenario that could send markets into a tailspin

Much of Wall Street views the Trump campaign's efforts to overturn the election results as a desperate sideshow destined to fail. But JPMorgan is telling clients there's still a chance that this process descends into chaos. It is 2020, after all.
Tags: News, Stories, Trump, Jpmorgan


JPMorgan lays out the nightmare election scenario that could send markets into a tailspin

Much of Wall Street views the Trump campaign's efforts to overturn the election results as a desperate sideshow destined to fail. But JPMorgan is telling clients there's still a chance that this process descends into chaos. It is 2020, after all.
Tags: Cnn, Trump, Jpmorgan


JPMorgan CEO Jamie Dimon: People with these traits succeed

"Management is: Get it done, follow-up, discipline, planning, analysis, facts...," JPMorgan CEO Jamie Dimon told LInkedIn. "But the real...
Tags: Jamie Dimon, Jpmorgan


JPMorgan's Dimon says 'childish' U.S. politicians are preventing stimulus package

U.S. politicians are behaving like children by not passing a new stimulus bill that could help Americans whose income has been wiped out...
Tags: Jpmorgan, Dimon


'This is childish': JPMorgan CEO blasts Congress for not passing another round of economic stimulus as COVID-19 surges

Jamie Dimon, the chief executive of JPMorgan. Misha Friedman/Getty Images Jamie Dimon, CEO of JPMorgan Chase, called on Congress to find a compromise on more economic stimulus measures on Wednesday.  A first round of emergency business funds, expanded unemployment payments, stimulus checks, and more expired at the end of the summer and any replacement has been bogged down on Capitol Hill for months. "This is childish behavior on the part of our politicians," Dimon said, urging legislators ...
Tags: Politics, News, Congress, Finance, China, US, America, Trends, New York Times, Capitol Hill, Jamie Dimon, Stimulus, Jpmorgan, JPMorgan Chase, Dimon, Graham Rapier