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Stocks End Lower as Tech Slides in Volatile Trading

Stocks finished lower Friday amid signs of a patchy U.S. recovery and as global coronavirus infections have started surging again. Tech shares were the leading decliners. The S&P 500 ended down 1.12%, falling for a third day, and the Nasdaq was down 1.07%. Both indexes have declined for three straight weeks The Dow Jones Industrial Average finished down 244 points, or 0.88%, to 27,657 - the blue-chip index sank as much as 414 points, or 1.5%, during the session. Oracle, Apple and Microsoft all finished down.…

DoJ Charges Six People in Amazon Bribery Scheme

The U.S. Department of Justice on Friday accused six people of using bribery and fraud to give certain third-party sellers an advantage on Amazon's  marketplace. According to the DoJ, the individuals -- who are based in New York, California, Georgia and India -- conspired to pay out more than $100,000 in commercial bribes to Amazon employees and contractors in order to ensure a competitive advantage for some third-party sellers. “Realizing they could not compete on a level playing field, the subjects turned to bribery…

Federal Reserve Holds Rates Steady, Suggests No Hikes Until At Least 2024

The Federal Reserve kept its key policy rate unchanged Wednesday and said it would keep interest rates near zero for at least the next three years, a much longer period than analysts' had expected. In the Fed's final policy meeting before the November Presidential election, the central bank noted that both economic growth and employment have improved in recent weeks, but remain well below levels seen at the beginning of the year. The Fed also said it would purchase additional assets, such as government and corporate…

Snowflake Debuts at $245 a Share in Biggest Software IPO Ever

Snowflake kicked off trading on Wednesday at $245 a share, more than double its already lifted initial public offering price of $120, solidifying it as the largest software-focused IPO ever. The San Mateo, Calif.-based cloud storage and computing company sold 28 million shares at an already-increased range of between $110 and $120 a share, valuing the company above $33.3 billion. The company raised about $3.36 billion in the offering. Snowflake was worth $67.94 billion at its $245 opening price, more than five times…

Adobe Tops Earnings Estimates on Digital Media Strength

Adobe Inc. posted better-than-expected results for its fiscal third-quarter after the bell on Tuesday and offered upbeat guidance for the fourth quarter. The company reported revenue of $3.23 billion, up 14% over the same period a year ago. Diluted earnings per share were $2.57 on a non-GAAP basis. Adobe had been expected to report sales of $3.2 billion and adjusted earnings of $2.41 a share, based on a FactSet survey of 24 analysts. In the same period a year ago, the company posted earnings of $2.05 a share on…

Buy the Dip in Gold? Let’s Look at the Chart

Gold prices have captivated investors for quite some time. With the rise in gold, silver and other precious metal prices this year, there’s been plenty of emphasis on this area as of late. The chatter has quieted down over the last few weeks as the run in precious metals has calmed. However, the technicals have been firming up in the meantime, as gold consolidates its most recent run. With the Federal Reserve in focus this week, it could have an outsized impact on the dollar and on the metals. Given that the Fed’s…

4 Interesting Things Nvidia Just Shared About its Plans for ARM

During a series of press and analyst calls, Nvidia CEO Jensen Huang shared some details about how his company aims to make its planned acquisition of ARM pay off. To recap: Nvidia is paying between $35 billion and $40 billion -- the exact sum will depend on whether $5 billion worth of earn-out payments to ARM owner SoftBank are made -- to buy ARM. ARM controls what’s by far the world’s most widely-used CPU instruction set architecture (ISA), while licensing its ISA, CPU core designs and other IP to most of the world’s…

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