THE POWER OF THE SIXTH SENSE

 The 50-year U.S.-Saudi petrodollar deal expired recently. Global crude oil transactions employ the U.S. dollar, known as the “petrodollar”. After the U.S. left the gold standard in the 1970s, the US and Saudi Arabia made a pact that had far-reaching effects on the world economy. Few global financial accords have benefited the U.S. economy as much as the petrodollar pact. Good for U.S. Bonds After the 1973 oil crisis, Saudi Arabia agreed to price its oil exports in U.S. dollars and invest its surplus income in Treasury bonds under the petrodollar agreement. The U.S. protected the kingdom militarily in return. This deal gave the U.S. a dependable oil supply and a captive debt market, while Saudi Arabia received economic and overall security. Reserve Currency status Oil denominated in U.S. dollars is significant beyond oil and finance. The deal made the dollar the world's reserve currency by requiring oil sales in DXY. This has greatly affected the U.S. economy. American consumers pa

   [caption id="attachment_59317" align="aligncenter" width="1200"] image credit: Nvidia[/caption] Nvidia shares will drop to 10% of last week's price for good cause. On the first trading day of today, Nvidia stock is trading at $100 instead of $1,000 after a 10-for-1 stock split. Stock splits lower share prices by giving present holders more shares, making it easier for more investors to buy a stock. Nvidia split like many other tech companies whose shares had soared, so it reined them back and prepared for a new growth phase. Alphabet, Amazon, and Tesla all divided stocks in recent years. After Nvidia's share price soared beyond $900 earlier this year, investors speculated about a split. When it was announced late last month, along with a solid earnings report, the stock soared past $1,000. Now that Nvidia has finished this long-awaited procedure, here's what to expect. First, some stock split details. After trading closed on June 7, Nvidia

  The S&P 500 and Nasdaq set record closing highs for a fourth straight day on Thursday as technology shares maintained their climb. Last week, new unemployment claims rose and producer prices unexpectedly declined in May, bolstering chances of a September Federal Reserve rate cut. After three quarter-percentage-point cuts in March, the Fed forecast only one rate cut this year on Wednesday. The S&P 500 technology sector and semiconductor index (.SOX) climbed strongly. After Broadcom boosted its projection for income from artificial intelligence semiconductors, shares rose to a record high. A 10-for-1 forward stock split was also announced. Nvidia (NVDA.O) shares also rose. "We're seeing a little bit more of a decline in yields, but it's still very much a tech story" in stocks, said Murphy & Sylvest senior wealth advisor and market strategist Paul Nolte in Elmhurst, Illinois. "When you look at the broader market, you're not seeing the participation

 On a Thursday visit to Capitol Hill, Donald Trump blasted U.S. funding for Ukraine, urged Republicans to cut gratuity taxes, and promoted tariffs. He also dubbed the city hosting his party's presidential convention "horrible." Trump met with House and Senate Republicans to repair differences before the Nov. 5 election, which could give his party control of the White House and both chambers of Congress. Despite their tense relationship, he shook hands with Senate Republican Leader Mitch McConnell and advised hard-line Representative Marjorie Taylor Greene to "be nice" to House Speaker Mike Johnson after her unsuccessful deposition effort. Trump remarked, "There's tremendous unity in the Republican Party," after the Senate meeting. Republican leaders hurried to explain after numerous media sources reported that Trump informally dubbed Milwaukee a "horrible" city a month before his party's presidential nomination there. That might alien

 Photoshop maker Adobe boosted its fiscal 2024 revenue prediction on Thursday as more businesses and individuals use its AI-powered editing tools amid an easing economy. [caption id="attachment_59611" align="aligncenter" width="1200"] image credit: the adobe blog[/caption] The San Jose, California-based company's shares rose 14% in extended trade. The company now forecasts revenue between $21.40 billion and $21.50 billion, up from $21.30 billion. LSEG says analysts projected $21.46 billion on average. As creative workers spend more on Adobe's Premiere Pro, Animate, and After Effects, Adobe's AI initiatives are paying dividends. Despite competition from OpenAI, Stability AI, and Midjourney, the business announced in April that Photoshop will include an AI tool to make images. [caption id="attachment_37522" align="aligncenter" width="590"] Photo: Open AI[/caption] The company topped second-quarter revenue projectio

 The Canadian currency fell against the U.S. dollar on Thursday as the greenback rose versus a basket of major currencies and the Bank of Canada repeated its potential rate cuts. After trading between 1.3715 and 1.3763, the loonie fell 0.2% to 1.3750, or 72.73 U.S. cents. "The U.S. dollar has maintained its bid tone since last week's stronger-than-expected nonfarm payrolls report," said Convera Canada ULC senior market analyst Michael Goshko. The U.S. dollar after the Federal Reserve on Wednesday delayed interest rate decreases until December, despite a weaker May producer price inflation report that weighed on Treasury yields. Friday's data revealed the U.S. economy added more jobs than projected in May. The BoC reduced rates last week, becoming the first G7 central bank to do so. On Thursday, at a conference in Ottawa, BoC Deputy Governor Sharon Kozicki reiterated the central bank's message that further cuts would follow if inflation eased, but policy choices wo

 Tesla shareholders were ready to approve Elon Musk's $56 billion pay plan, which was considered a vote of confidence in his leadership and an incentive to keep his focus on the electric vehicle company. Musk released a chart on his social media platform X late on Wednesday showing that the resolution and another vote to relocate the company's legal headquarters to Texas were expected to pass by large margins, though shareholders can amend their votes up until the commencement of the annual meeting. A source familiar with the preliminary voting results confirmed that Musk provided an accurate count of the figures. The decision will be made at a meeting at Tesla's headquarters in Texas on Thursday at 4:30 p.m. EDT (2030 GMT). "Thanks for your support!" Musk stated. The Tesla CEO may still face a lengthy legal battle to persuade a Delaware judge, who disqualified the package in January, calling it "unfathomable." He may also face new litigation following T

 The European Commission has asked internet platforms Pornhub, Xvideos, and Stripchat what steps they take to protect minors and prevent the spread of unlawful content online. By July 4, the corporations must provide thorough information on the steps they have taken to assess and reduce risks for children online, as well as prevent the spread of illegal content and gender-based violence, the Commission said on Thursday. According to the Commission, among other things, "details on age assurance mechanisms adopted by these pornographic platforms" are required. Last year, the European Union added the three adult content firms to its list of companies subject to strict new online content laws. The Digital Services Act (DSA) requires enterprises to exchange data with authorities and academics, manage risk, and undergo external and independent auditing. They also allow the Commission to levy fines for providing inaccurate, incomplete, or misleading information in response to a requ

 Amazon  announced that it is investing $230 million in the form of Amazon Web Service (AWS) credits in artificial intelligence firms, the latest example of cloud providers attempting to attract AI clients in the early stages. The credits will give early-stage generative AI startups free access to processing capacity, a variety of AI models, and infrastructure if they establish their businesses on AWS. Amazon says it already provides $1 billion in cloud credits to startups each year, with the additional commitment focusing on generative AI businesses. [caption id="attachment_59083" align="aligncenter" width="1200"] Advertising — specifically television, cable, broadcast, CTV, radio, and print — is being quietly reshaped by AI. The most interesting thing about this transformation is that it’s not just about technology; it's about people, local businesses, and communities. The high costs and logistical complexity involved in advertising on channels like

   British money transfer company Wise forecast a weaker than expected outlook for profits on Thursday, sending its shares down more than 20%. The company also reported an underlying pretax profit of 242 million pounds ($309 million) for its 2024 financial year, beating expectations with an income of 1.2 billion pounds. But it forecasts 15% to 20% growth in underlying income for this year, a slowdown on the 31% seen in the year to end-March, when it was boosted by customer growth and higher interest rates.   Wise's chief financial officer, Kingley Kemish, said last year's earnings benefited from efficiency gains that enabled it to cut prices. Without that, expected growth for this year would have been higher, at 20% to 25%, Kemish noted. "While the announced guidance is disappointing at first glance given the price reduction, however, we think the cuts boost confidence in medium-term growth," Jefferies analysts said.   Wise's underlying pretax profit margins are f

 [caption id="attachment_59582" align="aligncenter" width="1240"] image credit : Nbc news[/caption] In mid-May, a group of Hispanic day laborers were given $20 each to parade in front of the White House with banners reading "I Love Biden" and "I Need a Work Permit for My Family." Nick Shirley, a pro-Trump online influencer who frequently asks migrants on camera if they like Democratic President Joe Biden or think he made it easier for them to come to the United States, organized the hoax. "We want to take you to the White House," Shirley told the men he recruited in a Home Depot parking lot, where day laborers typically wait for jobs, in a video later shared on YouTube. Shirley, a 22-year-old social media influencer with over 318,000 followers, is part of a new class of Trump supporters who are shaping the immigration debate as the US election campaign heats up. Their self-shot broadcasts from American cities and the southern

Breaking Down Trump's And Biden's Economic Policies | Bankrate[/caption] According to a new survey, Republican presidential candidate Donald Trump led Joe Biden by two points this week after considering their sons' criminal convictions. A two-day poll finished on Tuesday with 41% of registered voters supporting Trump and 39% supporting Democratic Biden. The poll revealed that 20% of voters had not chosen a candidate, were considering third parties, or might not vote on Nov 5. Trump's edge was within the survey's three percentage point margin of error for registered voters, many of whom are uncertain with five months until Nov. 5. Former poll from May 31–June 1 showed Biden leading Trump by 2 points, 41% to 39%. Political candidates are supported nationwide, but only a few competitive states usually swing the electoral college, which decides the presidential election. Both candidates faced major disadvantages in the first presidential rerun in 70 years. On November

  The US Senate Finance Committee chairman has broadened BMW's probe after the automaker imported automobiles using banned Chinese parts. Sen. Ron Wyden wrote to BMW North America asking if the company has discontinued importing components made by China's Uyghur minority in forced labor. A request for feedback from BMW Group was delayed. BMW says it "took steps to halt the importation of affected products" last month. Senator Wyden's office found at least 8,000 BMW Mini Cooper automobiles containing illegal parts imported into the US after a two-year investigation. According to the report, the autos had Sichuan Jingweida Technology Group components. Senator Wyden's letter asked, "Is BMW certain that it is not currently importing vehicles containing JWD components?" by June 21. The study also included the Jaguar Land Rover and Volkswagen. The US Congress passed the Uyghur Forced Labor Prevention Act (UFLPA) in 2021. The law bans imports from Xinjiang,

 This month's figures continue to show signs that the labor market may be cooling, with the number of vacancies still falling and unemployment rising. However, earnings growth remains relatively strong," according to the ONS. The ONS reported 6% annual growth in regular earnings, excluding bonuses, unchanged from the prior month. When inflation is removed, wages rose 2.9% annually, the most since August 2021. Economists expected salaries to rise after the April National Living Wage boost. Over-21s paid £11.44 an hour, up 9.8% from last year. Due to its tiny survey sample, the ONS advises caution about unemployment estimates. Still, recent employer payroll figures show the number of employees declined by 36,000 between March and April and continued to shrink in May. Job openings declined from 9,000 to 904,000. The ONS reported that 22.3% of UK working-age adults—more than nine million—are not actively seeking work. Since the epidemic, adult inactivity has remained high, causing

 In May, US job growth topped estimates at 272,000, although the unemployment rate rose slightly, snapping a 27-month streak below 4%. In a time when Americans and the Federal Reserve want clear economic data, Friday's jobs report was more equivocal than expected. "It's hard not to like a lot of jobs, and this report was well above what I expected, and I think just about what everyone expected," CNN quoted economist Dean Baker, who co-founded CoEPR. "We're seeing a lot of job growth; that's a generally good story." "But the Fed is asking, 'Can we lower interest rates?'" Can we cut?' Looking at this report makes reductions hard to justify." Bureau of Labor numbers numbers issued Friday show that May employment increases are far higher than April's 165,000, which was revised down. The May statistics exceeded FactSet average predictions of 180,000. Salary increases exceeded expectations for the month, raising average hourl

 Apple will release new generative AI capabilities for the iPhone and iPad next week as part of a bigger effort to reinvigorate its flagging product lines. Although the Vision Pro mixed-reality headset has only been available for a few months, several experts anticipate the same technology will soon be incorporated. Generative AI, a popular type of artificial intelligence capable of deliberately and extensively responding to questions and prompts, has the potential to personalize and immerse the headset, opening up new use cases for organizations, particularly in education and medicine. It may also improve sales of the pricey Vision Pro, whose manufacture was abruptly halted. CEO Tim Cook may discuss Apple's approach for this type of AI during the company's annual Worldwide Developers Conference, which begins on June 10 in Cupertino, California. It also intends to collaborate with ChatGPT developer OpenAI to develop new product interactions. All of this comes as the company str

  The White House, Microsoft and Google announced Monday that rural hospitals in the US will receive free or cheap cybersecurity services to protect them from hacks that have disrupted patient care and risked lives. [caption id="attachment_59401" align="aligncenter" width="880"] image credit: microsoft[/caption] Microsoft said  it will provide free security updates, assessments, and staff training for eligible rural hospitals. Google will offer free cybersecurity advise to rural hospitals and launch a pilot initiative to match its cybersecurity services to their needs. Due to a lack of IT security resources and cybersecurity training, the nation's 1,800 rural community hospitals are especially vulnerable to ransomware assaults. They may be the only hospitals within dozens of miles, so a ransomware assault that hinders ambulances can endanger patients. Private meetings between IT corporations and White House National Security Council officials concerne

 Chanel's chief designer's early Thursday resignation shook the $1.62 trillion luxury goods market at a time when all major global firms are at a crossroads. The playbook at leading fashion firms like Chanel and LVMH (LVMH.PA) opens new tab Louis Vuitton and Dior extensively market new styles from their high-profile designers while raising prices. Most luxury brands have raised prices by 33% since 2019. That accounted for half of the industry's organic sales increase in the past two years, RBC estimates. As global living costs rise, buyers are pickier, threatening corporations' key strategy. Chanel, the second-largest luxury brand after Louis Vuitton, saw 16% sales growth to nearly $20 billion last year, double the revenue a decade Price increases made well over half of the increase. After Karl Lagerfeld's passing in 2019, Virginie Viard made her mark with breezy, Eighties-inspired Chanel tweed outfits. Thursday's announcement of Viard's departure sparked co

 Saudi Aramco shares rose on Sunday, the first trading day following a secondary share offering estimated to garner at least $11.2 billion. The shares opened at 27.95 riyals per share, having closed the previous session on Thursday at 28.3 riyals, but had risen to 28.35 riyals by 0730 GMT. The ultimate price for the secondary share sale was 27.25 riyals, which was at the lower end of the price range. Saudi Arabia sold more over half of Aramco's shares to international investors, according to two people familiar with the situation. One of them stated that many orders had come in from the United States, the United Kingdom, Hong Kong, and Japan. The world's largest oil exporter has been attempting to entice overseas investors to deposit tens of billions of dollars into projects to diversify away from its dependency on oil. Nonetheless, foreign investment has consistently underperformed targets. Crown Prince Mohammed bin Salman, Saudi Arabia's de facto ruler, is sponsoring proj

  Virgin Galactic  flew four tourists to the edge of space and returned aboard its spaceplane on Saturday, marking the company's second mission of the year. The Galactic 07 mission flew Turkish, American, and Italian passengers to an altitude of around 55 miles (88.51 kilometers) for slightly more than an hour. The space tourism business stated that the flight launched from and returned to Spaceport America in New Mexico on Saturday. It was the final commercial trip for Virgin's VSS Unity spaceplane, as the corporation is now developing its fourth-generation spaceships, which are anticipated to enter commercial service in 2026, according to a statement.

  Chrysler is recalling over 211,000 vehicles in the United States owing to a software issue that could disable the electronic stability control system, the National Highway Traffic Safety Administration (NHTSA) announced on Saturday. According to the regulator, the issue may cause the Anti-Lock Brake System (ABS) control module to disable the electronic stability control system. "Driving with a disabled electronic stability control system can increase the risk of a crash," it stated. The NHTSA announced a recall for 2022 Dodge Durango and Ram 2500 and 3500 vehicles manufactured by Stellantis-owned Chrysler .The NHTSA stated that dealers will provide free updates to the control module software.

 Carlos Alcaraz made a dramatic entrance into tennis history by winning his first French Open championship and becoming the youngest player to win dramatic Slams on all three surfaces with a nail-biting five-set triumph over German Alexander Zverev on Sunday. The 6-3, 2-6, 5-7, 6-1, 6-2 victory may not have been a classic, but the Spaniard demonstrated his status among the best by adding a third Grand Slam championship to his 2022 U.S. Open and 2023 Wimbledon victories. Alcaraz became the eighth man to win a major on hard, grass, and clay courts, a feat that has escaped several of the game's greats, including American Pete Sampras, who has 14 major titles but has never won at Roland Garros. Alcaraz has won three grand slam finals at the age of 21, but Roger Federer and Novak Djokovic had to wait until their late 20s to conquer the sport's slowest surface. "I've been racing from school to the television to watch this event since I was a tiny kid. Now I'm raising the

 Donald Trump, the Republican presidential nominee, will hold an open-air event in sweltering Las Vegas on Sunday to boost his support in Nevada, a swing state that he previously lost but is now swinging in his favor according to surveys, before November 5th. On May 30, a New York jury convicted Trump of perjury for concealing a payment made to a pornographic actress on the eve of the 2016 election. As a result, he will now move forward with his first large-scale political gathering. At a Thursday town hall gathering in Arizona, another critical state, Trump reminded supporters of his promises to combat illegal immigration and blamed his Democratic opponent, Vice President Joe Biden, for border issues. According to a campaign statement, Biden's speech in Las Vegas would focus on immigration and post-pandemic inflation. By midmorning, thousands of Trump supporters had gathered in Sunset Park. A breeze and misting stations helped to cool things down, but three supporters were stretch

  The Turkish Competition Board announced on Thursday that it is investigating Apple's contracts with app developers and the App Store's refusal to allow alternative payment methods. The Competition Board stated that the investigation was part of a review of mobile smart devices and software.  

  On Thursday, Sri Lanka's president's office announced that Starlink, Elon Musk's SpaceX satellite business, has received preliminary approval to provide internet services. Since Musk met with President Ranil Wickremesinghe at the 10th World Water Forum in Indonesia last month, Sri Lanka accelerated certification. Sri Lanka's telecoms regulator granted preliminary clearance following a public consultation, according to a brief statement from the president's office. Musk and Wickremesinghe discussed ways to increase internet connectivity in rural Sri Lanka, as well as potential collaboration on renewable energy, according to the president's office.

 Salesforce has chosen London as its first AI center, where industry experts, developers, and customers will be able to cooperate on innovation and new capabilities. The US cloud computing business, which will welcome 18,000 people at its annual London World Tour event on Thursday, said a year ago that it will invest $4 billion in Britain over the next five years, including in artificial intelligence innovation. Zahra Bahrololoumi, CEO of Salesforce UK and Ireland, stated that the company's clients were enthused about the benefits of AI but concerned about the growing hazards. "No company will adopt AI unless they can trust it, which is why we are so well positioned," she told Reuters, citing Salesforce's Einstein technology, which includes a "Trust Layer" to ensure client data is secure. "We are sending a clear message to customers and partners on AI, we are deeply committed to working closely together so that you can reap the rewards of this transform

A rally that has catapulted U.S. shares to record highs relies on red-hot chipmaker Nvidia and a few other major corporations, raising concerns that the market is more dependent on a few businesses. About 60% of the S&P 500's  total return of more than 12% for the year has come from five businesses with heavy weightings: S&P Dow Jones Indices data revealed Nvidia, Microsoft, Meta Platforms, Alphabet and Amazon.com. Nvidia, which became the world's second-most valuable firm on Wednesday after a 147% run this year, has contributed about a third of the index's increase. Their S&P 500 weightings have increased as their share prices have risen, giving them more influence over the index. Bianco Research reported that Microsoft, Apple , Nvidia, and Alphabet made up roughly 24% of the S&P 500 at the end of May, the most in 60 years. Given their strong earnings, superior competitive positions, and hope to gain from artificial-intelligence developments, many investors

 SpaceX's massive Starship rocket launched from south Texas on Thursday for its fourth test toward orbit to survive a fiery re-entry through Earth's atmosphere, where it broke apart last time. The company's Starbase launch site at Boca Chica Village on the Gulf Coast of Texas launched the two-stage spacecraft, which included the Starship cruise vessel and its Super Heavy rocket booster. Elon Musk's company's test-to-failure rocket development program continues with this trip. Starship, approximately 400 feet (122 meters) tall, depicts SpaceX's future satellite launch and astronaut business. It is cheaper and more powerful than the Falcon 9 rocket. NASA will utilize it in the next few years to place the first astronauts on the moon since 1972. Each Starship rocket has advanced further in its testing objectives before exploding or destroying in the atmosphere. The rocket's initial launch in April 2023 burst 25 miles (40 km) above earth. Next November, Starship

 To clarify, Nvidia's market cap gain was approximately $150 billion, not $150 million. The company reached record highs on Wednesday, surpassing Apple as the second most valuable corporation with a value exceeding $3 trillion. Nvidia will split its stock ten-for-one on June 7, potentially attracting private investors. Nvidia's market value rising above Apple's signifies a shift in Silicon Valley, where Steve Jobs' company has dominated since the iPhone's 2007 launch. Nvidia's stock rose 5.2% to $1,224.40, worth $3.012 trillion. Apple's market worth was $3.003 trillion after its 0.8% share rise. After a 1.9% share price increase, Redmond, Washington-based Microsoft is the world's most valuable company at $3.15 trillion. “Nvidia is earning money on AI right now, and firms like Apple and Meta are spending on AI," said Longbow Asset Management CEO Jake Dollarhide. Nvidia may surpass Microsoft. Retailers are investing heavily in a likely winner." F

  Cisco announced on Tuesday a $1 billion fund to invest in artificial intelligence startups, following a long line of large technology corporations seeking to acquire minor AI firms. The corporation, through its investment arm, is investing in Cohere, Mistral AI, and Scale AI, among others, and has already contributed over $200 million to the fund, according to the statement. Scale AI, an AI data business, is valued at around $14 billion, while so-called foundation model developers Cohere and Mistral are reportedly in talks with investors to raise financing at a price of $5 billion apiece. Foundational AI models are generated with massive amounts of data and may be applied to a wide range of use cases. After Microsoft-backed OpenAI launched ChatGPT in 2022, other tech corporations, including Meta and Amazon invested in several AI startups. Cisco has undertaken over 20 AI-focused acquisitions and investments in recent years, advancing generative AI and machine learning, as well as inte

 Tesla will likely spend between $3 billion and $4 billion this year on hardware from chipmaker Nvidia, according to CEO Elon Musk in a post on X on Tuesday. Musk also stated that around half of the $10 billion in AI-related capital investment this year would be spent internally. "For building the AI training superclusters, NVidia (sic) hardware is about 2/3 of the cost," he stated on X. Earlier on Tuesday, Tesla reportedly directed Nvidia to prioritize AI processor shipments to his firms X and xAI above the electric vehicle manufacturer. The development also comes before a critical shareholder vote on his compensation package at Tesla. Tesla repeated its capital expenditure prediction of more than $10 billion for this year in April and said it expected capex to be between $8 billion and $10 billion in the following years.