📈 Grudge Match: SEC vs. Coinbase

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Good Morning!

So, what's been happening in the market? Well, it's been a bit of a rollercoaster ride. On the one hand, stocks closed higher on Thursday, signalling a potential end to the rate-hiking cycle. But on the other hand, futures took a little tumble this morning thanks to more banking turmoil.

Crypto giant, Coinbase, took a bit of a hit this week, dropping 20% after the SEC warned them about potential securities law violations. Accenture is also making headlines for shedding almost 3% of its workforce in the latest round of tech layoffs and the now infamous short-seller, Hindenburg research, took aim at another billionaire - this time it’s Jack Dorsey’s payment company, Block.

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Markets

📈 Stocks close higher Thursday following a volatile trading session (3 minute read)
Traders were sweating it out, wondering whether the Fed would raise rates, but it looks like the end of the rate-hiking cycle may be in sight. The S&P 500 made a little jump of 0.29%, while the Nasdaq Composite shot up 1% - looks like techies are feeling pretty good about things. It was like a rollercoaster ride, with the broader market and Nasdaq soaring as high as 1.8% and 2.5%, respectively, before finally taking it easy. What a day!

📉 Live Updates: Dow futures drop 250 points as Deutsche Bank sparks concerns over global banking system (1 minute read)
Oh no, it's happening again! The global banking system is giving us the jitters, and stock futures took a little tumble this morning. The Dow Jones Industrial Average futures slid over 0.9%, while S&P 500 futures dipped 0.7%. Deutsche Bank's U.S.-listed shares were hit the hardest, dropping a whopping 7.7% in the premarket as their credit default swaps went through the roof.

Investing

⚖ Crypto Exchange Coinbase Shares Tumble 16% After SEC Enforcement Notice (3 minute read)
Coinbase's (COIN) stock took a nasty spill in early trading Thursday, dropping a gut-wrenching 20% before bouncing back a bit. Turns out the U.S. Securities and Exchange Commission (SEC) is giving them some side-eye, saying they might be breaking securities laws. The SEC even sent Coinbase a Wells notice, which is like a not-so-friendly warning that enforcement action could be coming down the pipeline.

⚔ Accenture to axe 19,000 jobs worldwide (2 minute read)
Accenture (ACN) is shedding about 2.5% of its 738,000-strong workforce, which adds up to a whole lotta folks. They're targeting their human resources, IT, finance, and marketing departments, so if you're in one of those areas, maybe start updating that resume just in case. Accenture also had to adjust their annual revenue growth projections, with the new range between 8% and 10% (previously it was 8% to 11%). It seems like everybody's doing it these days - Amazon, Facebook owner Meta, Just Eat - they're all trimming the fat.

✈ Tui falls 10% to 5-month low on capital increase, aid repayment (4 minute read)
Tui (TUI) shares took a tumble of 10% this morning after the German tour operator announced a rights issue to help pay back some government aid it got during the pandemic. They're looking to raise €1.8 billion in new equity, but they're doing it at a steep discount - nearly 40% off Thursday's closing price! Here's hoping Tui can bounce back and maybe take us all on a much-needed vacation soon!

Money

💰 3 Things You Must Do When Your Savings Reach $50,000 (5 minute read)
Congrats on growing those savings! Now, it's time to make those hard-earned dollars work for you. Don't worry, we're not talking about sending them off to get a job (although, that would be pretty cool), but rather investing in some sweet areas that'll keep your money growing. Lucky for you, these three options are quick and easy to check out. First up, find an expert who can help guide you through investing based on your unique situation. Next, consider protecting your portfolio with some precious metals (gold jewelry, anyone?). And finally, why not start building your own real estate empire? It's time to put that cash to work and watch it grow!

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