Business

Shares of Trump Media closed up more than 18% on Monday, extending the Truth Social owner's dramatic recovery from recent stock price lows and adding hundreds of millions of dollars to Donald Trump's on-paper net worth.The recent DJT surge came as multiple online election betting markets appeared to show betting odds shifting in Trump's favor, after weeks of tilting toward the Democratic nominee, Vice President Kamala Harris.Monday's surge also coincided with Trump Media's launch of a new site for its TV streaming app, Truth+.Trump Media was trading above $30 per share at its intraday peak, and closed at $29.95.The stock has experienced a wild flurry of trading in recent sessions, with shares being exchanged at multiple times the company's 30-day average volume. More than 57 million shares...

Collect Trump CardsSource: Collecttrumpcards.comWith shares of his nascent social media business in the midst of a sharp rebound and with just three weeks until the presidential election, Donald Trump is bringing his latest proposed money-making endeavor to market, this time in crypto.On Tuesday, the former president and current Republican nominee aims to launch WLFI, the token accompanying his new crypto project called World Liberty Financial. Over the weekend, Trump pumped the sale in a post on X, telling his followers that it's a "chance to help shape the future of finance."Prospective investors can be forgiven for having little idea about what they're being asked to support.People involved with WLF have described it as a sort of crypto bank, where customers will be encouraged to borrow...

People take photos in front of a giant Google logo at Google's Bay View campus in Mountain View, California on Aug 13, 2024 where the "Made by Google" media event was held today.Josh Edelson | AFP | Getty ImagesGoogle said Monday that it will purchase power from small modular reactor developer Kairos Power, as tech companies increasingly turn to nuclear power as a way to fulfill the growing energy demands from data centers.The tech giant said it will purchase power from a fleet of SMRs made by Kairos Power. Google said purchasing from multiple SMRs sends an "important demand signal to the market," while making a long-term investment to accelerate commercialization."We believe that nuclear energy has a critical role to play in supporting our clean growth and helping to deliver on the progre...

Christopher Waller, a member of the Federal Reserve Board of Governors, during a Fed Listens event in Washington, D.C., on Sept. 23, 2022.Al Drago | Bloomberg | Getty ImagesFederal Reserve Governor Christopher Waller on Monday signaled that future interest rate cuts will be less aggressive than the big move in September as he expressed concern that the economy could still be running at a hotter-than-desired pace.Citing recent reports on employment, inflation, gross domestic product and income, the policymaker indicated that "the data is signaling that the economy may not be slowing as much as desired.""While we do not want to overreact to this data or look through it, I view the totality of the data as saying monetary policy should proceed with more caution on the pace of rate cuts than wa...

Some well-known stocks could see big moves on the back of earnings reports this week. The third-quarter season is revving up despite several companies being closed on Monday for Columbus Day. Major reporters on the docket range from United Airlines to Goldman Sachs . CNBC Pro screened to find the stocks that could see the biggest swings in either direction following their earnings releases this week. To do this, CNBC Pro looked at the expected move based on activity in the options market. Here's the stocks that can see the largest potential post-earnings moves: Walgreens is expected to see the largest action, rising or tumbling 12.2%. Shares of the pharmacy chain, which reports Tuesday, have been in a rough patch. The stock is down more than 60% in 2024, putting it on track for its third s...

Even as focus turns to the upcoming presidential election, Morgan Stanley thinks the business cycle will matter more for stock picking. The recent rise in yields following optimistic economic data, including last week's wholesale inflation report, could indicate that the bond market is beginning to part with some of the growth concerns on the hope that the economy is on stable footing, equity strategist Michael Wilson wrote in a research note Monday. He added that this trend provides greater confidence in cyclical stocks, which are positively correlated to upward moves in the 10-year Treasury yield. Wilson expects both rates and economic data to support cyclical stocks. The group should also benefit from a rebound in capital market activity, an improved lending environment and a pickup in ...

Patrick Collison, CEO and co-founder of Stripe, speaking at 2022's Italian Tech Week in Turin, Italy.Giuliano Berti | Bloomberg | Getty ImagesFounders of some of Europe's largest technology unicorns on Monday backed an open letter calling for a "tech renaissance" fueled by the creation of a single pan-European entity to promote startups and innovation in the bloc.The list of entrepreneurs backing the proposal includes the likes of Patrick Collison, CEO of payments tech giant Stripe; Taavet Hinrikus, co-founder of money transfer app Wise and venture capital firm Plural, and Eléonore Crespo, CEO of French accounting software unicorn Pigment.The letter was also signed by VC firms Index Ventures, Sequoia and Seedcamp."The multitude of countries and cultures in Europe is its unfair advantage. B...

Bill McDermott, Chairman, President & CEO ServiceNow, speaking on CNBC's Squawk Box at the World Economic Forum Annual Meeting in Davos, Switzerland on Jan. 17th, 2024. Adam Galici | CNBCEnterprise software giant ServiceNow and AI-focused startup CoreWeave announced plans to invest billions of dollars in the U.K., in a vote of confidence for Prime Minister Keir Starmer as he looks to attract foreign investment.ServiceNow said it would invest $1.5 billion in the U.K. over the next five years, as it grows its U.K. business. The U.S.-based company plans to expand its U.K. presence with new office space and grow its staff base beyond the 1,000 people it currently employs.ServiceNow also said it would invest the cash into localizing the processing of data for its large language models (LLMs...

Crude oil futures fell nearly 2% on Monday after OPEC cut its demand forecast for 2024 for the third time in a row.OPEC now sees demand growing by 1.9 million barrels per day in 2024, down from 2 million bpd in its previous forecast, according to a report released Monday. The group expects demand to grow by 1.6 million bpd in 2025, compared with 1.7 million bpd previously.Here are Monday's energy prices:West Texas Intermediate November contract: $74.08 per barrel, down $1.48, or 1.96%. Year to date, U.S. crude oil has gained more than 3%.Brent December contract: $77.58 per barrel, down $1.46, or 1.85%. Year to date, the global benchmark has risen nearly 1%.RBOB Gasoline November contract: $2.1035 per gallon, down 2.24%. Year to date, gasoline is little changed.Natural Gas November contract...

Travelers check in at a Southwest counter at Hartsfield-Jackson Atlanta International Airport (ATL) in Atlanta, Georgia, US, on Tuesday, July 23, 2024.Elijah Nouvelage | Bloomberg | Getty ImagesElliott Investment Management has requested a special meeting at Southwest Airlines, formalizing the launch of a long-signaled proxy fight for control of the carrier's board.The activist is seeking a meeting date of Dec. 10, it said Monday. Elliott has also trimmed the size of its board slate from 10 director candidates to eight, after Southwest shrunk its board size from 15 to 12.CNBC reported last month that Elliott was preparing to call a special meeting.Southwest's campaign will be Elliott's first U.S. proxy fight since it took on Arconic in 2017.Elliott has an 11% stake in the airline and is se...