Business

Chris Larsen, co-founder and chairman of Ripple, contributed nearly $9.9 million to Future Forward in September, in addition to more than $800,000 to the Harris Victory Fund, according to FEC data compiled by the Breadcrumbs crypto market and blockchain analyst James Delmore and independently verified by CNBC.Including Larsen's August contribution of $1 million worth of XRP tokens, the billionaire has given more than $11.8 million to PACs supporting the Harris campaign, making him one of the crypto industry's largest individual donors this cycle.Larsen, who's backed candidates across the aisle the last few years, told CNBC in an interview that his comfort level with Harris comes from conversations he's had with people inside the campaign and what he's seen from the vice president since she...

Republican presidential nominee, former U.S. President Donald Trump delivers remarks during a campaign rally at the Cobb Energy Performing Arts Centre on October 15, 2024 in Atlanta, Georgia. Kevin Dietsch | Getty Images News | Getty ImagesFive men who were wrongfully convicted as teenagers in the so-called Central Park Five jogger rape case sued Donald Trump on Monday, saying the Republican presidential nominee defamed them by falsely claiming they killed someone and pleaded guilty.The lawsuit, filed in federal court in Philadelphia, cites several statements Trump made about the men during his Sept. 10 debate with Democratic nominee Kamala Harris, after she blasted Trump for taking out an ad in 1989 calling for the then-teen defendants to be executed."Defendant Trump falsely stated [at th...

Vice President Kamala Harris is campaigning for president against Elon Musk at least as much as she is against former President Donald Trump, Mark Cuban said Monday, as he advocated for the Democratic nominee as the pro-business choice."It's the Harris campaign versus Elon, not even versus Trump," the billionaire investor and former "Shark Tank" host said on CNBC's "Squawk Box."Cuban took a swipe at the Tesla and SpaceX CEO over Musk's promise to give $1 million per day to the winner of a swing-state voter sweepstakes, calling it "innovative" and "desperate."But Cuban later predicted that if Harris wins, she "100%" could mend her relationship with Musk.Cuban's remarks were the latest volley between the two billionaires, who have taken on increasingly prominent campaign roles while ramping ...

Former President Donald Trump's tax reform ideas could offer total or partial income tax exemptions to roughly 93.2 million Americans, a meaningful chunk of the U.S. electorate, according to CNBC's analysis of several estimates.As part of his economic pitch to voters, Trump has floated a sweeping tax overhaul, including a slate of income tax breaks.So far, the Republican presidential nominee has officially proposed eliminating income tax on tips and Social Security benefits, along with overtime pay. And last week, in an interview on the sports media site OutKick, Trump said he would consider tax exemptions for firefighters, police officers, military personnel and veterans.These exemptions are part of Trump's larger vision to transition away from the income tax system and replace it with th...

Wall Street has continued to rattle off some new record highs in October, but the absence of one major index from the list is starting to become glaring, according to Raymond James. Quantitative and technical strategist Javed Mirza pointed out in a note to clients that the Nasdaq 100 has not set a record high since July. The relative struggle of that tech-heavy index is possibly a sign that the broader bull market is on the verge of entering into a new phase — and getting close to a peak, according to Mirza. "The Nasdaq 100 is a good proxy for the more 'growthy' areas of the market and this negative divergence suggests that Portfolio Managers have begun to shift away from the more growth-oriented areas of the market, consistent with a shift into the late stages of the current 4-Year Cycle....

GE Healthcare booth is seen ahead of the 2022 China International Fair for Trade in Services (CIFTIS) at China National Convention Center on August 28, 2022 in Beijing, China. Yi Haifei | China News Service | Getty ImagesGE HealthCare on Monday announced a new artificial intelligence application it said will save time for doctors who diagnose and treat cancer.CareIntellect for Oncology, as the tool is called, will help oncologists get up to speed on a patient's history and disease progression by quickly showing them the data they need, the company said. GE HealthCare wants to spare oncologists the headache of digging through records so they can focus on caring for their patients, the company said.   Health-care data is notoriously difficult to analyze, and as much as 97% of the data produc...

The precious metals complex has seen strong performance this year, with gold returning 32% year-to-date and silver returning nearly 40%. Long-term bullish trends are intact for each commodity, but silver looks more actionable in the near term from a technical perspective. While silver has produced strong returns this year, it does not appear overextended when looking at the monthly chart of the iShares Silver Trust (SLV) , which shows a secular turnaround. Long-term momentum is positive and expanding per the monthly MACD and histogram as silver pushes to its highest level since 2013. Next resistance for SLV is not until a long-term Fibonacci level near $34.00, which is a 61.8% retracement of the downtrend from 2011 to 2020. Zooming in on the weekly chart, SLV has broken out from a six-mont...

Time is running out for a set of money-saving provisions in the tax code, and now is a good time to get your portfolio in order and minimize levies, according to Bank of America. The Tax Cuts and Jobs Act (TCJA), which took effect in the beginning of 2018, overhauled the federal tax code. It roughly doubled the standard deduction, adjusted individual income tax brackets , lowered most of the rates and applied a $10,000 cap on the state and local tax deduction. Unless Congress acts, a slate of provisions in the legislation will sunset at the end of 2025, which could rattle taxpayers. "TCJA expiration may mark the largest tax increase in history, worth $4.6 [trillion]," wrote Jared Woodard, investment and ETF strategist at Bank of America, noting that the aggregate tax burden on U.S. househo...

U.S. President Joe Biden speaks as he announces a new plan for federal student loan relief during a visit to Madison Area Technical College Truax Campus, in Madison, Wisconsin, U.S, April 8, 2024.Kevin Lamarque | ReutersFederal student loan payments for some 8 million borrowers will remain on pause for six months or longer, a spokesperson for the U.S. Department of Education said. The development on Monday comes as the Biden administration has been dragged into a slew of legal battles waged by Republicans over its recent student loan relief efforts. The borrowers who are excused from their monthly payments are those enrolled in the Biden administration's new SAVE plan. SAVE enrollees will be placed in an interest-free general forbearance, the Education Department spokesperson said.A federa...

Check out the companies making headlines in midday trading: Boeing — The stock climbed 3%. The aircraft maker reached a new contract proposal with its machinists' union, which could end a strike that has been going on for more than a month. The ratification vote is set for Wednesday. Warby Parker — The eyeglass maker and retailer gained nearly 6% after Goldman Sachs upgraded shares to a buy from a neutral rating , saying its margin growth potential and solid fundamentals support its "somewhat elevated" valuation. Cigna — The insurer's stock slid more than 4% after Bloomberg reported, citing people familiar with the matter, that Cigna has reignited merger discussions with Humana. Bloomberg's sources said the talks are still in early stages. Humana shares were also marginally lower on the he...