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Bitcoin turns lower as optimism fades on Trump’s crypto reserve plan

By Gertrude Chavez-Dreyfuss NEW YORK (Reuters) -Bitcoin backpedaled on Monday after an early rise following U.S. President Donald Trump’s weekend proposal for a national strategic reserve of cryptocurrencies. Optimism on digital currency after Trump’s Sunday post on Truth Social turned to caution as market participants awaited more details about this crypto initiative. The world’s largest cryptocurrency, bitcoin, was up 1% from Friday’s levels at $87,235, but down 7.6% from its high during Sunday’s rally of … Read more…

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Wall Street hit by Trump tariffs on Canada and Mexico

(Reuters) -Wall Street’s main stock indexes tumbled late Monday to end sharply lower after President Donald Trump announced the start of 25% tariffs on Canada and Mexico. Trump said on Monday that there was no chance for Mexico or Canada to prevent 25% tariffs from taking effect on Tuesday. “They’re going to have to have a tariff. So what they have to do is build their car plants, frankly, and other things in the United … Read more…

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Exclusive-Nvidia and Broadcom testing chips on Intel manufacturing process, sources say

By Max A. Cherney and Fanny Potkin SAN FRANCISCO/SINGAPORE (Reuters) – Chip designers Nvidia and Broadcom are running manufacturing tests with Intel, two sources familiar with the matter told Reuters, demonstrating early confidence in the struggling company’s advanced production techniques. The two tests, which have not been reported previously, indicate the companies are moving closer to determining whether they will commit hundreds of millions of dollars’ worth of manufacturing contracts to Intel. The decision to … Read more…

Citigroup nearly shifted $6 billion to wealth account, Bloomberg reports

(Reuters) – Citigroup nearly transferred about $6 billion to a customer’s account in its wealth-management business by accident, Bloomberg News reported on Monday, citing people familiar with the matter. The near-error occurred after a staffer handling the transfer copied and pasted the account number into a field for the dollar figure, which was detected on the next business day, the report added. Citigroup did not immediately respond to a Reuters request for comment. The wealth … Read more…

Carlyle to ramp up pace of IPOs as it eyes up to $5 billion of exits in 2025

By Anirban Sen and Milana Vinn NEW YORK (Reuters) -Carlyle Group expects to take more of its portfolio companies public this year and will not shy away from large leveraged buyouts, betting on a rebound in U.S. dealmaking this year, its heads of private equity told Reuters. The Washington-based firm is expecting to sell $4 billion to $5 billion in assets this year either through IPOs or the sale of existing investments, roughly in line … Read more…

Food delivery company Grubhub to cut 500 jobs

(Reuters) – Grubhub CEO Howard Migdal said on Friday that the food delivery firm has decided to cut about 500 jobs, as it focuses on aligning its business with Wonder after the takeover was completed last month. Grubhub was bought last year by a food delivery startup Wonder, led by Walmart’s former executive Marc Lore. As of 2024, Grubhub had more than 2,200 full-time employees. The layoffs represent more than 20% of the company’s workforce. … Read more…

Pentagon orders civilian staff to justify work in Musk-led review

By Idrees Ali and Phil Stewart WASHINGTON (Reuters) – The Pentagon told its civilian employees that they must provide a list of five bullet points detailing their accomplishments from the previous week, after initially saying they did not need to respond to the demand by cost-cutting czar Elon Musk. The memo, signed by U.S. Defense Secretary Pete Hegseth and dated February 27, follows days of confusion over whether federal workers needed to reply to the … Read more…

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Amazon’s Wondery podcast unit trims jobs

By Greg Bensinger (Reuters) – Amazon.com cut “a small number” of jobs at its Wondery podcast unit, known for “Dr. Death” and “Business Wars,” the company said in a statement to Reuters on Friday. Amazon purchased Wondery in 2020 for a reported $300 million and last year signed a three-year $100 million deal for rights to “New Heights with Jason and Travis Kelce,” a podcast featuring the brothers of National Football League fame. “We regularly … Read more…

Investors unnerved by heated Trump-Zelensky Oval Office showdown

(Reuters) – Investors were stunned on Friday after Ukrainian President Volodymyr Zelenskiy’s meeting with U.S. President Donald Trump ended in disaster, adding uncertainty to financial markets already jittery due to weakening economic data and volatility around U.S. trade policies. The two leaders traded verbal blows before the world’s media at the White House, pushing markets to react with a risk-off bid for safe-haven Treasuries as the public spat added uncertainty over the prospect of a … Read more…

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The Rebellious Economy – by Justin Vaughn

(Justin Vaughn, Editor, Options Trading Report) Nearly all sectors and all stocks finished Friday lower wiping out the week’s gain and setting the stage for the upcoming week. The Dow Jones Industrial Average dropped 438 points or 1.7% while the S&P 500 was off 1.7%. The heavy technology Nasdaq Composite was the big loser, falling 2.8% as the Magnoficient 7, chips and artificial intelligence stocks led the cascade downward–the biggest drop this year. Contributing to … Read more…