Global Market developments include meme stocks like GameStop and AMC declining and Reddit’s rise due to OpenAI partnership, are affecting various global markets.
The Dow Jones closed below 40,000, while two brothers face charges for a $25 million cryptocurrency heist. Concerns over rising US government debt intensify, with industry leaders highlighting debt reduction.
Dow hit 40k
The Dow Jones reached 40,000 for the first time, boosted by strong earnings and lower inflation, marking the third 1,000-point milestone in 2024, with investors anticipating Federal Reserve interest rate cuts.
Crypto Heist
Anton and James Peraire-Bueno, MIT-trained math and computer science brothers, were arrested for allegedly stealing $25 million in cryptocurrency within seconds using Ethereum’s integrity.
Meme stocks fall
GameStop and AMC’s shares fell for a second consecutive session on Thursday due to the waning popularity of “Roaring Kitty,” a key figure in the 2021 meme-stock surge, and a 15.3% drop in AMC’s shares.
Reddit Open AI deal
Reddit’s stock surged 11% following OpenAI’s partnership, allowing the AI giant to train models using Reddit’s structured and unique content via its Data API.
US government debt is increasing
US government debt is increasing, prompting concerns from JPMorgan’s Jamie Dimon and hedge fund Ray Dalio. Dimon emphasizes deficit reduction before market intervention, while Dalio worries about declining treasury demand from foreign investors.
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