Most people know Vanguard for its low-cost index funds. This smaller, actively managed ETF has been able to beat the S&P 500 for more than eight years.
Most people know Vanguard for its low-cost index funds. This smaller, actively managed ETF has been able to beat the S&P 500 for more than eight years.
Jonathan Panikoff, director of the Scowcroft Middle East Security Initiative at the Atlantic Council, said that there is a chance that President Trump was pushing for something that Iranian negotiators had not 'fully signed off on' when he announced the cancellation of planned strikes on Iran. Panikoff said that despite the quickly changing narrative over a few hours, it is more likely if a deal c...
Jonathan Panikoff, director of the Scowcroft Middle East Security Initiative at the Atlantic Council, said that there is a chance that President Trump was pushing for something that Iranian negotiators had not 'fully signed off on' when he announced the cancellation of planned strikes on Iran. Panikoff said that despite the quickly changing narrative over a few hours, it is more likely if a deal comes together it is because of ongoing negotiations over multiple weeks. (Source: Bloomberg)
Win McNamee/Getty Images News President Donald Trump said he'll nominate Jay Clayton, who chaired the Securities and Exchange Commission in the president's first term, as National Intelligence Director. "Few people anywhere in the Legal Community are respected at the level of Jay," Trump wrote in a social media post on Thursday. "I encourage the United States Senate to confirm Jay as soon as possi...
Win McNamee/Getty Images News President Donald Trump said he'll nominate Jay Clayton, who chaired the Securities and Exchange Commission in the president's first term, as National Intelligence Director. "Few people anywhere in the Legal Community are respected at the level of Jay," Trump wrote in a social media post on Thursday. "I encourage the United States Senate to confirm Jay as soon as possible." Clayton currently serves as the U.S. Attorney for the Southern District of New York, one of the most prestigious posts in the Justice Department. In the private sector, he had risen to become a member of Sullivan & Cromwell's management committee and was co-managing partner at the law firm's general practice group. After his tenure as SEC chair, he rejoined Sullivan & Cromwell to become senior policy adviser and counsel. He was named U.S. Attorney for the Southern District of New York on Nov. 14, 2024. His bio on Wikipedia doesn't appear to show any intelligence experience. If Clayton is confirmed by the Senate, he'll take over from Bill Pulte, who has been serving as acting director of National Intelligence. Trump named Pulte acting intelligence chief early in June after Tulsi Gabbard left but days later said he would serve in that capacity only temporarily. Dear readers: We recognize that politics often intersects with the financial news of the day, so we invite you to click here to join the separate political discussion. More on the US Dollar Monthly Macro Monitor: Nothing To See Here Week Ahead: Surging Greenback On Robust Jobs Data, While ECB Hike Seen As A Done Deal Stronger Dollar Trade: The Most Unexpected Macro Bet (Part 2)
President steered no-bid contract for project that went from $1.8m to $14.2m to company that worked on his golf resort The final drops of water have been added, and the nanobubbler switched on. Donald Trump ’s “beautiful” makeover of the Lincoln Memorial reflecting pool, one of Washington DC’s most historically symbolic attractions, is officially complete, and the public is getting its first glimp...
President steered no-bid contract for project that went from $1.8m to $14.2m to company that worked on his golf resort The final drops of water have been added, and the nanobubbler switched on. Donald Trump ’s “beautiful” makeover of the Lincoln Memorial reflecting pool, one of Washington DC’s most historically symbolic attractions, is officially complete, and the public is getting its first glimpse of how the project’s $14.2m was spent. Contrary to the president’s predictable assertion that it was receiving “rave reviews”, however, early impressions are decidedly mixed. Some of the first visitors declared themselves underwhelmed by the 2,000ft pool’s somewhat dull color – American flag blue , according to the specifications. Continue reading...
krblokhin/iStock Editorial via Getty Images It’s been a year since I last reviewed PulteGroup, Inc. ( PHM ) and rated the stock a Hold . Weighing P/B against growth projections, PHM landed in the middle of the pack among homebuilder peers. My add-shares target of below $100 never materialized, and the stock has since returned ~16%. The question now is simple: is the current entry better or worse t...
krblokhin/iStock Editorial via Getty Images It’s been a year since I last reviewed PulteGroup, Inc. ( PHM ) and rated the stock a Hold . Weighing P/B against growth projections, PHM landed in the middle of the pack among homebuilder peers. My add-shares target of below $100 never materialized, and the stock has since returned ~16%. The question now is simple: is the current entry better or worse than a year ago? I’m arguing that it’s worse. The business itself hasn’t deteriorated, but the share price has gone up while the earnings outlook has worsened. I am downgrading PHM to a Sell and find most homebuilders unattractive at this time. Long-term investors may do well holding their shares, but at ~$120, I see little upside and a negative opportunity cost over the next several quarters. PulteGroup's Business Model, In Short Three brands for different markets: Centex for first-time buyers, Pulte Homes for move-ups, and Del Webb for active-adults (55+). Broken down by sales, they’re 38%, 40%, and 22%, respectively. I find that breadth interesting as builders tend to concentrate, e.g., entry-level for D.R. Horton ( DHI ) and luxury for Toll Brothers ( TOL ). The map shows a Sun Belt-heavy footprint; Florida alone made up a quarter of closings last year. PulteGroup Q1 Results Presentation (April 2026) I’ll also note the land-light model where PHM controls (most) lots through options rather than owning them outright. The advantage: lower liability when demand is weak. Tradeoffs: the option fees and no potential for land appreciation. The Macro Picture And “Pulte” Headlines The 2025 backdrop remains: high mortgage rates (by recent standards anyway), a chilly resale market, and builder incentives. What’s changed is inflation and the impact on rates. Headline CPI in May was 4.2%, the highest since 2023 and up from 2.4% a year ago. The main driver has been the energy shock from the Iran war. Gasoline alone is up more than 40% YoY. Strip out energy and core is just 2.9% -- this...
The launch of spot Bitcoin ETFs in the United States in January 2024 did more than simply make cryptocurrency easier to access. It also created a regulated ecosystem around Bitcoin that could support options trading and a variety of derivative-based income strategies. Since then, ETF issuers have experimented with all kinds of products. Some use ... The Roundhill Bitcoin Covered Call ETF Paying 30...
The launch of spot Bitcoin ETFs in the United States in January 2024 did more than simply make cryptocurrency easier to access. It also created a regulated ecosystem around Bitcoin that could support options trading and a variety of derivative-based income strategies. Since then, ETF issuers have experimented with all kinds of products. Some use ... The Roundhill Bitcoin Covered Call ETF Paying 30 Percent Yields Without Holding a Single Satoshi
Phillip Spears/DigitalVision via Getty Images Google ( GOOG ) ( GOOGL ) is rolling out an enhanced version of Local Services Ads for Home Listings with real estate listings across all 50 states, linking homebuyers with realtors in one platform. When buyers search for a home, the expanded format searches relevant property listings and provides a link to the listing real estate agent. Users can then...
Phillip Spears/DigitalVision via Getty Images Google ( GOOG ) ( GOOGL ) is rolling out an enhanced version of Local Services Ads for Home Listings with real estate listings across all 50 states, linking homebuyers with realtors in one platform. When buyers search for a home, the expanded format searches relevant property listings and provides a link to the listing real estate agent. Users can then call, message, or set an appointment with the realtor, all without leaving the app. Realtors pay Google ( GOOG ) ( GOOGL ) for the lead. Home listings, including pricing and images, are powered by a partnership with housing data platform HouseCanary. “Our goal is to deliver a helpful real estate experience by acting as a supporting bridge. Existing [local services ads] agents will automatically appear in this experience. New agents can sign up for LSAs directly to start receiving high-intent leads, and portal partners can enroll their agents through the LSA managed partner program,” Google said in a blog posting. The expansion of Google’s ( GOOG ) move into the real estate market is weighing on shares of competitors Zillow ( Z ) and CoStar ( CSGP ), both of which are down ~4%. Rocket Companies ( RKT ), which also provides mortgages to homebuyers, is holding onto a 3.6% gain. More on Alphabet Alphabet And Microsoft: Holding The Winner, Buying The Laggard Alphabet's $84.75B Equity Plan Looks Like A Red Flag - It Isn't (For Now) Alphabet: CapEx Pressure Is Real, But The Long-Term AI Opportunity Is Bigger Waymo launches invite-only membership program Google answers 'why' Alphabet rejected Trump's $2B quantum funding
Matthew McQueen, head of global FICC micro overseeing mortgages & securitized products, municipal banking & markets, and global credit at Bank of America, joins Scarlet Fu on "Bloomberg Real Yield." (Source: Bloomberg)
Matthew McQueen, head of global FICC micro overseeing mortgages & securitized products, municipal banking & markets, and global credit at Bank of America, joins Scarlet Fu on "Bloomberg Real Yield." (Source: Bloomberg)
Leon Neal/Getty Images News Crypto exchanges are letting traders make risky bets on SpaceX's ( SPCX ) future share prices through instruments dubbed "pre-IPO perpetual futures", Reuters reported on Thursday. The derivatives do not have a direct link to the underlying shares but are priced with reference to SpaceX's latest disclosed pre-IPO valuation, according to the newswire. The pre-IPO perps re...
Leon Neal/Getty Images News Crypto exchanges are letting traders make risky bets on SpaceX's ( SPCX ) future share prices through instruments dubbed "pre-IPO perpetual futures", Reuters reported on Thursday. The derivatives do not have a direct link to the underlying shares but are priced with reference to SpaceX's latest disclosed pre-IPO valuation, according to the newswire. The pre-IPO perps reportedly trade on exchanges including Coinbase ( COIN ), Binance, and Hyperliquid. SpaceX pre-IPO perps saw about $3.2B in trading volume and $390M in open interest from May 17 to June 10, the newswire noted, citing data provider Talos. Talos had included eight exchanges in its figures. The news comes as megacap IPOs are set to hit Wall Street, including the ones from AI giants Anthropic ( ANTHRO ) and OpenAI ( OPENAI ). The recent launch of perpetual futures by Coinbase ( COIN ) and Kalshi ( KALSHI ) had raised competition concerns among traditional exchanges, including Cboe Global Markets ( CBOE ), CME Group ( CME ), and Intercontinental Exchange ( ICE ). The popularity of new pre-IPO perps is said to have intensified the clash between crypto and Wall Street. More on related tickers SpaceX May Crash Back Down To Earth Market Brief: What You Need To Know Before The SpaceX IPO SpaceX IPO: Don't Become Exit Liquidity For Existing Investors SpaceX's Starlink sees strong mobile growth, but slowing Grok, X usage may signal caution to investors: ST SpaceX IPO demand tops $100B from retail investors as share allocations tighten