Goldman Sachs CEO David Solomon said Wednesday "it is very, very important that we codify a rule-based system" for how cryptocurrency and related financial instruments will operate" in the United States."As an American, I think it is very important that as we put legislation in place, we get it right for the long term," Solomon told CNBC's Sara Eisen during an interview in front of attendees at the World Liberty Forum at the Mar-a-Lago club in Palm Beach, Fla., which was hosted by the Trump family's crypto ...

Divided Federal Reserve officials at their January meeting indicated that further interest rate cuts should be paused for now but could resume later in the year only if inflation cooperates.While the decision to hold the central bank's benchmark rate steady mostly was met with approval, the path ahead appeared less certain, with members conflicted between fighting inflation and supporting the labor market, according to minutes released Wednesday from the Jan. 27-28 meeting."In considering the outlook for mo ...

Core Insights - Stocks increased on Wednesday, primarily driven by Big Tech, with Nvidia shares rising 2% following a multiyear partnership with Meta for data center chip usage [1] - WTI crude oil prices rose by 3.4% due to concerns over potential U.S.-Iran hostilities, impacting costs across various sectors [1] - Financial stocks rebounded after a previous decline, with a shift in perception regarding AI's role in enhancing productivity rather than replacing jobs [1] Company-Specific Summaries - Palo Alto Networks experienced a 7.3% decline despite exceeding quarterly expectations, as concerns about AI impacting market share persist; however, the CEO believes AI will ultimately benefit the company [1] - Bristol Myers' stock increased by 27% over three months, driven by the FDA approval of the heart medication Camzyos, but challenges in the Alzheimer's drug trials have raised concerns about future performance [1] - Jim Cramer is considering replacing Bristol Myers with Johnson & Johnson or another high-quality stock due to uncertainties surrounding the company's drug trials [1] Additional Stocks Mentioned - Stocks discussed in the rapid-fire segment included Western Digital, Palantir, Cadence Design Systems, and Analog Devices [1]

Core Viewpoint - American tech companies face challenges from Chinese competitors due to significant government subsidies that support the development of AI technologies [2][3]. Group 1: Competitive Landscape - The competition between U.S. and Chinese companies in AI is intensifying, with U.S. firms having an advantage in access to powerful chips and technology innovation [2]. - Chinese AI companies have received substantial government support, including a multi-billion-dollar national investment fund and energy vouchers, which could make their lower-cost AI models appealing in developing nations [2][3]. Group 2: Historical Context - The approach taken by the Chinese government to subsidize companies has previously disrupted the telecommunications market, aiding firms like Huawei and ZTE while negatively impacting American and European companies [3]. - The existence of global data centers operated by Chinese firms like Huawei and Alibaba suggests that China can easily provide subsidies to enhance their competitive edge [3]. Group 3: Industry Response - There is a call for American companies to improve their competitiveness in light of Chinese subsidies, emphasizing the need for support from the U.S. government [3].

A researcher works in the lab at the Moderna Inc. headquarters in Cambridge, Massachusetts, US, on Tuesday, March 26, 2024.Moderna said on Wednesday the Food and Drug Administration has agreed to review its experimental mRNA flu shot, reversing the agency's earlier decision to refuse to accept the application in a move that stunned Wall Street and the medical community. The announcement clears a path forward for the vaccine, which is key to Moderna's experimental combination Covid-flu jab and the company's ...

This Sept. 19, 2014 file photo shows retail mogul Leslie Wexner, at the Wexner Center for the Arts in Columbus, Ohio. Wexner is severing his last ties with the retail empire that he founded in 1963.A congressional deposition of Leslie Wexner, one of Jeffrey Epstein's closest known associates and top benefactors, kicked off behind closed doors in Ohio on Wednesday, a source familiar with the matter told MS NOW.The deposition is occurring weeks after the Department of Justice released millions of additional E ...

Core Viewpoint - The recent New York Federal Reserve paper suggests that U.S. companies and consumers bear most of the tariff burden, which has been criticized by White House economic advisor Kevin Hassett as flawed and partisan [1][2]. Group 1: Criticism of the New York Fed Paper - Hassett described the paper as "an embarrassment" and the "worst paper" in the history of the Federal Reserve, arguing that its conclusions are based on inadequate analysis [2]. - He emphasized that the researchers failed to consider the broader economic impacts of tariffs, such as the positive effects on wages and benefits from increased domestic production [1][2]. Group 2: Findings of the New York Fed Paper - The paper indicated that approximately 90% of the additional costs from tariffs were passed on to consumers and companies, although the impact diminished over time [3]. - Hassett countered this by asserting that tariffs had minimal effect on prices and contributed to an improved standard of living [3]. Group 3: Economic Indicators - Hassett noted that inflation has decreased over time, with the consumer price index rising only 2.4% year-over-year in January, and core CPI showing its lowest annual gain since March 2021 at 2.5% [4]. - He highlighted that real wages increased by an average of $1,400 last year, suggesting that consumers benefited from the tariffs [4].

Core Viewpoint - The CEO of Palo Alto Networks, Nikesh Arora, emphasized that artificial intelligence will not replace cybersecurity in the near future, expressing confusion over the market's perception of AI as a threat to the cybersecurity sector [1]. Group 1: Company Performance - Palo Alto Networks reported fiscal second-quarter results that exceeded Wall Street estimates, yet the guidance for third-quarter earnings fell short of expectations, leading to an 8% drop in shares [1]. Group 2: Industry Trends - The emergence of new AI tools capable of creating enterprise workflows and websites rapidly has contributed to a recent selloff in software stocks, raising concerns among investors about the potential long-term disruption of business models by AI technologies [2].

Core Viewpoint - The trial involving Meta CEO Mark Zuckerberg is a significant moment for the social media industry, drawing comparisons to the "Big Tobacco" era, focusing on the alleged addiction to social media and its mental health impacts on young users [1]. Group 1: Trial Details - The trial began in late January and centers on a young woman claiming addiction to social media platforms like Instagram and YouTube [1]. - Lawyers for the plaintiff argue that Meta, YouTube, TikTok, and Snap misled the public regarding the safety of their services and were aware that their app designs caused mental health issues for young users [2]. - Snap and TikTok settled with the plaintiff before the trial commenced [2]. Group 2: Company Responses - Meta has denied the allegations, with a spokesperson stating that the jury must determine if Instagram significantly contributed to the plaintiff's mental health issues [3]. - Instagram's chief, Adam Mosseri, testified that while problematic usage of social media exists, it should not be equated with clinical addiction [3]. - Mosseri acknowledged that excessive use of Instagram can be a personal issue, suggesting that the definition of "too much" is subjective [4].

Oil prices rose more than 2% on Wednesday, after Vice President JD Vance said Iran did not address U.S. red lines in nuclear talks this week and President Donald Trump reserves the right to use military force.U.S. crude oil rose $1.56, or 2.5%, to $63.89 per barrel. Global benchmark Brent was up $1.61, or 2.4%, to $69.04 per barrel. U.S. envoys Steve Witkoff and Jared Kushner held nuclear talks with Iran in Geneva on Tuesday. Iran's Foreign Minister Abbas Araghchi described the discussions as "constructive, ...