Markets posted their fifth straight session of gains Thursday, bouncing back from a deep sell-off that sent the Dow into a correction. Jurrien Timmer, Director of Global Macro at Fidelity, breaks down why there has been such choppy trading in the markets.
Timmer says the two years leading up to the correction were unusually quiet due to the markets firing on all cylinders. Last August was a pivotal moment for markets because the chances of corporate tax cuts spiked. Timmer says another factor was the bond market because it was way too complacent about the possibility of rate hikes.
The VIX index, which serves as a "fear gauge" in markets, spiked in recent weeks. Timmer places the blame on hedge funds and traders who were short volatility. He added that the fundamentals of the economy are still relatively constructive and volatility will settle back down.
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Swedish buy now, pay later company Klarna is making its highly anticipated public debut on the New York Stock Exchange Wednesday, the latest in a run of high-profile initial public offerings this year. The offering priced at $40 Tuesday, above the forecasted range of $35 to $37 a share, valuing the company at more than $15 billion. The valuation easily makes Klarna one of the biggest IPOs so far in 2025, which has been one of the busier years for companies going public. Other popular IPOs so far this year include the design software company Figma and Circle Internet Group, which issues the USDC stablecoin..
Oracle co-founder Larry Ellison wrested the title of the world’s richest man from longtime holder Elon Musk early Wednesday as stock in his software giant rocketed more than a third in a stunning few minutes of trading. That is according to wealth tracker Bloomberg. A college dropout, the 81-year-old Ellison is now worth $393 billion, Bloomberg says, several billion more than Musk, who had been the world’s richest for four years. The switch in the ranking came after a blockbuster earnings report from Oracle. Forbes still has Musk as the richest, however, valuing his private businesses much higher.
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Online broker Robinhood Markets will join the S&P 500 index Online broker Robinhood Markets will join the S&P 500 index as its stock rides higher on a cryptocurrency wave.
