Welcome to Finance Insider, Business Insider’s summary of the top stories of the past 24 hours.
A battle is brewing over the best-performing stock since last year’s US election.
The company in question is Nvidia, which has enjoyed a particularly charmed existence since November 8. The graphics-chip maker’s stock price has exploded 95% higher since then, the biggest gain in the S&P 500 by almost 30 percentage points.
On one hand, the company has been targeted by large speculators as a stock likely to decline, as reflected by the roughly $US3 billion in short positions held by hedge funds. But it’s also one of the favourite stocks for millennial investors.
Elsewhere in markets news, global stocks are at record highs. Amazon is on the verge of hitting $US1,000 a share for the first time. And corporate America investing in itself is going to be what powers stocks higher, according to Business Insider’s Joe Ciolli.
On Wall Street, another senior executive is set to leave Deutsche Bank. The biggest players in the foreign exchange markets are losing influence. UBS is going head-to-head with JPMorgan and American Express by dropping a new luxury travel rewards credit card.
And Aviva, the 321-year-old British insurance giant, wants to become a financial technology company.
The Fed says it will be appropriate to raise interest rates again “soon.” It also warned the auto glut could get worse. There’s one big problem with the Fed’s plan to unwind its gigantic balance sheet, according to Business Insider’s Pedro da Costa.
The bitcoin rally may be running out of steam. Thursday’s action saw Bitcoin blow past its record and soar to $US2,800 in just a few hours, but now it’s plunging. Here’s what the cryptocurrency is all about.
Oil is getting whacked even after OPEC agreed to extend production cuts.
In deal news, a bunch of cycling enthusiasts just helped Peloton Cycle raise $US325 million — betting it could be “the Apple of fitness.”
Everyone is missing a critical point about Sears’ first quarter profit.
Ford’s new CEO just named some key execs on his team. Tesla is pushing the insurance industry to prepare for massive disruption. In related news, Morgan Stanley’s latest prediction about the future of self-driving cars should terrify automakers.
A Swiss watchmaker just created a $US26,900 timepiece that looks exactly like an Apple Watch.
Lastly, a Montauk estate is on the market for $US48 million — 7,600% more than what its owners paid for it.