- Reuters
Wall Street braces for faster trade settlement
U.S. trading moves to a shorter settlement on Tuesday, which regulators hope will reduce risk and improve efficiency in the world's largest markets, but is expected to temporarily increase transaction failure for investors. To comply with a rule change the U.S. Securities and Exchange Commission (SEC) adopted last February, investors in U.S. equities, corporate and municipal bonds and other securities must settle their transactions one business day after the trade instead of two as of May 28. Regulators sought the new standard, commonly called T+1, after the 2021 trading frenzy around the "meme stock" GameStop highlighted the need to reduce counterparty risk and improve capital efficiency and liquidity in securities transactions.
- Reuters
Trump hush money trial to shape prosecutor Alvin Bragg's legacy
Alvin Bragg says he decided to become a lawyer after guns were pulled on him six times while growing up in New York - three of those times by police. A quarter-century after graduating from Harvard Law School, the Manhattan district attorney's legacy is set to be defined by the looming verdict in one of the most consequential cases in American history: the criminal trial of former President Donald Trump over hush money paid to porn star Stormy Daniels. Since Bragg unveiled the first of four indictments against Trump last year, he has been a frequent target of Trump's vitriolic social media posts.
- Reuters
Morning bid: Nvidia aces Fed, tense Taiwan and UK poll
Yet another quarterly earnings beat from AI-chip behemoth Nvidia catapulted Wall St stock futures higher again on Thursday - batting away hawkish Federal Reserve meeting minutes, military tension around Taiwan and news of a July UK election. Nvidia's extraordinary boom on the scramble for artificial intelligence showed little sign of faltering and its stock - which now accounts for over 5% of the entire S&P500 capitalization - soared 7% out of hours after its latest update. Its shares, which have tripled over the past year, jumped above $1,000 in extended trade and added another $140 billion in stock market value.
