— S&P 500, Nasdaq hit records; Bitcoin nearing previous all-time high
— Macy’s closing over 100 stores across the U.S.
— Google takes hit after Gemini blowback
— Elon Musk turns on OpenAI but teases new, delayed Tesla
— Apple dumps electric car plans, surprising many
— Inflation remains hot ahead of Fed Chair Powell’s testimony next week
— Regional banks rocked after NYCB disclosure
STOCKS AND CRYPTO WRAP WINNING WEEK: Investors ended the week with the S&P 500 and Nasdaq Composite sitting at record highs, helping kickoff the month of March. For Bitcoin, it topped $63,000, with gains of over 23% for the past seven days, as tracked by Dow Jones Market Data Group. The all-time high for the world’s largest cryptocurrency by market value is $67,353.
MACY’S SHRINKING: American retailer Macy’s plans to be much smaller after it shutters 150 locations…continue reading here.
VIDEO: Where does Macy’s fit in the U.S. retail pie?
GOOGLE’S MISSTEP: The search giant’s AI tool, Gemini, was shown to have a bias against White people. CEO Sundar Pichai finally addressed the situation, but some wonder if this is the company’s Bud Light moment…continue reading here. Shares of parent company Alphabet lost 5% this week.
FRENEMIES?: Elon Musk is suing Sam Altman’s Open AI, claiming it’s lost its way under his direction…continue reading here.
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As for Musk’s Tesla, the long-delayed new model is coming soon, he promised…continue reading here.
VIDEO: How far ahead is Elon Musk in the electric vehicle race?
APPLE’S ABOUT FACE: Apple scrapped plans to develop an electric vehicle, good nighting what was known as “Project Titan,” per reports…continue reading here.
VIDEO: Here’s why Apple is dropping out of the EV business.
REGIONAL BANKS ROCKED: Ahead of the March anniversary of the collapse of Silicon Valley Bank, NYCB is warning investors it’s on shaky ground, sending chills through the regional banking industry…continue reading here.
VIDEO: Is another regional bank on the verge of collapse?
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INFLATION STICKS AROUND: The Federal Reserve’s favorite data point on inflation didn’t bring enough relief for policymakers and is making the timing for future rate cuts even murkier…continue reading here.
VIDEO: Former Federal Reserve President James Bullard gives his take on inflation.
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Original article source: Macy’s shutters stores, Apple’s pivot, Google’s Gemini fail and Tesla’s new model
