Why Andy Warhol Is No Match for Jay Powell—Heard on the Street
Auction sales of paintings that cost more than $10 million fell 44% last year, and continue to be depressed in 2025. Is weakness at the top of the art market a sign wealthy collectors are growing concerned about the future? Tariffs and economic uncertainty may be making them wary of tying up millions of dollars in illiquid assets like paintings. 🔎 Read more:
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
13 minutes ago
- Yahoo
Gold Gains as Weaker Economic Data Boosts Fed Rate Cut Bets
(Bloomberg) -- Gold edged higher on Tuesday, building on three days of growth amid expectations the Federal Reserve will cut interest rates next month after a spate of weaker economic data. PATH Train Service Resumes After Fire at Jersey City Station Mayor Asked to Explain $1.4 Billion of Wasted Johannesburg Funds Chicago Curbs Hiring, Travel to Tackle $1 Billion Budget Hole All Hail the Humble Speed Hump US President Donald Trump's trade wars and tension surrounding his looming deadline for Russian President Vladimir Putin to end his full-scale invasion of Ukraine has also provided momentum for gold. 'Fears of a slowdown in the US economy along with concerns about rising inflation amid Trump's tariffs are driving increased demand for gold,' ING Groep NV strategist Ewa Manthey said. 'With US fed rate cuts now intensifying, gold's bullish momentum could grow, sending gold to fresh highs.' Spot gold traded near $3,379 an ounce in London, up 0.2%. Traders are increasingly pricing in US rate cuts to bolster the US economy after weaker data, including a Monday report from the Institute for Supply Management that showed the services sector effectively stagnated in July as firms — faced with tepid demand and rising costs — reduced headcount. That comes after data out last week showed a much weaker labor market than previously thought after revisions to May and June, while inflation-adjusted consumer spending barely rose. Lower rates typically boost the price of gold, which doesn't pay interest. 'I think it will be the Fed cutting rates that could be the catalyst to push gold to another record,' Manthey added. 'I think gold has further room to run. Geopolitical risks remain elevated, Trump's trade war is still going on and ETF holdings continue to expand. The bullish drivers are there.' Bullion has gained nearly 30% this year amid Trump's campaign to slap tariffs on imports and geopolitical conflicts, along with central bank buying and bets on rate cuts. Investors and analysts see more gains ahead, with Fidelity International forecasting bullion could hit $4,000 an ounce by the end of next year. Citigroup Inc. also revised its forecast for gold, with analysts now predicting bullion will rally to a record high in the near term due to a worsening US economy and inflation-boosting tariffs. But many expectations for gold to break out of its range bound trading following April's $3,500 high haven't come to fruition even with the slew of uncertainty in both the economy and geopolitical outlook. 'Despite all these gold-positive arguments, the gains of the precious metal remain limited,' Commerzbank Research wrote on Tuesday. 'We continue to see gold fundamentally well-supported, but it is clear that the momentum we saw particularly in the first quarter has dissipated. This is also evident in the fact that gold traded 'sideways' despite significantly increased US rate cut expectations since April,' the note said. The Bloomberg Dollar Spot Index was down 0.1%. Silver also gained while palladium and platinum declined. --With assistance from Laura Avetisyan and Yihui Xie. Russia's Secret War and the Plot to Kill a German CEO AI Flight Pricing Can Push Travelers to the Limit of Their Ability to Pay Government Steps Up Campaign Against Business School Diversity What Happens to AI Startups When Their Founders Jump Ship for Big Tech How Podcast-Obsessed Tech Investors Made a New Media Industry ©2025 Bloomberg L.P. Sign in to access your portfolio
Yahoo
13 minutes ago
- Yahoo
Macy's (M) Falls on 5th Day on Investor Caution Ahead of Q2 Earnings
We recently published . Macy's Inc. (NYSE:M) is one of the companies that stood stronger last week. Macy's Inc. extended its losing streak to a fifth consecutive day on Monday, shedding 3.72 percent to close at $11.9 apiece, as investors unloaded portfolios ahead of the release of its earnings performance for the second quarter of the year. Based on its historical reporting dates, Macy's Inc. (NYSE:M) will release the results of its financial and operating highlights for the second quarter in the third week of August, or two weeks from now. Copyright: nicoletaionescu / 123RF Stock Photo However, the recent share price decline suggested a more cautious trading sentiment following a recent restructuring initiative that included the closure of 150 stores over a three-year period. Of the total, Macy's Inc. (NYSE:M) plans to close 66 stores this year, and impact its net sales in the second quarter of the year versus the same period last year. In the first quarter of the year, Macy's Inc. (NYSE:M) saw its net income decline by 39 percent to $38 million from $62 million in the same period last year. Total revenues decreased by 4.2 percent to $4.79 billion from $5 billion year-on-year. While we acknowledge the potential of M as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the .
Yahoo
13 minutes ago
- Yahoo
TG Therapeutics (TGTX) Slashes 18% on Lower 2025 Sales Guidance
We recently published . TG Therapeutics, Inc. (NASDAQ:TGTX) is one of the companies that stood stronger last week. TG Therapeutics fell for a third day on Monday, shedding 18 percent to close at $28.72 apiece as investors soured on a lower-than-expected full-year sales guidance. In a statement, TG Therapeutics, Inc. (NASDAQ:TGTX) raised its revenue outlook for Briumvi to a range of $570 million to $575 million from the $560 million previously, but was still lower than the $596 million as expected by analysts. The company also upped its total global revenue target to $585 million for the full year 2025 from its previous outlook of $575 million year-on-year. In the second quarter of the year, TG Therapeutics, Inc. (NASDAQ:TGTX) posted a net income 310-percent expansion in net income to $28.19 million from $6.88 million in the same period last year. Total revenues were also higher by 93 percent to $141 million from $73 million in the same comparable period. The company also swung to a net profit of $33 million from a $3.8-million net loss in the same period last year. While we acknowledge the potential of TGTX as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the . Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
