This news has been received from: msn.com

All trademarks, copyrights, videos, photos and logos are owned by respective news sources. News stories, videos and live streams are from trusted sources.

mail: [NewsMag]

Impact of Capitol riot looms over efforts to overhaul policing in the District Delivery co-op seeks to serve decent work conditions for riders

The S&P 500 pulled back from its all-time highs last week on investor concerns over inflation and rising bond yields.

© Mandi Wright, Detroit Free Press Democratic presidential candidate Sen.
Elizabeth Warren speaks to a crowd in Shed 5 at Eastern Market in Detroit Tuesday March 3, 2020.

On Monday, Democratic Sen. Elizabeth Warren of Massachusetts introduced a new bill called the Ultra-Millionaire Tax Act. The legislation would implement a 2% annual wealth tax on Americans that have at least $50 million in wealth and a 3% tax on those with at least $1 billion in wealth. 

Load Error

Shares of Quicken Loans parent company Rocket Companies experienced extreme volatility after the stock became the latest target of Reddit’s WallStreetBets community. The group of retail traders triggered a temporary short squeeze in Rocket shares that sent the stock soaring from around $23 on Monday’s open to as high as $43 in intraday trading on Tuesday before the stock finished the week back under $27.

Start the day smarter. Get all the news you need in your inbox each morning.

The S&P 500 dipped on Wednesday afternoon after President Joe Biden significantly reduced the number of Americans that will receive stimulus payments as part of the $1.9 trillion coronavirus relief package. Biden reduced the top earnings thresholds for receiving at least partial $1,400 stimulus payments from $100,000 to $80,000 for individuals and from $200,000 to $150,000 for joint filers.

On Thursday, the S&P 500 plummeted more than 2.5% after Federal Reserve Chair Jerome Powell said the U.S. economic reopening in 2021 could “create some upward pressure on prices.” Powell’s comments spooked investors concerned trillions of dollars in government stimulus measures will trigger hyperinflation, and yields on 10-year U.S. Treasury bonds jumped back above 1.5% for the first time in over a year.

NIO Comes Up Short

Shares of Chinese electric vehicle maker NIO tumbled more than 25% after the auto company reported fourth-quarter revenue growth that fell short of analyst expectations.

This week, investors will turn their attention to earnings reports from Dick’s Sporting Goods on Tuesday, United Natural Foods and Campbell Soup on Wednesday and JD.com on Thursday.

Analysts are now projecting 9.3% revenue growth for S&P 500 companies in 2021 following a 1% revenue decline in 2020, according to FactSet.

Economic Numbers

This week, investors will get more key economic updates on Wednesday when the U.S. Labor Department releases its Consumer Price Index reading for the month of February and on Thursday when the European Central Bank releases its latest interest rate decision and accompanying monetary policy statement.

Benzinga is a financial news and data company headquartered in Detroit.

This article originally appeared on Detroit Free Press: Ultra-Millionaire Tax Act proposes wealth tax on Americans with the most

News Source: msn.com

Tags: detroit free press stimulus payments elizabeth warren investors revenue growth americans on wednesday reduced on thursday on thursday

Brooklyn Beckham and Nicola Peltz kiss on red carpet amid family drama

Next News:

Man Recovers From Injuries In Non-Fatal Shooting, Detroit Police Continue Searching For Suspect

(CBS DETROIT) – The Detroit Police Department is seeking assistance in locating a suspect in connection to a non-fatal shooting.

Detroit police seek non-fatal shooting suspect | Credit: Detroit Police Department

READ MORE: Michigan, Consumers Energy Pledge To Power More Than 1,200 Government Buildings With Clean Energy

The incident happened on Sunday, July 24, at about 12:50 a.m.

Police say that a group of people were standing under an awning in the area of State St. and Washington Blvd., when the suspect approached them and started firing shots, striking a 32-year-old man.

READ MORE: Firefighter From Michigan Battling Wildfire In Oregon Dies After Being Struck By Tree, Officials Say

The suspect fled the scene on foot.

The victim was taken to a local hospital to be treated for his injuries and has been released.

If anyone recognizes this suspect or has any information about this crime, they are urged to call the Detroit Police Department’s Third Precinct at 313-596-1340 or Crime
Stoppers at 1-800-Speak Up.

MORE NEWS: Police Seek Suspect After Man Riding Bicycle Fatally Shot In Detroit

© 2022 CBS Broadcasting Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.

Other News

  • Ultra-rich fueling sales of luxury brands despite inflation and recession fears
  • Michael Kopech tosses 6 no-hit innings and strikes out a career-high 11 in the Chicago White Soxs 2-0 against the Detroit Tigers
  • Ribs RnB Music Festival Kicks Off This Weekend In Downtown Detroit
  • Aidan Hutchinson Offers Strong Reaction to Fine Lions Debut
  • Jared Goff Fires up Lions By Forcing His Way on the Field
  • Hunt Report: Hometown Hero Makes Solid Opening Roster Statement
  • Smooth Aidan Hutchinson Praised for Fast Start to Lions Career
  • Aidan Hutchinson begins career with beastly TFL: Lions fans lose their minds
  • Falcons vs. Lions NFL live stream reddit for preseason Week 1
  • Hackers Target School Systems To Get Private Data
  • A Blessing: Expungement Fair Held In Detroit As Attendees Hope For A Fresh Start
  • Bidens IRA Takes Aim at a Tactic for Amassing Corporate Wealth and Avoiding Taxes. Will It Work?
  • The IRA Takes Aim at a Corporate Tactic for Amassing Wealth and Avoiding Taxes. Will It Work?
  • The Temptations Aint Too Proud Musical Opens At Detroit Opera House
  • Woman Found Dead Inside SUV In Northwest Detroit
  • Lawyer In Whitmer Kidnap Plot Trial Raises Concern About Juror
  • Heres A List Of Construction In Metro Detroit This Weekend
  • Metro Detroit Man Charged With Murder In Death Of Grand Blanc Teen
  • I’m a single mum on benefits, I swapped lives with a millionaire & had a £1.7k WEEKLY budget before lifechanging moment