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U.S. stocks rose on Wednesday, ending their longest losing streak since August, with Nvidia, a bellwether for artificial intelligence, gaining strength. Nvidia is scheduled to release its earnings report after the market closes. As of press time, the S&P 500 was up more than 1%, after falling for four consecutive days and retreating about 4% from its October high. The Nasdaq 100 was up 1.6%. Nvidia, one of Wall Streets most influential stocks, rose more than 3%, but is still down more than 7% so far this month. Traders are now hoping that Nvidias earnings report will alleviate market concerns about AI spending and effectively confirm that the current stock market rally is not just another tech bubble. Tom Essai, founder of Sevens Report Research, said that Nvidias earnings report "is widely considered the most important market catalyst this week, and any disappointing results could exacerbate recent selling pressure and have a significant impact on large-cap tech stocks, the overall stock market, and risk assets as a whole."The U.S. EIA crude oil inventories, Cushing crude oil inventories, and strategic petroleum reserve inventories for the week ending November 14 will be released in ten minutes.Walmart is in talks to acquire the startup R&A Data.The yield on 30-year UK government bonds rose more than 6 basis points to 5.451%, the highest level since October 13.Broadcom (AVGO.O) shares rose 4.4% after the company launched the world’s first quantum-safe eighth-generation 128G SAN switch portfolio.

Crypto lender Voyager Digital gets approval to return $270 million to customers

Alice Wang

Aug 05, 2022 15:16

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Voyager Digital Holdings Inc., a cryptocurrency company, has been granted permission by the U.S. Bankruptcy Court in New York to restore $270 million in client funds, the Wall Street Journal reported on Thursday.


Voyager Digital Holdings Inc., a cryptocurrency company, has been granted permission by the US Bankruptcy Court in New York to restore $270 million in client funds, the Wall Street Journal reported on Thursday.


According to the Journal, Judge Michael Wiles, who is in charge of Voyager's bankruptcy, said the firm had "sufficient grounds" to back up its claim that clients should be given access to the custodial account kept at Metropolitan Commercial Bank.


The business did not immediately respond to requests for comment.


Voyager, one of several businesses that struggled after the widespread turbulence on the cryptocurrency market, filed for Chapter 11 last month.


Voyager reported that it had between $1 billion and $10 billion in assets and liabilities, as well as over 100,000 creditors, in its bankruptcy case.


The Federal Reserve and the Federal Deposit Insurance Corp (FDIC) issued an injunction to the firm last week directing it to stop making "false and misleading" promises about the government's protection of its clients' cash.


The firm only had a bank account at Metropolitan Commercial Bank, according to the authorities, and none of the investors using its platform were covered by the FDIC.


During the COVID-19 epidemic, cryptocurrency lenders like Voyager saw a surge in business, luring depositors with high interest rates and convenient access to loans that conventional banks seldom ever gave. Lenders have suffered from the recent decline in cryptocurrency markets, which was brought on by the failure of two significant tokens in May.

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