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NEW YORK (Reuters) - The Nasdaq and S&P 500 eked out modest gains on Thursday with investors betting on more fiscal stimulus, but U.S. President Joe Biden said China was poised to “eat our lunch,” a warning that tempered enthusiasm for a market near record highs.
Nvidia Corp rose 3.2% and Intel Corp 3.1%, making technology the leading sector to gain on the S&P 500 and Nasdaq. Declining shares outnumbered gainers on the Nasdaq and New York Stock Exchange.
Biden told a group of U.S. senators in a meeting to discuss the need to upgrade U.S. infrastructure that the United States must raise its game in the face of the challenge from China.
By Reuters Staff
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(Reuters) - Affirm Holdings Inc on Thursday forecast weaker sales volume for the current quarter, signaling a slowdown in the pandemic-induced boom in online shopping that helped it narrow its loss in its first results as a publicly-traded company.
The company said it expects third-quarter gross merchandise volume between $1.80 billion and $1.85 billion, lower than the $2.1 billion it reported for the previous three months, sending its shares down 8.6% after the bell.
Affirm was founded in 2012 by PayPal Holdings Inc co-founder Max Levchin to offer small loans to people without credit histories or savings accounts for items ranging from a new mattress to an outfit for a job interview.
Bitcoin surged anew on Monday when Elon Musk electrified its prospects by pledging Tesla Inc would soon take payment for its electric vehicles in the currency and revealed it had already bought $1.5 billion worth of it.
PayPal Holdings Inc said on Friday it received a civil investigative demand from the U.S. Consumer Financial Protection Bureau related to its app Venmo's alleged unauthorized fund transfers and collections processes.
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(Reuters) - PayPal Holdings Inc beat Wall Street estimates for quarterly profit on Wednesday, with a coronavirus-driven shift to online shopping and digital transactions driving record levels of payment volumes for both the quarter and the year.
FILE PHOTO: The PayPal app logo is seen on a mobile phone in this illustration photo, Oct. 16, 2017. REUTERS/Thomas White/File Photo
PayPal said it was expecting an addition of about 50 million active users in 2021 and forecast annual revenue of about $25.5 billion, well above the $21.4 billion estimated by analysts. Its shares were up 5% in trading after the bell.
“At the beginning of the pandemic, consumers amid lockdown had no choice but to do all of their shopping online,” Chief Executive Officer Dan Schulman said.