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Top 5 Reasons Behind Friday’s Stock Market Market Crash As Sensex Drops Over 950 Points

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Top 5 Reasons Behind Friday's Market Crash As Sensex Drops Over 950 Points

Sharp selloffs in domestic markets on Friday were prompted by bearish global sentiments as well as resurrected concerns over Covid-19. The 50-packed index plummeted over 300 points to shut at 17,900 levels, while the S&P BSE Sensex lost over 950 points to shut near 60,000 levels.

Additionally, broader markets suffered greatly from the sharp selloff and lagged benchmark indices. The Nifty SmallCap 100 and Nifty MidCap 100 indices experienced a 4% decline in trading. The Nifty PSU Bank, Nifty Realty, Nifty Metal, and Nifty Media, all indexes all saw declines of up to 6%, while all sectors were submerged in the sea of red.

5 Important Factors behind Today’s Stock Market Crash

1. The Global Mood Right Now

The rise of Covid-19 cases combined with worries about the US Fed’s continued aggressive stance released bears on all international markets. Technology stocks led the way in Thursday’s trading losses for US equities. The S&P 500, NASDAQ Composite, and Dow Jones dropped up to 2% each. The Asian markets also took a similar course and began trading downward this morning. Up to 1% of the Shanghai Composite, Kospi, Topix, Hang Seng, S&P 200, and Nikkei 225, indices fell.

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2. The COVID -19 Fear

Investors were alarmed by the uptick in Covid-19 instances in China, which caused a commotion on international markets. A new article claims that China probably has 1 million Covid-19 outbreaks and 5,000 mortality. Furthermore, research indicated that China would see two peaks in the middle of January and March. The ministry of health in your country, however, recorded a weekly fall at a positive rate of 0.14 percent.

3. Technical Factors

Due to the current dire situation in international markets, Nifty50 fell below the 18,000 mark for the first time in more than a month. Technical charts indicate that if the 18,000 level support is broken, it may decrease the bias and for more decline to occur.

4. The Fall Of Rupee

On Friday, the local currency decreased by 7 paise to tentatively settle at 82.86 over the Us dollar. Meanwhile, the dollar increased 0.38 percent on Thursday as traders continued to believe that the US Fed may maintain its hawkish attitude in light of good economic statistics.

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5. US Data

A flood of encouraging US consumer sentiment, third-quarter GDP, and joblessness claims statistics suggested that perhaps the Federal Reserve can maintain its hawkish stance in the February meeting. Traders forecast a slowdown to 25 bps at the following February meeting after a rate increase of 50 basis points (bps) at the December meeting.

According to data, US consumer confidence increased to 108.3 in December from 101.4 the previous month, the highest level in eight months. Meanwhile, the US Q3 GDP increased to 3.2% from 2.9%. However, according to figures from the labor department, initial joblessness claims increased to 2,16,000 from the previous month.

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Subhashree Panda: A proficient content writer, editor, and researcher. With 4 years of experience and an MBA in finance, she crafts compelling narratives on global events. Her passion for diverse journalism genres resonates widely, fostering broad audience connections.

World

More Trouble For Microsoft, OpenAI: Eight US Newspaper Publishers File Lawsuit For Copyright Infringement

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More Trouble For Microsoft, OpenAI: Eight US Newspaper Publishers File Lawsuit For Copyright Infringement

Trouble for Microsoft and OpenAI over copyright infringement is not coming to an end, as they face several lawsuits for violating copyrights.

On Tuesday, eight US newspaper publishers sued Microsoft for illegally reusing articles in AI products.

The 98-page long lawsuit further accused the tech companies of attributing erroneous information to the publishers.

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The eight newspapers that have filed the lawsuits include the New York Daily News and the Chicago Tribune.

They allege that OpenAI’s ChatGPT used their copyrighted articles to perfect its language models without permission.

The lawsuit was filed in a New York federal court on Tuesday. The publishers claim that OpenAI’s large language models, GPT-2 and GPT-3, were perfected using datasets containing text from their newspapers.

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The language models are designed to produce text based on human inputs and reproduce copies of the publishers’ works. Microsoft has been indicted for using newspapers for its Bing search index but seldom provided links to the original articles. Four months ago, The New York Times also filed a lawsuit against OpenAI, accusing the tech giant of using data from its past content. It also asked for consent for usage, criticizing the use of full article excerpts in chatbot responses.

The latest lawsuit filed by the eight news outlets also demanded consent and fair value for using their content to perfect the AI language models. The lawsuit alleged that the AI tools literally regurgitate their content without directing users to the content source.

The lawsuit filings stated, “This lawsuit arises from defendants purloining millions of the publishers’ copyrighted articles without permission and without payment to fuel the commercialization of their generative artificial intelligence products, including ChatGPT and (Microsoft’s) Copilot.”

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The eight newspapers that instituted the lawsuits are as follows:

  • The New York Daily News and The Chicago Tribune, both owned by Alden Global Capital
  • The Orlando Sentinel
  • The Sun Sentinel
  • The San Jose Mercury News
  • The Denver Post
  • The Orange County Register
  • The St. Paul Pioneer Press

OpenAI’s Response

OpenAI did not directly respond to the accusations but stated that it takes great care to support the news and media outlets. It also stated it is in continuous partnerships and conversations with various news outlets around the world to explore new opportunities, discuss problems, and seek out solutions.

Microsoft also stated that OpenAI has entered into fruitful partnerships with a number of publishers, which includes The Financial Times, The Associated Press, Spanish conglomerate Prisa Media, and Germany’s Axel Springer.

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Alan Patricof Net Worth 2024: How Much is the American Investor Worth?

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Alan Patricof Net Worth 2024: How Much is the American Investor Worth?

Who is Alan Patricof?

Alan Patricof is a prominent figure in the American investment landscape, renowned for his contributions to venture capital. With a career spanning over four decades, Patricof has been instrumental in shaping the growth of numerous global companies, including America Online, Apple Computer, and Audible. His legacy extends beyond business, with involvement in community organizations and government initiatives.

Alan Patricof Career

Alan Patricof’s career in venture capital began in the industry’s early days. He founded Patricof & Co. Ventures Inc., a precursor to Apax Partners, one of the world’s leading private equity firms. Later, he established Greycroft Partners, focusing on early and expansion-stage investments in digital media. Throughout his career, Patricof’s vision and leadership have played a pivotal role in advancing the venture capital field.

Alan Patricof’s Net Worth

As of May 3, 2024, Alan Patricof’s estimated net worth stands at over $1 million. His wealth is derived from various investments, including holdings in Boston Properties Inc. and successful ventures in digital media. Despite humble beginnings, Patricof’s entrepreneurial spirit and strategic acumen have propelled him to financial success.

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Alan Patricof Age

Born in 1934, Alan Patricof is currently in his late eighties. Despite his advanced age, he remains active in the business world, leveraging his wealth of experience to mentor emerging entrepreneurs and drive innovation.

Alan Patricof Family: Wife and Children

Alan Patricof has been married to his wife Susan for over 48 years. Together, they have three children and seven grandchildren. Family holds great importance to Patricof, and he credits his upbringing and heritage for shaping his values and work ethic.

Alan Patricof Height and Weight

While specific details about Alan Patricof’s height and weight are not readily available, his stature in the investment community is undeniable. Patricof’s impact transcends physical measurements, as he continues to leave a lasting legacy in venture capital and philanthropy.

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Also Read: Mike Markkula Net Worth 2024: How Much is the Former CEO of Apple Worth?

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Net Worth

Stephen M. Ross Net Worth 2024: How Much is the Chairperson of The Related Companies Worth?

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Stephen M. Ross Net Worth 2024: How Much is the Chairperson of The Related Companies Worth?

Who is Stephen M. Ross?

Stephen M. Ross, the Chairperson of The Related Companies, is a distinguished figure in the real estate sector, renowned for his significant contributions and profound impact. Born on May 10th, 1940, in Detroit, Michigan, Ross embarked on his journey into real estate at a young age, demonstrating remarkable diligence and entrepreneurial spirit. Despite initially pursuing a career as a tax attorney, Ross soon discovered his genuine passion for real estate investment, laying the foundation for his illustrious career.

Stephen M. Ross Career

Ross’s career trajectory is marked by pioneering ventures and transformative projects. In 1972, he founded The Related Companies, which initially focused on subsidized low and moderate-income apartments. Over the years, Ross transitioned to higher-profile projects, including the iconic Hudson Yards development, valued at over $7 billion. His visionary approach and strategic partnerships have cemented his reputation as a prominent figure within the real estate industry.

Stephen M. Ross Net Worth

As of 2024, according to Celebrity Net Worth, Stephen M. Ross’s net worth stands at an impressive $10 billion, solidifying his status as one of the wealthiest individuals globally. Ross’s wealth accumulation is attributed to his unparalleled success as a real estate mogul, with an estimated annual income of nearly $700 million derived from royalties on his diverse property holdings. His continued involvement in the real estate sector, with ongoing projects in New Jersey and Florida, further contributes to his substantial net worth.

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Stephen M. Ross Age

Currently, Stephen M. Ross is 83 years old, born on May 10th, 1940. Despite his age, Ross remains actively engaged in his professional pursuits, demonstrating resilience and dedication to his craft.

Stephen M. Ross Family: Wife and Children

Ross’s personal life is characterized by familial bonds and enduring relationships. He is happily married to Kara Ross and is the proud father of four children. Ross’s commitment to family values underscores his holistic approach to life and business.

Stephen M. Ross Height and Weight

Physically, Stephen M. Ross stands at a height of 6 feet 2 inches (1.88m) and maintains a healthy body weight of around 72 kg. Despite his busy schedule, Ross prioritizes his health and well-being, engaging in activities such as volleyball and tennis.

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Also Read: Dave Ramsey Net Worth 2024: How Much is American Radio Personality Worth?

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