Table of Contents

• Revolut

• U.S. Stocks

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Revolut

Revolut announced it surpassed $1 billion in annual net profit for the first time, reporting £1.1 billion ($1.5 billion) for 2024, as it prepares to launch its U.K. bank later this year. The company saw 72% growth in overall revenue, driven by strong performances in its wealth and subscription divisions, and a sharp rise in lending income. Having secured a restricted banking license in 2024, Revolut is working toward full regulatory approval to transfer its U.K. customers to its new banking entity. The move will allow it to offer government-backed deposit protections and expand into loans, credit cards, and mortgages, positioning itself to compete with established rivals Monzo and Starling.

U.S. Stocks

U.S. stocks climbed Thursday, boosted by strong performance from large technology companies, as optimism about potential trade progress lingered despite limited developments. The S&P 500 rose 2.03% to 5,484.77, the Nasdaq Composite advanced 2.74% to 17,166.04, and the Dow Jones Industrial Average gained 1.23% to 40,093.40, topping the 40,000 level for the first time since mid-April. Nvidia, Meta, Amazon, Tesla, and Microsoft all moved higher, helping extend the market’s winning streak to a third session. Despite China stating no active negotiations were underway and urging the U.S. to remove tariffs, comments from President Trump and Treasury Secretary Scott Bessent kept hopes alive for future agreements. Analysts noted lingering caution given the fragile trade backdrop. Meanwhile, the indexes are on track to close the week with gains.

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