Round-the-clock oil trading on Hyperliquid is drawing investors beyond crypto as geopolitical shocks expose gaps in traditional markets, the bank said.
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159-year-old liquor brand’s Chapter 11 denied, future unclear
Fran Weaver, the founder, CEO, and largest shareholder of the Uncle Nearest whiskey brand, has lost her bid to take back control of the struggling company.The company has been operated by receiver Phillip G. Young Jr. since August.On March 19 Weaver filed a lawsuit against Farm Credit Mid-America in the Supreme Court of the State of New York, alleging the lender engaged in a smear campaign against the fast-growing whiskey brand by knowingly circulating false accusations, including claims of missing inventory, financial misconduct, negative cash flow, and insolvency, the company shared in a press release.“The accusations circulated about us were not only false. The bank knew they were false when they made them, and they knew those accusations would strike directly at the credibility that allowed this brand to grow against all odds in this industry,” said Uncle Nearest CEO Fawn Weaver.In addition to the lawsuit, she filed a Chapter 11 bankruptcy petition on behalf of the company. Now, a federal judge has thrown out that filing.Uncle Nearest remains under receivershipWhen a company gets put into a receivership, that’s usually a last-ditch effort to save the brand.“The receiver’s job is to literally operate the business,” said John Mark Jennings, a partner in the law firm of Shulman Hodges & Bastian LLP to Smart Business. “A receivership is an action brought against your company because it is being operated to the detriment of shareholders or creditors.”Young had been charged with doing that and had worked on a plan to sell off the company’s non-core assets. Weaver wanted to regain control with her lawsuit and Chapter 11 bankruptcy filing, but those efforts were denied. “U.S. Bankruptcy Judge Suzanne Bauknight ruled March 19 that Fawn Weaver, who launched Uncle Nearest in 2017, was not authorized to file the bankruptcy petitions she submitted on behalf of the company earlier this week. Uncle Nearest is under the control of a receiver who was appointed to steer the company while a lawsuit against the company over more than $100 million in unpaid debt plays out,” Knox News reported. Uncle Nearest’s financial troubles so farTennessee whiskey brand Uncle Nearest was placed into court-ordered receivership in August 2025 after a lawsuit from lender Farm Credit Mid-America alleging the company defaulted on roughly $108 million in loans and lines of credit, according to Forbes.A federal judge appointed a receiver to oversee the company and manage its assets while the lender attempts to recover the debt. The move temporarily removed control from founders Fawn and Keith Weaver, reported Axios.The lawsuit claims the whiskey company violated loan terms and failed to maintain required financial conditions while carrying more than $100 million in liabilities, according to Forbes.Court filings also alleged the company overstated the value of whiskey inventory used as collateral and failed to maintain required cash balances under the loan agreement, Forbes added.The court-appointed receiver has explored selling non-core assets—including vineyards, real estate, and other alcohol brands—to raise cash and stabilize the company, according to TheStreet.Despite the financial dispute, the company has continued operating while the legal process unfolds, with investors and lenders negotiating potential restructuring options, added TheStreet.Uncle Nearest’s fate remains unclearThe judge’s ruling keeps the company out of Chapter 11 bankruptcy for now. Young has been aggressive in asserting his control of the company and keeping Weaver sidelined.“Late March 17, receiver Phillip Young filed an expedited motion for sanctions against Weaver and/or her counsel for Weaver’s ‘wanton and willful violation of this Court’s order appointing the receiver.’ Under that order, only the receiver has the legal authority to take actions on behalf of the company,” according to the Lexington Herald Leader.That motion has not been ruled on yet.Young made it very clear that Weaver did not have the authority to file for Chapter 11 bankruptcy.More Uncle Nearest:159-year-old whiskey brand files disputed Chapter 11 bankruptcyUncle Nearest placed under receviership, faces liquidation“Despite the clear orders of this Court that the Receiver, and only the Receiver, could act on behalf of the receivership entities, on March 17, 2026, Defendant Fawn Weaver signed and filed bankruptcy petitions on behalf of Uncle Nearest, Inc., Nearest Green Distillery Inc., and Uncle Nearest Real Estate Holdings, LLC in the United States Bankruptcy Court for the Eastern District of Tennessee, Knoxville Division,” the receiver said in the filing, which can be found on PacerMonitor.Weaver’s lawyer stated that despite the receivership, she had the right to make the Chapter 11 filing.
Uncle Nearest continues to operate despite its ongoing legal woes.Shutterstock
Fight for Uncle Nearest control continues“There is nothing in 10 q. [the section in question] that states the receiver has exclusive authorization to file nor excludes anyone else from filing,” Weaver’s attorney, Kelli D. Holmes told VinePair. That is true, however, the section of the receivership order directly prior explicitly states “The Receiver shall be exclusively vested with: (a) all the powers of officers, directors, members, and/or managers (as applicable) of Uncle Nearest.” Another section enjoins anyone but the receiver from “disturbing, interfering or affecting the Receivership Assets or the administration of the receivership estate.”In a separate filing Tuesday evening with the receivership court, Young requested an “expedited motion for sanctions,” citing the the bankruptcy filing and a Tuesday press release from Grant Sidney, a nominally unrelated asset controlled by Fawn Weaver that has been the subject of scrutiny due to allegedly commingling funds with Uncle Nearest, as evidence of her “wanton and willful violation of this Court’s Order Appointing Receiver.”Related: 63-year-old sporting goods retailer files Chapter 11 bankruptcy
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J.P. Morgan pushes back on Fed’s 2026 rate-cut forecast
A top Wall Street economist is breaking with the Federal Reserve and warning that interest-rate cuts may be off the table completely through 2026 as inflation and the Iran War reshape the outlook.Michael Feroli, the chief U.S. economist for J.P. Morgan, disagrees with the Federal Reserve’s new forecast on interest-rate cuts this year.Feroli told CNBC March 19 that the Fed will keep interest rates on hold for the rest of 2026.He also said the central bank’s next move will be a rate hike in 2027.“The conflict in the Middle East adds a whole new wrinkle,” Feroli said one day after the Federal Open Market Committee voted 11-1 to continue to pause the benchmark Federal Funds Rate at 3.50% to 3.75%. It was the second FOMC meeting in a row to hold rates but the first since the Iran War erupted. In its press release, the FOMC said available indicators suggest that economic activity has been expanding at a solid pace. “Uncertainty about the economic outlook remains elevated. The implications of developments in the Middle East for the U.S. economy are uncertain,’’ the release said. “The Committee is attentive to the risks to both sides of its dual mandate.” What the Fed dual mandate requires for jobs, pricesThe Fed’s dual congressional mandate requires it to balance full employment and price stability.Lower interest rates support hiring but can fuel inflation.Higher rates cool prices but can weaken the job market.The two goals often conflict, operate on different timelines and are influenced by unpredictable global events like pandemics and wars. More Federal Reserve:Fed Chair Powell sends frustrating message on future interest-rate cutsEven before the outbreak of the Iran War, the Fed faced a dilemma from worrisome risks to both sides of its congressional mandate: higher unemployment rates and sticky inflation.
Federal Reserve Bank of New York via FRED®
How the Federal Funds Rate affects youThe benchmark Federal Funds Rate impacts nearly all Americans.That’s because it guides interest rates for auto and student loans, home-equity loans and credit cards. It also impacts the 10-year Treasury bond which in turn affects mortgage rates in the stagnant housing market.Billions of dollars in taxpayer money — primarily from individual tax returns and payroll taxes — pay the interest on the nation’s $38.9 trillion debt. For consumers, a delayed rate cut could mean higher borrowing costs during an affordability crisis causing many Americans to scramble to pay energy, grocery, shelter and healthcare bills in a “low-hire, low-fire” labor market.FOMC paused rate cuts in JanuaryThe FOMC voted 10-2 to hold interest rates steady at 3.50% to 3.75% in January after three continuous cuts of 25 basis points in its last three meetings of 2025.Those cuts were based on data showing increasing weakening in the labor market and cooling inflation, although still sticky and tariff-laced.Related: Fed split holds as Iran war scrambles rate pathFed Chair Jerome Powell told reporters after the March 18 meeting that the economy was settling into a moderately neutral range.A neutral range for economists means monetary policy is neither stimulating nor restricting economic growth.Fed “dot plot” calls for one rate cut in 2026 The Fed’s “Summary of Economic Projections” provides its estimates of inflation, unemployment, and economic output, in addition to estimates of interest rates that officials see as most appropriate policy over a three-year horizon. The interest rate estimates, also known as the Fed’s “dot plot,” are closely watched on Wall Street for insight into the central bank’s thinking and plans.The SEP is a quarterly report from all 19 Fed officials, including the 12 voting members of the FOMC.The March “dot plot” calls for a single 25 basis point rate cut in 2026, and an additional 25 basis point cut in 2027, the same as the December 2025 forecast.But Powell noted in his press conference that the rate cut was not guaranteed, especially if the projected decrease in inflation doesn’t occur. “If we don’t see that progress, then you won’t see the rate cut,” he said.The March “dot plot” projections are more uncertain than in the past because of the Iran War, Powell said.The CME Group FedWatch Tool expects a 27.5% likelihood of a 25 basis point interest rate cut in December. Feroli cites inflationary pressures in PCE, CPIThe latest inflation data show prices that continue “to run too hot for comfort,” according to Feroli.January Core PCE: The core Personal Consumption Expenditures (PCE) price index, the Fed’s preferred inflation gauge, rose 3.1% year-over-year. It increased by .04% on a monthly basis.February Core CPI: The core February Consumer Price Index (CPI) remained steady at a 2.5% annual rate, the same as January. The core CPI rose 0.2% in February.“We have an inflation problem,’’ Feroli said, while noting that it was running above the Fed’s 2% target but adding that it was not “intractable.” Given the “pretty favorable economy,’’ Feroli said inflation “should get better over time.” Related: Former Fed insiders issue stark warning on U.S. economy
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There’s Still Hope for This Struggling Concentrated Growth Fund
Polen Growth POLRX, a onetime consistently strong-performing and highly rated concentrated growth fund, has had a rough go the past few years.Its institutional shares have trailed the Russell 1000 Growth for six straight calendar years, landing it in the lowest tenth of large-growth Morningstar Category peers over trailing one-, three-, five-, and 10-year periods through February 2026. The prolonged slump is out of character for the strategy whose thoughtful leaders and rigorous approach to investing in stocks with strong competitive positions had once produced strong results with less volatility than peers and its benchmark. Yet, there have been enough execution wobbles in recent years to warrant a Process Pillar downgrade to Above Average from High in February. Here’s the story behind that change and why we still think this is a compelling offering.Why It Has LaggedPolen Growth has fallen far behind. Though it posted a decent 10.9% annualized gain over the trailing 10 years through March 17, 2026, that looked meager beside the average large-growth fund’s 14.4% and the Russell 1000 Growth Index’s 17.5%. In fact, the strategy has lagged both measures over all trailing periods. At least three factors—market headwinds, portfolio and market concentration, and execution missteps—can explain this poor relative performance. The market has been unfavorable for Polen’s style. Momentum, or the tendency of fast-rising stocks to keep appreciating, has driven the stock market in recent years and hurt this strategy’s relative performance. The fund tends to have low exposure to high-momentum stocks, while its preference for quality, or stocks that the managers think can generate consistent and enduring profits, hasn’t set it apart from peers or the benchmark index, according to Morningstar’s Risk Model. While headwinds have detracted, single stock picks have been a bigger drag. The strategy’s 20-25 stock portfolio has exacerbated stock-picking errors, because each pick has more influence in a concentrated portfolio. And, like all large-growth peers, it has had to operate in an increasingly concentrated universe, which has raised the stakes on managers’ decisions to own or not own and to overweight or underweight a handful of names. The fund’s choices regarding those names—the so-called Magnificent Seven stocks of Alphabet GOOGL, Amazon.com AMZN, Apple AAPL, Meta META, Microsoft MSFT, Nvidia NVDA, and Tesla TSLA—have hampered performance. Only positions in Alphabet, Amazon, and Apple have helped. Not owning Nvidia from March 2019 to August 2025—a period of tremendous appreciation—was particularly painful. In fact, the managers’ preference for stocks with high margins and high recurring revenue led them to favor software rather than cyclical semiconductor stocks. So, it missed owning high-flying artificial intelligence winners like Nvidia and Broadcom AVGO while holding big stakes in software stocks like Adobe ADBE and ServiceNow NOW that have struggled amid fears that AI threatens their business models and growth (the managers sold Adobe in January 2026). Indeed, Morningstar’s equity research team lowered the Economic Moat Ratings of several software stocks in March, including Adobe and ServiceNow, whose moats dropped to narrow from wide. Meanwhile, the strategy has had its share of bad calls, such as overweighting the healthcare sector and making poor stock picks within it in recent years, including Illumina ILMN and Zoetis ZTS. The managers have been perhaps too patient with some poor-performing stocks, such as Thermo Fisher Scientific TMO, whose price languished over the roughly three years the fund owned it before the managers exited in September 2025. Why We Still Like This StrategyThe managers are more aware of momentum now. By tracking price and business momentum more closely, they can trim stocks that run ahead of fundamentals and add to those temporarily out of favor. The managers, however, have not increased turnover to chase momentum and still fall on the patient, deliberate end of the investing spectrum. Otherwise, the process remains intact. Companies still must clear strict hurdles before the managers consider owning their stocks. Those criteria include strong returns on equity, unencumbered balance sheets, consistent margins, and real organic growth. The concentrated portfolio also remains packed with stocks poised to continue to grow well into the future, such as Intuitive Surgical ISRG, which has a wide moat and an Exemplary Morningstar Capital Allocation Rating. Recent addition Idexx Laboratories IDXX, a pet and livestock healthcare company, has similar characteristics. Historically, stocks like these tend to reward investors over the long term.The team also remains strong. The firm saw unusually high turnover in the past year, with the departure of the former head of sustainability and three managers of other growth strategies. But the strategy’s thoughtful and experienced lead manager Dan Davidowitz and team leader Damon Ficklin, who once was a Morningstar equity analyst, remain. The addition of analyst Connor Carollo, who spent seven years at WCM Investment Management, also should help. The fund’s recent streak of underperformance has been disappointing. Still, this strategy’s combination of a disciplined process, experienced team, and more balanced positioning suggests it can post better results.
Macy’s is selling $301 blush pearl and white sapphire stud earrings for only $72
TheStreet aims to feature only the best products and services. If you buy something via one of our links, we may earn a commission.Why we love this dealAnyone who wears jewelry knows that the right accessory can absolutely transform an outfit. Sometimes the perfect ensemble just needs a bit of extra sparkle, whether that’s with a set of bracelets, a dangling pendant necklace, or a truly gorgeous pair of earrings. For the people who love adding new pieces to their jewelry box but don’t love the expensive prices often associated with them, it can be hard to find new accessories that actually hold up after lots of wear but don’t hurt your wallet in the process. It shouldn’t be a choice between quality and cost, and at the right retailers, it doesn’t have to be. Macy’s offers so many incredible deals on luxury jewelry that make it easy to own some truly stunning pieces, and if you’re as accessory-obsessed as we are, you’re certainly going to want to check it out. For those who can’t resist a statement earring, the Belle de Mer Blush Pearl and White Sapphire Earrings are definitely hard to resist adding to cart, and now that the originally priced $300 studs are 76% off, you don’t have to. Save $229 and score your own pair for just $72 before it’s too late. Belle de Mer Blush Pearl and White Sapphire Earrings, $72 (was $301) at Macy’s
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Shop at Macy’sWhy do shoppers love it?Made with blush freshwater pearl and lab-created white sapphire, these earrings aren’t just any old studs. The pink-hued button pearls give the earrings a rosy sheen and serve as the center to which the white sapphire is arranged around. The lab-grown white sapphire, which in total for both earrings equals about 2 ct. t.w. is arranged in a petal-like cluster on one side, and a more uniform band on the other to give the earrings a simple but unique look. In between the pearls and white sapphire, you see small sterling silver elements which match the sterling silver post and backing.Sterling silver is often the ideal choice for jewelry because its hypoallergenic properties make it perfect for those with sensitive skin and sensitivities to other metals. Additionally, it also offers superior durability and can easily be cleaned and polished, so it’ll hold up in color and quality even after lots of wear.Each stud measures about 8 to 9 millimeters wide, and has about a ⅝ inch drop. The earrings use a push back closure, also known as a butterfly back or friction back, which means the back slides easily on and off of the post to keep them securely in place in your ear. That specific type of closure is ideal for everyday wear. And if you really love this pearl and white sapphire combo, you’ll love the matching necklace that goes along with it. The 18-inch long pendant has the same discount available right now. Instead of paying $301 for it, you can grab it for just $72. Related: Macy’s has a bestselling $40 flannel shirt on sale for $10 — it’s available in 7 spring-ready colorsOne of the best perks that Macy’s offers when it comes to jewelry is free in-store cleaning at select Macy’s. Call ahead to your local Macy’s to check if they are one of the participating stores. Details to knowMaterial: Sterling silver, blush freshwater pearls, lab-created white sapphire.Dimensions: 8 to 9 millimeters each with a ⅝ inch drop. Closure: Post back closure.Although small, these earrings are well received by shoppers who can’t say enough about how gorgeous they are. “These earrings are beautiful and will be a wonderful gift,” one shopper said. Others note that they got “many compliments” while wearing them and that they are chic and classy. Shop more deals On 34th Linked Mesh Multi-Row Flex Bracelet, $22 (was $40) at Macy’sMacy’s Birthstone Gemstone & Diamond Accent Heart Pendant Necklace, $113 (was $300) at Macy’sStyle & Co Two-Tone 3-Piece Set SCulptural Bangle Bracelets, $17 (was $30) at Macy’sJewelry might not be a necessity, but everyone deserves some new sparkle every now and again. The Belle de Mer Blush Pearl and White Sapphire Earrings is the perfect option for the shopper who doesn’t want to go overboard on price but still wants something pretty and unique.
Crypto market steadies as derivatives signal caution, macro pressure builds
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