Jerome Powell, chairman of the Federal Reserve, reaffirmed his commitment to reducing inflation by stating on Tuesday that he will support interest rate hikes until prices return to a healthy level. In a live-streamed interview with the Wall Street Journal, the head of the central bank stated, “If that requires us to move beyond neutral […] More
Whether or not Covid lockdowns frustrate businesses in the short term, China still holds the cards in global supply chains. On May 13, 2022, an employee works on the production line of screens for 5G smartphones at a factory in Ganzhou, Jiangxi Province, China. Getty Images | Zhu Haipeng | Visual China Group BEIJING (Xinhua) […] More
China has revealed new city-building plans, which JPMorgan analysts believe will boost some infrastructure stocks. In 2021, a relatively new expressway in a rural area of southwestern China is depicted. Getty Images | Future Publishing | Costfoto China has announced ambitious plans to build more cities, and JPMorgan analysts believe it is time to invest […] More
Goldman Sachs CEO David Solomon speaks at the World Economic Forum in Davos, Switzerland, on January 23, 2020. CNBC’s Adam Galacia Goldman Sachs is providing its top executives with a new perk that is becoming more common in the tech industry: the ability to take as much vacation time as they want. According to a […] More
Consider some of the biggest movers in the premarket: Spirit Airlines (SAVE) – Spirit Airlines increased 19.3 percent in premarket trading after JetBlue (JBLU) launched a $30 per share tender offer for its competitor airline. Spirit had previously rejected a bid from JetBlue, preferring to maintain a previously agreed-upon merger with Frontier Airlines […] More
The persistent spread of Covid and resulting stay-home orders — primarily in Shanghai — forced factories to close or operate at limited capacity in April. Pictured here on May 12 is a refrigerator factory in Hefei, China, about a five hours drive from Shanghai. Xie Chen | Visual China Group | Getty Images BEIJING — […] More
Traders on the floor of the NYSE, May 6, 2022. Source: NYSE Stock futures were higher Sunday evening after a week of steep losses that ended on a high note, and ahead of a big earnings week for retailers. Futures tied to the Dow Jones Industrial Average rose 89 points, or 0.3%, while S&P 500 […] More
Traders work on the floor of the New York Stock Exchange. NYSE Check out the companies making headlines in midday trading. Twitter — Shares of the social media platform slid 9.7% after Elon Musk said his take-private deal is on hold until he receives more information about how many fake accounts there are on Twitter. Still, Musk […] More
A Carvana used car “vending machine” on May 11, 2022 in Miami, Florida. Joe Raedle | Getty Images Shares of online used car retailer Carvana surged Thursday amid a wild trading session in which several heavily-shorted stocks popped. The stock closed up 24.7%. Trading was halted at least four times Thursday. Carvana’s share price had […] More
Tether, the world’s largest stablecoin, regained its peg to the dollar after more than $3 billion worth of tokens left the system in a single day. The cryptocurrency — which is meant to always be worth $1 — sunk as low as 95 cents on Thursday and struggled to climb back to its intended dollar […] More
Bitcoin plunged further below the $30,000 mark as investors fled cryptocurrencies. Jaap Arriens | NurPhoto | Getty Images Bitcoin slumped below $27,000 Thursday for the first time in over 16 months, as cryptocurrency markets extended their losses amid fears over rising inflation and the collapse of a controversial stablecoin project. The price of bitcoin plunged […] More
Crypto firm Tether has been reducing the amount of commercial paper in its reserves. Jakub Porzycki | Nurphoto | Getty Images Tether, the world’s largest stablecoin, broke below its $1 peg Thursday amid panic in the crypto market. The token sank to as low as 95 cents on some exchanges at around 3:15 a.m. ET. […] More