Judy Shelton appears now to have enough Republican support for her controversial nomination to the Federal Reserve’s board of governors to get through. Senate Majority Leader Mitch McConnell said Thursday he will advance Shelton’s name to the Senate floor after Sen. Lisa Murkowski (R-Alaska) told reporters she now will support the economic advisor to President
Finance
Goldman Sachs just named its smallest and most diverse class of partners since its 1999 initial public offering. The firm on Thursday named 60 employees to the coveted rank of partner, the highest title at the New York-based bank and a nod to its history as a private partnership. Since taking over in 2018, CEO
Check out the companies making headlines before the bell: DraftKings (DKNG) – The mobile betting service reported a quarterly loss of 57 cents per share, smaller than the 61-cent loss that Wall Street had anticipated, while revenue was above analyst forecasts. DraftKings said it was helped by the resumption of activity by major sports leagues
John Stumpf, chief executive officer of Wells Fargo & Co., waits to begin a House Financial Services Committee hearing in Washington, D.C., U.S., on Thursday, Sept. 29, 2016. Andrew Harrer | Bloomberg | Getty Images Ex-Wells Fargo CEO John Stumpf and his former deputy Carrie Tolstedt were charged by the Securities and Exchange Commission Thursday
Chuck Robbins, CEO, Cisco Systems, speaking at the World Economic Forum, Davos, Switzerland, January 21, 2020. Check out the companies making headlines after hours on Thursday: Cisco Systems — Cisco shares rallied nearly 9% in after-hours trading on the back of better-than-expected results for its fiscal first quarter. The company reported earnings per share of
Traders work the floor of the New York Stock Exchange. NYSE U.S. stock futures rose on Thursday night as Wall Street continues to grapple with the rising number of coronavirus cases and its potential economic impact. Earlier on Thursday, the Dow dropped more than 300 points during the regular session, notching its second straight daily
It may be quite a while before an effective coronavirus vaccine is globally distributed, but forward-looking global equity markets are already partying like it’s here. The total value of stock markets around the world reached an all-time high of $95 trillion through Wednesday, bouncing all the way back from its March bottom in the depth
Check out the companies making headlines before the bell: Alibaba (BABA) – Alibaba shares are under pressure, amid concerns about tighter regulation of big tech firms by the Chinese government. The decline in Alibaba shares comes despite an upbeat start to the e-commerce giant’s annual “Singles Day” event, with more than $56 billion in orders
An exterior view of the U.S. Securities and Exchange Commission (SEC) headquarters in Washington. Jonathan Ernst | Reuters What would a Democrat-controlled Securities and Exchange Commission look like? It’s early, but speculation is already raging on Wall Street. Who will be the next SEC Commissioner? Former CFTC chair Gary Gensler, who aggressively implemented Dodd Frank
The logos of Amazon, Apple, Facebook and Google. Reuters Check out the companies making headlines in midday trading. Lyft — Shares of the ride hailing company rose more than 3% after executives said Lyft expects to become EBITDA profitable by the fourth quarter of 2021 even if there’s a slower than hoped-for recovery. The company
U.S. equity futures rose slightly in overnight trading on Tuesday, amid this week’s rotation out of technology stocks into cyclical names. Dow futures rose 80 points. S&P 500 futures and Nasdaq 100 futures rose 0.2% and 0.14%, respectively. On Tuesday, the Dow Jones Industrial Average climbed 262 points. Fueling the rally is the hopes of
Allianz Global Investors’ Mona Mahajan won’t rule out market consolidation over the next several weeks. But she’s painting a bullish long-term picture that’s chiefly tied to a key advancement on the coronavirus front. “We’ve had tremendous vaccine news,” the firm’s senior U.S. investment strategist told CNBC’s “Trading Nation” on Tuesday. Since yesterday’s encouraging vaccine announcement
President-elect Joe Biden on Nov. 9, 2020 at the Queen Theater in Wilmington, Delaware. Joe Raedle | Getty Images News | Getty Images Joe Biden’s presidency could have big implications for everyday Americans when it comes to financial protections. With Senate control still hanging in the balance, the extent to which the Biden administration will
Breeders feed piglets at a pig farm on May 12, 2020 in Bijie, Guizhou Province of China. Deng Gang | Visual China Group | Getty Images BEIJING — Prices of pork in China fell for the first time in more than a year, after months of surging prices for the country’s most popular meat. Pork
The suspension of Ant Group’s initial public offering (IPO) is a sign of the times, according to veteran investor Mark Mobius, who is the founder of Mobius Capital Partners. Ant, an affiliate of Jack Ma’s Alibaba, was all set for a $34.4 billion dual listing in Shanghai and Hong Kong last Thursday. Ant operates Alipay,
Check out the companies making headlines before the bell: Pfizer, BioNTech – In an interim analysis of a phase 3 study, the drug makers said their Covid-19 vaccine candidate was found to be more than 90% effective in participants who were not previously infected. Stock futures surged following the announcement, and both companies saw shares
U.S. Vice President Joe Biden delivers remarks at the Strategic and Economic Dialogue (S&ED) at the State Department in Washington, U.S. June 23, 2015. Yuri Gripas | Reuters BEIJING — U.S.-China trade tensions are set for more predictability and calmer rhetoric after Joe Biden‘s presidential win — which likely means calmer rhetoric in a continued
A major Wall Street firm just boosted its exposure to stocks. According to Federated Hermes chief equity market strategist Phil Orlando, the firm increased its asset allocation to 3% from 2% hours after Election Day due to a more favorable environment. “We’re pretty comfortable that the risk of a blue wave, if you will, was
Institutional Investor Hall of Famer Richard Bernstein sees troublesome activity within the market surge. His problem: Big Tech is the main driver. “Narrow leadership is an end-of-cycle event,” the Richard Bernstein Advisors CEO and CIO told CNBC’s “Trading Nation” on Thursday. According to Bernstein, it’s a compelling reason to get cautious. “You want it to be
People walk past the headquarters of the People’s Bank of China (PBOC), the central bank, in Beijing, China September 28, 2018. Jason Lee | Reuters BEIJING — Just days after the abrupt suspension of Ant Group’s IPO — which was set to be the world’s largest offering — China’s financial authorities emphasized the need to ensure sufficient