Finance

The economic report to watch this week may disappoint Wall Street. According to MKM Partners’ Michael Darda, the January jobs report out Friday will likely show the labor market needs more time to recover from coronavirus case spikes and closures. “We have a slight chance of a beat, but it’s uncertain,” the firm’s chief economist

Capitol dome Congress Mark Makela | Getty Images News | Getty Images President Joe Biden and congressional Democrats are hoping to pass $1.9 trillion of additional pandemic relief, including extra jobless benefits. Still, many unemployed workers haven’t yet gotten benefit payments from the last stimulus package, which former President Trump signed more than a month

Canaccord Genuity’s Tony Dwyer sees a market setback ahead. Even though stocks are kicking off February in rally mode as the Reddit frenzy collapses, he believes a 5% to 10% pullback is already underway. “We’ve been looking for a correction,” the firm’s chief market strategist told CNBC’s “Trading Nation” on Tuesday. “We’re in a slow

Signage for Alibaba Group Holding Ltd. covers the front facade of the New York Stock Exchange November 11, 2015. Brendan McDermid | Reuters Alibaba will be taking advantage of the low interest rate environment in the U.S. right now by issuing the bonds. The company said the proceeds will be used for general corporate purposes,

Dominik Osswald/Bloomberg via Getty Images Is silver the new GameStop? The question lingered Monday as the metal rallied, suggesting it was the market’s next hot-ticket item. The answer is both yes and no — and they both signal investors should tread cautiously.   Silver prices hit an 8-year high on Monday, jumping to $29 an

Cameron (L) and Tyler (R) Winklevoss. Adam Jeffery | CNBC Gemini, the cryptocurrency exchange founded by Tyler and Cameron Winklevoss, is launching a savings scheme for its U.S. users. From Tuesday, the Gemini app will add a new service called “Earn” that lets clients move their holdings in cryptocurrencies like bitcoin, ether and litecoin into

Bin Li, CEO of Chinese electric vehicle start-up NIO Inc., celebrates after ringing a bell as NIO stock begins trading on the floor of the New York Stock Exchange (NYSE) during the company’s initial public offering (IPO) at the NYSE in New York, September 12, 2018. Brendan McDermid | Reuters BEIJING — Chinese electric car start-up

In this photo illustration, the Robinhood application is displayed on an iPhone on December 17, 2020 in San Anselmo, California. Justin Sullivan | Getty Images Small investors don’t appear to be punishing Robinhood too badly for the controversy surrounding GameStop last week, as the app remains the go-to place for retail clients to trade stocks.

Elon Musk, founder of SpaceX and chief executive officer of Tesla Inc., arrives at the Axel Springer Award ceremony in Berlin, Germany, on Tuesday, Dec. 1, 2020. Liesa Johannssen-Koppitz | Bloomberg | Getty Images Elon Musk came out as a believer in bitcoin on Friday — and now he’s doubling down. The billionaire Tesla boss

Workers stand at the port of Qingdao, Shandong province, China June 10, 2019. Reuters BEIJING — China is set to overtake the United States as the world’s largest economy a few years earlier than anticipated due to the coronavirus pandemic, analysts said. The U.S. reported last week that gross domestic product in 2020 contracted by

A GameStop Corp. store in Rome, Italy, on Thursday, Jan. 28, 2021. Alesia Pierdomenico | Bloomberg | Getty Images Hedge fund Melvin Capital Management lost 53% in January amid a record rally in GameStop and other stocks the fund was betting against, according to The Wall Street Journal citing people familiar with the matter. The

Andrew Left, founder and CEO of Citron Research Adam Jeffery | CNBC Citron Research, which was forced to close out its short position in GameStop amid a frenzy in retail buying, said Friday it will no longer publish short reports and instead will focus on long positions. “After 20 years of publishing Citron will no

GameStop mania took Wall Street by storm, thanks to a legion of retail traders glued to the WallStreetBets message board on Reddit. Shares of the struggling brick-and-mortar video game retailer skyrocketed 400% in the past week, closing out January with a whopping 1,625% gain. A band of amateur traders in WallStreetBets forum, whose members have

Steven A. Cohen Scott Eells | Bloomberg | Getty Images Steve Cohen, the founder of hedge fund Point72 and owner of the New York Mets, has deactivated his Twitter account after his family received threats this week amid the GameStop trading frenzy. “I’ve really enjoyed the back and forth with Mets fans on Twitter which

Daniel Acker | Bloomberg | Getty Images These stocks are making some of the largest moves in midday trading: Mondelez International — Mondelez, which owns snack brands including Oreo and Ritz, dipped 2% despite reporting better-than-expected earnings. Modelez earned 67 cents per share, topping estimates by one cent, according to Refinitiv. Revenue came in at

The website of U.K. stock trading app Freetrade. Freetrade LONDON — British share trading app Freetrade told clients Friday that it had disabled purchases of U.S. stocks. Freetrade blamed the halt to U.S. stock purchases on a move by its currency exchange provider and their bank to limit the platform’s trading volume. Freetrade uses U.K.

People walk past a GameStop store in Midtown Manhattan on January 27, 2021 in New York City. Michael M. Santiago | Getty Images The astronomical rally in GameStop has imposed huge losses of nearly $20 billion for short sellers this year, but they are not budging. Short-selling hedge funds have suffered a mark-to-market loss of

Traders on the floor of the New York Stock Exchange. Source: The New York Stock Exchange U.S. stock futures moved lower in overnight trading on Thursday, as Wall Street’s volatile week continued. Dow futures fell about 80 points. S&P 500 futures dropped 0.32% and Nasdaq 100 futures lost 0.30%. On Thursday, the Dow Jones Industrial

Investor Peter Boockvar is calling the Reddit rebellion “another epic parabolic bubble.” In a research note out this week, he warns the mania into trades from GameStop to American Airlines will ultimately go bust. “Let’s break down the investment strategy: Find the most shorted stocks, buy calls, write about it, buy the stocks and jam it

A GameStop store in Hollywood, California, busy with customers waiting in line to enter the video game retailer on January 27, 2021. AaronP | Bauer-Griffin | GC Images | Getty Images Trading in GameStop has reached fever-pitched levels that shows little sign of breaking.  Despite the plunge in prices during Thursday’s session after several brokerages