The U.S. Federal Reserve‘s latest moves — which include cutting interest rates to zero — deserve applause, even though the American economy could still head into a recession given the uncertainty around the coronavirus outbreak, a former Fed official said. “I think recessionary conditions are definitely a risk and we’re dealing with so much uncertainty
Finance
Traders work ahead of the closing bell on the floor of the New York Stock Exchange (NYSE) in New York City. Drew Angerer | Getty Images Stock futures plunged Sunday night even after the Federal Reserve embarked on a massive monetary stimulus campaign to curb slower economic growth amid the coronavirus outbreak. While the central
Traders work on the floor at the New York Stock Exchange (NYSE) in New York, U.S., March 2, 2020. Brendan McDermid | Reuters An economic slowdown is inevitable in the face of the fast-spreading coronavirus, but the U.S. will eventually avoid a technical recession, JPMorgan economists said. As the outbreak situation continued to worsen, JPMorgan
An aircraft operated by British low cost airline Easyjet moves past other aircrafts as a rainbow is seen at Amsterdam Airport Schiphol on March 9, 2020 in Schiphol, Netherlands. Yuriko Nakao | Getty Images Shares of major U.S. airlines got a respite Friday on expectations that the government will provide targeted financial relief from the
Scott Mlyn | CNBC Check out the companies making headlines in midday trading. Ulta Beauty — Share of Ulta Beauty rose about 3% around midday, paring gains along with the broad market. The stock surged as much as 15% at its session high after the makeup retailer posted better-than-expected quarterly earnings. Ulta reported fourth-quarter profit of $3.89
Morning traffic makes its way along a freeway in Los Angeles, California, September 19, 2019. Mike Blake | Reuters The coronavirus pandemic has stoked concerns of a global economic recession as it spreads across the world, igniting one of the sharpest oil price plummets in the last 30 years and causing the biggest stock plunge
The Citibank Corporate Office & Headquarters is viewed in midtown Manhattan. Kevin Winter | Getty Images This is a breaking news story. Please check back for updates. An employee from Citigroup’s Manhattan office tested positive for the coronavirus, the Wall Street firm said Friday. The employee was diagnosed in Singapore on Friday while on personal travel.
Omar Marques | LightRocket | Getty Images Bitcoin lost its allure as a safe-haven asset this week. The world’s first and most widely held cryptocurrency dropped 50% over the past two days. Bitcoin — sometimes referred to as “digital gold” — fell more than 30% Friday to its weakest level since March 2019, according to
Take a look at some of the biggest movers in the premarket: Walt Disney (DIS) – Walt Disney announced it will close Disneyland and other theme parks in Southern California through the end of the month, in response to the coronavirus outbreak. NBCUniversal and CNBC parent Comcast (CMCSA) is taking similar action, closing its Universal
Market researcher James Bianco calls the Federal Reserve’s move to pump $1.5 trillion into the market the “nuclear option” to calm investors gripped by coronavirus fears. Only, it didn’t work Thursday. Instead, stocks saw their worst day since the 1987 Black Monday market crash. “Financial markets are not recovering. It’s incredible to think that a
Mario Tama | Getty Images News In these difficult, confusing and, at times, scary days, it’s easy to get turned around in the market. Though we’ve never seen anything like the health scare that’s happening real time right now, we have seen financial markets deal with massive unknowns and take hits in the last twenty
People pass a sign for JPMorgan Chase at it’s headquarters in Manhattan, New York City. Spencer Platt | Getty Images JPMorgan Chase on Thursday told managers to implement a plan to have employees based in offices in Manhattan, Brooklyn and Jersey City to start working from home in shifts beginning on Friday. “We are asking
If coronavirus infections decline and Congress passes a fiscal stimulus package, Invesco’s Kristina Hooper says, stocks will make a sustainable comeback. She made the call as the Dow was plunging into a bear market, which reflects a 20% or more drop from 52-week highs. “I don’t think we’ve hit a bottom yet,” the firm’s chief
A worker is seen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., February 28, 2020. Brendan McDermid | Reuters Check out the companies making headlines in midday trading. Apache Corp. – Shares of the exploration and production company slid more than 18% on the back of declining oil prices. Apache
Take a look at some of the biggest movers in the premarket: PepsiCo (PEP) – The snack and beverage giant announced a deal to buy energy drink maker Rockstar Energy for $3.85 billion, expanding its presence in the energy drink segment. Apple (AAPL) – Bank of America Securities cut its price target for the stock
Traders work at the New York Stock Exchange. Johannes Eisele | AFP | Getty Images U.S. stock futures fell sharply on Tuesday night, pointing to another volatile session on Wall Street following a massive rally. Around 7:40 p.m. ET, Dow Jones Industrial Average futures were down about 366 points, indicating a loss of more than
The headquarters of Morgan Stanley in New York. Shannon Stapleton | Reuters Morgan Stanley said that an employee at its suburban New York office has tested positive for the coronavirus disease. The bank conducted a “deep cleaning” of the Purchase office after making the discovery, the New York-based firm told employees Tuesday in an email.
Traders work at the New York Stock Exchange in New York, the United States, on Jan. 8, 2020. Xinhua News Agency Financial markets should be able to recover from the recent sell-off with the help of the Federal Reserve and the U.S. government, according to JPMorgan Chase. The firm believes stocks have priced in a
An employee works with produce at a farm that practices organic farming techniques in Beijing. Nelson Ching | Bloomberg | Getty Images While the coronavirus outbreak in China has hit many industries hard, some technology start-ups in agriculture are seeing demand rise. ”In the first two months of 2020, we delivered 4,000 units of our
Facing a wave of pressure from workers and increased scrutiny from lawmakers on Capitol Hill, gig economy companies from Uber to Doordash have been rolling out a slate of new policies as coronavirus continues to spread across the U.S. Uber and Lyft are planning to compensate drivers affected by the coronavirus for up to 14