First quarter earnings season will ramp up this week with several big banks reporting results on Friday. And when this earnings period largely wraps up by Memorial Day, analysts expect one clear takeaway to emerge — corporate America is in an earnings recession. After earnings per share for S&P 500 […]
Finance
Housing market data in recent weeks has offered some signs of stabilization as the spring selling season begins to ramp up. Mortgage rates are on the downswing, with the average 30-year fixed mortgage dipping to 6.28% from 6.32% the week prior, according to Freddie Mac. This marked the fourth straight […]
As investors await the latest inflation data and earnings, there’s plenty of activity to watch in Washington as the 2024 election comes into focus, U.S.-China relations are strained over Taiwan, and Supreme Court Justice Clarence Thomas faces scrutiny. Here are three political stories to watch this week: Biden’s reelection plans […]
U.S. stocks wavered Tuesday, with the tech sector hiccuping as key inflation data and the start of earnings season loomed on the week’s calendar. The S&P 500 (^GSPC) was flat, reversing gains from earlier in the trading session. The Dow Jones Industrial Average (^DJI) gained about 0.3%, while the technology-heavy Nasdaq […]
Optimism among small business owners fell below a 49-year average in March as inflation, tighter credit conditions and difficulty finding workers weighed on outlook. The National Federation of Independent Business’ (NFIB) optimism index fell to 90.1 last month from 90.9 in February, the group said in a report Tuesday. “Small […]
This is The Takeaway from today’s Morning Brief, which you can receive in your inbox every Monday to Friday by 6:30 a.m. ET by subscribing here. One of the most memorable scenes in Adam McKay’s 2015 movie “The Big Short” finds Steve Carell and his hedge fund’s analysts on the […]
The stock of troubled San Francisco lender First Republic (FRC) wobbled Monday after it announced it would stop paying dividends on its preferred stock and an analyst said the bank wouldn’t be able to find a buyer willing to take on its problems voluntarily. The bank has been exploring various […]
Expect to pay more at the pump if oil prices stay at current levels. Crude futures are trading about $5 higher per barrel after OPEC+ announced a surprise cut in production. The average cost of gasoline in the U.S. is currently $3.51 per gallon, according to AAA. “We should expect […]
Daniel Werfel, President Joe Biden’s nominee to head the Internal Revenue Service, was ceremonially sworn in Tuesday during a tax season that has gone smoother for the agency than in past years. “This is our moment in history,” he told the IRS employees assembled in the lobby of the agency’s […]
Job openings fell in February to the lowest in nearly two years as the labor market trends towards the “better balance” Federal Reserve officials, including chair Jerome Powell, have been seeking. The latest Job Openings and Labor Turnover Survey, or JOLTS report, released Tuesday showed there were 9.9 million jobs […]
JPMorgan Chase (JPM) CEO Jamie Dimon said in his annual letter to shareholders that it’s unlikely that tighter regulations would have stopped the sudden deposit outflow that sank Silicon Valley Bank, urging caution as federal officials consider how oversight of the industry should change in the wake of the second-largest […]
Trump denies committing a crime, drills into familiar foes and conspiracy theories Former U.S. President Donald Trump delivers remarks on the day of his court appearance in New York after being indicted by a Manhattan grand jury following a probe into hush money paid to porn star Stormy Daniels, in […]
U.S. stocks sank and oil prices held steady Tuesday as new data showed fresh signs of labor market cooling and declining factory orders from businesses. The S&P 500 (^GSPC) declined nearly 0.6%, and the Dow Jones Industrial Average (^DJI) slipped around the same amount. The technology-heavy Nasdaq Composite (^IXIC) slid 0.5%. Oil prices […]
Carnival Corp (NYSE: CCL) shares are edging down 0.6% following its Q1 results. CCL reported first-quarter FY23 sales of $4.43 billion, beating the consensus of $4.33 billion. Revenue grew 95% from 2019 levels and jumped 173% from $1.6 billion in the prior year. Passenger Cruise Day (PCD) increased 180.5% Y/Y […]
It is “unlikely” that European banks will undergo anything as serious as in 2008, according to economists. Peter Macdiarmid / Staff / Getty Images LONDON — Turbulence across the banking sector has prompted the question of whether we are teetering on the edge of another financial crash, 2008-style. But a […]
The Commodities and Futures Trading Commission sued crypto exchange Binance and its CEO Changpeng Zhao for selling derivatives backed by digital assets to U.S. customers despite not being registered to do so, the latest effort by Washington to rein in cryptocurrency markets. The suit, filed in federal court in Chicago, […]
Stocks were mixed to start the week on Monday, though this action kept the Nasdaq Composite on pace for a quarterly gain north of 10% while the S&P 500 is up more than 3% to start the year. Meanwhile, the Treasury market has also seen a huge rally with the […]
ACCRA, Ghana — Block CEO Jack Dorsey and his top brass descended on Accra for the inaugural Africa Bitcoin Conference in December to talk about one of the most potentially disruptive and transformative alternatives to the continent’s existing financial system: bitcoin. Since its inception in 2008, this unfamiliar form of […]
With a special model released today, Rolex is taking another step into the “hype watch” space — whether traditionalists like it or not. Among a slew of other watches revealed today at the Watches and Wonders trade show (including a “celebration” oyster perpetual that has watch fans abuzz) were three […]
U.S. stocks were mixed on Monday, as bank stocks moved upward after North Carolina-based First Citizens (FCNCA) bank agreed to buy most of Silicon Valley Bank. At the close, the S&P 500 (^GSPC) edged up 0.2% and the Dow Jones Industrial Average (^DJI) gained 0.6%. The Nasdaq Composite (^IXIC) was […]