Contractors work on a new home under construction at Taylor Morrison Home Corp.’s La Solara Community in Dublin, California. David Paul Morris | Bloomberg | Getty Images With no major move in mortgage rates, there was no sudden incentive to refinance a home loan last week, so fewer people did. That drove overall mortgage application
Jerome Powell, chairman of the U.S. Federal Reserve, speaks during a news conference following a Federal Open Market Committee (FOMC) meeting in Washington, Jan. 29, 2020. Andrew Harrer | Bloomberg | Getty Images The Fed does not expect to see inflation pick up for years, and it is willing to keep rates at zero even
Yields retreated overnight from the week’s highs, which were caused by the Fed’s pledge to keep interest rates near zero for years. The central bank also upgraded its economic forecasts, projecting a smaller decline in GDP and a lower unemployment rate in 2020. However, Fed Chairman Jerome Powell also warned that parts of the U.S.
Democratic presidential hopefuls Massachusetts Sen. Elizabeth Warren and former Vice President Joe Biden shake hands as they arrive onstage for the third Democratic primary debate of the 2020 presidential campaign season. Frederic J. Brown | AFP | Getty Images Despite an uncertain economic outlook and a diverse array of advisors on Joe Biden’s economic team, Wall
The Federal Reserve said Wednesday it would keep its benchmark interest rate near zero for as long as it takes to help the economy bounce back from the coronavirus crisis. The Fed said the ongoing coronavirus pandemic will “weigh heavily” on the near-term outlook and poses “considerable risks” for the medium term. In addition to holding rates near rock bottom, the
Warren Buffett Gerry Miller | CNBC Warren Buffett, the man who pioneered buy and hold investing, just made quite a fast billion bucks from a type of investment he once mocked. Berkshire Hathaway bought $250 million worth of Snowflake stock at the IPO price and an additional 4.04 million shares from another stockholder at the
Institutional Investor Hall of Famer Richard Bernstein predicts more momentum in stocks closely tied to the economy. He expects more enthusiasm surrounding the state of the recovery will drive more investors away from richly valued mega cap growth names, which include big tech high flyers. “If you’re buying them today at these types of valuations,
Homebuilding stocks jump on all-time high sentiment. Where to invest in the space Fed leaves rates unchanged in its last meeting before the 2020 presidential election There’s a growing disconnect in emerging markets, but traders see opportunity Unusual activity suggests market volatility will jump after Election Day, Wells Fargo finds Market volatility may swell after
Pedestrians wearing protective masks walk by a sign displayed outside a retail store in Harlem, New York City, saying it’s going out of business. Noam Galai | Getty Images Yelp on Wednesday released its latest Economic Average Report, revealing business closures across the U.S. are increasing as a result of the coronavirus pandemic’s economic toll.
President Trump told reporters on Wednesday that he was not ready to approve a proposal from Chinese company ByteDance that would make Oracle a technology provider for ByteDance’s popular video-sharing app TikTok. ByteDance submitted a proposal to the Treasury Department over the weekend and is awaiting a response. It must be “100% as far as
Democratic Presidential Candidate Joe Biden speaks during a press conference after meeting with public health experts on a Covid-19 vaccine in Wilmington, Delaware on September 16, 2020. Jim Watson | AFP | Getty Images WASHINGTON — Armed with a record-setting August campaign fundraising haul of $364.5 million, Democratic nominee Joe Biden is hammering President Donald
The consumer movement against plastic food and beverage packaging is gathering momentum, and companies are beginning to respond. The FT’s Anna Gross takes a closer look at some of the more innovative products available, including reusable takeaway cups and compostable packaging. Meanwhile, as part of its sustainable strategy, food giant Nestlé is looking to create
WorkingNation highlights the trend of technology and globalization replacing jobs in diverse industries across the United States.
The U.S. economy may be starting to recover from the coronavirus crisis, but many small-business owners are not. After appearing on Shark Tank, Kelsey Moreira, 29, opened an edible cookie dough bar called Doughp on the Las Vegas Strip in 2019. “Even though I came out without a deal, I had a burst of confidence
Michael Miebach, left, and CEO Ajay Banga of Mastercard with Jim Cramer on CNBC’s Mad Money. Scott Mlyn | CNBC A large portion of gains in market value have come in 2020, as investors continue to reward software-based tech companies amid the pandemic. The ETFMG Prime Mobile Payments ETF, which tracks mobile payments stocks, is
CEO Michael Corbat answers questions at Citi’s 2017 Investor Day. Source: Citigroup.com Three years ago, Michael Corbat strode onto the stage of a midtown Manhattan ballroom in midtown Manhattan and proclaimed that a new day had arrived at Citigroup. The bank had set up the July 2017 event, its first investor meeting since the 2008
Sun Mountain Lumber Superintendent Nelson Bohrer walks past stacks of cut lumber at the saw mill September 12, 2019 in Deer Lodge, Montana. Chip Somodevilla | Getty Images With demand for housing surging, the nation’s homebuilders are positively ebullient. Builder confidence in the market for single-family homes in September increased 5 points to 83 on
U.S. consumer spending appeared to slow in August as extended unemployment benefits were cut for millions of Americans, offering more evidence that the economic recovery from the Covid-19 recession was faltering. Core retail sales, which correspond most closely with the consumer spending component of gross domestic product, fell 0.1% last month after a downwardly revised
Snowflake shares surged more than 110% in its market debut on the New York Stock Exchange on Wednesday, in the largest ever software IPO. Stock began trading at $245 per share, before being briefly halted due to volatility. Snowflake on Tuesday priced shares at $120, higher than the $100 to $110 range it estimated on Monday, and a huge bump from
U.S. President Donald President Trump speaks after it was announced Bahrain has joined the United Arab Emirates in striking an agreement to normalize relations with Israel during a brief appearance in the Oval Office at the White House in Washington, U.S., September 11, 2020. Kevin Lemarque | Reuters President Donald Trump on Wednesday urged Republicans to
Characters at the Berkshire Hathaway company Kraft Heinz booth pose with a reporter at the shareholder shopping day as part of the Berkshire Hathaway annual meeting weekend in Omaha, Nebraska, May 5, 2017. Rick Wilking | Reuters Kraft Heinz on Tuesday told investors it would cut $2 billion in costs through 2024 as part of its
A FedEx worker unloads packages from his delivery truck on March 31, 2020 in Washington, DC. Drew Angerer | Getty Images News U.S. delivery firm FedEx reported a bigger-than-expected quarterly profit on Tuesday, after price hikes, lower fuel costs and efficiency gains countered negative impacts associated with a pandemic-fueled surge in e-commerce shipments. Shares in
A driver navigates along a flooded road as the outer bands of Hurricane Sally come ashore on Sept. 15 in Bayou La Batre, Alabama. Joe Raedle | Getty Images If you’re a homeowner in Hurricane Sally’s anticipated path, you may want to add insurance-claim preparation to your pre-storm to-do list. The slow-moving Category 1 storm
U.S. stock futures were flat in overnight trading as investors readied for comments from the Federal Reserve on Wednesday. Dow futures rose 12 points. S&P 500 and Nasdaq 100 futures were also set to open flat, with gains of 0.02% and 0.07%, respectively. Better-than-expected earnings from FedEx and Adobe after the bell boosted sentiment. FedEx
Svetikd | Getty Images More than one-third of the American workforce freelance amid the Covid-19 pandemic, contributing $1.2 trillion to the U.S. economy, a study by Upwork revealed Tuesday. This was a 22% increase since 2019 and it was fueled in part by an influx of younger, highly-skilled professionals seeking flexible alternatives to traditional employment.
U.S. government debt prices were slightly higher Wednesday morning as investors awaited the outcome of the Federal Reserve’s two-day meeting, which should offer a glimpse into the country’s economic recovery prospects. At around 2 a.m. ET, the yield on the benchmark 10-year Treasury note was down at 0.6740% while the yield on the 30-year Treasury bond edged lower to 1.4226%.
Democratic presidential candidate Joe Biden speaks in Tampa, Florida on September 15, 2020 during a roundtable discussion with Tampa-area veterans and military families. Jim Watson | AFP | Getty Images WASHINGTON – Democratic presidential nominee Joe Biden visited South Florida on Tuesday, seeking to shore up support among Hispanic voters in this crucial swing state.
Hundreds of jobless people wait outside the Kentucky Career Center for help with their unemployment claims on June 19 in Frankfort, Kentucky. John Sommers II/Getty Images Americans who are hoping for more financial assistance may have to wait until after the November election before Congress can strike a deal. Yet experts say continued financial assistance
September’s early volatility may be no match for what comes after the presidential election. Wells Fargo Securities’ Michael Schumacher notes volatility is set to jump following the results — not recede. “Normally, you might think that it’s Election Day or Election Day plus one that is super volatile,” the firm’s head of macro strategy told CNBC’s
An aerial view of oil tankers anchored near the ports of Long Beach and Los Angeles amid the coronavirus pandemic on April 28, 2020 off the coast of Long Beach, California. Mario Tama | Getty Images U.S. import prices increased more than expected in August and gains in the prior month were revised sharply higher,
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