Reported about 1 month ago
US stocks exhibited volatility as investors reacted to disappointing labor market data, with the S&P 500 falling 0.3% and the Dow Jones Industrial Average dropping more than 200 points. A report revealed the smallest monthly hiring growth since January 2021, intensifying concerns about the economy and interest rate cuts. The tech-heavy Nasdaq fluctuated before ending slightly up, while traders await the impactful jobs report scheduled for release on Friday, which could influence the Federal Reserve's policy decisions.
Source: YAHOO
Reported about 1 month ago
Red Lobster has announced that it will soon come out of bankruptcy protection after receiving court approval for its sale, indicating a positive turnaround for the seafood chain.
Source: YAHOO
Reported about 1 month ago
Dollar Tree and its rival Dollar General have reported disappointing earnings, with both companies missing Wall Street estimates for the summer quarter. Despite attracting higher-income customers in the past, Dollar Tree's CEO warned that recent macroeconomic pressures such as inflation and rising interest rates are having a negative impact on purchasing behavior among these consumers. Consequently, analysts have adjusted their price targets for Dollar Tree downwards, expressing concerns about profitability and competition in the budget retail sector.
Source: YAHOO
Reported about 1 month ago
The US government has expressed concerns regarding Nippon Steel's proposed $14.9 billion takeover of US Steel, warning it could pose national security risks by potentially disrupting the supply of steel vital for transportation and infrastructure projects. The Committee on Foreign Investment in the U.S. (CFIUS) stated that the deal might reduce domestic steel production capacity, impacting national security requirements. While Nippon Steel emphasized its commitment to investing in US Steel facilities, CFIUS remains skeptical about the long-term implications for the US steel industry's viability and strategic interests.
Source: YAHOO
Reported about 1 month ago
The August jobs report, set to be released on Friday, is anticipated to be a crucial indicator of the U.S. labor market's condition, which could impact the Federal Reserve's decision on interest rate cuts. Analysts expect nonfarm payrolls to rise by 165,000 and the unemployment rate to drop to 4.2%. Recent economic data suggests a cooling labor market, leading to speculation that a weaker report could prompt a more substantial 50 basis point rate cut in September. Furthermore, concerns remain about how a negative jobs report might affect stock market performance.
Source: YAHOO
Reported about 1 month ago
Raiffeisen Bank International AG announced that a Russian court has frozen the shares of its subsidiary, complicating its efforts to sell or divest from the business. The court's injunction is linked to a legal case involving Rasperia Trading. Despite this setback, Raiffeisen stated that it will continue to manage its operations and serve clients in Russia while challenging the court's decision.
Source: YAHOO
Reported about 1 month ago
The Federal Reserve announced its initiative to gather feedback on its 'discount window,' which serves as a crucial emergency lending facility for banks during periods of financial distress. The feedback will address various operational aspects, including legal documentation, collateral management, and credit extension processes, as the Fed aims to enhance the effectiveness of this tool. Despite its potential benefits, many banks have historically hesitated to use this facility due to concerns over stigma. The public has 90 days to submit their comments on these operations.
Source: YAHOO
Reported about 1 month ago
C3.ai's stock dropped 12% after the company reported lower-than-expected subscription revenue for the first quarter of fiscal year 2025, sparking concerns among investors. Despite a 21% year-over-year growth in total revenue, subscription revenue of $73.5 million came in 7% below predictions. Analysts noted increased scrutiny as the market shifts focus on companies experiencing challenges amid the AI hype.
Source: YAHOO
Reported about 1 month ago
Apple's annual iPhone event, scheduled for September 9, 2024, will feature the introduction of the iPhone 16 lineup, which is expected to have modest hardware improvements. The highlight will be the rollout of Apple Intelligence, a new AI platform aimed at enhancing user experience across Apple's devices, though its full capabilities may not launch until early 2025. Additionally, Apple will celebrate the 10th anniversary of the Apple Watch with upgraded models and new features, alongside refreshed AirPods with improved designs and functionalities.
Source: YAHOO
Reported about 1 month ago
The Mexican bank regulator CNBV has approved the details of a stock market reform aimed at revitalizing trading and increasing access to financing for small and medium-sized businesses. The reform is designed to ease regulations for public offerings, expedite the listing processes, and cut associated costs. Deputy Finance Minister Gabriel Yorio announced that this overhaul could enable businesses to access up to 70 billion pesos annually while addressing the decline in market activity due to recent delistings.
Source: YAHOO
Reported about 1 month ago
Donald Trump pledged to reduce the corporate tax rate to 15% for companies manufacturing in the U.S. while proposing a task force led by Elon Musk to audit federal expenditures. Speaking at the Economic Club of New York, Trump emphasized his focus on low taxes, regulations, and energy costs, contrasting his policies with those of his Democratic rival Kamala Harris, who aims to raise corporate taxes. Additionally, Trump plans to introduce tariffs and establish a sovereign wealth fund to support American industries.
Source: YAHOO
Reported about 1 month ago
When considering investments in technology stocks, experts recommend focusing on cash flow and the financial health of large companies, particularly those with strong balance sheets. During a recent episode of Yahoo Finance's Opening Bid, State Street Global Markets' Marija Veitmane highlighted these metrics as essential for successful investments in a sector characterized by significant cash reserves.
Source: YAHOO
Reported about 1 month ago
The International Brotherhood of Teamsters announced a meeting with U.S. Vice President Kamala Harris on September 16 as the union contemplates endorsing a presidential candidate. This meeting comes amid a tight election race between Harris and Republican challenger Donald Trump. Teamsters President Sean O'Brien expressed eagerness for discussions on key issues affecting workers, as the team represents over a million workers in various industries.
Source: YAHOO
Reported about 1 month ago
The Dow Jones experienced a decline as investors awaited the August jobs report. The ADP National Employment Report indicated the lowest employment levels since 2021, while initial jobless claims were slightly below expectations. The ISM Services PMI showed expansion in the services sector, raising concerns ahead of Friday's jobs report following a July unemployment rate increase to 4.3%. Meanwhile, Tesla's shares rose with news of its self-driving rollout in Europe and China set for early 2025.
Source: YAHOO
Reported about 1 month ago
FedEx has announced an investment in Nimble, a robotics and autonomous technology company, aimed at improving its Fulfillment unit that supports small and medium-sized enterprises with order fulfillment and inventory management. This move reflects the growing trend among parcel delivery companies to automate operations to reduce costs and enhance efficiency amid weaker freight demand. The partnership will allow FedEx to amplify its logistics capabilities across North America, further developing its presence in the e-commerce sector.
Source: YAHOO
Reported about 1 month ago
AT&T has made its final offer to the Communications Workers of America (CWA) as the union continues its strike, with over 17,000 employees protesting unfair labor practices. The union criticized the proposal for increasing healthcare costs for members, while AT&T asserts that their offer includes competitive pay and a significant boost in contributions to employee healthcare. Despite the proposal, the CWA has countered, stating that it does not meet their expectations.
Source: YAHOO
Reported about 1 month ago
Larry Ellison, the co-founder of Oracle, will gain control over Paramount Global after his son David's group purchases the Redstone family's stake in the company for over $8 billion. The acquisition includes the investment of more than $6 billion aimed at acquiring Paramount shares and reducing its debt. Following the deal, David Ellison is set to become Paramount's chairman and CEO, while the transaction awaits approval from the FCC.
Source: YAHOO
Reported about 1 month ago
In a challenging month for the stock market, Ken Mahoney, CEO of Mahoney Asset Management, encourages investors to diversify their portfolios beyond the major tech stocks. He highlights Walmart's use of technology to enhance its e-commerce business and expresses optimism about Apple's stock buyback program and potential advancements in AI. Mahoney also advises keeping an eye on the CBOE Volatility Index as part of investment strategy. For more insights, viewers can check out the full episode of Wealth.
Source: YAHOO
Reported about 1 month ago
The Biden administration is set to announce new guidelines for student debt relief, but seven states have filed a lawsuit against the Education Department regarding recent loan forgiveness initiatives.
Source: YAHOO
Reported about 1 month ago
In an interview at Goldman Sachs's Global Retailing Conference, Skechers CFO John Vandemore highlighted the company's commitment to providing stylish, comfortable, and reasonably priced footwear. Despite broader economic pressures, he noted that consumers are willing to trade up for higher-end comfort technologies. Vandemore maintained a cautious approach regarding pricing strategies, aiming to avoid further burdening consumers already affected by post-COVID inflation, while expressing confidence in the brand's appeal in both domestic and recovering international markets, like China.
Source: YAHOO
Reported about 1 month ago
Job cut announcements surged 193% in August, especially in the tech sector, as reported by Challenger, Gray & Christmas. The significant increase in layoffs, particularly in manufacturing, raises concerns about the labor market's resilience. Experts suggest this trend may influence the Federal Reserve's decisions on interest rates as they navigate inflation and rising unemployment.
Source: YAHOO
Reported about 1 month ago
Mortgage rates remained unchanged this week, with the average rate for a 30-year fixed mortgage at 6.35%, as the market anticipates a Federal Reserve interest rate cut soon. Although rates have decreased from 7.12% a year ago, ongoing high home prices and borrowing costs have limited buyer activity, leading to a 3% rise in mortgage applications for home purchases, although still 4% lower than last year. Meanwhile, refinance applications dropped slightly but remained significantly higher than in 2023, reflecting homeowners capitalizing on lower rates.
Source: YAHOO
Reported about 1 month ago
US stocks experienced a decline on Thursday, led by a significant drop in the Dow Jones Industrial Average, as investors reacted to underwhelming labor market data. The ADP report indicated the smallest monthly hiring growth since January 2021, raising concerns about the economy's health and potential implications for Federal Reserve interest rate decisions. While Tesla shares surged due to plans for a self-driving software launch, overall market sentiments remained cautious ahead of the crucial jobs report.
Source: YAHOO
Reported about 1 month ago
U.S. Treasury Secretary Janet Yellen cautioned that dismantling the Biden administration's clean energy tax credits would increase costs for families and hinder investments in manufacturing that generate jobs. Speaking at Wake Tech Community College in North Carolina, she highlighted that families across the country have utilized these credits to save on their energy bills. Yellen stated that eliminating these tax incentives would be a 'historic mistake' and could benefit foreign competitors, particularly China, while jeopardizing domestic job growth.
Source: YAHOO
Reported about 1 month ago
US banks reported an 11.4% increase in profits for the second quarter of the year, totaling $71.5 billion. However, the rate of problematic loans remained steady at an 11-year high, driven mainly by credit card and commercial real estate loans. While the industry shows resilience, the Federal Deposit Insurance Corporation (FDIC) warns that rising uncertainty could lead to challenges in credit quality and earnings as the Federal Reserve prepares to lower interest rates.
Source: YAHOO