Economy
First-quarter GDP declined 1.5%, worse than thought; jobless claims edge lower
A ‘We’re Hiring!’ sign is posted at a Starbucks in Los Angeles, California. Mario Tama | Getty Images The U.S. economic contraction to start the year was worse than expected as weak business and private investment failed to offset strong consumer spending, the Commerce Department reported Thursday. First-quarter gross domestic product declined at a 1.5% […]
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Stocks making the biggest moves premarket: Macy’s, Twitter, Medtronic and more
Check out the companies making headlines before the bell: Macy’s (M) – Macy’s surged 15% in the premarket after reporting better-than-expected profit and revenue for the first quarter and raising its full-year earnings forecast. Results got a boost from strong apparel demand as people returned to work and other out-of-home activities. Dollar General (DG) – […]
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As Klarna cuts jobs, rival fintechs say they’re recruiting for hundreds of roles
Nikolay Storonsky, founder and CEO of Revolut. Harry Murphy | Sportsfile for Web Summit via Getty Images Not all fintech unicorns are cutting jobs. After Klarna announced plans to lay off 10% of its workforce Monday, some rival fintechs are making it clear that they have no intention of cutting jobs or freezing hiring. Revolut, […]
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The Indo-Pacific Economic Framework: What it is — and why it matters
U.S. President Joe Biden formally introduced the Indo-Pacific Economic Framework, or IPEF, this week during his first Asia tour, revealing Washington’s long-awaited Asia-Pacific economic strategy. It comes five years after the U.S. unilaterally withdrew from the Trans-Pacific Partnership, a trade deal signed by 12 countries in Asia-Pacific, North America and South America. With the U.S. […]
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Fed minutes point to more rate hikes that go further than the market anticipates
Federal Reserve officials earlier this month stressed the need to raise interest rates quickly and possibly more than markets anticipate to tackle a burgeoning inflation problem, meeting minutes released Wednesday showed. Not only did policymakers see the need to raise benchmark borrowing rates by 50 points, but they also said similar hikes likely would be […]
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Stocks making the biggest moves midday: Dick’s Sporting Goods, Nordstrom, Wendy’s and more
Cars are seen parked in front of a Dick’s Sporting Goods store at Monroe Marketplace in Pennsylvania. Paul Weaver | SOPA Images | LightRocket | Getty Images Check out the companies making headlines in midday trading Wednesday. Dick’s Sporting Goods – Shares of the sporting goods seller jumped 11%, despite the company cutting its outlook […]
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Stocks making the biggest moves premarket: Dick’s Sporting, Express, Wendy’s and more
Check out the companies making headlines before the bell: Dick’s Sporting Goods (DKS) – The sporting goods retailer’s shares slid 14.4% in the premarket after it issued a weaker-than-expected outlook for the full year as it adjusts for what it calls challenging macroeconomic conditions. Dick’s reported better-than-expected profit and revenue for its latest quarter, and […]
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5 things to know before the stock market opens Wednesday
Here are the most important news, trends and analysis that investors need to start their trading day: 1. Nasdaq futures slide, a day after tech-heavy index sank more than 2% Traders on the floor of the NYSE, May 23, 2022. Source: NYSE U.S. stock futures fell Wednesday, one day after the Nasdaq dropped 2.4% as […]
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Russia is now exposed to a historic debt default: Here’s what happens next
Russian President Vladimir Putin attends the Collective Security Treaty Organization (CSTO) summit at the Kremlin in Moscow, Russia May 16, 2022. Sergei Guneev | Sputnik | via Reuters The U.S. has announced that it will not extend an exemption permitting Moscow to pay foreign debt to American investors in U.S. dollars, potentially forcing Russia into […]
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No recession ahead: Evercore ISI predicts S&P 500 will jump 22% from current levels
While retail investors head for the exits as stock prices sharply fluctuate, Evercore ISI’s Julian Emanuel wants to put money to work. He calls the market environment very ugly, but he believes the economy will avert a recession — particularly due to healthy credit markets and continued gains. “The path to higher [stock] prices really […]
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