Chinese shipping containers are stored beside a US flag after they were unloaded at the Port of Los Angeles in Long Beach, California on May 14, 2019. – Global markets remain on red alert over a trade war between the two superpowers China and the US, that most observers warn could shatter global economic growth,
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James Bullard David Orrell | CNBC This is a breaking news story. Please check back for updates. St. Louis Fed President James Bullard spoke with CNBC’s Steve Liesman on Friday from the Federal Reserve’s economic policy symposium in Jackson Hole, Wyoming. “You take out the insurance, if nothing happens you take it back,” said Bullard.
Traders work on the floor of the New York Stock Exchange. Brendan McDermid | Reuters Arturo Estrella, the economist who first discovered the predictive power of the yield curve, has a message for recession naysayers: It could hit sooner than you think. “It’s been 50 years and 7 recessions with a perfect record,” Estrella told
Esther George at Jackson Hole, Wyoming David A. Grogan | CNBC Kansas City Federal Reserve President Esther George disagrees with the U.S. central bank’s move to cut interest rates last month as the economy is still strong. “My sense was we’ve added accommodation and it wasn’t required in my view,” George told CNBC’s Steve Liesman
Federal Reserve Chair Jerome Powell holds a news conference following the Federal Reserve’s two-day Federal Open Market Committee Meeting in Washington, July 31, 2019. Sarah Silbiger | Reuters Federal Reserve members worried over future growth are highly concerned about the U.S.-China tariff battle, citing the issue multiple times during discussions at the central bank’s July
Adam Jeffery | CNBC Adam Jeffery | CNBC Competition is weighing on Tesla’s sales, according to A.B. Bernstein. The firm said increased competition abroad is responsible for the recent weakness in Tesla’s sales volume. “Our analysis suggests that the deteriorating sales trajectory of the Model S and X may be primarily due to competition, particularly
A City Carrier Assistant to the United States Postal Service, unloads her mail truck after collecting mail on the busiest mailing day of the year for the U.S. Postal Service in Miami, Florida. Joe Raedle | Getty Images As investors look for reliable income streams in a world of falling bond yields, Bank of America
Ethan Brown, founder and CEO of Beyond Meat, center, rings the opening bell during the company’s IPO at the Nasdaq in New York on May 2, 2019. Michael Nagle | Bloomberg | Getty Images J.P. Morgan on Tuesday upgraded alternative meat company Beyond Meat, calling its shares “appealing once again.” The firm raised its rating
Former SEC Chairman Harvey Pitt on Monday questioned the motivation of Harry Markopolos, the Bernie Madoff whistleblower who unveiled a long list of allegations against General Electric last week in an investigation for a short seller. “One of the ways you can test Markopolos’ bonafides, however, is the fact that the SEC has a whistleblower
Jamie Dimon, CEO, JP Morgan Chase, speaking at the Business Roundtable CEO Innovation Summit, December 6, 2018. Janhvi Bhojwani | CNBC Shareholder value is no longer the main focus of some of America’s top business leaders. The Business Roundtable, a group of chief executive officers from major U.S. corporations, issued a statement Monday with a
Ray Dalio, founder of investment firm Bridgewater Associates, speaking at the WEF in Davos, Switzerland on Jan. 22, 2019. Adam Galica | CNBC Hedge fund titan Ray Dalio said he wouldn’t rule out China using its Treasury holdings to gain an upper hand against the U.S. in the trade war — a view that contrasts
A visitor at Intel’s Artificial Intelligence (AI) Day walks past a signboard during the event in Bangalore, India Manjunath Kiran | Getty Here are the biggest calls on Wall Street on Friday: Bank of America downgraded Dow Inc. to ‘underperform’ from ‘neutral’ Bank of America said it downgraded the chemical company due to global demand
General Electric bounced back Friday after the CEO shored up confidence by purchasing a bulk of company shares, and analysts defended the industrial giant. GE’s stock was up more than 6% on Friday morning following its biggest drop since April 2008 a day earlier. GE shares had tanked 11% on Thursday. The stock began its
The allegations by Madoff whistleblower Harry Markopolos of a $38 billion fraud at General Electric are “at best disingenuous” and “at worst highly inaccurate,” according to Nick Heymann, co-group head of global industrial infrastructure at the William Blair financial services firm. “You got the stock on sale yesterday for absolutely no basis. This is why
President Donald Trump held a conference call with the CEOs of the three biggest U.S. banks as the stock market plunged Wednesday. Trump held the call with J.P. Morgan Chase CEO Jamie Dimon, Bank of America‘s Brian Moynihan and Citigroup‘s Michael Corbat, according to people with knowledge of the situation. The Dow plunged 800 points, or 3%, in
John Deere combine harvesters sit on display during the Farm Progress Show in Boone, Iowa, U.S., on Tuesday, Aug. 28, 2018. Daniel Acker | Bloomberg | Getty Images Shares of Deere fell on Friday after the equipment company missed earnings expectations for its fiscal third quarter and lowered guidance for the full year, saying farmers
Pedestrians pass in front of the New York Stock Exchange, May 24, 2019. Michael Nagle | Bloomberg | Getty Images Volatility is back on Wall Street. The average daily point range of the Dow Jones Industrial Average so far this month is about 482 points, which is more than double the average daily range from
Traders work on the floor at the New York Stock Exchange, August 13, 2019. Eduardo Munoz | Reuters The stock market has done something so unusual this week that it has only happened 19 times in the past 30 years, and the strange pattern could be an ominous sign if history is any guide. The
Warren Buffett Bloomberg | Getty Warren Buffett’s Berkshire Hathaway has been loading up on shares of Amazon. Berkshire upped its stake in the e-commerce giant by 11%, the Omaha, Nebraska-based holding company revealed in a government filing Wednesday. Berkshire now owns 537,300 shares of Amazon, worth $947 million. The holdings are as of the end
If low inflation, a wobbly economy and tariff jitters weren’t enough to push the Federal Reserve to lower interest rates, there’s also the simple reason of the swelling national debt. The recent debt deal struck between the White House and Congress virtually guarantees trillion-dollar deficits well into the future as well as continued acceleration of