Finance

Federal Reserve officials took part in a detailed discussion about their asset purchase program during the meeting earlier this month, at which some members said they expect several changes to be enacted. The Fed on Wednesday released minutes from its Nov. 4-5 policy meeting. Officials at that meeting voted to keep benchmark short-term borrowing rates

Take a look at some of the biggest movers in the premarket: Gap (GPS) – Gap reported quarterly earnings of 25 cents per share, missing consensus estimates by 7 cents a share. The apparel retailer’s revenue beat forecasts, however. Gap’s bottom line was hurt by increased marketing and shipping costs resulting from a shift to

Dow 30,000 may just be the beginning. Oppenheimer Asset Management’s John Stoltzfus believes the Dow’s record high on Tuesday is justified despite the nation’s battle against surging coronavirus cases. He lists a resilient economy as the major factor for optimism. “Very simply, the fundamentals are improving and prospects for them to improve further appear likely,”

Take a look at some of the biggest movers in the premarket: Best Buy (BBY) – The electronics retailer reported quarterly earnings of $2.06 per share, beating the consensus estimate of $1.70 a share. Revenue came in above estimates as well. Best Buy’s comparable sales jumped 22.6%, well above the FactSet consensus estimate of 13.6%.

It may take months for the dollar to stage a comeback. Brown Brothers Harriman’s Win Thin warns it will continue to weaken due to the surge in coronavirus cases. “What I’m focused on near-term is really the virus numbers and the resulting slowdown here in the U.S. in Q4 and parts of Q1,” the firm’s

Take a look at some of the biggest movers in the premarket: Merck (MRK) – Merck is buying privately-held drug maker OncoImmune for $425 million cash. OncoImmune is a developer of drugs designed to treat Covid-19, cancer and other diseases, and its vaccine candidate has shown promising results in a late-stage study. Merck shares added

Dow Jones Industrial average futures fell slightly in overnight trading on Sunday as a rising number of Covid-19 cases continued to weigh on markets. Futures contracts tied to the Dow fell 66 points, or 0.2%. The move indicated an opening decline of about 50 points. S&P 500 futures fell 0.1%, while Nasdaq 100 futures were

Chicago Federal Reserve President Charles Evans expressed disappoint in the Treasury Department’s decision to end several lending programs implemented during the coronavirus pandemic. Speaking a day after Treasury Secretary Steven Mnuchin said the programs would not continue past their end-of-year deadline, Evans told CNBC that the facilities provide an important function. “I think our 13(3)

Henrique Dubugras, founder and chief executive office of Brex Inc., speaks during the Bridge Forum conference in San Francisco, California, U.S., on Wednesday, April 17, 2019. David Paul Morris | Bloomberg | Getty Images The coronavirus pandemic should’ve meant disaster for Brex, the high-flying Silicon Valley start-up that lends to thousands of other start-ups. Founded

LONDON — A few years back, blockchain was the talk of the financial services industry. Several large banks were testing the technology, lured by the promise of improving some of the sector’s oldest processes. This year, investors could be forgiven for wondering where blockchain went. After much hype in 2017, as the value of cryptocurrencies

Check out the companies making headlines in midday trading.  Zoom Video — Shares of the video-conferencing company jumped more than 6% amid a rise in Covid-19 cases. Zoom has been one of the key “stay-at-home” trades, and shares are up 550% this year. Nikola — The electric vehicle maker declined more than 3%, despite Loop

U.S. Treasury Secretary Steven Mnuchin and Federal Reserve Chair Jerome Powell share an elbow bump greeting prior to testifying before a House Financial Services Committee hearing on oversight of the Treasury Department’s and Federal Reserve’s coronavirus disease (COVID-19) pandemic response on Capitol Hill in Washington, September 22, 2020. Joshua Roberts | Pool | Reuters Treasury

Wall Street forecaster James Bianco warns the new economic lockdowns will hurt the holiday rush. According to Bianco, the fallout from surging coronavirus infections is starting to put consumers on alert due to job market uncertainty — particularly for those who can’t work from home. “Roughly around 30% of the jobs in the American workforce

People visit the video platform Bilibili stand during the 2020 China Digital Entertainment Expo & Conference (ChinaJoy) at Shanghai New International Expo Center on July 31, 2020 in Shanghai, China. Zhou You | Visual China Group | Getty Images BEIJING — One of the most popular video and gaming apps among China’s youth, Bilibili, decided

Google Pay Source: Google Google is moving deeper into consumer finance. The tech giant will let users open bank accounts, pay friends and manage budgets through a new version of its Google Pay app rolling out Wednesday.  The Mountain View, California-based company partnered with Citi and Stanford Federal Credit Union to launch the mobile bank

A bitcoin logo on a mobile phone. Omar Marques | SOPA Images, LightRocket | Getty Images Bitcoin just climbed past $18,000 for the first time since December 2017, extending a wild run for the cryptocurrency this year. The price of bitcoin was trading about 8.6% higher Wednesday morning at $18,172, breaching a level it hasn’t

U.S. stock futures were flat in overnight trading on Tuesday as investors digested the recent record rally in equities. Dow futures fell 21 points. Futures for the S&P 500 and Nasdaq-100 fell 0.04% and 0.03%, respectively. On Tuesday, the Dow Jones Industrial Average fell more than 167 points, dragged down by Walgreens, Home Depot and

An empty street in Amsterdam during the government-imposed lockdown due to the coronavirus pandemic. SOPA Images | LightRocket | Getty Images The fallout from the coronavirus pandemic on Europe’s financial institutions will become more apparent in the coming months, according to a senior European banking official, and there could be one or two casualties in

U.S. stock futures opened slightly higher on Monday night after two of the three major market benchmarks closed at record levels. Dow Jones Industrial Average futures were up marginally and S&P 500 futures gained 0.1%. Nasdaq 100 futures outperformed, rising 0.6%. Tesla shares jumped more than 10% after S&P Dow Jones Indices said the electric

An ATM is shown at company headquarters for the PNC Financial Services at One PNC Plaza in Pittsburgh, Pennsylvania. Getty Images Spanish financial group BBVA has agreed to sell its U.S. business, BBVA USA Bancshares, to PNC Financial Services Group for $11.6 billion, the American firm announced Monday. Headquartered in Houston, Texas, BBVA USA Bancshares has $104

Traders work on the floor of the New York Stock Exchange. Source: NYSE U.S. stock futures rose on Sunday night as traders assessed a sharp market rotation that led to a mixed weekly performance last week. The S&P 500 posted a record closing high on Friday and notched a one-week gain of 2.2%. The Dow

Goldman Sachs just named its smallest and most diverse class of partners since its 1999 initial public offering. The firm on Thursday named 60 employees to the coveted rank of partner, the highest title at the New York-based bank and a nod to its history as a private partnership. Since taking over in 2018, CEO

Check out the companies making headlines before the bell: DraftKings (DKNG) – The mobile betting service reported a quarterly loss of 57 cents per share, smaller than the 61-cent loss that Wall Street had anticipated, while revenue was above analyst forecasts. DraftKings said it was helped by the resumption of activity by major sports leagues

John Stumpf, chief executive officer of Wells Fargo & Co., waits to begin a House Financial Services Committee hearing in Washington, D.C., U.S., on Thursday, Sept. 29, 2016. Andrew Harrer | Bloomberg | Getty Images Ex-Wells Fargo CEO John Stumpf and his former deputy Carrie Tolstedt were charged by the Securities and Exchange Commission Thursday

Volunteers distribute food to the needy in Orlando, Fla. Paul Hennessy/NurPhoto via Getty Images Continuing claims Continuing claims for unemployment benefits are the best available proxy for the total number of people receiving jobless aid. Claims have fallen by more than 10 million since the early summer. There were around 21 million continuing claims through

Traders work the floor of the New York Stock Exchange. NYSE U.S. stock futures rose on Thursday night as Wall Street continues to grapple with the rising number of coronavirus cases and its potential economic impact. Earlier on Thursday, the Dow dropped more than 300 points during the regular session, notching its second straight daily

Chuck Robbins, CEO, Cisco Systems, speaking at the World Economic Forum, Davos, Switzerland, January 21, 2020. Check out the companies making headlines after hours on Thursday: Cisco Systems — Cisco shares rallied nearly 9% in after-hours trading on the back of better-than-expected results for its fiscal first quarter. The company reported earnings per share of

An exterior view of the U.S. Securities and Exchange Commission (SEC) headquarters in Washington. Jonathan Ernst | Reuters What would a Democrat-controlled Securities and Exchange Commission look like? It’s early, but speculation is already raging on Wall Street.  Who will be the next SEC Commissioner?  Former CFTC chair Gary Gensler, who aggressively implemented Dodd Frank

Jamie Grill | Blend Images | Getty Images Retirement savers appear to be taking advantage of relaxed rules around 401(k) withdrawals during the coronavirus pandemic. The typical 401(k) investor pulled $12,000 from their account in the form of a “coronavirus-related distribution,” according to a new Vanguard analysis of its client data. This figure represents the

Allianz Global Investors’ Mona Mahajan won’t rule out market consolidation over the next several weeks. But she’s painting a bullish long-term picture that’s chiefly tied to a key advancement on the coronavirus front. “We’ve had tremendous vaccine news,” the firm’s senior U.S. investment strategist told CNBC’s “Trading Nation” on Tuesday. Since yesterday’s encouraging vaccine announcement