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Stocks knocked down by virus resurgence fears
Wall Street dropped two percent on Tuesday following a warning from America's top infectious disease expert that reopening the nation's economy too quickly could lead to a fresh outbreak that would likely further damage the economy.
have accounted for about 80 percent of the Nasdaq 100 performance gain this year.
I think the market is going to have a very tough time from here moving higher unless the market can broaden out into a variety of other groups.
I don't think the market can have a big move from here if its just going to be cloud computing and health care." The Federal Reserve is doing what it can to sow the seeds of a broad economic recovery.
On Tuesday it kicked off a corporate bond-buying program, including purchases of risky debt, through ETFs in order to bolster the credit market... And there's more stimulus plans working its way through Washington.
House Democrats unveiled a more than $3 trillion coronavirus economic relief package, which includes $1 trillion in assistance for state and local governments.
The White House said that before it signs on to any more stimulus it wants to see how state reopenings go.
All this comes amid another round of dismal economic data.
Consumer prices in April suffered their biggest nosedive since the Great Recession.
Twitter on Tuesday became the first major tech company to tell employees they can work from home - indefinitely.
Uber is in advanced talks to buy GrubHub in a bid to combine their online food delivery services, a source told Reuters.
Uber said it doesn't respond to deal speculation.
GrubHub didn't confirm talks but said industry consolidation makes sense.
In March, Bernie Sanders lost his second bid for the Democratic presidential nomination. According to the NY Times the George Floyd protests and their cultural repercussions, may have destroyed Sanders entire case for a socialist America. The paper posits that this summer he may lose his battle for the future of the left, his legacy gone up in smoke. Cultural battles, pro business and pro Wall Street programs have over shadowed Sanders "millionaires and billionaires are evil" narrative.
Tech stocks are the only game in town on Wall Street, according to Kramer Capital Research's Hilary Kramer. She fears the euphoria surrounding tech is resembling the 2000 dot-com bubble. Conway G. Gittens reports.
The US Federal Reserve is expected to remain apolitical and stay out of the business of Congress. Even so, President Donald Trump has repeatedly jeered at Fed Chair Jerome Powell, even going so far as to call him 'an enemy of the state.' Nevertheless, Business Powell stuck his neck out in a Congressional hearing this week, calling for more government intervention in the economy.
Investors on Tuesday paused ahead of a Federal Reserve Meeting that could reveal the Fed's view on recent signs of economic recovery. No major policy announcements are expected when the US central bank's meeting wraps up on Wednesday. However, investors will scrutinize its remarks on the health of the economy, which has been reopening slowly after coronavirus-related closures. According to Reuters, the S&P 1500 airlines index declined 8.5% on Tuesday.
Wall Street bounced higher on Tuesday thanks to the combination of a historic retail sales figure, comments from the Fed chief, a positive study on a possible COVID-19 treatment and hopes for an infrastructure plan. Conway G. Gittens has the details.
A full U.S. economic recovery will not occur until the American people are sure that the novel coronavirus epidemic has been brought under control, Federal Reserve Chairman Jerome Powell told Congress on Tuesday. Conway G. Gittens has more of his testimony.
The NY Times and Business Insider report that Uber is holding acquisition talks with food delivery startup Postmates. Earlier this year Uber was reported to be holding acquisition talks with Grubhub. But those talks reportedly fell through. In mid-June Grubhub announced it was merging with Just Eat. Postmates is smaller than Grubhub, and would be more amenable to a take-over.
Just Eat Takeaway, a food-delivery service based in Europe, bought Grubhub. According to Gizmodo, while sales have spiked, operation costs have also been high. The acquisition of Grubhub makes it the largest digital food delivery service operator outside of China. Stories analyzing the deal pointed out a European deal was less likely to get blocked by antitrust regulators. Before Just Eat Takeaway acquired Grubhub, Uber wanted to also buy the food-delivery service.
Travis Kalanick is the founder of Uber. He was recently kicked out of the company. Business Insider reports that Kalanick founded CloudKitchens, a delivery-only restaurant operation. Kalanick says the company is the victim of arson. On Twitter, the company said two fires were started. They posted video evidence of the intruders. The company is worth more than $7 billion. It's funded from Kalanick's Uber wealth as well as Saudi Arabia.
Walmart is reportedly set to launch Walmart+ ...the company’s answer to Amazon Prime. Walmart + will go live later in July, after the coronavirus pandemic delayed its initial springtime launch. A Walmart spokesperson declined to provide further comment about Walmart+ to Business Insider. This is Walmart's latest bid to dominate e-commerce and fend off its online, Seattle-based rival. The $98 monthly subscription is rumored to include several perks, including...
Walmart is close to launching its membership program, in direct competition to online retail giant Amazon.com's overly popular Prime service, according to a published media report, citing sources. Conway G. Gittens has more.
The economy is in a depression. However, Jeff Bezos' net worth has increased. CNN reports that he's now worth nearly $172 billion, a new record for the world's richest person. This week, Bezos beat his previous wealth record that he reached prior to his divorce from his ex-wife MacKenzie. Much of Bezos' wealth is tied to Amazon. He owns roughly 57 million shares, or 12% of the company. And its stock has soared 56% year to date.
Career app LinkedIn and social media discussion app Reddit have both been monitoring each and every keystroke of Apple iPhones. According to Gizmodo, LinkedIn says this was due to a bug in the company’s iOS app and not intended behavior. Reddit’s snooping was reported by iOS 14 beta users and shared on social media. The company says it does not store or send the content, adding that it was releasing a fix immediately.
Wall Street plummeted Thursday as investors reacted to renewed fears of a pandemic resurgence and digested dour economic forecasts from the U.S. Federal Reserve. Fred Katayama reports on the market action.
Equity benchmark indices rose during early hours on Tuesday tracking positive cues from other Asian markets and overnight gains in the United States and Europe. The US Federal Reserve's corporate bond..
(Reuters) - U.S. stocks slumped on Thursday with the Dow shedding over 5% and the index on track for its sharpest one-day decline since March 18, as investors fretted over a resurgence in coronavirus..