Peloton machine Source: Peloton Many on Wall Street were convinced the usual playbook would occur when this market and economic downturn hit. Bubble-like tech stocks that led the way up would get crushed as a bear market exposed their hype and sent stock speculators scrambling. But the opposite has happened. The names skeptics used to
Month: May 2020
US President Donald Trump speaks about COVID-19, known as coronavirus, after signing a Proclamation in honor of National Nurses Day in the Oval Office of the White House in Washington, DC, May 6, 2020. Saul Loeb | AFP | Getty Images The White House is weighing a second Tax Day delay, according to NBC News.
Secretary of the Treasury Steven Mnuchin speaks with President Donald J. Trump and members of the coronavirus task force during a briefing in response to the COVID-19 coronavirus pandemic on Thursday, April 02, 2020 in Washington, DC. (Photo by Jabin Botsford/The Washington Post via Getty Images) The Washington Post The Small Business Administration is applying
By singling out state and local pensions as undeserving of coronavirus relief, McConnell has … [+] redirected national attention to the pre-existing public pension underfunding crisis. Americans are rallying in support of police, firefighters, and school teachers. ASSOCIATED PRESS By singling out state and local pensions as undeserving of coronavirus relief, Mitch McConnell has redirected
The Fed’s historic $500 billion intervention will help stabilize the muni market. But it won’t solve the plummeting state and local budgets caused by the pandemic recession. Federal Reserve Chairman Jerome Powell is overseeing a historic intervention in municipal bond … [+] markets. (Photo by Federal Reserve via Getty Images) Getty Images Among the extraordinary policy
CHICAGO, ILLINOIS – MAY 07: A closed sign hangs in the window of a Neiman Marcus store that has been … [+] shuttered by the COVID-19 pandemic on May 07, 2020 in Chicago, Illinois. Neiman Marcus filed for bankruptcy today, making it the first major retailer to seek bankruptcy protection since the economic collapse brought
Oil jumped more on Thursday and was on track for its second best week in history as a number of bullish factors supported prices, including U.S. companies cutting production, Saudi Arabia raising its official oil selling price and gasoline demand improving as economies around the world reopen. West Texas Intermediate, the U.S. benchmark, jumped 8%,
Cari Gundee rides her Peloton exercise bike at her home on April 06, 2020 in San Anselmo, California. Ezra Shaw | Getty Images Peloton‘s revenue surged 66% during the fiscal third quarter, as more people purchased its fitness equipment and tuned into its live classes, to try to break a sweat while stuck at home
A man wearing a mask walks by the New York Stock Exchange (NYSE) on March 17, 2020 at Wall Street in New York City. Johannes Eisele | AFP | Getty Images This is a live blog. Please check back for updates: 8:01 am: Moderna surges 16% in premarket after FDA approves vaccine phase 2 trial
Charles Schwab has released more details about its new fractional investing feature, which is reportedly debuting June 9. Called Schwab Stock Slices, investors will be able to trade fractional shares of any S&P 500 company starting at $5 each. Traditionally, to buy an individual stock you needed to at least cover the price of one share,
Lloyd Blankfein, the ex-Goldman Sachs CEO whose bank accepted bailout funds during the financial crisis, said that large companies should be “very reluctant” to take taxpayer money amid the coronavirus pandemic. “Big companies should be very reluctant to take government money,” Blankfein said Thursday on CNBC’s Squawk Box in response to a question about how
As the financial strain on the families of college students worsens, there’s one measure few schools have considered until now. A number of colleges are freezing tuition in hopes of attracting more students and families struggling with the weight of a higher-education tab. In the face of Covid-19, the College of William & Mary said it
With the U.S. economy largely shut down and the number of jobless Americans growing by millions each week, lawmakers in March moved swiftly to approve a historic stimulus package that would inject trillions of dollars into the economy as incomes and revenues evaporated. The Coronavirus Aid, Relief, and Economic Security, or CARES, Act injects
States need help closing their deficits, avoiding further disaster Getty Congress is negotiating another round of financial support for a cratering economy. Help for state and local governments is central to this effort. Their budgets are getting hammered by a loss of tax revenue and rising demand for health care and other public services. Financial
Group of business executives in discussion while eating lunch in restaurant Getty One of President Trump’s demands for the next COVID-19 relief bill is restoration of the tax deduction for business meals and entertainment expenses. Since the president has a long history in the hospitality business, his affinity for this tax subsidy isn’t surprising. But
In a further indication of how competitive the luxury residential market has become, New Yorik … [+] City’s 30 Warren is making resident floral advisor Emily Thompson Flowers available to help make Mother’s Day special. Emilty Thompson Flowers How swiftly are high-end amenities and services evolving in today’s competitive luxury residential real estate market? For
This is CNBC’s live blog covering all the latest news on the coronavirus outbreak. This blog will be updated throughout the day as the news breaks. Global cases: More than 3.74 million Global deaths: At least 263,000 Most cases reported: United States (1,227,430), Spain (220,325), Italy (214,457), United Kingdom (202,356), France (174,224). The data above was compiled by
Sarah Whitten | CNBC Consumers stocked up on board games, not Barbie dolls, amid the coronavirus pandemic, sending Mattel’s sales in the first quarter tumbling. While toy sales across the industry rose 7.6% between January and March, according to NPD data, it seems that lockdowns aren’t giving all toymakers a boost. On Tuesday, Mattel reported
One of the world’s leading authorities on Asia is worried Wall Street is miscalculating China’s efforts to reopen its economy. While it’s going relatively smoothly on the supply side, Yale University senior fellow Stephen Roach warns the demand side is struggling, and that’s a bad sign for the U.S. economy as it begins reopening. “Chinese consumers
‘Concerned and confused’ about the future, young adults try to navigate through the coronavirus crisis Monthly retirement for a $50,000 salary factoring in Social Security and savings Here’s how to get into the habit of saving more and spending less How to pay less in taxes on your Social Security benefits How to earn $40,000
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