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Wall Street hammered by fears of spurt in virus infections, economic worries
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 infections and a grim economic outlook from the Federal Reserve.
Business News
Microsoft declines to sell facial recognition tech to police
Microsoft Corp said on Thursday it would not sell its facial-recognition technology to police departments until there is a federal law regulating the technology.
Trading Ideas
3 “Perfect 10” Stocks to Consider When Coronavirus Fears Fade
The fastest stock market decline in history has been followed up by one of the most rapid recoveries. Rallying on economic re-openings and a better-than-expected jobs report, the S&P 500 has basically recovered all of its losses for the year, while the Nasdaq topped 10,000 for the first time ever. Yet, investors need to be mindful of the potential risks ahead. US stocks tumbled today due to new concerns that the U.S. may be experiencing a second-wave reinfection of Covid-19 cases in certain states. So, where does the market go from here? One way to navigate all of the stock …read more […]
Business News
Comcast, media mogul Byron Allen reach carriage deal
Comcast Corp said on Thursday it reached a content carriage deal with comedian-turned media mogul Byron Allen, who withdrew a lawsuit about racial bias against channels owned by African Americans.
Business News
Apple will increase spending with black-owned suppliers as part of $100 million racial justice effort
Apple Inc Chief Executive Tim Cook said on Thursday the iPhone maker will increase spending with black-owned partners in its supply chain and seek to increase minority representation among the firms it does business with.
Business News
Microsoft declines to sell facial recognition tech to police: Washington Post
Microsoft Corp will not sell its facial-recognition technology to police departments until there is a federal law regulating the tech, the Washington Post reported on Thursday, citing the software maker’s president, Brad Smith.
Business News
Factbox: What changes are companies making in response to George Floyd protests?
The corporate response to a wave of protests over the treatment of African Americans has included pledges to increase diversity, donations to civil rights groups and, in some cases, changes in policies or practices long sought by critics. Here is a sampling:
Business News
Nestle explores sale of Pure Life as part of water business review
Food giant Nestle said it is exploring a potential sale of part of its North American water business, including its well-known Pure Life brand, as it moves to focus on the better performing brands in its water division.
Trading Ideas
'Sold!' Auctioneers race to unload oil equipment as U.S. drilling dries up
Fast-talking auctioneer Greg Highsmith sung out dozens of prices – “seventy-five-hundred now, $10,000 now, be able to get 15,000?” – before a North Dakotan buyer paid $27,500 for a used Caterpillar oil swabbing rig on Friday. The rig was one of more than 2,000 lots offered in an online auction of oil, gas and industrial equipment out of North Dakota’s Bakken shale region on Friday. The auction market is more active than at any point since the downturn of the 1980s, said Dan Kruse, a San Antonio-based auctioneer and founder of Superior Energy Auctions, which specializes in energy …read more […]
Business News
Stocks slide, bonds rally on downbeat Fed outlook
The safe-haven Japanese yen and Swiss franc gained on Thursday while a gauge of global equity markets fell the most in seven weeks after the Federal Reserve’s sobering outlook cast doubt on hopes for a V-shaped recovery from the coronavirus pandemic.
Business News
U.S. layoffs easing, labor market distress persists
The number of Americans seeking jobless benefits fell last week, but millions laid off because of COVID-19 continue to receive unemployment checks, suggesting the labor market could take years to heal from the pandemic even as hiring resumes.
Business News
Stock market rally of hope pauses as virus worries mount
The reality that the coronavirus crisis is far from over is threatening a blistering equity market rally that had taken some world indexes to fresh highs.
Trading Ideas
Jiayin Group (JFIN) Stock Makes the Street Go Wild
We are living through some crazy times and the stock market has read the memo. Yesterday, shares of Chinese fintech company Jiayin Group (JFIN) were up during the session by over 900%. Needless to say, someone, somewhere (probably in China), enjoyed some after work drinks. The stock pulled back and by the end the day was “only” up by 96%.Were the massive share gains in anticipation of today’s earnings report? Hard to tell, but the report was nothing to write home about. Revenue came in at $44.28 million, down year-over-year by 57.1% and missing the estimates by $5.13 million. Bottom …read more […]
Business News
Dow slumps 5% on fears of spurt in virus infections, economic worries
U.S. stocks deepened losses on Thursday, with the Dow on track for its biggest single day percentage fall since March 18, on fears of a resurgence in coronavirus infections and a gloomy economic forecast from the Federal Reserve.