Major U.S. banks lowered their benchmark rates for a wide range of consumer and commercial loans on Wednesday, following a rate cut from the Federal Reserve.
Qualcomm Inc’s quarterly revenue and profit forecast fell short of Wall Street targets, driven by Huawei Technologies Co Ltd’s strong gains in the Chinese smartphone market, the U.S. company said, sending its shares down as much as 6%.
Two of the biggest U.S. banks, JPMorgan Chase & Co and Citigroup Inc , on Wednesday lowered their benchmark rates for a wide range of consumer and commercial loans, following a rate cut from the Federal Reserve.
U.S. interest rates have never been as low as they are now at the start of any past Federal Reserve interest rate reduction cycle.
Wearable device maker Fitbit Inc cut its 2019 revenue forecast on Wednesday, blaming disappointing sales of its newly launched cheapest smartwatch Versa Lite, sending its shares tumbling as much as 16% to a record low.
PG&E Corp said in court papers on Wednesday that it “strongly disagrees” with a suggestion in a Wall Street Journal article that the company knowingly deferred maintenance on equipment that caused California’s Camp Fire, the deadliest and most destructive wildfire in California’s modern history.
The U.S. dollar rose to two-year highs on Wednesday after Federal Reserve Chair Jerome Powell, having made the first cut to interest rates since 2008, signaled the move was not the start of a rate-cutting cycle.
U.S. President Donald Trump said Federal Reserve Chairman Jerome Powell “let us down” with a quarter-percentage-point interest rate cut on Wednesday, saying the market wanted a signal that a “lengthy and aggressive rate-cutting cycle” was under way.
Wearable device maker Fitbit Inc forecast third-quarter revenue below analysts’ estimates and lowered its 2019 sales outlook as the company expects weak smartwatch sales and lower average selling price.
Qualcomm Inc missed quarterly revenue estimates and forecast current-quarter revenue below analysts’ expectations on Wednesday, sending its shares down 5% in extended trading.
Sell-side analysts have stopped advising investors on U.S. private prisons as Wall Street has distanced itself from publicly traded GEO Group Inc and CoreCivic Inc .
The Dow and S&P 500 suffered their biggest daily percentage drops since May 31 on Wednesday after the Federal Reserve cut interest rates for the first time in a decade, but remarks by Fed Chair Jerome Powell dampened expectations for further cuts going forward.
The Federal Reserve cut interest rates on Wednesday to shore up the economy against risks including global weakness, but the head of the U.S. central bank said he did not view the move as the start of a lengthy series of rate cuts.
Following is the full text of the statement released by the Federal Reserve’s Federal Open Market Committee on Wednesday following a two-day meeting:
Wall Street turned negative after Federal Reserve Chairman Jerome Powell in a press conference after the Fed announced its first rate cut since 2008 characterized it as a mid-cycle policy adjustment, adding that the decision was different from the beginning of a lengthy cutting cycle.
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