Oil prices dropped during overnight trading on Sunday after OPEC+ announced it was delaying its meeting initially scheduled for Monday, stoking fears on the Street that a production cut might face hurdles. U.S. West Texas Intermediate crude fell 9.2% to trade at $25.72 per barrel, while international benchmark Brent crude dipped 8.7% to $31.15 per
A man cleans up on the trading floor, following traders testing positive for Coronavirus disease (COVID-19), at the New York Stock Exchange (NYSE) in New York, U.S., March 19, 2020. Lucas Jackson | Reuters The coronavirus pandemic has roiled capital markets, but it has also led to something that was once unthinkable on Wall Street:
Saudi Arabia’s Minister of Energy Prince Abdulaziz bin Salman Al-Saud and Russia’s Energy Minister Alexander Novak are seen at the beginning of an OPEC and NON-OPEC meeting in Vienna, Austria December 6, 2019. Leonhard Foeger | Reuters The virtual meeting between OPEC and its allies scheduled for Monday has been postponed, sources familiar with the
Carlina Teteris Business owners have been eagerly anticipating a $349 billion loan program meant to cushion the economic blow of the coronavirus pandemic. Some will have to wait a little longer. The Paycheck Protection Program, which officially opened for borrowers Friday morning, provides up to $10 million in forgivable loans to small businesses with 500
Steven Mnuchin, U.S. Treasury secretary, speaks during a Coronavirus Task Force news conference at the White House in Washington, D.C., U.S., on Thursday, April 2, 2020. Kevin Dietsch | Bloomberg | Getty Images The Treasury Department changed the terms on some loans it’s offering to small businesses during the coronavirus pandemic, making them less favorable
U.S. government debt prices were higher Friday as the total number of global coronavirus cases surpassed 1 million. The yield on the benchmark 10-year Treasury note sank to 0.601% while the yield on the 30-year Treasury bond was also lower at 1.239%. Bond yields move inversely to prices. The number of confirmed COVID-19 cases worldwide
A Dave & Buster’s location in Irvine, California. Scott Mlyn | CNBC Check out the companies making headlines after the bell. Tesla — The automaker’s stock shot up 16% in extended trading after Tesla reported that it had delivered around 88,400 cars in the first quarter of 2020. The reported numbers included 76,200 combined deliveries of
This photo taken on March 23, 2020 shows employees eating during lunch break at an auto plant of Dongfeng Honda in Wuhan in China’s central Hubei province. STR | AFP | China As the second quarter begins in China, it’s an altered landscape in the coronavirus-stricken economy with businesses that remain shut — some for good.
U.S. stock futures rose in overnight trading and pointed to gains at the open on Thursday, as markets try to rebound after kicking off the second quarter in the red. Dow futures rose 203 points, indicating a 134-point gain at the open on Thursday. The S&P 500 and Nasdaq Composite were also set to open
A Jeep Renegade rolls down an assembly line at Fiat Chrysler’s Melfi assembly plant in Italy in 2015. Michael Wayland / CNBC Check out the companies making headlines after the bell. Verint Systems — Shares of the analytics company tumbled 12% in extended trading after Verint Systems missed analysts’ estimates on both earnings and revenue in
The coronavirus crisis is going to push unemployment past 10%, but it may not be as bad as some forecasts, Cleveland Federal Reserve President Loretta Mester said in a CNBC interview Tuesday. Recent outlooks have seen the St. Louis Fed estimate the jobless rate to as bad as 32%, while Goldman Sachs this week upped
Chinese customers wear protective masks as they line up single file to buy dumplings at a popular local shop on February 16, 2020 in Beijing, China. Kevin Frayer | Getty Images Asia Pacific banks will find it increasingly challenging to maintain their financial performance as economies around the world get hit by the coronavirus pandemic,
US President Donald Trump speaks during a Coronavirus Task Force press briefing in the Rose Garden of the White House in Washington, DC, on March 29, 2020. Jim Watson | AFP | Getty Images Dow Jones Industrial Average jumps 690 points The Dow gained 690.70 points, or 3.19% to close at 22,327.48. The S&P 500
Federal Reserve Chair Jerome Powell holds a news conference following the Federal Open Market Committee meeting in Washington, December 11, 2019. Joshua Roberts | Reuters The Mortgage Bankers Association in a dire letter to regulators Sunday warned that the U.S. housing market is “in danger of large-scale disruption,” due to efforts by the Federal Reserve
Hank Paulson David Orrell | CNBC Former Treasury Secretary Hank Paulson warned that the U.S. faces a “very difficult road ahead” after President Trump signed a historic $2 trillion coronavirus relief bill. Paulson, a key figure in helping the country avoid economic catastrophe during the 2008 financial crisis, drew on his experience from that tumultuous period
In this photo taken March 20, 2020, cattle rancher Joe Whitesell rides his horse in a field near Dufur, Oregon, as he helps a friend herd cattle. Gillian Flaccus | AP U.S. farmers have endured a slew of financial hardships over the past few years. The U.S.-China trade war sent scores of farmers out of
The stock market has gone so haywire amid the coronavirus crisis that some strategists on Wall Street are giving up on forecasting what comes next. Over the past week or so, chief market strategists at BMO, Oppenheimer and Canaccord Genuity have all suspended their year-end targets on the S&P 500, blaming the unprecedented economic uncertainty that makes projecting
The Robinhood application is displayed in the App Store on an Apple Inc. iPhone in an arranged photograph taken in Washington, D.C., U.S., on Friday, Dec. 14, 2018. Andrew Harrer | Bloomberg | Getty Images Robinhood’s recent show of goodwill came with strings attached, according to some users. On Monday, the trading start-up offered a
A sign hangs above the entrance to a Bank of America branch in Chicago, Illinois. Scott Olson Bank of America CEO Brian Moynihan said his bank’s 200,000-plus employees won’t have to worry about layoffs this year, joining banks including Morgan Stanley and Citigroup in making similar pledges. ”We don’t want our teammates to worry about their jobs
Chinese President Xi Jinping, also general secretary of the Communist Party of China Central Committee and chairman of the Central Military Commission, chairs a symposium at the School of Medicine at Tsinghua University in Beijing, capital of China, March 2, 2020. Yan Yan | Xinhua News Agency | Getty Images Chinese President Xi Jinping called
Dell CEO Michael Dell Getty Images Executives are loading up on their company shares as the coronavirus-driven sell-off dents the broader market, signalling the heads of U.S. businesses are confident their companies will rebound. The heads of Dell Technologies and Wells Fargo are purchasing shares while outsiders ditch riskier assets, sucking trillions in value from
An employee works next to shoes on display inside the flagship store of sporting-goods giant Nike in Shanghai on March 16, 2017. Johannes Eisele | AFP | Getty Images American companies in China are still betting on the local consumer, even if business disruptions from the coronavirus are dragging down revenues. A survey of 119
Source: Morgan Stanley Morgan Stanley, one of the world’s biggest wealth managers, said its online trading portal for wealthy clients went down on Wednesday. The bank’s message for clients was to call a service representative to place trades, rather than using the company’s website. A spokeswoman for the New York-based firm declined to immediately comment.
Stock futures rose in overnight trading, building on Tuesday’s historic rally, as investors awaited an unprecedented stimulus package to combat the economic impact of the coronavirus. Futures on the Dow Jones Industrial Average climbed about 310 points. The S&P 500 futures rose 30 points. The action in the futures market followed an epic comeback on
People look out from aboard the Grand Princess cruise ship, operated by Princess Cruises, as it maintains a holding pattern about 25 miles off the coast of San Francisco, California on March 8, 2020. Josh Edelson | AFP | Getty Images Check out the companies making headlines in midday trading. Norwegian Cruise Line, Royal Caribbean,
People wear masks as they cross a street during evening rush hour, as the country is hit by an outbreak of the novel coronavirus, in Beijing, China, March 3, 2020. Thomas Peter | Reuters BEIJING — An early look at Chinese business conditions in March shows little indication the economy has recovered much from the
Michael Corbat, CEO, Citigroup, speaking at the World Economic Forum in Davos, Switzerland, January 21, 2020. Adam Galica | CNBC Citigroup CEO Michael Corbat said the bank will send $1,000 awards to some employees to compensate them for the “financial burden” of working during the coronavirus pandemic. “We are going to provide more than 75,000
A staff worker wearing a protective mask and protective suit checks a visitor’s body temperature with a temperature gun by a monitor showing the current stock information at the Shanghai Stock Exchange Building on March 20, 2020 in Shanghai, China. Health authorities of China said the country has passed the peak of the COVID-19 epidemic
Staff members work at the assemble plant of FAW-Volkswagen Automobile in Chengdu, southwest China’s Sichuan Province, Feb. 19, 2020. Liu Kun | Xinhua via Getty Images BEIJING — Chinese businesses are getting back to work just as many parts of the world are shutting down, and that could add a second jolt to the world’s second-largest economy.
Meric Greenbaum, Designated Market Maker IMC financial looks up at the board before the opening bell right before trading halted on the New York Stock Exchange on March 9, 2020 in New York. Timothy A. Clary | AFP | Getty Imgaes The S&P 500 could return to record highs by early next year if U.S.