Longtime bear David Rosenberg questions need for additional virus aid, suggests households are swimming in cash
He’s known as one of Wall Street’s longtime bears. But David Rosenberg appears to exude more optimism than pessimism these days. The chief economist and strategist at Rosenberg Research sees signs the economy doesn’t require a second coronavirus aid package...
El-Erian says coronavirus devastation of small businesses threatens capitalism in the U.S.
Small business devastation during the coronavirus crisis presents risks to capitalism in the United States, Mohamed El-Erian told CNBC on Thursday. “If you want capitalism to be sustained, you need buy-in from a lot of people. You cannot get buy-in if...
Stocks making the biggest moves in the premarket: Alibaba, Estee Lauder, CureVac, Nvidia & more
Take a look at some of the biggest movers in the premarket: Alibaba (BABA) – The China-based e-commerce giant reported better-than-expected profit and revenue for its fiscal first quarter, helped by a pandemic-related boost in online shopping. Alibaba had 874...
U.S. weekly jobless claims jump back above 1 million
The number of people filing for unemployment benefits last week was greater than expected, raising concern about the state of the economy as lawmakers struggle to move forward on a new coronavirus stimulus package. The Labor Department said initial jobless...
Fed officials expect that coronavirus will ‘weigh heavily’ on the economy, minutes show
Federal Open Market Committee members expressed concern at their latest meeting over the future of the economy, saying that the coronavirus likely would continue to stunt growth and potentially pose dangers to the financial system. At the July 28-29 session,...
Waiting for that extra $300 weekly unemployment benefit? For thousands, it may never come
People wait for their numbers to be called at an unemployment event in Tulsa, Oklahoma, on July 15, 2020. Photo by Nick Oxford for The Washington Post via Getty Images Some workers got an extra $300 in unemployment benefits this...
Fed faces a ‘major challenge’ in making its new inflation strategy official, former governor says
The U.S. central bank will be faced with a delicate balancing act if it opts to embrace a more relaxed view on inflation, according to a former governor of the Federal Reserve. Comments on Wednesday by Randall Kroszner, who served...
European markets set to open slightly higher after record highs on Wall Street
European stocks are set to open slightly higher on Wednesday, following a strong session stateside that saw the S&P 500 hit a fresh record high. Britain’s FTSE is seen climbing 14 points to 6,083, Germany’s DAX up by 21 points...
Walmart says consumer spending dropped as stimulus checks ran out
Walmart’s fiscal second-quarter sales got a boost from this spring’s stimulus checks, but that tapered off in July as shoppers spent that money. Now, the retail giant is waiting to see if the government will put more cash in consumers’...
U.S. housing starts surge 22.6% in July
U.S. homebuilding picked up for a third straight month in July in the latest sign the housing sector is emerging as one of the few areas of strength in an economy suffering a record slowdown because of the Covid-19 pandemic....
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