Long-time professional traders watching the near implosion of the United States Oil Fund could only watch in wonder. “It tells me people always want to make a quick buck,” said John Davi, chief investment officer and founder of Astoria Portfolio Advisors. He was referring to retail investors who lost a boatload of money investing in
admin
A driver adjusts his face mask as Uber and Lyft drivers with Rideshare Drivers United and the Transport Workers Union of America conduct a ‘caravan protest’ outside the California Labor Commissioner’s office amidst the coronavirus pandemic on April 16, 2020 in Los Angeles, California. (Photo by Mario Tama/Getty Images) Mario Tama Some gig workers may
Wild market swings have taken a toll on retirement savers. The average 401(k) balance plunged 19%, to $91,400, in the first quarter of 2020, according to a new report by Fidelity Investments, the nation’s largest provider of 401(k) plans. The financial services firm handles more than 30 million retirement accounts altogether. The average individual retirement
Millions of homeowners are now in forbearance, essentially pausing their monthly mortgage payments … [+] due to COVID-19. Getty More than 3.4 million American mortgage borrowers are now in forbearance—essentially hitting the pause button on their monthly payments for the foreseeable future. According to the latest data from financial data firm Black Knight, that’s up
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 2.7 million Global deaths: At least 190,490 Most cases reported: United States (866,646), Spain (213,024), Italy (189,973), France (159,460), and Germany (153,129). The data above was compiled by
Javon Kinlaw is part of an incredibly exclusive club, as one of just a handful of college football players who are expected to be early first-round selections when the 2020 NFL Draft kicks off on Thursday night. But Kinlaw’s story becomes even more unique than his fellow soon-to-be NFL draft picks when you consider just
Wall Street stands empty as people stay away from the area due to the coronavirus on March 30, 2020 in New York City. Spencer Platt | Getty Images U.S. stock futures were slightly lower on Thursday night as investors continued to weigh the prospects of a potential coronavirus treatment. Dow Jones Industrial Average futures were
An employee places a pizza box onto a shelf at a Domino’s Pizza Inc. restaurant in Chantilly, Virginia. Andrew Harrer | Bloomberg | Getty Images Domino’s Pizza on Thursday said that its U.S. same-store sales grew 7.1% in the first four weeks of its second quarter. However, the pizza chain withdrew its two- to three-year outlook,
Jim Cramer on CNBC’s Halftime Report. Scott Mlyn | CNBC CNBC’s Jim Cramer said Thursday he believes that scientists testing treatments for the new coronavirus will succeed in getting patients “out of the hospital faster” and reducing “death sentence” concerns. “I think the scientists are going to solve it,” predicted Cramer, who has been advising
(Credit: Getty | PeopleImages) When the government launched a web tool on April 15 so that eligible Americans could find out the status of their coronavirus stimulus payments, Jake Koepke was eager to log on. But the central Wisconsin resident, 34, was disappointed to find himself shut out after three failed attempts to get onto
A pedestrian wearing a protective mask stands outside a JPMorgan Chase & Co. bank branch in New York, U.S., on Friday, April 10, 2020. Mark Kauzlarich | Bloomberg | Getty Images JPMorgan Chase is warning some customers that even if fresh funds for the federal small business relief program are approved, the money won’t last
Mortgage rates are near all-time lows, but don’t expect to qualify for them without near-perfect … [+] credit. Getty Mortgage rates are still hovering near record lows. According to Freddie Mac, the average rate on a 30-year, fixed-rate mortgage was a mere 3.33% last week—just barely above the record-setting 3.29% seen in early March. What’s
Vice President Mike Pence speaks during a news conference in the White House in Washington, D.C., U.S., on Thursday, April 23, 2020. Michael Reynolds | EPA | Bloomberg via Getty Images Sixteen states have released “formal reopening plans” to lift coronavirus restrictions, Vice President Mike Pence said Thursday, adding that the country has shown “promising
Wired senior staff writer Cade Metz and Arvind Krishna, then senior vice president and director at IBM Research, speak onstage at the Wired Business Conference in New York on June 16, 2016. Brian Ach | Wired | Getty Images IBM stock moved as much as 4% lower in extended trading on Monday after the company released
Steven Eisman, senior portfolio manager at Neuberger Berman. Katie Rooney | CNBC Renowned investor Steve Eisman said Thursday U.S. banks are an attractive investment following the coronavirus-induced market sell-off. “I actually think long-term, the best cyclical play out there are the very large banks,” Eisman, senior portfolio manager at Neuberger Berman, told CNBC’s “Fast Money.”
When Jyri Engestrom, a 42-year-old entrepreneur who runs a small early stage venture fund in San Francisco, California, read an article in the Guardian newspaper about an Italian village that tested its entire community for the novel coronavirus and was reportedly able to eradicate the virus by doing so, he was inspired. Engestrom wanted to do
As smaller investors pile into the risky and troubled United States Oil Fund, hedge funds are taking the other side of that trade and making a lot of money. As the fund, which trades under the ticker USO, plunged 75% in the last two months, those who bet against it by short selling pocketed hundreds
eclipse_images If you’re awaiting a federal stimulus payment and you haven’t filed tax returns, beware: Hackers have set their sights — and sites — on your $1,200 check. Scammers have set up more than 180,000 coronavirus-themed websites in an attempt to steal data or misinform consumers, according to data from Checkphish by Bolster. The security
House Speaker Nancy Pelosi of Calif. arrives on Capitol Hill, Thursday, April 23, 2020, in Washington. Andrew Harnik | AP The House had the votes to pass a $484 billion package Thursday to bolster small businesses and hospitals ravaged by the coronavirus crisis and expand testing desperately needed to start the return to normal life.
TOPLINE Tens of millions of Americans have filed for unemployment in recent weeks and although the data is sobering, jobless claims have declined from their peak earlier this month giving a slight boost to investors who are desperate for positive news. Job loss claims may have peaked as the market looks towards re-opening the economy.