A man runs past the New York Stock Exchange (NYSE). Bloomberg Hundreds of Wall Street traders are about to change their commute starting Monday. Citigroup is traders and salespeople from its headquarters in downtown Manhattan to a backup facility in Rutherford, New Jersey next week in contingency plans tied to the coronavirus, according to a
Finance
Check out the companies making headlines in midday trading. Big Lots — Shares of Big Lots rallied more than 6% in midday trading after it confirmed it received notice from two activist investor groups that plan to nominate nine director candidates to replace the company’s board. Ancora Advisors and Macellum Capital argued in a letter that
Farmer Dana Putnam tries to tap a maple tree for sap, but is unsuccessful. His trees are producing less sap as the climate changes. Emma Newburger | CNBC ORANGE COUNTY, NY — Dana Putnam drilled into a maple tree, added a plastic tube and waited for the sap to flow. Nothing happened. It’s the end
Traders work during the opening bell at the New York Stock Exchange (NYSE) on February 28, 2020 at Wall Street in New York City. Johannes Eisele | AFP | Getty Images The S&P 500 has never behaved like this, but Wall Street strategists say get used to it. Investors just witnessed the equity benchmark swinging
Vladimir Putin just sparked what could end up being one of the ugliest oil price wars in modern history, and American oil and gas companies may be the victims. This weekend Saudi Arabia dropped the oil bomb. It not only cut its forward crude price to Chinese customers by as much as $6 or $7
Take a look at some of the biggest movers in the premarket: Carnival Corp. (CCL), Royal Caribbean (RCL), Norwegian Cruise Line (NCLH) – Cruise line stocks are under further pressure today after the U.S. State Department recommended that Americans avoid trips on cruise ships in an effort to contain the spread of the coronavirus. Exxon
Top Wall Street economist Michael Gapen expects the Federal Reserve will do what’s necessary to contain the coronavirus’ impact on the U.S. economy — even if it means slashing interest rates to 0%. “The likelihood of getting to zero is higher than the risk of a recession,” the head of U.S. economics research at Barclays told CNBC’s
Stock futures tumbled in overnight trading Sunday as investors continued to brace for the economic fallout from the spreading coronavirus, while a shocking all-out oil price war added to the anxiety. Futures on the Dow Jones Industrial Average plunged more than 900 points. The S&P 500 futures also indicated a 4% drop at the open on
A Chinese woman slides steam buns down a ramp used to prevent touching and contact as the customer takes his order at a local take out on February 19, 2020 in Beijing, China. Kevin Frayer | Getty Images BEIJING — While Chinese authorities try to control the spread of the new virus, they are moving
Markets expecting an interest rate cut are reacting to the coronavirus scare and likely will reverse once the fear starts to fade, St. Louis Fed President James Bullard said Friday. Central bank officials have indicated that they are content to keep policy on hold as they watch economic developments play out. However, traders in the
Pedestrians walk past a Wells Fargo & Co. bank branch in New York, U.S., on Thursday, Oct. 6, 2016. John Taggart | Bloomberg | Getty Images Wells Fargo is nearing settlements with the Securities and Exchange Commission and the Justice Department over its extensive customer abuse in its banking and lending businesses, according to a
Loretta Mester Jodi Gralnick | CNBC The Federal Reserve should be providing markets more information about what is influencing monetary policy, the head of the central bank’s Cleveland district said Friday. Loretta Mester’s remarks come at a time when the market and the Fed are out of line regarding the path of interest rates this
Traders on the floor of the New York Stock Exchange. Brendan McDermid | Reuters The coronavirus outbreak ruined for investors what was a solid earnings reporting season and is casting a pall on forecasts for this quarter and the rest of this year. And now with most of the earnings season in the books, look
Traders and financial professionals work ahead of the closing bell on the floor of the New York Stock Exchange. Drew Angerer | Getty Images This is a live blog. Check back for updates. 8:33 am: Hedge funds are crowding into a few stocks Goldman Sachs notes that “the typical hedge fund now carries 69% of
Wells Fargo will pay $3 billion in criminal and civil settlements with the Justice Department and the Securities and Exchange Commission over its fraudulent fake-account scandal, the U.S. Attorney’s Office said Friday. “This case illustrates a complete failure of leadership at multiple levels within the bank,” said U.S. Attorney Nick Hanna. “Simply put, Wells Fargo
The next two weeks will be crucial in determining the economic impact of the coronavirus, says International Monetary Fund (IMF) Managing Director Kristalina Georgieva. In that time, factories are due to re-open in China, which would give a “better understanding on the resilience of China and on that basis, the spillover for the rest of
N26’s logo seen displayed on a smartphone. Rafael Henrique | SOPA Images | LightRocket via Getty Images Customers of the German online bank N26 say they feel “outraged” and “betrayed” by the firm’s decision to leave the U.K. Berlin-based N26 announced last week that it would no longer be able to operate in the country
Elon Musk, chief executive officer of Space Exploration Technologies Corp. (SpaceX) and Tesla Inc., speaks during an event at the SpaceX launch facility in Cameron County, Texas, U.S., on Saturday, Sept. 28, 2019. Bronte Wittpenn | Bloomberg | Getty Images Tesla‘s stock has piqued the interest of professional and retail traders alike as they try
Hillary Clinton speaks onstage at ‘Hillary Clinton and Chelsea Clinton discuss their new book ‘The Book of Gutsy Women’ at The Wilshire Ebell Theatre on November 05, 2019 in Los Angeles, Emma McIntyre | Getty Images Presidential candidate Mike Bloomberg is considering Hillary Clinton as a vice presidential running mate after positive internal polling about
A logo is displayed next to a gas turbine at the General Electric Co. (GE) energy plant in Greenville, South Carolina, U.S., on Tuesday, Jan. 10, 2017. General Electric Co. is scheduled to release earnings figures on January 20. Sharrett / Bloomberg / Getty Images The Trump administration may stop exporting jet engines manufactured partly