4 hours ago | CNBCStock futures are flat after Dow, S&P snap 4-day losing streak following Fed decision
U.S. stock index futures were little changed during overnight trading on Wednesday after the Federal Reserve kept benchmark interest rates unchanged, while indicating no immediate intention of removing stimulus policies.Futures contracts tied to the Dow Jones Industrial Average gained 62 points. S&P 500 futures were up 0.14%, while Nasdaq 100 futures advanced 0.17%.Stocks finished higher across the board during regular trading following the central bank's commentary. The Dow gained roughly 340 points, or 1%, for its first positive session in five and best day since July 20. The 30-stock benchmark did close below its highest levels of the day, however, after advancing more than 500 points at one point.
7 hours ago | CNBCThe Fed is evaluating whether to launch a digital currency and in what form, Powell says
The Federal Reserve is pushing ahead with its study into whether to implement its own digital currency and will be releasing a paper on the issue shortly, Chairman Jerome Powell said Wednesday.No decision has been made on the matter yet, he added, and said the Fed does not feel pressured to do something quickly as other nations move forward with their own projects."I think it's important that we get to a place where we can make an informed decision about this and do so expeditiously," Powell said at his post-meeting news conference. "I don't think we're behind. I think it's more important to do this right than to do it fast."This is breaking news. Please check back here for updates.Become a smarter investor with CNBC Pro. Get stock picks, analyst calls, exclusive interviews and access to CNBC TV. Sign up to start a free trial today.
7 hours ago | CNBCThe Fed will change trading rules for members to keep trust, Powell says
Federal Reserve Chairman Jerome Powell on Wednesday said the central bank's current trading rules are insufficient and promised that it would "make changes" after filings showed that officials traded stocks and bonds that could be influenced by its policy actions.He added that he was not aware of the now-controversial trades made by Dallas Fed President Robert Kaplan and Boston Fed President Eric Rosengren in 2020 prior to media reports over the past month."We understand very well that the trust of the American people is essential for us to effectively carry out our mission. And that's why I directed the Fed to begin a comprehensive review of the ethics rules around permissible financial holdings and activity by Fed officials," he said.
8 hours ago | CNBCHalf of the Fed members now see the central bank hiking rates next year
Half of the Federal Reserve members now see the first interest rate hike in 2022, according to the central bank's so-called dot plot of projections.Wednesday's forecast showed nine of the eighteen FOMC members expect a rate hike in 2022. That's up from seven in June's Fed projections.Additionally, all but one member is expecting at least one rate hike by the end of 2023. Thirteen members are forecasting two rate hikes through 2023. Every quarter, members of the committee forecast where interest rates will go in the short, medium and long term. These projections are represented visually in charts below called a dot plot. The Fed also released an updated summary of economic projections.Source: Federal Reserve
8 hours ago | CNBCHere’s what changed in the new Fed statement
This is a comparison of Wednesday's Federal Open Market Committee statement with the one issued after the Fed's previous policy-making meeting on July 28.Text removed from the July statement is in red with a horizontal line through the middle.Text appearing for the first time in the new statement is in red and underlined.Black text appears in both statements.Watch Fed Chair Jerome Powell's press conference
8 hours ago | CNBCFederal Reserve holds interest rates steady, says tapering coming 'soon'
The Federal Reserve on Wednesday held benchmark interest rates near zero but indicated that rate hikes could be coming sooner than expected, and it significantly cut its economic outlook for this year.Along with those largely expected moves, officials on the policymaking Federal Open Market Committee indicated they will start pulling back on some of the stimulus the central bank has been providing during the financial crisis. There was no sign, though, as to when that might happen."If progress continues broadly as expected, the Committee judges that a moderation in the pace of asset purchases may soon be warranted," the FOMC's post-meeting statement said. Respondents to a recent CNBC survey said they expect tapering of bond purchases to be announced in November and begin in December.
11 hours ago | USA TodayStocks edge higher on Wall Street ahead of Fed statement
Stocks edged higher on Wall Street Wednesday ahead of an anticipated update from the Federal Reserve on how and when it might begin easing its support measures for the economy.The S&P 500 rose 0.8% as of 10:02 a.m. Eastern. The Dow Jones Industrial Average rose 332 points, or 1%, to 34,252 and the Nasdaq rose 0.5%.Gains within the S&P 500 were broad and could potentially break a four-day losing streak if they hold. Roughly 85% of stocks in the index rose. Banks and technology companies led the gains. A mix of health care and communications companies fell.Smaller stocks did slightly better than the broader market. The Russell 2000 rose 1.1%.The yield on the 10-year Treasury note held steady at 1.32%. Crude oil prices rose 1.7%.
11 hours ago | Yahoo FinanceToast CFO on competing with Square: We’ll continue to ‘out-innovate’
Yahoo Finance’s Brian Sozzi and Emily McCormick speak with Toast CFO Elena Gomez about the company's path to its public debut, outlook, and more.
12 hours ago | CNBCPayments giant Nexi says it is working on digital euro with the European Central Bank
In this articleItalian payments giant Nexi says it is working with the European Central Bank on its proposed central bank digital currency."We are engaging with the European Central Bank and contributing to the design of the future digital euro because we believe that can be a positive force in the evolution of digital payments," Nexi CEO Paolo Bertoluzzo told CNBC's Karen Tso at the Money 20/20 fintech conference in Amsterdam on Tuesday.The ECB outlined its plans for a digital version of the euro in July. The euro zone's central bank envisages the currency as complementary to its existing monetary system, rather than replacing physical cash or reducing the role of commercial lenders.An ECB spokesperson declined to comment.
13 hours ago | CNBCSport-focused NFT start-ups raise over $900 million in crypto gold rush
Two start-ups in the red-hot NFT market raised a combined $930 million this week, highlighting continued appetite from investors for cryptocurrency companies as the industry experiences massive growth.Dapper Labs, which makes virtual basketball trading cards, said Wednesday it has raised $250 million in a funding round led by Coatue. Bond, the investment firm run by former Wall Street analyst Mary Meeker, and Singaporean sovereign wealth fund GIC also backed the round.The new round values the Vancouver, Canada-based firm at $7.6 billion, according to a person familiar with the matter who preferred to remain anonymous as the information is not public.Sorare, a French fantasy soccer game that incorporates NFTs, also announced Tuesday that it bagged $680 million in a bumper cash injection led by SoftBank. Venture capital companies Atomico, Bessemer Ventures and IVP also invested, along with investment firms D1 Capital and Eurazeo.
13 hours ago | CNBCRobinhood to launch crypto wallets as bitcoin becomes bigger part of business
In this articleRobinhood is debuting a feature that gives traders more control over digital tokens in its latest expansion in the cryptocurrency space.The newly public brokerage is testing "crypto wallets" with select clients next month, the company announced in a blog post Wednesday. The so-called wallet will allow investors to trade, send and receive digital currencies, as well as move them in and out of the Robinhood app.In recent months, some users — particularly Dogecoin traders — have taken to social media to complain that by using Robinhood as their broker, they had exposure to crypto prices but not actual ownership of the coins themselves."We're not first to the market — we've been taking our time to make sure that we build this in a phased approach," Robinhood's chief product officer Aparna Chennapragada told CNBC in a phone interview. "We'll have a few customers come in, iterate on the product, get the customer feedback and then expand from there."
14 hours ago | CNBCIt's time to get very conservative in stocks, CNBC survey shows
(Click here to subscribe to the new Delivering Alpha newsletter.)Wall Street investors believe it's time to take some risk off the table as concerns continue to pile up this month, according to a new CNBC Delivering Alpha survey. We polled about 400 chief investment officers, equity strategists, portfolio managers and CNBC contributors who manage money about where they stood on the markets for the rest of 2021 and next year. The survey was conducted this week.More than three quarters of the respondents said now is a time to be very conservative in the stock market when asked what kind of market risk they are willing to accept for themselves and their clients.A confluence of uncertainties have emerged in the market, threatening to derail stocks' record-setting recovery rally. On Monday, the S&P 500 suffered its worst sell-off since May as investors grew concerned about China's troubling real estate sector and the Federal Reserve's likely rollback of its massive stimulus. Meanwhile, fears of slowing economic growth amid high inflation — so-called stagflation — have also crept back nearly two years since the pandemic began.
16 hours ago | Yahoo FinanceThe hidden meaning behind the Evergrande blow up: Morning Brief
This article first appeared in the Morning Brief. Get the Morning Brief sent directly to your inbox every Monday to Friday by 6:30 a.m. ET. SubscribeWednesday, September 22, 2021Have you heard? The United States is on the path to a showdown over the debt ceiling — again.As the spectacle of heavily-indebted Chinese real estate giant Evergrande held investors in its sway for a second day, another drama slowly played itself out on the other side of the globe, but in a way that hasn’t yet captured the market’s attention.
18 hours ago | CNBCHere's why the Evergrande crisis is not China's 'Lehman moment'
BEIJING — Property developer China Evergrande's debt woes are not likely to cause the same fallout as the collapse of U.S. investment bank Lehman Brothers in 2008, analysts said.Evergrande's Hong Kong-listed shares have tumbled nearly 90% since July 2020, as the Chinese government cracked down on speculation in the real estate market.The stock has lost more than 20% in the last five trading days and investors are watching to see if the highly indebted real estate giant will be able to make millions of dollars in interest payments on U.S. dollar-denominated bonds in the coming days. The jitters have contributed to global stock market declines this week.However, when it comes to the scale of potential impact on international financial markets, analysts point to a major difference between the Evergrande crisis and the Lehman collapse: Evergrande holds land, while Lehman held financial assets.
23 hours ago | Yahoo FinanceA Quiet Place Part II
Sep 21, 2021 | CNBCStocks will break out of trouble and hit new record highs, market bull Tony Dwyer predicts
In this articleA significant buying opportunity may be unfolding on Wall Street.Canaccord Genuity's Tony Dwyer believes a record rally will follow the recent market turmoil."We're going to move from this summer of indigestion into the year-end opportunity," the firm's chief market strategist told CNBC's "Trading Nation" on Tuesday. "We're just not quite there yet."The Dow and S&P 500 just recorded their fourth negative session in a row. The activity follows the indices' sharp decline on Monday. Right now, the Dow is off 5% from its all-time high while the S&P 500 and tech-heavy Nasdaq are down 4%."It's a multi-month correction in the broader market," said Dwyer. "We're neither extremely overbought or extremely oversold at this point given the near 2% decline yesterday."
Sep 21, 2021 | CNBCStock futures open slightly lower ahead of Federal Reserve update
U.S. stock futures opened slightly lower Tuesday night after the major averages tried but failed to rebound from Monday's Evergrande-led sell-off in the regular session.Dow Jones Industrial Average futures fell 30 points, or 0.09%. S&P 500 futures and Nasdaq 100 futures fell 0.13% and 0.18%, respectively.In regular trading the Dow lost 50.63 points, or 0.15%. The S&P 500 shed about 0.1% following its worst day since May on Monday. The Nasdaq Composite rose 0.2%.The global markets continued to digest the news of the possible default of the embattled Chinese property developer Evergrande. At its high point, the Dow Jones Industrial average reclaimed more than half of Monday's losses but those gains eventually evaporated in what ended up being a volatile session.
Sep 21, 2021 | USA TodayAfter a wobbly day, major indexes end mixed on Wall Street
A late-afternoon burst of buying on Wall Street faded in the final minutes of trading Tuesday, leaving the major stock indexes mixed.The S&P 500 slipped 0.1% after spending much of the day wavering between small gains and losses. The modest pullback followed the benchmark index’s biggest drop in four months a day earlier.Roughly 66% of stocks in the S&P 500 fell, with industrial, communication and financial companies accounting for much of the drop. Bond yields mostly rose. The price of U.S. crude oil also rose.For parts of the afternoon the market had looked like it would recoup some of the losses it took in Monday’s big sell-off, but by the closing bell even those gains had mostly fizzled. The market’s uneven showing came as investors looked ahead to Wednesday afternoon, when the Federal Reserve is set to deliver its latest economic and interest rate policy update.
Sep 21, 2021 | Yahoo FinanceSEC Chair Gary Gensler once again cals for crypto regulation
Decrypt Editor-in-Chief Dan Roberts breaks down what how Gensler's comments could impact cryptocurrencies moving forward.
Sep 21, 2021 | CNBCStocks making the biggest moves after the bell: Stitch Fix, Hyatt Hotels, FedEx and more
In this articleCheck out the companies making headlines after the bell Tuesday:FedEx – Shares of the shipping company fell nearly 4% after FedEx reported quarterly results. The company reported a slight beat on revenue, but earnings of $4.37 per share came in 54 cents below analysts' estimates, according to Refinitiv. The company cited labor availability, higher wages and transportation expenses for the quarterly results.Stitch Fix – The digital styling service soared by more than 15% after reporting strong quarterly earnings of 19 cents per share, compared to the loss Wall Street analysts surveyed by Refinitiv forecasted of 13 cents per share. It also beat on revenue, recording $571.2 million compared to the expected $548 million, and cited outsized growth in its women's and kids' categories.
Sep 21, 2021 | Yahoo FinanceOil outlook amid the natural gas price spike
Jay Young, King Operating Corporation CEO, joined Yahoo Finance Live to break down the action in the oil markets.
Sep 21, 2021 | Yahoo FinanceMcDonald's gives Happy Meal toys a sustainable makeover
Yahoo Finance's Brooke DiPalma explains McDonald's latest effort to go green with Happy Meal toys.
Sep 21, 2021 | Yahoo FinanceWhy Goldman Sachs just launched this ETF that will rival FAANG stocks
Goldman Sachs believes people are over invested in big cap tech names such as Facebook, Amazon, Apple, Netflix and Google [FAANG] that have minted fat profits and higher stock prices the past decade amid an explosion in tech advances.To get investors thinking beyond FAANG, the investment bank recently launched the Goldman Sachs Future Tech Leaders ETF. As the name implies, it looks to invest in the next big winners in tech that have true global exposure.
Sep 21, 2021 | Yahoo FinanceWhy the transition to EVs is a ‘huge opportunity’ for Carvana
Carvana CEO Ernie Garcia joins Yahoo Finance to discuss how the company is adapting to fulfill consumer demand despite supply concerns, the rising prices in used cars, and the company’s strategy for growth.
Sep 21, 2021 | Yahoo FinanceChinese stocks dip as Evergrande fear persists
The Yahoo Finance panel discusses the continued drag going on amongst Chinese stocks as concerns over Evergrande’s impact continue to influence the market.
End of News List
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