11:11 a.m. Oct. 12, 2021
- By Mark Decambre
The stock market closed lower Tuesday, logging another intraday reversal and a 3rd straight fall for the longest skid in 3 weeks U.S. stocks finished lower Tuesday, with the main indexes erasing early modest gains to close lower for the third straight decline for the three main equity benchmarks, ahead of the unofficial start of third-quarter results from American corporations. The Dow Jones Industrial Average fell 118 points, or 0.3%, the S&P 500 index declined 0.2% to 4,350, while the Nasdaq Composite Index declined 0.1% to 14,465. The small-capitalization Russell 2000 index , however, was headed for a close in positive territory, up 0.4%. Markets have been choppy amid concerns about slowing growth here and abroad and worries that inflation may be more durable than had been previously estimated by some members of the Federal Reserve. The International Monetary Fund said that it now sees global growth of 5.9% this year - down one-tenth of a percent from its July forecast - and then slowing to 4.9% growth in 2022. For the U.S., the IMF cut its growth estimate for this year down to 6%. Atlanta Federal Reserve President Raphael Bostic said that the recent burst of U.S. inflation is likely to last longer than expected and no longer should be considered "transitory." Minutes from the Fed's Sept. 21-22 meeting are due at 2 p.n. ET on Wednesday. Before that, a report on consumer inflation, the consumer price index, is due at 8:30 p.m. ET.
9:45 a.m. Oct. 12, 2021
- By Myra P. Saefong
U.S. oil futures score back-to-back settlements above the key $80 mark U.S. oil futures for a second consecutive session, but global benchmark Brent crude ended the day modestly lower after the the global economy is losing momentum. "Oil price volatility remains elevated as investors await to see how the global energy crisis unfolds," said Edward Moya, senior market analyst at Oanda. West Texas Intermediate crude for November delivery rose 12 cents, or nearly 0.2%, to settle at $80.64 a barrel on the New York Mercantile Exchange. December Brent crude lost 23 cents, or 0.3%, to settle at $83.42 a barrel on ICE Futures Europe.
8:37 a.m. Oct. 12, 2021
- By Myra P. Saefong
Gold futures settle at highest in nearly a weekGold futures to mark their highest settlement in almost a week after the is losing momentum and slightly lowered its economic growth outlook for this year. "Any data indicating economic slowdowns, including the IMF's latest update, are generally good for gold in that they imply further easy-money policies from central banks," said Brien Lundin, editor of Gold Newsletter. "That said, most of the IMF's downgrade was due to low-income developing countries, which aren't generally big demand sources for gold," he said. "In short, while the news is helping gold today somewhat, it shouldn't imply much of an effect on demand going forward." December gold climbed by $3.60, or 0.2%, to settle at $1,759.30 an ounce. Prices for the most-active contract marked their highest finish since Oct. 6, FactSet data show.
4:36 a.m. Oct. 12, 2021
- By Mark Decambre
Dow drifts higher Tuesday but stock market gains capped as IMF dials back global growth outlook U.S.stocks rose tenatively Tuesday morning as inflation worries dogged bullish investors ahead of third-quarter earnings and as the International Monetary Fund cut its outlook for global growth. The Dow Jones Industrial Average rose 36 points, or 0.1%, at 34,533, the S&P 500 index inchded 0.1% higher at 4,364, and the Nasdaq Composite Index advanced 0.1% at 14,505. The IMF on Tuesday said it expects global GDP to grow by 5.9% in 2021---0.1 percentage point lower than its previous estimate. "This modest headline revision masks large downgrades for some countries," wrote Gita Gopinath, chief economist at the IMF, in a Tuesday blog post. The report comes as investors are wrestling with surging energy prices, which are contributing to pricing pressures across the globe in the wake of the COVID-19 pandemic.
3:24 a.m. July 15, 2021
- By Emily Bary
Revolut valuation surges to $33 billion after latest funding roundEuropean fintech company Revolut announced a new $800 million funding round Thursday that values the company at $33 billion. Revolut had previously fetched a $5.5 billion valuation . The company plan to use the funds "to further its growth plans," including through product innovation that targets monetary transfers, savings, insurance, and the democratization of trading, according to a release. The company also intends to use the money to and power its entry into India as well as other international markets. SoftBank Vision Fund 2 and Tiger Global Management became new investors in Revolut through this latest funding round.
4:31 a.m. April 8, 2021
- By Andrea Riquier
Stocks open mostly higher, tech in the lead, Powell on deckU.S. stock benchmarks started the Thursday session mostly higher, with the S&P 500 eyeing another record, one day after minutes from the Federal Reserve's most recent meeting did little to move markets. The Dow Jones Industrial Average dipped by 6 points to open near 33,442, while the broader S&P 500 added 12 points, 0.3%, to start near 4,092. The tech-heavy Nasdaq Composite Index jumped 108 points, 0.8%, to trade near 13,797. Fed Chairman Jerome Powell is set to speak midday at an International Monetary Fund conference, but the focus on the central bank this week comes as bond yields have settled into a range that investors seem comfortable with. The headline figure for new filings for unemployment insurance ticked up slightly in the most recent week, the Labor Department said Thursday, but the measure of ongoing claims fell to its lowest in over a year.
7:34 a.m. March 24, 2021
- By Greg Robb
Yellen in sharp exchange with Republican senator over IMF plan to expand reservesTreasury Secretary Janet Yellen had a sharp exchange Wednesday during a Senate hearing with Sen. John Kennedy, Republican of Louisiana, over a renewed plan by the International Monetary Fund to issue $650 billion in new reserves, known as Special Drawing Rights, to member states. IMF Managing Director Kristalina Georgieva on Tuesday said she would present the plan to the IMF's executive board in June. The IMF first floated the plan last year as a way to help countries pay for the costs of battling the coronavirus. But it was blocked by the Trump administration and then-Treasury Secretary Steven Mnuchin. Republicans in Congress are unhappy the IMF plan has been resuscitated. They note that China, Russia and Venezuela will benefit from the new reserve allocation. Kennedy said the Biden administration was making an end-run around Congress and alleged the IMF plan would cost American taxpayers "$180 billion." Yellen grew frustrated as the exchange went on. She said the U.S. would earn interest on its new SDRs so that the cost of the program would be a "wash." "I don't know where you got a number like that from." Yellen said.
11:53 a.m. Jan. 26, 2021
- By Andrew Keshner
What can I do now that I’ve had my COVID-19 vaccine and my mom put me on her house’s deed and my brother wants halfTuesday’s Personal Finance Stories.
7:00 a.m. Jan. 26, 2021
- By MarketWatch
How you could lose everything by short-selling stocks, whether it’s betting against GameStop or TeslaGameStop short-sellers are blowing up professional investors' funds. But the story is far different for bets against Tesla and other large-cap stocks.