Stocks fell sharply on Thursday, erasing the gains seen in the previous session after the Federal Reserve raised rates by half a point in the biggest drawdown for Wall Street this year. The Dow Jones Industrial Average lost 1,172 points, or 3.4%. The S&P 500 and Nasdaq Composite fell 4% […]
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10-year Treasury yield surges to 3.09%, hitting highest level since 2018
Treasury yields rose on Thursday, erasing their losses from the previous session that were sparked by Fed Chair Jerome Powell signaling that the central bank would not take more aggressive hikes at upcoming meetings. The yield on the benchmark 10-year Treasury note rose more than 17 basis points to 3.09% […]
Elon Musk got another $7 billion from friends and investors to buy Twitter
A new filing shows that Oracle co-founder Larry Ellison, venture capital firm Sequoia and crypto exchange platform Binance are among a cohort of investors that plan to support Elon Musk‘s $44 billion Twitter takeover. The SEC filing, published Thursday, shows that Musk has secured $7.14 billion in total. Multibillionaire Ellison […]
Stocks extend losses, with Dow dropping 800 points, as post-Fed rally evaporates
Stocks fell sharply on Thursday, giving back most of the gains seen in the previous session after the Federal Reserve raised rates by half a point. The Dow Jones Industrial Average lost 890 points, or 2.6%. The S&P 500 and Nasdaq Composite fell 3.1% and 4.2%, respectively. The moves come […]
Elon Musk expected to serve as temporary Twitter CEO after deal closes
Elon Musk talks at the Automotive World News Congress at the Renaissance Center in Detroit, Michigan. Rebecca Cook | Reuters Elon Musk is expected to serve as a temporary CEO of Twitter for a few months after he completes his $44 billion takeover of the social media company, sources told […]
Feds propose first major revamp to fair housing rules since 1995
Lumber at the site of a house under construction in the Cielo at Sand Creek by Century Communities housing development in Antioch, California, U.S., on Thursday, March 31, 2022. David Paul Morris | Bloomberg | Getty Images Bank regulators on Thursday proposed the first sweeping changes in more than 25 […]
Worker output fell 7.5% in the first quarter, the biggest decline since 1947
People work at the Rivian Automotive electric vehicle factory in Normal, Illinois, April 11, 2022. Kamil Krzaczynski | Reuters Worker productivity fell to start 2022 at its fastest pace in nearly 75 years while labor costs soared as the U.S. struggled with surging Covid cases, the Bureau of Labor Statistics […]
Nikola reports start to production and surprise revenue for Q1, expects to deliver at least 300 EV trucks in 2022
Nikola Motor Company Source: Nikola Motor Company Electric heavy-truck maker Nikola said it expects to deliver between 300 and 500 of its battery-electric semitrucks in 2022, after moving its first vehicles off the production line during the first quarter. Production of Nikola’s battery-electric Tre semitruck began in late March, and […]
Shopify stock down 13% after earnings miss, $2.1 billion acquisition of logistics start-up
An employee works at Shopify’s headquarters in Ottawa, Ontario, Canada. Chris Wattie | Reuters Shares of Shopify plunged more than 13% in premarket trading on Thursday after the company reported first-quarter results that missed analysts’ estimates, and said it will acquire logistics start-up Deliverr for $2.1 billion in cash and […]
Bath & Body Works CEO Andrew Meslow to step down due to health reasons
Pedestrians walk past a Bath & Body Works store. Craig Warga | Bloomberg | Getty Images Bath & Body Works Chief Executive Officer Andrew Meslow is resigning from his role due to health reasons, the retailer announced Thursday in a securities filing. Meslow will also be leaving his position as […]