People gather at the entrance for the New York State Department of Labor offices in Brooklyn on March 20, 2020. The Federal Reserve estimates that 47 million people could lose their jobs before the COVID-19 crisis ends. Andrew Kelly | REUTERS This is a live blog. Check back for updates. 7:57 am: Bank of America
Finance
Wells Fargo Securities’ Chris Harvey believes the worst is behind the market — even as Wall Street braces for a painful earnings season. According to the firm’s head of equity strategy, the steps taken by the Federal Reserve and Capitol Hill to stabilize the coronavirus-battered markets are creating a pivotal floor under stocks. “Although the
Dallas Mavericks owner Mark Cuban watches on from behind the bench during the second half of an NBA game against the Atlanta Hawks at State Farm Arena on February 22, 2020 in Atlanta, Georgia. Todd Kirkland | Getty Images Billionaire entrepreneur Mark Cuban isn’t convinced that the swift market rally is here to stay. “I’m surprised. I
Anthony Noto, CEO of SoFi Adam Jeffery | CNBC Personal finance start-up SoFi has agreed to buy payments software company Galileo for $1.2 billion. The cash-and-stock deal will help the companies launch new products, expand internationally and capitalize on consumers’ shift to digital finance, according to the CEOs of both companies. SoFi CEO Anthony Noto said
Square payment system Source: Square Check out the companies making headlines after the bell. Pinterest — Shares of the social media company soared 14% in extended trading after Pinterest released preliminary results ahead of its first-quarter earnings call in May. The company expects revenue ranging from $269 million to $272 million in the first quarter. It
U.S. stock futures were slightly higher in overnight trading and pointed to modest gains at the open on Wednesday, continuing a volatile week for stocks gripped by the coronavirus shutdown. Dow futures rose about 50 points, indicating a gain of 0.1%. The S&P 500 and Nasdaq Composite were also set to open in the green,
Source: Lauren Thomas, CNBC Check out the companies making headlines midday Tuesday: Kohl’s — Shares of the retailer surged more than 27% as investors cheered a decline in new coronavirus cases. Elsewhere in the retail sector, PVH jumped 25% while Nordstrom gained 21%. Gap and Ralph Lauren also traded higher, rising 16% and 12%, respectively. Exxon —
Stock futures fell slightly in overnight trading on Monday, following a steep rebound in the previous session, as investors grew more hopeful that the peak in coronavirus cases could be reached soon. Futures on the Dow Jones Industrial Average dipped about 70 points, implying a 140-point loss at Tuesday’s open. The S&P 500 and the
The coronavirus chaos has turned a historical market trend on its head. According to Bespoke Investment Group co-founder Paul Hickey, buying and holding stocks in extended hours trading has morphed into a losing proposition for investors. Typically, it has been a time frame that’s more profitable than buying at the open and selling at the
Plaid co-founder and CEO Zach Perret. Plaid Start-up Plaid is looking to solve a pain point in the emergency loan process: Access to payroll data. Small businesses looking to survive the coronavirus slowdown are rushing to apply for emergency government loans. But as a part of that process, they need to download their payroll data and share