Hedge fund manager Mark Yusko is telling investors to brace for a nearly once in a lifetime downturn. The Morgan Creek Capital Management CEO and CIO sees the Great Depression as the closest comparison to what’s happening to the coronavirus ravaged economy. “The economic shock wave that’s coming is going to be like nothing that
Finance
U.S. unemployment will peak in the “low- to mid-teens” before falling to about 8% by the end of 2020, Dallas Fed President Robert Kaplan said Thursday. From there, the recovery likely will be more U-shaped as consumers struggle to recover from an economic near-stoppage brought on by efforts to contain the coronavirus, the central bank
This photo taken on March 23, 2020 shows employees eating during lunch break at an auto plant of Dongfeng Honda in Wuhan in China’s central Hubei province. STR | AFP | China As the second quarter begins in China, it’s an altered landscape in the coronavirus-stricken economy with businesses that remain shut — some for good.
Wilmington Trust’s Meghan Shue warns two grim quarters are ahead — not just one. The firm’s head of investment strategy believes market losses will continue to pile up amid negative coronavirus data and headlines. “GDP in the second quarter could be anywhere from negative 15% to negative 30%. That is a huge range which just
Scott Olson | Getty Images Check out the companies making headlines in midday trading. Macy’s — Stock of the classic American retailer fell on Wednesday to levels not seen since it reemerged from bankruptcy as a public company in 1992. Macy’s equity, last seen trading down 2.5% around $4.81 a share, fell as low as
U.S. stock futures dropped early Wednesday morning and pointed to sizable declines at the open, following the end of the worst first quarter on record for the Dow and S&P 500 spurred by the coronavirus sell-off. At around 2:45 a.m. ET, Dow Jones Industrial Average futures fell 681 points, indicating a Wednesday opening loss of about
A Jeep Renegade rolls down an assembly line at Fiat Chrysler’s Melfi assembly plant in Italy in 2015. Michael Wayland / CNBC Check out the companies making headlines after the bell. Verint Systems — Shares of the analytics company tumbled 12% in extended trading after Verint Systems missed analysts’ estimates on both earnings and revenue in
Check out the companies making headlines in midday trading. Dollar Tree — Shares of the discount retailer fell more than 7% after Dollar Tree withdrew its guidance for the year due to uncertainty around the fast-spreading coronavirus. Amarin — Shares of Amarin tanked 70% after the pharmaceutical company received an unfavorable ruling from a Nevada court in
Chinese customers wear protective masks as they line up single file to buy dumplings at a popular local shop on February 16, 2020 in Beijing, China. Kevin Frayer | Getty Images Asia Pacific banks will find it increasingly challenging to maintain their financial performance as economies around the world get hit by the coronavirus pandemic,
Economist Stephen Roach believes the country is sinking into an unprecedented recession. Roach, who’s former chairman of Morgan Stanley Asia, warns the coronavirus is spiraling the United States into a downturn that’ll be difficult to exit. “This is a sudden stop in the U.S. economy. The hope is we’ll get through this. But it’s at