Finance

President Donald Trump wants to fire Federal Reserve Chairman Jerome Powell for raising interest rates, according to a report, an unprecedented action by a president against the independent body that could undermine confidence in the U.S. financial system already under the strain of a vicious equity sell-off. Trump has discussed firing Powell privately because of
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President Donald Trump‘s growing dissatisfaction with Federal Reserve Chairman Jerome Powell could be veering into dangerous territory: Late Friday, Bloomberg News, citing four unnamed sources, reported that Trump has discussed firing the central bank head. With the Fed embarked on a campaign to tighten monetary policy, the president has repeatedly attacked Powell, reportedly fearful that
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New York Fed President John Williams took a step Friday toward undoing the blunt blow to markets delivered by the Federal Reserve and Fed Chairman Jerome Powell on Wednesday. Stocks initially jumped, the dollar rose and bonds sold off, after Williams indicated the Fed would be flexible and could consider changing policy if the economy
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Omega Advisors founder Leon Cooperman said on Thursday that the indicators he looks at do not show him stocks are in a bear market. He said he’s finding “tremendous value” with many stocks today and suggest investors buy more of “their favorite stocks” here. Cooperman spoke with CNBC’s Scott Wapner on the “Halftime Report.” “Don’t
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Shares of SoftBank Corp began trading on Wednesday in Japan’s biggest-ever IPO and one of the world’s largest with shares opening 6.40 percent lower. The company is the mobile unit of billionaire Masayoshi Son’s SoftBank Group holding company, which includes U.S. telecoms company Sprint. The group also holds significant stakes in Yahoo Japan and Chinese
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Chinese President Xi Jinping addressed his nation Tuesday morning in Beijing to commemorate the 40th anniversary of China’s “reform and opening up,” striking a relatively defiant tone to international calls for major changes in his country’s economy. His remarks are being watched to see whether Xi’s idea of progress aligns with the West’s increasingly vocal
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DoubleLine Capital CEO Jeffrey Gundlach took a shot at passive investment strategies such as index funds on Monday, declaring the investing strategy a “mania” that is causing widespread problems in global stock markets. “I’m not at all a fan of passive investing. In fact, I think passive investing … has reached mania status as we
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Private equity firm Thoma Bravo is in early discussions to acquire security software company McAfee from TPG and Intel for a significant premium over the company’s 2016 $4.2 billion valuation, according to people familiar with the matter. Talks may still fall apart and a deal announcement isn’t expected soon, said the people, who asked not
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Financial technology startup Robinhood is re-launching a new savings account plan that came under withering scrutiny from regulators, and drew accusations about potentially misleading investors. In a blog post released Friday, Robinhood’s founders acknowledged that its new plan, which aimed to offer no-fee checking and savings accounts with no minimums, ATM fees, penalty charges or
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Traders from across the U.S. are banding together to accuse J. P. Morgan Chase of manipulating precious metals markets for years. At least six lawsuits, all making similar allegations against the nation’s largest bank, have been filed in New York federal court in the past month, since federal prosecutors in Connecticut unveiled a plea agreement
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Check out the companies making headlines after the bell: Tailored Brands shares fell more than 25 percent after market-close as the retail company missed revenue expectations. The company owns brands such as Men’s Wearhouse and Joseph A. Bank. The company reported $813 million in revenue, missing projections of $820 million. However, it beat earnings, reporting
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What a difference a year makes. Last December, investors piled into bank stocks after the Trump administration’s corporate tax cuts added billions of dollars to earnings estimates for 2018. Rising interest rates, low loan losses and easing regulations were other reasons the sector was supposed to outperform this year. Now analysts have begun to lose
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Check out the companies making headlines after the bell: American Eagle shares fell more than 6 percent after the market-close Tuesday. The clothing brand missed revenue estimates revenue, reporting $1 billion while analysts expected $1.02 billion. It met earnings projections at 48 cents a share. It also reported 8 percent growth in comparative sales, while
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Check out the companies making headlines after the bell: Shares of Stitch Fix jumped 10 percent after reporting first-quarter earnings of 10 cents per share, topping the 3 cents per share analysts expected. The online subscription service reported $366 million versus $358 million expected by analysts. Stitch Fix reported active clients missed expectations, saying it
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Russell Investments’ Doug Gordon is optimistic stocks will find a floor — just not until next year. Gordon, a senior portfolio manager on the firm’s technical asset allocation strategies team, blames uncertainty surrounding the U.S.-China trade war and Federal Reserve policy for the violent market swings. “The first and fundamental question: Is this a correction
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