Wall Street’s main indexes opened sharply higher on Thursday as data showed consumer prices increased less than expected in October, spurring hopes that the Federal Reserve might scale down the size of its future interest rate hikes. The Dow Jones Industrial Average rose 749.97 points, or 2.31 percent, at the open to 33,263.91. The S&P…
Dollar Climbs Ahead of Inflation Data; Cryptos Crumble
SINGAPORE—The dollar inched higher ahead of U.S. inflation data due later on Thursday, while cryptocurrencies remained under pressure after crypto exchange Binance scrapped plans to rescue its ailing rival FTX. The greenback surged on Wednesday against its peers but later pared some of those gains, with investors also digesting the U.S. midterm election results. The…
Amazon Makes History After Losing $1 Trillion in Market Value Amid Tech Stock Rout
November 10, 2022
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Amazon has become the first publicly traded company in history to lose $1 trillion in market valuation amid a volatile economy that has sparked a broad tech selloff. The Jeff Bezos-founded company, valued close to $1.88 trillion on July 2021, saw its shares fall 4.3 percent on Wednesday, pushing its market value down to $878 billion. Amazon stock…
American Homeowners Lost $1.3 Trillion in Home Equity in the Third Quarter
November 9, 2022
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In the third quarter, the market lost $1.3 trillion, or 7.6 percent in equity, as home values nationwide began to fall. This marked the largest quarterly decline on record, according to Black Knight, a mortgage software and analytics company. Following the unprecedented real estate boom of the last two years, signs of a slowing housing…
UK Farming Union Boss Says All Sectors Are in an ‘Extraordinary Situation’
UK politicians have been told that farmers “have never witnessed anything like this at any time in living memory” and that food and drink prices are to rise higher than previously expected. At a hearing on food security at the Environment, Food, and Rural Affairs Committee on Wednesday, politicians were warned by a farming boss…
Dollar Stems Losses as Investors Await Midterm Results; Cryptos Jittery
SINGAPORE/HONG KONG—The dollar steadied near its weakest in two months against the euro on Wednesday as traders waited on results from U.S. elections and on inflation data this week that will guide expectations for the interest rate outlook. Cryptocurrencies were also top of mind for investors, as they stabilized after tumbling on Tuesday, when nerves…
Oil Prices Dip on China COVID-19 Worries
November 9, 2022
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LONDON—Oil prices slipped on Wednesday after industry data showed that U.S. crude stockpiles rose more than expected and on concerns that a rebound in COVID-19 cases in top importer China would hurt fuel demand. Brent crude futures fell 74 cents, or 0.7 percent, to $94.62 a barrel by 1201 GMT, while U.S. West Texas Intermediate…
World Stocks Stall as US Midterms Too Close to Call
November 9, 2022
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LONDON—World stocks stalled below recent seven-week highs on Wednesday, while the dollar rose as investors awaited the results of the closely watched U.S. midterm election. Bitcoin, the biggest cryptocurrency by market value, fell as much as 5 percent, a day after sliding 11 percent. European stock markets and U.S. futures were lower, Meta Platforms Inc….
Facebook Parent Meta to Cut Over 11,000 Jobs as Zuckerberg Admits He Got Trends ‘Wrong’
November 9, 2022
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Facebook parent company Meta will slash 13 percent of its staff, or more than 11,000 employees, as it faces a revenue crunch as advertisers pull back amid high inflation and a wobbly economy. Meta CEO Mark Zuckerberg announced the cuts in a Nov. 9 blog post, in which he took blame for overestimating the company’s growth…
US Small Business Owners Have ‘Dismal View’ of Future as Inflation Woes Continue: NFIB
November 9, 2022
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Optimism among America’s small business owners fell last month, with many of them deeply concerned about the negative effects of inflation, according to the National Federation of Independent Business (NFIB). The NFIB’s Small Business Optimism Index fell 0.8 points to 91.3 in October, which is the 10th straight month the index has remained below the…
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