A day after U.S. financial regulators ordered First Republic Bank closed and JPMorgan Chase agreed to take it over in a rescue move, other regional bank stocks have plunged. In early trading on Tuesday, regional bank stock indexes fell sharply amid persistent jitters following Monday’s regulatory decision to seize First Republic and then facilitate its…
Regional Bank Stocks Plunge as Gloom from First Republic Failure Sinks Markets
May 2, 2023
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Stock Market Today: Stocks Stay Steady After Bank Failure
NEW YORK—The latest historic U.S. banking failure made few waves in markets, and stocks drifted Monday as Wall Street braces for what it hopes will be the last hike to interest rates for a long time. The S&P 500 was virtually unchanged after regulators seized First Republic Bank and sold off most of it in…
Stock Market Today: Wall Street Rises to Cap a Winning April
NEW YORK—Wall Street closed out a winning April with gains Friday after more companies said their profits at the start of the year weren’t as bad as expected. The S&P 500 rose 34.13, or 0.8 percent, to 4,169.48. Despite some sharp swings this week, it still clinched a second straight winning month. The Dow Jones…
Exxon Delivers Record 1st-Quarter Profit on Higher Output
HOUSTON—Exxon Mobil Corp. on Friday reported a record first-quarter profit that was more than double a year ago and topped Wall Street estimates as rising oil and gas output overcame a pullback in energy prices from high levels. Oil companies are riding a wave of strong demand and cost-cutting tied to efforts to counter COVID-19…
Wall Street Opens Lower as Amazon Drags, Inflation Worries Persist
April 28, 2023
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Business & MarketsCompanieseconomic policieseconomyinflationMarketsMedia & Big TechrecessionstocksUS
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Wall Street’s main indexes opened lower on Friday after Amazon warned about a slowdown in its cloud business, while strong inflation data cemented bets that the Federal Reserve will hike interest rates again next week. The Dow Jones Industrial Average fell 28.73 points, or 0.08 percent, at the open to 33,797.43. The S&P 500 opened…
Chevron Tops Estimates With 1st Quarter Profit Gain Despite Slide in Oil Prices
HOUSTON—Oil major Chevron Corp. beat market expectations on Friday as profit nudged higher in the first quarter, with earnings from refining compensating for slides in energy prices as well as oil and gas production. Net profit climbed 5 percent to $6.57 billion or $3.46 per share. Results beat consensus by 4 percent, according to Refinitiv…
Euro Slips on GDP Data, Yen Slumps as BOJ Maintains Ultra-Low Rates
LONDON/SINGAPORE—The euro fell on Friday after economic data painted a mixed picture for growth and inflation across the eurozone, raising uncertainty around the size of the European Central Bank’s expected interest rate hike next week. Preliminary data showed gross domestic product in the eurozone expanded by 0.1 percent in the first quarter, below expectations in…
Oil Heads for Another Monthly Decline as Weak US Data Weighs
April 28, 2023
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Business & Marketseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsOilrecessionstocks
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LONDON—Oil prices were heading for another monthly decline on Friday after disappointing U.S. economic data and uncertainty over further interest rate hikes weighed on the demand outlook. Brent crude futures for June were up 42 cents, or 0.5 percent, at $78.79 a barrel by 0946 GMT while the more actively traded July contract was down…
German Gloom Dampens Stocks as Fed, ECB Meetings Beckon
April 28, 2023
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Business & MarketsCompanieseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsMedia & Big Techrecessionstocks
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LONDON—A stagnant German economy and sliding yen overshadowed buoyant tech earnings to send shares lower on Friday, with investors betting that next week’s batch of central bank meetings will point towards a levelling off in interest rates. Oil headed for a second week of declines after data on Thursday showing the U.S. economy slowing more…
Microsoft Reports Boost in Profits, Revenue, as It Pushes AI
REDMOND, Wash.—Microsoft on Tuesday reported a 9 percent increase in profit for the January-March quarter, as growth in cloud computing sales helped bolster its plans to expand its use of artificial intelligence. The company reported quarterly profit of $18.3 billion, or $2.45 per share, beating Wall Street expectations for earnings of $2.24 a share. The…
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