The number of Americans seeking unemployment aid was higher over the past few months than the government had initially reported, reflecting a modest rise in layoffs as the economy has slowed in the face of higher interest rates. The Labor Department reported Thursday that the number of applications has been above 200,000 since early February—above…
Applications for Jobless Aid Rising but Still at Low Levels
April 6, 2023
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Wall Street Opens Lower on Slowdown Worries After Jobless Claims Data
Wall Street’s main indexes opened lower on Thursday as a stronger-than-expected weekly jobless claims report pointed to growing signs that rapid interest rate hikes by the Federal Reserve was slowing down economic growth. The Dow Jones Industrial Average fell 61.76 points, or 0.18 percent, at the open to 33,420.96. The S&P 500 opened lower by…
Venture Capital Funding for Start-Ups Plummets, Fewest Deals in Five Years
April 6, 2023
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Business & MarketsCompaniescryptocurrencyeconomic policieseconomyinflationInvestmentMarketsSilicon Valley BankstartupsstocksUSUS Newsventure capital
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Venture capital funding for start-ups plummeted by more than half in the first quarter of 2023 compared with the year before. The period saw a massive slowdown in the tech industry, as the number of new funding agreements fell to less than 3,000, a 55 percent decline and the lowest level in more than five years. American-based…
Dollar Bobs Near 2-month Low Ahead of Pivotal US Jobs Data
LONDON—The dollar seesawed around two-month lows on Thursday, as traders weighed up how pivotal U.S. jobs data coming out on a stock trading holiday might impact Federal Reserve policy, and unleash a potentially volatile market reaction. The closely watched U.S. non-farm payrolls report on Friday, when many markets around the world are closed, will follow…
Oil Heads for 3rd Weekly Gain After Shock OPEC+ Cuts
April 6, 2023
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Business & Marketseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsOilrecessionstocks
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LONDON—Oil remained on track for weekly gains on Thursday, with further production cuts targeted by OPEC+ and a drop in U.S. oil inventories overshadowing fears over global economic growth. Brent and U.S. crude have both gained more than 6 percent this week, heading for a third weekly gain after the Organization of the Petroleum Exporting…
World Stocks Dither, Bond Yields Fall as Recession Worries Weigh
April 6, 2023
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Business & MarketsCompanieseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsrecessionstocks
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LONDON/TOKYO—Global stocks drifted on Thursday, following skittish trade in the Asian session, as traders awaited crucial U.S. jobs data that may add to mounting evidence of a U.S. slowdown and the likelihood of a global recession. The broad MSCI index of world stocks dipped 0.1 percent, putting it on track for its first weekly decline…
San Francisco Police Chief Releases Statement After Cash App Founder Bob Lee Stabbed to Death
April 6, 2023
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Business & MarketsCaliforniaCash AppCompaniesCrime and IncidentscryptocurrencyMarketsMedia & Big TechNorthern CaliforniaPublic SafetyRegional & State NewsSan FranciscostabbingState NewsUSUS News
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The San Francisco police chief has released a statement following the stabbing death of Cash App founder Bob Lee in the city on April 4. Lee, 43, was found by officers in the early hours of Tuesday morning suffering from apparent stab wounds and transported to a local hospital with life-threatening injuries, according to the San Francisco Police…
Signature Bank Executives Allegedly Sold $100 Million in Stock During Crypto Surge: WSJ
April 6, 2023
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Business & MarketsCompanieseconomic policieseconomyinsider salesInvestmentJudiciaryMarketsSignature BankUS
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Executives and directors at the recently failed Signature Bank allegedly sold more than $100 million in stock during the crypto boom. Senior bank insiders have been accused of participating in this scheme for three years leading up to the bank’s collapse in early March, according an analysis by The Wall Street Journal. Signature Bank collapsed on…
Wall Street Slips Following Latest Signs of Slowing Economy
NEW YORK—Stocks on Wall Street mostly slipped Wednesday following the latest signals that the U.S. economy is slowing under the weight of much higher interest rates. The S&P 500 dipped 10.22 points, or 0.2 percent, to 4,090.38, a day after it broke a four-day winning streak. The Dow Jones Industrial Average rose 80.34, or 0.2…
Mortgage Demand Slumps Despite Drop in Mortgage Rates
Despite the 30-year mortgage rate falling to a seven-week low, applications to purchase a residential property tumbled for the first time in a month. For the week ending March 31, U.S. mortgage applications declined 4.1 percent, the first weekly drop since the week ending Feb. 24, according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage…
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