Snap shares plunged 30% in extended trading on Monday after CEO Evan Spiegel warned in a note to employees that the company will miss its own targets for revenue and adjusted earnings in the current quarter. The social media company will also slow hiring through the end of the year as it looks to manage … Read more
Stock futures fell in overnight trading on Monday as the markets struggled to sustain a comeback rally following weeks of losses. Futures on the Dow Jones Industrial Average fell 110 points, or 0.34%. S&P 500 futures dipped 0.69% and Nasdaq 100 futures dropped 1.33%. Zoom Video shares popped 6% in extended trading after sharing strong … Read more
SpaceX CEO Elon Musk participates in a postlaunch news conference inside the Press Site auditorium at NASA’s Kennedy Space Center in Florida on May 30, 2020, following the launch of the agency’s SpaceX Demo-2 mission to the International Space Station. NASA / Kim Shiflett SpaceX President and COO Gwynne Shotwell defended Elon Musk in an … Read more
Bank of America’s account holders saw strong growth in their balances during Covid and have yet to spend down their pandemic-era stimulus money, CEO Brian Moynihan told CNBC. In an interview on “Squawk Box” from The World Economic Forum in Davos, Switzerland, BofA’s chairman said customers who had between $ 1,000 to $ 2,000 before … Read more
With the Federal Reserve’s tightening cycle underway and a slowdown in China that rivals the 2020 downturn, BlackRock is shifting its perspective on the equities market. The asset manager on Monday downgraded developed market equities to a neutral rating from overweight as central banks look to combat rising inflation. BlackRock manages about $ 9.6 trillion … Read more
The depth of this year’s pullback has caught a lot of Wall Street strategists and analysts off guard, and it might not stop until they catch up. In a note to clients on Monday, Jefferies strategist Sean Darby highlighted the recent wave of price target cuts from Wall Street analysts. “If we are traveling at … Read more
An outbreak of the monkeypox virus in North America and Europe is primarily spreading through sex among men with about 200 confirmed and suspected cases across at least a dozen countries, World Health Organization officials said Monday. The outbreak has quickly advanced across Europe and North America over the last week and is expected to … Read more
This is the daily notebook of Mike Santoli, CNBC’s senior markets commentator, with ideas about trends, stocks and market statistics. A fitting market bounce was likely – even if relatively few handicappers seem to have confidence that it’s the start of a trend change. Seven straight down weeks are rare, sentiment and some oversold conditions … Read more
DAVOS, Switzerland – Stablecoins that are not backed by assets to support them are a pyramid scheme, the head of the International Monetary Fund said Monday, hinting at the collapse of terraUSD and luna that sent shockwaves through the cryptocurrency market. Stablecoins are a type of cryptocurrency that aims to track another asset. In the … Read more
Kissinger served as secretary of state and national security advisor under Republican Presidents Richard Nixon and Gerald Ford in the 1970s. Picture Alliance | Picture Alliance | Getty Images Veteran US diplomat Henry Kissinger on Monday said that Washington and Beijing must seek to avoid putting Taiwan at the center of their tense diplomatic relationship, … Read more