Fed Governor Stephen Miran on Friday suggested that surging demand for dollar-denominated stablecoins could help push U.S. interest rates lower.In a speech delivered for an audience of economists in New York, the central bank official and appointee of President Donald Trump said the flood of crypto tokens pegged to the dollar could tamp down what economists refer to as “r-star,” or the “neutral” rate of interest that neither pushes nor impedes growth.If that happens, he said, the Fed might need to lower its own policy rate to avoid unintentionally slowing the economy.”Stablecoins may become a multitrillion-dollar elephant in the room…
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Top Senate Democrat Chuck Schumer on Friday offered a new plan to Republican lawmakers that would allow the U.S. government to reopen from a shutdown that began Oct. 1.But Republicans quickly dismissed Schumer’s proposal, which hinges on protecting enhanced Affordable Care Act subsidies for at least one year.Schumer’s proposal calls for Democrats to agree to pass a so-called clean resolution that would provide short-term funding for government operations.In exchange, the New York lawmaker said, Republicans would agree to a separate one-year extension of existing enhanced tax credits that are used to reduce the cost of health insurance purchased on ACA…
Every weekday, the CNBC Investing Club with Jim Cramer releases the Homestretch — an actionable afternoon update, just in time for the last hour of trading on Wall Street. Markets : Stocks erased much of their losses Friday but were still lower on the week. The S & P 500 was on track for a nearly 2% decline this week. AI-related names and other “highflyers” came under pressure in recent days as the market pushed back on stretched multiples and the funding sources of AI infrastructure projects. Data on the labor market was mixed, too. ADP data on Wednesday showed…
Next week could get dicey for markets as earnings slow to a trickle and investors continue to go without government data. There was already more trepidation in the market this past week. On Friday, stocks are on pace to snap a three-week advance, with technology dragging all three major indexes into the red. The Nasdaq Composite, in particular, is about to post an ugly loss, sliding nearly 4%. Nvidia dropped more than 10% this week. Meta Platforms and Microsoft lost more than 6% and 4%, respectively. That volatility could continue in the week ahead in the absence of any major…
Darryl Strawberry former New York Mets speaks to the media before a ceremony to retire his jersey number before a game against the Arizona Diamondbacks at Citi Field on June 1, 2024 in New York City.Adam Hunger | Getty ImagesPresident Donald Trump pardoned Major League Baseball legend Darryl Strawberry, who had pleaded guilty to tax evasion three decades earlier, the White House said Friday.Strawberry, now 63, “served time and paid back taxes” after his conviction, a White House official said in a statement to CNBC confirming the pardon.An eight-time MLB All-Star who helped take the New York Mets and the…
A recent string of high-profile layoffs have taken up headlines and caused anxiety in the workforce.Companies announced 153,074 layoffs in October, adding up to 1.1 million cut announcements for the year, according to outplacement firm Challenger, Gray & Christmas. That makes it the worst year for layoff notices since 2009, CNBC reported.But job experts say they’re not in panic mode. Layoff news doesn’t paint the whole picture of the job market. Private data around job openings, payrolls and employee sentiment show that hiring is cooling but “not falling off a cliff,” says Glassdoor chief economist Daniel Zhao.The Challenger monthly data…
People walk through the Cornell University campus on Nov. 3, 2023 in Ithaca, New York. Matt Burkhartt | Getty ImagesCornell University has agreed to pay $60 million and accept the Trump administration’s interpretation of civil rights laws in order to restore federal funding and end investigations into the Ivy League school.Cornell President Michael Kotlikoff announced the agreement on Friday, saying it upholds the university’s academic freedom while restoring more than $250 million in research funding that the government withheld amid investigations into alleged civil rights violations.The university agreed to pay $30 million directly to the U.S. government along with another $30 million toward research that will support U.S. farmers.Kotlikoff said the agreement revives the campus’ partnership with the federal government “while…
In this Club Check-in, CNBC’s Paulina Likos and Zev Fima break down big tech’s massive artificial intelligence spending spree — debating whether these billion-dollar bets will drive long-term cost savings or weigh on near-term returns.Mega-cap tech companies are shelling out billions of dollars to build out AI infrastructure. The big question we’re asking is whether all this heavy spending will eventually pay off in efficiency or if Wall Street is right to worry about how much they’re burning through in the short term.Concerns about AI-stock valuations seeped into the market this week and slammed stocks.Many major tech companies —including the…
What the charts are saying about Oracle, according to Carter Worth. Source link
Check out the companies making the biggest moves midday: XYZ —The financial services provider plunged 10% after reporting third-quarter earnings of 54 cents per share, while analysts polled by LSEG were expecting 67 cents. Block’s $6.11 billion revenue also came IN below the forecast $6.31 billion. Globus Medical — The medical device maker soared 32% after third-quarter earnings, excluding one-time items, and revenue topped analysts’ highest estimates. Globus also raised fourth-quarter earnings per share and revenue forecasts, and Truist and Bank of America increased raised their ratings to buy from hold in reaction, FactSet said. Constellation Energy — The Baltimore-based…
