BlackRock CEO Larry Fink told CNBC on Friday that he thinks the U.S. economy has weakened to the point of growth possibly turning negative.”I think we’re very close, if not in, a recession now,” Fink said on “Squawk on the Street.”Fears of an economic slowdown have risen sharply since President Donald Trump unveiled widespread tariffs last week, sparking a sell-off in the stock market. Trump on Wednesday announced that he was pausing some of those import levies for 90 days, but that move has not been enough to restore confidence in the economy, Fink said.”I think you’re going to see,…
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Check out the companies making headlines before the bell. JPMorgan Chase – Shares rose more than 2% after the bank’s revenue for the first quarter topped Wall Street’s estimates. JPMorgan posted revenue for the period of $46.01 billion, above the $44.11 billion that analysts surveyed by LSEG were expecting. CEO Jamie Dimon also warned that the economy is facing “considerable turbulence.” Morgan Stanley – The bank advanced more than 3% following its better-than-expected first-quarter earnings results . Morgan Stanley reported earnings of $2.60 per share on revenue of $17.74 billion, while analysts were expecting $2.20 per share and $16.58 billion…
Apple is the hardest hit U.S. technology company by President Donald Trump’s hiked-up tariffs on China, according to Wedbush analyst Dan Ives. While Trump this week scaled back tariff plans on most other countries, he’s pushed the levy on China up to 145%. China has raised its tax on goods from the U.S. to 125% in response, bolstering fears of a burgeoning trade war between the two large countries. “No [U.S.] tech company is more negatively impacted by these tariffs than Apple,” Ives wrote to clients on Friday. About 90% of iPhones are manufactured and assembled in China, according to…
Commerce Secretary Howard Lutnick joins ‘Fast Money’ to talk Pres. Trump pulling back on his sweeping tariff policy and what the administration. Source link
Consumer sentiment grew even worse than expected in April as the expected inflation level hit its highest since 1981, a closely watched University of Michigan survey showed Friday.The survey’s mid-month reading on consumer sentiment fell to 50.8, down from 57.0 in March and below the Dow Jones consensus estimate for 54.6. The move represented a 10.9% monthly change and was 34.2% lower than a year ago.As sentiment moved lower, inflation worries surged.Respondents’ expectation for inflation a year from now leaped to 6.7%, the highest level since November 1981 and up from 5% in March. At the five-year horizon, the expectation…
Frontier AirlinesNurphoto | Nurphoto | Getty ImagesFrontier Airlines joined Delta Air Lines in pulling its full-year outlook and cutting flights due to a drop in demand and an “uncertain environment.”The budget airline also cut its first-quarter outlook. Frontier said its revenue growth likely rose 5% in the first quarter, with capacity up 5% over last year.”Revenue growth is anticipated to be lower than expected due to weakened demand in March, resulting in fare discounting and promotions across the industry, amplified by the close-in nature of Frontier’s bookings,” Frontier said in a securities filing.Frontier pointed to a drop in consumer confidence…
United Launch Alliance Atlas V rocket carrying the first two demonstration satellites for Amazon’s Project Kuiper broadband internet constellation stands ready for launch on pad 41 at Cape Canaveral Space Force Station on October 5, 2023 in Cape Canaveral, Florida, United States.Paul Hennessey | Anadolu Agency | Getty ImagesAmazon delayed the launch of its Kuiper internet satellites due to poor weather conditions on Wednesday night.A United Launch Alliance rocket carrying 27 Kuiper satellites was set to lift off from a launchpad in Cape Canaveral, Florida, but ULA said it couldn’t continue countdown operations as “stubborn cumulus clouds” and heavy winds…
Adding to the uncertainty, Arab mediators and the United States have struggled to bridge gaps between Hamas and Israel to restore the cease-fire and to bring about exchanges of hostages for Palestinian prisoners.Over the course of the war, Palestinians have endured a marathon of hope and heartbreak as mediators have expressed optimism about talks only for a deal to remain elusive, or fall apart completely.On Thursday, President Trump suggested that a new agreement could be in the offing. “We’re getting close to getting them back,” Mr. Trump told reporters at a meeting of his cabinet, referring to hostages.The American president…
JPMorgan Chase CEO and Chairman Jamie Dimon gestures as he speaks during the U.S. Senate Banking, Housing and Urban Affairs Committee oversight hearing on Wall Street firms, on Capitol Hill in Washington, D.C.Evelyn Hockstein | ReutersJPMorgan Chase CEO Jamie Dimon said Friday that he expects estimates for corporate earnings to fall amid the uncertainty created by President Donald Trump’s trade negotiations.In a call with reporters to discuss first quarter earnings, JPMorgan CFO Jeremy Barnum said he didn’t see a reason to pull the bank’s guidance, which is contingent on how the economy and interest rates play out.His boss, Dimon, then…
Here are the biggest calls on Wall Street on Thursday: Mizuho reiterates Tesla as outperform Mizuho lowered its price target on the stock but says it is sticking with shares of the automaker. “We reiterate our Outperform on TSLA but lower our PT to $375 (prior: $430), given shares are currently down ~52% vs. their 52-week high, implying a ~10.6x F26E P/S as we see TSLA remaining the leader in the US EV market, though we note potential share headwinds in the EU/China as competitors ramp production.” Oppenheimer upgrades Roblox to outperform from perform Oppenheimer says investor should buy the…
