Here are five key things investors need to know to start the trading day:1. Roller coaster rideStock markets took a volatile turn Wednesday as investors weighed the Federal Reserve’s interest rate decision. Market watchers initially cheered the outsized 50-basis-point rate cut, but it raised concerns that the Fed was trying to get ahead of potential economic weakness. The Dow Jones Industrial Average closed 103.08 points lower, or down 0.25%, after earlier rising as much as 375.79 points just after the Fed decision. The S&P 500 lost 0.29% after touching a record high in earlier trading, while the Nasdaq Composite fell 0.31%. Fed Chair Jerome…
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Passers-by walk in front of the main entrance to the Axel Springer high-rise. Carsten Koall | Picture Alliance | Getty ImagesGerman media empire Axel Springer will be split in two under a deal between CEO Mathias Doepfner and private equity firm, the company said on Thursday, securing the billionaire chief executive’s control over news titles Bild and Politico.Axel Springer’s profitable classifieds businesses are to become separately held entities under U.S. firm KKR and Canada’s CPP Investments majority ownership, the German media group said in a statement.The two sides had reached a deal in the summer to split Axel Springer, a source…
A sign hangs on the front of an Olive Garden restaurant on June 22, 2023 in Chicago, Illinois.Scott Olsen | Getty ImagesDarden Restaurants on Thursday reported weaker-than-expected quarterly earnings and revenue as sales weakened at Olive Garden and its fine dining restaurants.”While we fell short of our expectations for the first quarter, I firmly believe in the strength of our business,” CEO Rick Cardenas said in a statement. “I am confident in the actions all our brand teams are taking to address their guests’ needs, which do not compromise the long-term health of our business for short-term benefits.”Shares of the…
Commuters cycles past the Bank of England (BOE), left, in the City of London, UK, on Monday, Sept. 16, 2024. The central bank’s Monetary Policy Committee’s interest rate decision is scheduled for release on Sept. 19. Bloomberg | Bloomberg | Getty ImagesLONDON — The Bank of England on Thursday said it would hold interest rates steady following its initial cut in August, even after the U.S. Federal Reserve opted for a jumbo rate cut the day before.The Monetary Policy Committee voted by 8 to 1 to hold, with the dissenting member voting for a 0.25 percentage point cut.A “gradual approach” to…
(This is CNBC Pro’s live coverage of Thursday’s analyst calls and Wall Street chatter. Please refresh every 20-30 minutes to view the latest posts.) A medical device maker and a discount retailer were among the stocks being talked about by analysts. Piper Sandler initiated Abbott Laboratories with an overweight rating. Meanwhile, JPMorgan downgraded Five Below to sell from neutral. Check out the latest calls and chatter below. All times ET. 5:46 a.m.: JPMorgan says to sell Five Below JPMorgan turned bearish on Five Below , citing challenges that are hard to surmount for the value-focused retailer during a tough year.…
The exterior of the Hayward Gallery, part of the Southbank Centre. The brutalist-style building was designed by a team led by Norman Engleback in the late 1960s.Universal Images Group | Getty ImagesLONDON — From Michelle Obama to Anish Kapoor and Tracey Emin to Nina Simone, London’s Southbank Centre has featured them all, and it is one of the U.K.’s most popular attractions.But to secure its future, the arts complex needs £165 million ($217 million) to repair ageing buildings — which include performance venues, a gallery and public spaces across 11 acres on the south side of the River Thames —…
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The Alibaba office building is seen in Nanjing, Jiangsu province, China, Aug 28, 2024. CFOTO | Future Publishing | Getty ImagesAlibaba on Thursday released more than 100 open-source artificial intelligence models and boosted the capabilities of its proprietary technology as it looks to ramp up competition with rivals.The newly-released models, known as Qwen 2.5, are designed for use in applications and sectors ranging from automobiles to gaming and science research, Alibaba said. They have more advanced capabilities in math and coding, it added.The Hangzhou-headquartered firm is looking to increase competition with domestic rivals such as Baidu and Huawei, as well as…
Big Wall Street banks and interest rates have a complicated relationship. As the Federal Reserve on Wednesday afternoon embarks on easing monetary policy, banks are hoping for a more normalized bond market yield curve, with a wider spread between the short end and the long end. Banks make interest income by paying for deposits at a lower rate and lending at a higher rate. They also make money on fee-based services in businesses that pick up when rates are lower. “These banks are pretty sophisticated,” Erica Groshen, former New York Fed vice president, told CNBC in an interview. “They have…
Federal Reserve Chairman Jerome Powell speaks during a news conference following the September meeting of the Federal Open Market Committee at the William McChesney Martin Jr. Federal Reserve Board Building on September 18, 2024 in Washington, DC. Anna Moneymaker | Getty ImagesThis report is from today’s CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Like what you see? You can subscribe here.What you need to know todayA jumbo-sized 50-point cut The U.S. Federal Reserve slashed rates by half a percentage point, bringing the federal funds…
