A general view of the Federal Reserve Building in Washington, United States.Samuel Corum | Anadolu Agency | Getty ImagesThe biggest banks are planning to sue the Federal Reserve over the annual bank stress tests, according to a person familiar with the matter. A lawsuit is expected this week and could come as soon as Tuesday morning, the person said.The Fed’s stress test is an annual ritual that forces banks to maintain adequate cushions for bad loans and dictates the size of share repurchases and dividends.After the market close on Monday, the Federal Reserve announced in a statement that it is…
Author: usaeverydaylife
After a record trading year for stocks, investors may find opportunity with some companies that have traded at significant discounts on a forward price-to-earnings ratio basis in recent history. The past year has seen all three major averages score multiple new intraday and closing highs, with some of those taking place during this trading month. The S & P 500 and Nasdaq Composite kicked off December setting fresh record closes. Shortly after that, the Dow Jones Industrial Average notched its first close above 45,000. As it stands, the Nasdaq is leading the three indexes in terms of year-to-date gains, with…
Republican presidential nominee, former U.S. President Donald Trump arrives to speak during an election night event at the Palm Beach Convention Center on November 06, 2024 in West Palm Beach, Florida.Chip Somodevilla | Getty ImagesTop CEOs and their companies are pledging to donate millions of dollars to President-elect Donald Trump’s inaugural committee, as they seek to get on his good side and make inroads before he takes office.Some of the planned donations reportedly include $1 million each from Jeff Bezos’ Amazon, OpenAI CEO Sam Altman and Facebook parent company Meta, led by Mark Zuckerberg. Others include $2 million from Robinhood…
American Airlines planes sit by their gates at the Miami International Airport on October 25, 2024 in Miami, Florida.Joe Raedle | Getty ImagesAmerican Airlines grounded flights nationwide Wednesday morning due to a technical issue, snarling travel during what carriers expect to be a period of record demand for the holidays.By 7:55 a.m. ET the groundstop had been lifted, an American Airlines spokeswoman told CNBC.”A technical issue is affecting American flights this morning,” a spokeswoman said. “Our teams are working to resolve the issue as quickly as possible, and we apologize to our customers for the inconvenience.”This is breaking news. Please…
The holiday buying season is here, but the familiar rush of shopping and seasonal jobs is taking on a new shape as online shopping continues to shift the work landscape. This year, retailers are expected to add 520,000 seasonal jobs, a drop from last year’s 564,000, according to outplacement firm Challenger, Gray & Christmas. The decline signals a larger trend: the growing dominance of e-commerce.”If you look at the pre-pandemic levels and where we are today in holiday 2024, you’ve had a pretty consistent increase in e-commerce sales and an increasing penetration,” said Tom Forte, managing director at Maxim Group.Online…
Nissan will be the victim of cost-cutting “carnage” if it combines forces with Japanese peer Honda, former Nissan CEO Carlos Ghosn told CNBC on Tuesday.”I think, without any doubt, Honda is going to be in the driver’s seat, which is very sad to see after having led Nissan for 19 years [and] brought Nissan to the forefront of the industry, to see that they’re going to be the victim of a carnage, because there is total duplication between Nissan and Honda,” he told CNBC’s “Squawk Box Europe.”Ghosn, who once led three automakers as part of the Nissan-Renault-Mitsubishi alliance, has been…
Treasury yields retreated on Tuesday in a holiday-shortened trading session ahead of the Christmas break.The yield on the 10-year Treasury was 12 basis points lower at 4.586%, while the 2-year Treasury was down 9 basis points at 4.340%.One basis point is equal to 0.01%. Yields move inversely to prices.Tuesday will likely play out as a muted day for U.S. financial markets, given the early close at 1 p.m. ET for stock trading. The bond market stops activity at 2 p.m.Markets will remain closed Wednesday for the Christmas holiday.Economic data releases out Tuesday include the Philadelphia Fed non-manufacturing survey and Richmond Fed survey for December.…
Investors should consider quality firms in China and Europe with superior valuations that have executed very well despite the “dire” political and economic situations in these markets, according to Pella Funds’ Jordan Cvetanovski.In the last two to three months, Pella Funds has been looking for opportunities in China and has increased its exposure to the region by “well over 10%,” said Cvetanovski, chairman and chief investment officer at the company. The firm’s strict focus on valuations has led it to regions other beyond the U.S., such as Europe and Asia.He told CNBC’s Sri Jegarajah that the firm’s China investments may…
Fernando Gutierrez-Juarez | Picture Alliance | Getty ImagesIt has been a banner year for spot bitcoin exchange-traded funds, with some of the biggest asset managers introducing ETFs that hold the flagship digital currency. But there are things to consider before adding these ETFs to your portfolio, experts say. The U.S. Securities and Exchange Commission approved the first spot bitcoin ETFs in January. Earlier this month, the 12 spot bitcoin ETFs collectively surpassed $100 billion in assets under management, marking one of the most successful ETF launches in history.Bitcoin ETFs give investors a “traditional way to buy an untraditional asset,” said…
European markets opened higher on Tuesday, in a shortened trading session for Christmas Eve.Stocks in Europe ended Monday’s session slightly higher, as investors reacted to more disappointing economic news out of the U.K., and the pan-European Stoxx 600 was lifted by a recovery in the share price of pharmaceuticals giant Novo Nordisk.There is no economic data expected out of Europe on Tuesday.Overnight in Asia, stocks were in mixed territory as investors monitored the monetary policy outlook in Japan, the blockbuster merger between autos giants Honda and Nissan and faltering consumer confidence in South Korea.Trading is expected to be muted across…
