US oil prices tumbled to their lowest level in more than two decades as the global demand hit from the coronavirus pandemic raised concerns the world is becoming awash with crude that it does not have enough room to store. Analysts said the latest fall in prices, which came ahead of the imminent expiry of
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House Financial Services Committee Chairwoman Maxine Waters, D- Calif., wants the Federal Reserve to increase the parameters of its short-term note program and extend help to the secondary market. In a letter sent to Fed Chair Jerome Powell Thursday night, Waters said though the Fed’s Municipal Liquidity Facility helps provide liquidity to states and local
Homebuilders are hurting. U.S. home construction in March endured its worst monthly decline since 1984 as housing starts fell by over 22% from the previous month, the Commerce Department said Thursday. Homebuilder confidence was also pummeled, with one key indicator seeing the biggest drop in its 35-year history. Home construction stocks have reflected the weakness. The iShares
An Uber Eats food delivery courier closes a bag with an order during a lockdown, imposed to prevent the spread of coronavirus disease (COVID-19), in central Kiev, Ukraine April 2, 2020. Valentyn Ogirenko | Reuters Check out the companies making headlines after the bell. Gilead Sciences — The pharmaceutical company’s stock surged 13% in extended trading
European Central Bank officials have held high-level talks with counterparts in Brussels about creating a eurozone bad bank to remove billions of euros in toxic debts from lenders’ balance sheets. The plan to deal with debts left over from the 2008 financial crisis is being pushed by senior ECB officials, who worry the coronavirus pandemic
From 2007 through 2019, I wrote the weekly Activist Spotlight column at Barron’s. I have now joined the CNBC team and will be writing the weekly update exclusively for CNBC readers. Due to the coronavirus crisis we have delayed the launch of this column, but we believe now is the right time to start focusing
News you might have missed Pakistan on Saturday lifted restrictions on group prayers at mosques but put in place new conditions to block the further spread of coronavirus in the country. It will be mandatory for worshippers to wear masks and maintain a distance of 6ft from each other, rather than pray shoulder to shoulder
The Illinois Regional Transportation Authority plans to raise its short-term borrowing to help manage liquidity as the agency awaits federal help that should offset an expected $958 million blow to tax and farebox revenues caused by the COVID-19 pandemic. “We were originally going to do $150 million, but given the COVID situation we decided to
The CEO of real estate brokerage Redfin said Friday that demand for homes has shifted to rural areas as people react to the coronavirus pandemic and look to move out of dense urban areas. “We have seen that people are more interested in that house at the foot of the mountains by the lake,” Glenn Kelman
Take a look at some of the biggest movers in the premarket: Procter & Gamble (PG) – The consumer products giant earned $1.17 per share for its latest quarter, beating consensus estimates by 4 cents a share. Revenue came in below analysts’ projections. Organic sales were up 6% during the quarter thanks in large part
News you might have missed The US suffered a fourth consecutive day of coronavirus deaths exceeding 2,000, taking the total number of lives lost in the country during the outbreak to more than 32,000. A further 2,060 people died from Covid-19 over the past 24 hours, according to data from the Covid Tracking Project released
Scientist Xinhua Yan works in the lab at Moderna in Cambridge, MA on Feb. 28, 2020. Moderna has developed the first experimental coronavirus medicine, but an approved treatment is more than a year away. David L. Ryan | Boston Globe | Getty Images Biotech stocks surged Friday after new details on a closely watched clinical
Conservative activists cheered on in some cases by Donald Trump are vowing to step up street protests against lockdowns imposed to stop the spread of the coronavirus, arguing the restrictions violate their civil rights and threaten their ability to earn a living. The demonstrations in recent days have echoes of the anti-establishment agitation that led
The municipal market was mostly quiet Friday as participants came off a week of a strong rally, an awakened new-issue market and the first fund inflows since February as they cautiously await another week with more deals on tap and continued questions of support out of Washington. Triple A benchmarks showed slight weakness with most
urbazon | Getty Images More than 2.9 million homeowners have taken advantage of a program designed to provide relief to holders of government-backed mortgages, part of the coronavirus CARES Act relief package. This represents 5.5% of all active mortgages, according to Black Knight, a mortgage data and analytics company that is now tracking the growing
The number of companies withdrawing or declining to provide earnings guidance continues to grow, with Abbott, ConocoPhillips, Jack in the Box, GoPro, and Bed Bath & Beyond in just the last couple days. JPMorgan, in a note to clients, said that so far 86 S&P 500 companies have suspended earnings guidance. Not surprisingly, some in
A man wears a protective mask as he walks past the New York Stock Exchange on the corner of Wall and Broad streets during the coronavirus outbreak in New York City, New York, U.S., March 13, 2020. Lucas Jackson | Reuters Earnings from IBM, Netflix, Coca-Cola and dozens of others are expected in the week
China’s economy shrank at the start of the year for the first time in more than 40 years after the coronavirus pandemic ended an era of uninterrupted growth dating back to the 1970s. Gross domestic product in the first quarter plunged 6.8 per cent year on year, the National Bureau of Statistics said on Friday.
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SpaceX CEO Elon Musk speaks at a press conference where he announced the Japanese billionaire chosen by the company to fly around the moon, on September 17, 2018 in Hawthorne, California. Mario Tama | Getty Images SpaceX is launching more often than any other country or company and CEO Elon Musk touted low insurance costs as proof
“We are all embarking on the unthinkable,” says Emmanuel Macron, leaning forward at his desk in the Elysée Palace in Paris after an aide has cleaned the surface and the arms of his chair with a disinfectant wipe. Until now, Mr Macron has always had a big plan for the future. After winning power in
The crypto sphere has seen a lot of buzz over the past few months with regards to the Bitcoin halving that is going to take place in May. Bitcoin is the biggest cryptocurrency in the world, and it is only natural that the upcoming halving event has caused such a stir in the crypto sphere
The governors of Michigan, Pennsylvania, and Wisconsin warned of $14 billion in collective tax losses due to the COVID-19 economic shutdown in a letter Thursday pressing President Trump for more relief. The letter was sent as initial funding is being made available through an online portal launched by Treasury this week for eligible state, local,
Flooding resulting from Hurricane Harvey in Houston, Texas. Harriet Taylor | CNBC Nothing can compare to the crushing economic tsunami created by the coronavirus pandemic, but in the housing market, there are some parallels to natural disasters. Lessons learned from those devastating events are helping the industry cope now. In 2017, after Hurricane Harvey swamped
People who lost their jobs wait in line to file for unemployment following an outbreak of the coronavirus disease (COVID-19), at an Arkansas Workforce Center in Fayetteville, Arkansas, April 6, 2020. Nick Oxford | Reuters One out of every five workers in Michigan and Pennsylvania have applied for unemployment benefits, compared to just one out