Category: Market News

Sep 16
Wall Street’s most pessimistic bank sees almost 5% fed-funds rate on horizon

As financial market gloom continued to deepen on Friday, Deutsche Bank, Wall Street’s most pessimistic bank, came out with yet another eye-opening view: Its U.S. economists, led by Matt Luzzetti, now expect the Federal Reserve to end its rate-hike campaign at 4.9% in 2023’s first quarter. The notion of an almost 5% fed-funds rate, which […]

Sep 16
U.S. stocks open lower Friday after FedEx profit warning, on track for weekly losses

U.S. stocks opened lower after a FedEx profit warning and as investors worry about rising interest rates in the wake of inflation running hotter than expected in August. The Dow Jones Industrial Average DJIA, -0.58% fell 1.1% soon after the opening bell, while the S&P 500 SPX, -0.79% dropped 1% and the Nasdaq Composite COMP, […]

Sep 16
FedEx stock selloff would shave about 250 points off the Dow transports’ price

The selloff in FedEx Corp.’s stock FDX, -0.07% is enough, by itself, to push the Dow Jones Transportation Average DJT, -1.06% down well more than the broader stock market. The package delivery company’s stock plunged 20.0% in premarket trading following a ‘staggering’ profit and revenue warning, which puts it on track to suffer a record […]

Sep 16
Gilead COVID-19 drug gets expanded WHO recommendation

Gilead Sciences Inc. GILD, -0.28% said late Thursday the World Health Organization expanded its recommended guide for the use of the biotech drug maker’s COVID-19 treatment Veklury. In a statement, the company said WHO updated its guidelines to recommend the drug to treat patients with severe COVID, an expansion from simply “those with non-severe COVID-19 […]

Sep 16
Republic First shares rise after bank discloses inbound deal interest and sets up strategic review committee

Republic First Bancorp Inc. FRBK, +20.08% jumped 8% in premarket trades Thursday after the company said it’s initiating a strategic review in the wake of “inquiries by multiple parties expressing interest in one or more potential strategic transactions with the company. Republic First said it set up a strategic review committee to review the recent […]

Sep 15
Roblox stock slide continues after hours as August metrics come out

Roblox Corp. RBLX, -3.48% shares continued to decline following Thursday’s close after the social-media platform released August metrics. On Thursday, the company said that its number of daily active users rose 24% to 59.9 million for the month of August, revenue was between $208 million and $211 million, for a 22% to 24% rise from […]

Sep 15
Gold futures post lowest settlement in more than 2 years

Gold futures declined on Thursday to settle at their lowest price since April 2020. “Momentum and sentiment is very bearish” on expectations of a continued aggressive pace of interest rate hikes by the Federal Reserve at their meetings in November and December, said Chintan Karnani, director of research at Insignia Consultants. The Fed is expected […]

Sep 15
Third Harmonic Bio stock opens more than 20% above IPO price

Third Harmonic Bio Inc. THRD, +18.83% received a warm Wall Street welcome Thursday, as the biotechnology company’s stock opened 20.6% above the initial public offering price. The company, which specializes in allergic and inflammatory diseases, said early Thursday that its IPO priced at $17 a share, in the middle of the expected range, as the […]

Sep 15
U.S. stocks open lower as investors weigh unemployment, retail sales data

U.S. stocks opened modestly lower Thursday as investors digested fresh economic data on unemployment claims, retail sales and manufacturing. The Dow Jones Industrial Average DJIA, +0.08% edged down 0.2%, while the S&P 500 SPX, -0.35% fell 0.4% and the Nasdaq Composite COMP, -0.55% dropped 0.7%, according to FactSet data, at last check. Initial jobless claims […]

Sep 15
REIT Store Capital agrees to be acquired by GIC and Oak Street in all-cash deal valued at $14 billion

Store Capital Corp. STOR, -1.18%, a Scottsdale, Ariz.-based real estate investment trust, said Thursday it has agreed to be acquired by Singaporean sovereign fund GIC and Oak Street in an all-cash deal valued at about $14 billion. Oak Street is a unit of Blue Owl, a net lease investor. Under the terms of the deal, […]