Hertz (HTZ) shares tumbled 11% Monday morning, giving back gains from last week’s rally sparked by Bill Ackman’s hedge fund taking a significant position in the rental car giant. Ackman, the CEO of Pershing Square Capital Management, shared on social media that his company had built a 19.8% stake in Hertz after accumulating shares since
US stocks fell sharply Monday as President Trump hurled more social media insults towards Fed Chair Jerome Powell, sparking concerns of Fed independence at a time when markets are still reacting to the president’s whipsawing tariff’s policy. The S&P 500 (^GSPC) was down over 2%, while the tech-heavy Nasdaq (IXIC) sank 2.6%, leading the way
America’s largest homebuilder, D.R. Horton (DHI), warned on Thursday that its key spring selling season has gotten off to a sluggish start as elevated mortgage rates and growing economic uncertainty continue to erode consumer confidence. “This year’s spring selling season started slower than expected,” D.R. Horton CEO Paul Romanowski told analysts and investors on the
Wall Street economists are tweaking their GDP growth estimates as new data trickles in, with Trump’s tariff whipsaw still firmly in the background. The Atlanta Fed’s GDPNow tool, which uses already released data to forecast the quarterly pace of economic growth, now projects that GDP fell by 2.2% in the first three months of the
Wall Street economists are tweaking their GDP growth estimates as new data trickles in, with Trump’s tariff whipsaw still firmly in the background. The Atlanta Fed’s GDPNow tool, which uses already released data to forecast the quarterly pace of economic growth, now projects that GDP fell by 2.2% in the first three months of the
It turns out there’s a reason Federal Reserve Chair Jerome Powell always wears a purple tie at his press conferences. “At the beginning, the only significance was that I liked purple ties,” Powell quipped during a moderated Q&A interview on Friday. “But I will say, for the next press conference, I reached for a blue
It turns out there’s a reason Federal Reserve Chair Jerome Powell always wears a purple tie at his press conferences. “At the beginning, the only significance was that I liked purple ties,” Powell quipped during a moderated Q&A interview on Friday. “But I will say, for the next press conference, I reached for a blue
US stocks opened sharply lower for a second day in a row after China retaliated against US tariffs in an escalating trade war, as Wall Street analysts warned about the rising risk of a recession. The Dow Jones Industrial Average (^DJI) sank around 2.2%, or about 1,000 points, while the S&P 500 (^GSPC) plummeted about
The recently dubbed “Lag Seven” players are once again… lagging. After a brief comeback on Wednesday, fueled by the Federal Reserve, most of the major tech giants lost steam by late Thursday trading. The exceptions: Nvidia (NVDA) and Meta (META), which each rose a modest 0.8% and 0.7%, respectively, with less than twenty minutes left
(Bloomberg) — US Treasuries consolidated gains in a choppy trading session with markets remaining confident that policymakers at the Federal Reserve are still on a path toward lower interest rates. Most Read from Bloomberg The advance on Thursday briefly pushed yields on five-year notes below 4% for the first time since mid-March, with action in