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Updated: 12 hours 21 min ago

S&P 500, Dow retreat as focus turns to Fed; Nasdaq hits fresh high

Wed, 06/10/2020 - 22:59
The S&P 500 and Dow slipped on Wednesday, as losses in financial stocks countered a boost from the technology sector, with focus now shifting to the Federal Reserve's first projections on the economy since the coronavirus outbreak.

Oil slides below $41 as U.S. inventory rise revives glut worries

Wed, 06/10/2020 - 22:54
Oil slid below $41 a barrel on Wednesday after U.S. data showed crude inventories rose to a record high, reviving worries of a persistent glut due to weak demand during the lingering coronavirus crisis.

Europe's Just Eat Takeaway in advanced talks to buy U.S. delivery firm Grubhub

Wed, 06/10/2020 - 22:53
European food ordering firm Just Eat NV said on Wednesday it was in advanced talks to buy Grubhub Inc in an all-stock deal that, if completed, would create the world's largest food delivery company by revenue.

J&J moves up start of coronavirus vaccine human trials to July

Wed, 06/10/2020 - 22:52
Johnson & Johnson moved up the start of human clinical trials for its experimental vaccine against the highly contagious coronavirus by two months to the second half of July, as the drugmaker rushes to develop a prevention for COVID-19, the company said on Wednesday.

Starbucks forecasts over $2 billion drop in quarterly income as COVID-19 hits

Wed, 06/10/2020 - 22:51
Starbucks Corp said on Wednesday it expects current-quarter operating income to plunge by up to $2.2 billion, and sales to decline for the rest of the year even as nearly all its cafes have reopened following easing of coronavirus lockdowns.

India's fuel demand nearly doubles in May as lockdowns ease

Wed, 06/10/2020 - 22:42
India's fuel demand nearly doubled in May from the previous month as the country eased coronavirus-led restrictions, Oil Ministry data showed on Wednesday, signalling a slow revival of economic activity.

Delta expects second-quarter revenue to slump, looks to amend debt deals

Wed, 06/10/2020 - 22:38
U.S. carrier Delta Air Lines on Wednesday forecast a 90% plunge in second-quarter revenue and warned it would need to renegotiate its debt agreements to avoid a default next year.

A casino or stock market? Retail buying frenzy goes wild

Wed, 06/10/2020 - 22:36
A raft of small cap stocks has soared by hundreds of millions of dollars in value in recent weeks as frenzied retail traders piled in to a blistering stocks rally.

Gold gains on bets for further economic support from Fed

Wed, 06/10/2020 - 22:34
Gold prices rose to a one-week high on Wednesday on expectations that the U.S. Federal Reserve would roll out further measures to aid an economic recovery.

U.S. attorney general group sues 26 dermatology drug makers

Wed, 06/10/2020 - 22:34
A group of attorneys general from U.S. states and territories sued 26 manufacturers of dermatology drugs on Wednesday, accusing them of price fixing and other violations of antitrust law, the third such lawsuit since 2016.

Boeing aims for key 737 MAX certification flight in late June - sources

Wed, 06/10/2020 - 22:33
Boeing Co is aiming to conduct a key certification test flight on its grounded 737 MAX jet in late June, two people briefed on the matter said on Wednesday.

Possible Fed move to cap yield rise could further weaken U.S. dollar

Wed, 06/10/2020 - 21:56
The U.S. dollar would probably come under further pressure if the Federal Reserve adopts targets for U.S. Treasury yields that would limit their rise and ensure that interest rates remain near zero for some time.

U.S. crude stockpiles surge to record high on big Saudi imports - EIA

Wed, 06/10/2020 - 21:56
U.S. crude oil stockpiles rose unexpectedly last week to an all-time high as refiners boosted imports, particularly from Saudi Arabia, while exports dropped to lows not seen since November.

Number of U.S. air passengers fell 96% in April to historic low - government

Wed, 06/10/2020 - 21:55
U.S. airlines carried 3 million passengers in April, a staggering 96% decline from April 2019 amid the coronavirus pandemic and flight restrictions, the Transportation Department said on Wednesday.

Israel's El Al airline may be heading back into state hands

Wed, 06/10/2020 - 21:25
The coronavirus crisis may be pushing El Al Israel Airlines back into the hands of the state, less than two decades after the flag carrier was privatised.

Russia detains three as wind complicates Arctic fuel clean-up

Wed, 06/10/2020 - 21:20
Russian investigators on Wednesday detained three managers of an Arctic power station in connection with a huge fuel spill last month, as wind, rain and cold complicated the clean-up.

OECD sees deepest peace-time slump in a century

Wed, 06/10/2020 - 21:19
The global economy will suffer the biggest peace-time downturn in a century before it emerges next year from a coronavirus-inflicted recession, the OECD said on Wednesday.

NYSE holds nearly 9-minute silence in honor of George Floyd

Tue, 06/09/2020 - 23:04
U.S. financial market operators, including the New York Stock Exchange, held a moment of silence on Tuesday in honor of George Floyd, a 46-year-old African American who died on May 25 after a white police officer knelt on his neck for nearly nine minutes.

Exclusive: Oil tankers turn away from Venezuela as more sanctions loom

Tue, 06/09/2020 - 23:01
Two tankers that were sailing toward Venezuela to load crude have turned around since the weekend and three other vessels have left Venezuelan waters as the United States considers blacklisting dozens of ships for transporting the country's oil, according to shipping data and industry sources.

S&P 500, Dow retreat after rally; Nasdaq gains further

Tue, 06/09/2020 - 23:00
Wall Street's S&P 500 and Dow Jones indexes fell on Tuesday, while the tech-heavy Nasdaq hit a record high for the third straight session, as investors eyed this week's Federal Reserve meeting for signs on how it views a restarting economy.