A For Sale sign is seen in front of a home in Miami, Florida. Joe Raedle | Getty Images As Americans sit at home watching the value of their retirement funds crater, it is no surprise the spring housing market is about to crater as well. Home sales could fall by 35% annually this spring,
Month: March 2020
Jim Cramer Scott Mlyn | CNBC CNBC’s Jim Cramer said Thursday that whatever happens on the other side of the coronavirus crisis CEOs should not benefit more than their employees. The “Mad Money” host was lamenting the moral hazards of the 2008 financial crisis when companies got bailouts and chief executives got incentives as many
Puerto Rico’s bankruptcy judge is pushing the legal proceedings forward despite the governor’s order to end most activities on the island to slow the spread of COVID-19. While the Puerto Rico U.S. District Court ordered a delay of most of its deadlines until April 10, the Puerto Rico government bankruptcy within the court is rolling
The Fed is throwing all of its fire power at markets, and yet interest rates continue to rise, a troubling sign when the economy looks set to slow down dramatically. Markets continue to swing violently with the Dow losing another 6.2% Wednesday; oil plunging 24%, and copper down about 7%. The credit markets continue to
SoftBank founder Masayoshi Son (L) and WeWork founder Adam Neumann. Getty Images SoftBank may be walking away from part of its bailout of WeWork by not completing its $3 billion tender offer for the office space startup, according to people familiar with matter. SoftBank had planned a $3 billion tender offer for WeWork shares, which
Bill Ackman, founder and CEO of Pershing Square Capital Management. Adam Jeffery | CNBC Longtime hedge fund manager Bill Ackman on Wednesday advised President Donald Trump to shut down the U.S. for one month in an effort to contain the novel coronavirus and said financial markets would rally in response to such decisive action. Ackman,
The outbreak of the coronavirus has had a significant impact on markets, and cryptocurrencies have not been spared either. Over the weekend, the US Federal Reserve was forced to slash interest rates to almost zero, but that didn’t help Bitcoin (BTC), which dropped below $5,000. Bitcoin (BTC) Drops Below $5,000 The largest crypto by market
New York’s Metropolitan Transportation Authority, the nation’s largest mass-transit system and one of the largest issuers of municipal debt, has asked the federal government for a $4 billion bailout in light of plummeting revenue and ridership drops from the COVID-19 pandemic. “The stark reality is that as more people stay home following the advice of
A Boeing 737 MAX sits outside the hangar during a media tour of the Boeing 737 MAX at the Boeing plant in Renton, Washington. REUTERS/Matt Mills McKnight Check out the companies making headlines in midday trading. Regeneron — Shares of the biotechnology company jumped more than 15% after the company said it aims to have doses
As the growing economic impacts of the coronavirus roll through the nation, some of the nation’s largest mortgage lenders are already getting calls from borrowers, concerned they won’t be able to make their monthly payments. Both government and independent regulators for the mortgage industry are now working on plans to deter another foreclosure crisis. While
Darrell Gulin | Getty Images Morgan Stanley warned investors on Tuesday that the coronavirus pandemic is fundamentally disrupting the world’s economy. “Global recession in 2020 is now our base case,” Morgan Stanley chief economist Chetan Ahya wrote in a note. “With Covid-19 spreading in Europe and the US after hitting Asia, the disruptions and dislocations
Even after the Fed cut rates to near zero, the stock market plunged Monday, setting off automatic circuit breakers that shut down trading. Short-end munis were being blown out with yields rising as much as 20 basis points on the short end as investors seek cash. The globe is facing a pandemic that is testing
Health professionals stand at the entrance to the floor of the New York Stock Exchange to check the temperature of everyone entering on March 16, 2020 at Wall Street in New York City. Johannes Eisele | AFP | Getty Images The country may be prepared to shut its schools, concerts, sporting events, shops, and even
BlackRock’s Rick Rieder said it’s time to carefully pick up some stocks based on crushed valuations, but the market is not likely bottoming. “It’s hard to see where you’re going to see them waving the checkered flag that it’s all clear to get back in the market until there’s some clarity around when that [virus
A real estate agent, left, talks to potential homebuyers during an open house in the 16th Street Heights neighborhood of Washington, D.C. Andrew Harrer | Bloomberg | Getty Images Mortgage rates are primed to fall again after the Federal Reserve’s latest dramatic policy moves to combat the economic impact from the deadly coronavirus pandemic. The
Treasury Secretary Steven Mnuchin testifies before a Senate Appropriations subcommittee on Capitol Hill in Washington, May 15, 2019. Jonathan Ernst | Reuters This is a developing story. Check back for updates. Treasury Secretary Steven Mnuchin told CNBC on Monday that there will be a surge of demand for stocks once the coronavirus threat abates. The
The Federal Reserve on Sunday cut its benchmark rate by a full percentage point to near zero and will boost its bond holdings by $700 billion to cushion the U.S. economy from the coronavirus outbreak. The central bank also announced several other actions, including letting banks borrow from the discount window for as long as
Federal Reserve Chairman Jerome Powell speaks to reporters after the Federal Reserve cut interest rates in an emergency move designed to shield the world’s largest economy from the impact of the coronavirus, during a news conference in Washington, March 3, 2020. Kevin Lamarque | Reuters Wall Street is increasingly expecting the Fed to use more
Residential buildings Central Park Tower and 220 Central Park South (left) rise above Columbus Circle on December 26, 2018 in New York City. Gary Hershorn | Corbis News | Getty Images Plunging stocks and coronavirus fears are starting to hit the New York City real estate market. There were 44 open houses that had zero
Chesnot | Getty Images Investors likely won’t get their fix for newly public companies for a long time thanks to the financial turmoil caused by the spreading coronavirus. Logistics issues aside for investment bankers unable to travel, market volatility like this scares off companies who want to raise capital. The initial public offering calendar is
General obligation, essential public revenue bonds and even debt backed by tourism-related revenues may weather the COVID-19 outbreak with minimal to temporary impacts while senior living is more at risk, Nuveen says in a report that looks at risks in the municipal market, sector by sector. The liquidity-driven sell-off this week made all the more
Scott Mlyn | CNBC Check out the companies making headlines in midday trading. Ulta Beauty — Share of Ulta Beauty rose about 3% around midday, paring gains along with the broad market. The stock surged as much as 15% at its session high after the makeup retailer posted better-than-expected quarterly earnings. Ulta reported fourth-quarter profit of $3.89
Daniel Trumbower was working from home in Monrovia, Maryland, in early February when his wife called: A tornado warning had been issued for their town. Initially dubious — a tornado in Monrovia? Yeah, right — he looked outside to check the sky and saw a large, heavy-duty garbage can soaring through the air. He ran
The end to the record-long bull market is now a reality. However, entering a bear market doesn’t always mean a recession is upon us, history shows. This week, the S&P 500 and the Dow Jones Industrial Average entered bear markets, ending their historic 11-year bull runs. A bear market marks a 20% decline from all-time highs. As a
After a week in which all markets faced a historical whirlwind from the COVID-19 spread, Friday marked a somewhat calm tenor for the municipal market. Uncertainty still abounds for the public finance space, as just before the market close, President Trump declared a national emergency. Meanwhile, states and cities across the country are closing schools,
A man in a surgical mask walks by the New York Stock Exchange (NYSE) after more cases of coronavirus were confirmed in New York City, New York, U.S., March 10, 2020. Andrew Kelly | Reuters What would happen if the New York Stock Exchange floor closed? For decades, the NYSE has had contingency plans to
Now that stocks have entered a bear market, more wild volatility is expected in the week ahead as investors await a big policy move by the Federal Reserve. The Federal Reserve meets Tuesday and Wednesday and is expected by some economists to take its benchmark federal funds target range back to zero, as the economy
Daniel Acker | Bloomberg | Getty Images After falling to a record low just two weeks ago, mortgage rates are surging higher again. This as real estate agents try to deal with a new normal in what was supposed to be a busy spring housing market. The average rate on the 30-year fixed fell to
Steven Mnuchin, Treasury secretary, arrives at a hotel in Beijing, China, on Thursday, March 28, 2019. Gilles Sabrie | Bloomberg | Getty Images This is breaking news. Please check back for updates. Treasury Secretary Steven Mnuchin said Friday that the current market sell-off will be short-lived and, as such, looks like a compelling investment opportunity
While the stock markets across the world are recording historic declines, the situation is not much different in the crypto world, which would explain why Bitcoin has been dropping as of late. On Thursday, the world’s biggest cryptocurrency by market cap plunged at an alarming rate. Panic Selling The coronavirus pandemic has had a volatile