New orders for U.S.-made goods rose less than expected in January and shipments fell for a fourth straight month, pointing to a slowdown in manufacturing activity. Factory goods orders edged up 0.1%, the Commerce Department said.The drop comes as orders for computers and electronic products fell. There were also declines in demand for primary metals and fabricated metal products.
Shipments of factory goods fell 0.4% after dropping 0.2% in December.
The figure also indicates an expected deceleration compared to the actual 3.1% year-over-year growth of the fourth quarter 2018.
For 2020, the respondents expect an even slower economic growth at below 2%.
Global growth sluggishness and trade tariffs were the top reasons cited by respondents as headwinds to the U.S. economic growth.Slowing overseas growth was responsible for a reduction of 40 basis points in the GDP growth forecast, while tariffs imposed by the U.S. and other nations lowered expectations by another 20 basis points.
The implication, according to the survey results, could translate into fewer rate hikes by the Fed.
Lyft officially kicked-off the road show for its initial public offering, putting 30 million shares up for sale with an expected price of between $62 and $68 per share. That would raise more than $2 billion for the San Francisco ride-hailing company, which could be valued between $20 billion and $25 billion.
Lyft released financial details about the company for the first time this month, reporting $2.2 billion in revenue last year, more than double its $1.1 billion in revenue in 2017, but also $911 million in losses.Lyft has lost nearly $3 billion since 2012, but has brought in more than $5 billion in venture capital.
business groups say they are encouraged by China's approval of a new law that loosens restrictions on foreign investment and said it could help smooth the way to a working trade agreement between the two countries. China's legislature passed a measure that would prevent Chinese officials from forcing U.S. and other foreign companies to turn over proprietary technology, a key issue in the current tug of war between the two countries.
The U.S. has imposed tariffs on $250 billion worth of Chinese goods in an effort to force changes to a range of China's economic policies.China has retaliated by putting duties on most U.S. imports. "It's one of those confidence building measures," Erin Ennis, senior vice-president of the U.S.-China Business Council, said of the move by Chinese legislators.
Levi Strauss plans to raise up to $587 million in an initial public offering of company shares. The San Francisco company said Monday that it's offering approximately 9.5 million shares, while selling stockholders are offering about 27.2 million shares.
The stock is expected to be priced between $14 and $16 each. The underwriters will have a 30-day option to buy an additional 5.5 million shares from the company at the IPO price, minus underwriting discounts and commissions. The shares are expected to be listed on the New York Stock Exchange under the “LEVI” symbol.
The White House said on Monday it was "absurd" to suggest that President Donald Trump was an unreliable negotiator as China reportedly balks at a summit with President Xi Jinping over concerns Trump would walk away from a trade deal.
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The catastrophic slump of Singapore’s much-vaunted water and power company, Hyflux Ltd., has stunned 34,000 retail investors who were lured by the promise of a 6 percent annual return forever from a company that seemed to have a gold seal of government approval.
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The longest bull market in American history was dealt a scary brush with death late last year.But it survived, narrowly, and it's now been alive for a decade.
The market upswing, born out of the ashes of the Great Recession, turned 10 years old on Saturday. READ MORE...
Jeremy Grantham, an investor credited with predicting the 2000 and 2008 downturns, told CNBC on Thursday that investors should get inured to lackluster returns in the stock market for the next two decades, after a century of handsome gains.
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Trump administration officials have not made any new plans to send a team to China for meetings as there is much work left to be done to reach a deal, White House trade adviser Clete Willems said on Friday.
"We're talking to them (Chinese officials) every day, but no one's got any trip plans," Willems told reporters on the sidelines of a Georgetown Law School event."
The governments of the world's two largest economies have been locked in a tariff battle for months as Washington presses Beijing to address long-standing concerns over Chinese practices and policies around industrial subsidies, technology transfers, market access and intellectual property rights. Advances in talks drove the White House to indefinitely delay tariffs on $200 billion worth of Chinese imports that were set to start on March 2.
A group of U.S. senators want to tax financial transactions -- a move they argue will generate billions of dollars in revenue and reduce the risk of another financial crisis. Sen. Brian Schatz (D-Hawaii) introduced the Wall Street Tax Act while Rep. Peter DeFazio (D-OR) introduced legislation in the House.
Sen.Kristen Gillibrand (D-NY), a 2020 presidential contender, Rep. Alexandria Ocasio Cortez (D-NY), and other progressive lawmakers have signed on as co-sponsors. The plan would tax the sale of stocks, bonds and derivatives at 0.1%. “Over the last decade, Wall Street has made record profits from high-risk trades that have made the market dangerously volatile, while doing nothing to add real value to our economy or raise wages for workers,” said Schatz.
The S&P 500's monster rally has notched the best two-month start to a year since 1991, but by one simple measure, the market pricing seems to be ignoring the economic reality.READ MORE...
Stocks are riding high in 2019 thus far, but recent gains have mostly come through buybacks and inflows into exchange-traded funds while individual equities are shunned, data compiled by Bank of America Merrill Lynch show.READ MORE...
As the bull market turns 10 this week, the S&P 500 climbed back to the 2,800 threshold for the first time in nearly four months and has gained more than 11% so far this year.The strong rally pushed the index to its best start to a year since 1991 (read: Wall Street's Best Start Since 1987: Top ETFs of Top Sectors).
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China and the U.S. are approaching the finish line on trade negotiations that could end later this month, according to three sources.
Negotiations are in the "final stages" as the two sides plan a summit for the end of March at Mar-a-Lago, President Donald Trump's Florida resort, sources told CNBC.READ MORE...
personal income fell for the first time in more than three years in January as dividends and interest payments dropped.
A report from the Commerce Department on Friday also said inflation pressures remained in check. Personal income slipped 0.1 percent in January, the first decline since November 2015, after jumping 1.0 percent in December.Wages increased by a moderate 0.3 percent in January after rising 0.5 percent in December.
Households held back on buying cars and recreational goods in December, leading to a 1.9 percent plunge in spending on goods.
That was the slowest pace since the beginning of 2018, as the government shutdown and other economic factors took a toll on growth.
GDP growth in the October-December quarter was down from a 3.4 per cent gain in the third quarter, the Commerce Department reported Thursday.The 35-day government shutdown took out estimated 0.1% from growth in the fourth quarter. GDP growth for all of 2018 came in at 2.9 per cent, the best showing since 2015.
U.S.stocks slipped on Thursday as a U.S.-North Korea summit ended abruptly without an agreement, with a clutch of weak earnings adding to the downbeat sentiment.
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Treasury Secretary Steven Mnuchin says the U.S. is getting closer to a highly anticipated trade deal with China.
"The deal is not done yet but we have made a lot of progress" Mnuchin told CNBC's Hadley Gamble in an interview that aired on "Squawk on the Street" Thursday.READ MORE...
The world's biggest sovereign wealth fund went on a stock buying spree during the market turmoil at the end of 2018.
Norges Bank, which manages Norway's $1 trillion oil-funded wealth pot, said it bought 185 billion crowns ($21.7 billion) worth of equities, with the bulk of purchases coming in November and December.READ MORE...