By Ann Saphir (Reuters) – San Francisco Federal Reserve President Mary Daly on Monday said “the time is upon us” to cut interest rates, likely starting with a quarter-percentage point reduction in borrowing costs. Asked if there is anything that could derail a rate cut at the U.S. central bank’s Sept. 17-18 policy meeting,…
By Stephen Culp NEW YORK (Reuters) -U.S. stocks rallied on Friday as dovish remarks from U.S. Federal Reserve Chair Jerome Powell solidified expectations that the central bank will cut its key policy rate in September. In highly anticipated comments before the Jackson Hole Economic Symposium, Powell said “the time has come” to lower the Fed…
By Leika Kihara JACKSON HOLE, Wyoming (Reuters) – The U.S. Federal Reserve’s dovish shift will likely give the Bank of Japan some respite in its battle to tame a weak yen, but could complicate its efforts to raise interest rates if the two central banks’ diverging policy paths keep markets jittery. At an annual symposium…
By Dietrich Knauth and Mike Spector NEW YORK (Reuters) – Johnson & Johnson said on Friday it is negotiating with plaintiffs’ lawyers who have opposed the company’s proposed settlement of lawsuits alleging its baby powder and other talc products caused cancer, seeking to eliminate holdouts to the deal. J&J has announced plans to finalize a…
By Jody Godoy (Reuters) – An appeals court in Washington, D.C. revived the district’s lawsuit against Amazon.com Inc on Thursday, saying it plausibly claimed the online retailer’s pricing policies illegally stifle competition. The District of Columbia Court of Appeals reversed a ruling that had dismissed the lawsuit, which accuses Amazon of harming competition through restrictions…
By Ananya Mariam Rajesh, Siddharth Cavale (Reuters) -Target raised its full-year profit forecast on Wednesday and reported its first increase in quarterly comparable sales in over a year, driven by price cuts that attracted more shoppers to its stores. Target’s results reflect a similar strategy employed by Walmart and other retailers looking to attract increasingly…
By Noel Randewich (Reuters) – The S&P 500 will trade near current record levels at year-end, according to a Reuters poll of market strategists that suggests the AI rally is losing steam as investors wait for a widely-expected U.S. central bank interest rate cut next month. The benchmark S&P 500 will end 2024 at 5,600…
By Rajesh Kumar Singh and Allison Lampert CHICAGO (Reuters) – Southwest Airlines is girding itself for a fight with Elliott Investment Management, rallying support from investors and employees to face down an activist investor looking for wholesale changes to company leadership. In recent weeks, CEO Bob Jordan has been meeting and gathering feedback from investors…
By Nell Mackenzie LONDON (Reuters) – Hedge funds sold industrial stocks at the fastest pace since December, while buying energy stocks for the fourth straight week last week, a Goldman Sachs note seen by Reuters on Monday showed. Hedge funds last week sold industrial stocks at some of the highest levels seen in five years,…
By Jarrett Renshaw (Reuters) – In the five weeks since U.S President Joe Biden abandoned his flailing reelection bid, the Democratic Party’s fortunes have changed dramatically, and this week the change will be on full display. Vice President Kamala Harris, now the party’s candidate, is heading into the Democratic National Convention riding a historic whirlwind:…
