Business

CEO of Morgan Stanley James Gorman speaks on May 6, 2014 in New York. Getty Images Morgan Stanley on Thursday posted first-quarter profit that missed analysts’ expectations, but the firm’s trading desks generated about $700 million more revenue than e.  Here’s how the company did: Earnings: $1.01 a share Revenue: $9.49 billion Wealth management: $4.04 billion

Franklin Delano Roosevelt Memorial, Bronze statues that depict the Great Depression, Waiting in a bread line by George Segal, Washington D.C, United States. UniversalImagesGroup | Getty Images The global economy will this year likely suffer the worst financial crisis since the Great Depression, the International Monetary Fund said Tuesday, as governments worldwide grapple with the

The Covid-19 pandemic has nearly instantly and very dramatically pivoted the priorities of some makers, start-up founders, entrepreneurs, researchers and doers — the innovators — to solving problems related to the pandemic and preparing for any in the future. “Every [tech] entrepreneur that I know is spending time on the pandemic response,” CEO of global start-up accelerator

A man walks by the NYSE as flags fly at full staff on April 09, 2020 in New York City. Kena Betancur | Getty Images This is a live blog. Check back for updates. 7:59 am: Airlines jump after reaching aid agreement with Treasury Department Shares of major airline companies surged in premarket trading on Wednesday

This is CNBC’s live blog covering all the latest news on the coronavirus outbreak. All times below are in Beijing time. This blog will be updated throughout the day as the news breaks. Global cases: More than 1.97 million Global deaths: At least 125,678 Most cases reported: United States (602,989), Spain (172,541), Italy (162,488), France (131,361),

urfinguss | Getty Images A fight could be brewing over your coronavirus stimulus check. Your opponent could be your very own bank. If you have outstanding debts, your stimulus payments could be reduced or taken by creditors or debt collectors, in what 25 state attorneys general called a “legislative oversight” in a letter sent to

Jamie Dimon, chief executive officer of JPMorgan Chase & Co. Giulia Marchi | Bloomberg | Getty Images JPMorgan Chase is scheduled to report first-quarter earnings before the opening bell Tuesday. Here’s what Wall Street expects: Earnings: $1.84 per share, a 31% decline from a year earlier, according to Refinitiv. Revenue: $29.67 billion, a 0.6% decline

JPMorgan kicks off earnings season on Tuesday. The bad news: Short-term guidance will be very ugly.   But there’s some good news:  1) The Securities and Exchange Commission has told corporations that this earnings season is not routine and has encouraged companies to provide forward-looking guidance, and not be concerned that the information may change rapidly.

[The stream is slated to start at 3:00 p.m. ET. Please refresh the page if you do not see a player above at that time.] New Jersey Gov. Phil Murphy is holding his daily press conference on the Covid-19 outbreak, which has infected more than 61,800 people in the state as of Monday. On Saturday,

Silhouette of Permian Basin pumpjacks taken at dusk, north of Midland, Texas, U.S. in late 2019. Richard Eden | via Getty Images Oil prices moved lower in overnight trading after OPEC and its allies agreed to cut production by 9.7 million barrels per day. The deal, which was finalized on Sunday after marathon discussions that

This is a live blog. Please check back for updates. Global cases: At least 1,846,680.  Global deaths: At least 114,090. Most cases reported: United States (555,313), Spain (166,831), Italy (156,363), France (133,670), Germany (127,854).  The data above was compiled by Johns Hopkins University as of 8:05 a.m. Beijing time.  All times below are in Beijing time. 8:45

Unemployment applications are seen as City of Hialeah employees hand them out to people in front of the John F. Kennedy Library on April 08, 2020 in Hialeah, Florida. (Photo by Joe Raedle/Getty Images) Joe Raedle Americans are applying for unemployment in record numbers as the coronavirus pandemic has effectively shuttered much of the U.S.

A take-out order from a Darden Restaurants Inc. Olive Garden. Daniel Acker | Bloomberg | Getty Images Darden Restaurants on Thursday reported quarterly earnings and revenue that topped analysts’ expectations. Shares of the company rose 5% in premarket trading. Darden also withdrew its fiscal 2020 outlook and suspended its quarterly dividend, citing the uncertainty it faces as states mandate

James Gorman, chief executive officer of Morgan Stanley Qilai Shen | Bloomberg | Getty Images Morgan Stanley CEO James Gorman fell ill with the coronavirus about three weeks ago and has since recovered and been cleared by physicians, according to a company spokesman. The executive remained in charge of Morgan Stanley the entire time he

“When we got the order we were non-essential, that was the day we cleared house,” said Suzanna Cameron, 30, the owner of Stems, a flower shop in Brooklyn, New York. After her store was forced to close in response to the coronavirus pandemic, the single mom said she tried to pivot with virtual flower arranging

A sign is posted outside of the PayPal headquarters in San Jose, California. Justin Sullivan | Getty Images After weeks of lobbying, fintech companies are officially allowed to take part in the U.S. government’s emergency lending program.  PayPal and Intuit QuickBooks announced Friday evening that they were approved by the Small Business Administration to take

Police officers check vehicles at a roadblock on day five of the movement control order amid the COVID-19 outbreak in Kuala Lumpur, Malaysia on March 22, 2020. Mohd Daud | NurPhoto | Getty Images This is a live blog. Please check back for updates. Global cases: More than 1,691,700 Global deaths: At least 102,525 Most

Jetta Productions | Iconica | Getty Images As the economy craters, small businesses are among the hardest hit. When unemployment claims began to jump nationwide in March, layoffs among small business spiked 1,021% compared to the month before, according to exclusive data compiled by human resource provider Gusto, based on more than 100,000 small businesses nationwide.

Starbucks on Wednesday announced that it expects fiscal second-quarter adjusted earnings of 32 cents per share. The company’s stock fell less than 1% in extended trading. The global coffee chain also withdrew its outlook for fiscal 2020. Its fiscal 2020 revenue was expected to rise between 6% and 8% and global same-store sales growth was forecast

CNBC’s Jim Cramer on Thursday praised the Federal Reserve‘s latest moves to help keep afloat a U.S. economy that’s been battered by the coronavirus pandemic. Before the stock market opened, the Federal unveiled details of its much-anticipated Main Street lending program and other initiatives, a total of $2.3 trillion in loans to help businesses and municipalities.

Stock futures moved lower in overnight trading, pointing to losses at the open on Thursday. The move pointed to a loss of 50 points, or 0.2%, for the Dow, with the S&P 500 and Nasdaq-100 slated to open 0.3% and 0.6% lower, respectively.  Stocks surged on Wednesday, with the major averages spending the entire session

This is a live blog. Please check back for updates. Global cases: More than 1,511,104 Global deaths: At least 88,338 Most cases reported: United States (429,052), Spain (148,220), Italy (139,422), France (113,959), and Germany (113,296).  The data above was compiled by Johns Hopkins University as of 8:10 a.m. Beijing time.  All times below are in Beijing time.

Thomas Barwick This year, the coronavirus relief law is letting savers bypass mandatory withdrawals from their retirement accounts. While that’s good news, it’s still generating plenty of questions from account holders. Generally, savers who turn 70½ must begin annual required minimum distributions, or RMDs, from their retirement accounts and pay taxes on those withdrawals. However,

A shopper prepares to pay for items at a Kohl’s department store in Peru, Illinois, May 16, 2019. Daniel Acker | Bloomberg | Getty Images Kohl’s has withdrawn its earnings outlook for the current quarter and fiscal year, as it grapples with the hit it will take from the coronavirus pandemic.  The department store chain will

Exxon is slashing its 2020 capital spending plan as depressed oil prices hammer the energy sector, but CEO Darren Woods said that the company’s dividend is safe for the time being. “A lot of our shareholders are retail shareholders — people who depend on that dividend — so we’ve been pretty committed to maintaining that

Stock futures fell slightly in overnight trading on Monday, following a steep rebound in the previous session, as investors grew more hopeful that the peak in coronavirus cases could be reached soon. Futures on the Dow Jones Industrial Average dipped about 70 points, implying a 140-point loss at Tuesday’s open. The S&P 500 and the

People wearing protective masks walk through Lu Xun Park in Shanghai, China, on Thursday, April 2, 2020. Qilai Shen | Bloomberg via Getty Images This is a live blog. Please check back for updates. Global cases: At least 1,341,907.  Global deaths: At least 74,476. Top 5 countries: United States (366,614), Spain (136,675), Italy (132,547), Germany (102,453), and

SIphotography | Getty Images It’s been about a week since Congress pushed through a new bill that will send $1,200 stimulus payments to millions of Americans. And your questions about who is eligible for that money and how soon it could arrive keep on coming. Individuals with adjusted gross income of up to $75,000 stand

Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., March 20, 2020. Lucas Jackson | REUTERS Heading into earnings season, investors should expect delayed reports, withdrawn forecasts and confusing results from U.S. businesses grappling with the coronavirus shutdown.  There is a general consensus that company earnings are going

One of the advantages of being in the investment business for as long as I have is that, in times of incredible market distress, I get to invoke that wry and somewhat misleading saying, “Well, this isn’t my first rodeo.”  Another advantage is that my past was full of so many research assignments that I