A barista packs a coffee for online sales at a Luckin Coffee store in Beijing, China July 17, 2018. Jason Lee | Reuters Here we go again. It sounds outrageous: The chief operating officer of Luckin Coffee, the largest domestic coffee chain in the China, was accused by his own company of fabricating much of
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The entrance to a Macy’s department store. Jeffrey Greenberg | Universal Images Group | Getty Images Macy’s is being dropped from the S&P 500, and in a sign of how far the fortunes of the retail space have fallen amid the coronavirus-related shutdowns, it is not being demoted to the mid-cap S&P 400, it’s being
George Milling-Stanley has sometimes been referred to as the “godfather” of the gold business. While at the World Gold Council, he was one of a small group that helped create the SPDR Gold Trust (GLD) in 2004, now the world’s largest gold exchange-traded fund with over $50 billion in assets. He is now chief gold
The Cboe Volatility Index (VIX), has become one of the most widely watched indicators of market sentiment in the world. In theory, it works on a simple principle: It is a measure of the stock market’s expectation of volatility over the following 30 days based on near-term S&P 500 index options, both puts and calls.
A man cleans up on the trading floor, following traders testing positive for Coronavirus disease (COVID-19), at the New York Stock Exchange (NYSE) in New York, U.S., March 19, 2020. Lucas Jackson | Reuters There was considerable trepidation among trading desks over the weekend as many in California, New York, and Massachusetts were told to
For everyone trying to figure out what S&P 500 earnings will be in 2020, here’s a sobering comment from Joseph Wolk, Johnson & Johnson’s chief financial officer: “One thing I know for certain is we’re going to be 100% precisely wrong.” Wolk made the comment to The Wall Street Journal in reference to earnings guidance,
A pedestrian walks past the Federal Reserve building on Constitution Avenue in Washington on March 19, 2019. Leah Millis | Reuters The Federal Reserve pulled out another series of bazookas today, including a flurry of programs to buy more Treasuries and mortgage-backed securities. But one move that surprised many was the decision to buy corporate
Traders, some in medical masks, work on the floor of the New York Stock Exchange (NYSE) on March 20, 2020 in New York City. Trading on the floor will temporarily become fully electronic starting on Monday to protect employees from spreading the coronavirus. The Dow fell over 500 points on Friday as investors continue to
Call it part of the grand blame game: Markets are down big, so it must be someone’s fault. Exchange traded funds. High-frequency traders. Short sellers. In Europe, they have already figured out whose fault it is: Short sellers! In the past week, several European countries, including Italy, Spain, France, Belgium and Greece–have banned short selling
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
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
Traders work on the floor of the New York Stock Exchange during the opening bell on March 10, 2020 in New York. Timothy A. Clary | AFP | Getty Images We have touched an intraday 20% decline in the S&P 500 that many associate with bear market territory. We also hit a bear market on
The Royal Caribbean cruise ship ‘Explorer of the Sea’. Getty Images Help for airlines. Help for cruise ship operators. And shale operators. Vague talk of payroll tax cuts that would last through the end of the year. Stocks are moving on hopes of fiscal stimulus in the absence of market-moving coronavirus news. Take Royal Caribbean,
Traders work the floor of the New York Stock Exchange (NYSE) on March 5, 2020 in New York City. Coronavirus fears have whipsawed markets recently, with the Dow Jones Industrial Average ending today down more than 950 points, or nearly 3.6 percent. (Photo by David Dee Delgado/Getty Images) David Dee Delgado | Getty Images It
Traders work on the floor at the New York Stock Exchange (NYSE) in New York, U.S., March 2, 2020. Brendan McDermid | Reuters V-shape? U-shape? L-shape? Wall Street strategists are engaged in a fight over whether the coroanvirus outbreak is a one-quarter hit to earnings and the economy or whether it is a multi-quarter phenomenon.
A woman wearing a protective face mask to prevent contracting the coronavirus enters a subway station in Milan, Italy, March 4, 2020. Guglielmo Mangiapane | Reuters First quarter U.S. earnings estimates have been declining since coronavirus concerns became known toward the end of January, but Europe — now the cutting edge of the coronavirus epidemic
Traders work on the floor at the New York Stock Exchange (NYSE) in New York, U.S., March 2, 2020. Brendan McDermid | Reuters The crazy market volatility has put unprecedented stress on the U.S. and global trading system. Friday saw the largest dollar volume trading for U.S. equities in history: $984 billion changed hands, according
Traders on the floor of the New York Stock Exchange swapped stories all week about the extreme trading conditions they witnessed — conditions that have not been this wild since the financial crisis in 2008. For Virtu’s Matt Cheslock, it was the stunning move in bond yields: “As an equity trader, seeing over 10 basis
International investors believe coronavirus is truly a global phenomenon: Stock markets around the world are all down 10% to 12% from their recent highs. While travel-related stocks are taking very large hits, the entire global stock market has been taken down in recent weeks. All this has occurred in a short period — the S&P
A pedestrian walks past a stock ticker at a Fidelity Investments office in Boston, Massachusetts. Brian Snyder | Reuters Thanks to record-breaking markets and more retirement savings, there are a record number of 401(k) and IRA millionaires in the United States. Fidelity has released its quarterly analysis of retirement trends, which has become increasingly relevant