Goldman Sachs has cut its near-term growth forecasts for the United States. Goldman Sachs based this on spiking COVID-19 cases and slowing economic activity. US gross domestic product will grow 3.5% in the fourth quarter, down from the previous forecast of 4.5%. According to Business Insider first-quarter 2021 growth estimate was also lowered to 1% from 3.5%. Goldman Sachs said the winter drag should give way to a bigger rebound on the back of vaccine distribution.
Spartan Capital Securities chief market economist Peter Cardillo tells Reuters Fred Katayama investors are overly optimistic on the impact of vaccines as AstraZeneca's trial data comes under question. He also provides his view on retailers' prospects for the holiday shopping season.
Tesla may be the new kid on the block in the auto industry, but it's quickly become a big kid on Wall Street. The electric-car maker's shares continued to climb more than 4% on Tuesday. This increases the company's total market value above $500 billion for the first time. The milestone comes on the heels of a banner year for Tesla's stock, says CNN. Tesla recently upgraded facility now has the capacity to build 500,000 Model Y and Model 3 sedans a year.
Target blew past Wall Street expectations for quarterly profit and sales on Wednesday as more Americans used the big-box retailer's quick delivery services to buy everything from electronics to home goods during the COVID-19 pandemic. Fred Katayama reports.
The Wall Street Journal reported Pfizer cut the number of vaccines it planned to ship in 2020. According to Business Insider, this is due to supply chain delays. Sources say Pfizer sourced materials and set up supply chains while developing a vaccine. This is an "unprecedented" move in the world of medicine and vaccine development. But Pfizer and BioNtech maintain they will produce 1.3 billion doses by the end of 2021.
UPS has told drivers to stop picking up packages from some large retailers during the holiday season. Business Insider reports the move is just temporary. This year is expected to be busier than usual for carries. More retailers are relying on online orders for holiday shopping. UPS has told drivers to stop picking up packages from some large retailers as the holiday shipping season picks up.
On Wednesday, December 2nd, the US coronavirus outbreak set grim new records. 3,100 Americans died, a new high. Business Insider reports number of virus hospitalizations passed 100,000. The US is still the worst-affected country in the world. Officials are issuing dire warnings about the months ahead. President Donald Trump is barely mentioning the virus. He is still fixated on his election loss a full month after voting ended.
The mayor of Austin, Texas, told his constituents on a video call last month to 'stay home' and avoid unnecessary travel. The message was a bid to stem the spread of the novel coronavirus in the city and across Texas, as COVID-19 patients are already overwhelming hospitals. But according to Business Insider, Mayor Steve Adler, a Democrat, neglected to mention where he was when he filmed the public service announcement.
The NY Times reports that Pres. Elect Joe Biden plans to keep Christopher Wray on as FBI Director. A senior Biden official told The Times Biden was "not removing the FBI director unless Trump fired him." Business Insider speculated the move is part of the Biden team's broader effort to restore trust intelligence and justice systems. The institutions which have been in place to protect Americans has become overtly politicized under the Trump administration.
Lukas Jackson/Reuters US stocks closed mixed on Thursday amid falling jobless claims and new hopes for a stimulus deal. The Nasdaq composite closed at all-time highs, while the S&P 500 lost its record close in the final hour of trading. New weekly claims for unemployment insurance totaled an unadjusted 712,000 for the week that ended Saturday. Economists surveyed by Bloomberg expected a reading of 775,000.
The S&P 500 climbed to a record high close on Wednesday, and the Nasdaq Composite Index dipped as investors weighed upbeat vaccine developments and a potential coronavirus fiscal package against a bleak private jobs report. Conway G. Gittens reports.
The S&P 500 is up 13 percent year-to-date, recovering from a steep nose-dive earlier this year, which could present many investors near retirement age with the best chance to lock-in their gains for the year, Rhian Horgan of retirement planning app Silvur told Reuters Business Correspondent Conway G. Gittens.
The S&P 500 and Nasdaq Composite indexes closed at record highs on Tuesday, as investors applauded renewed stimulus talks in Washington and bet a COVID-19 vaccine will be available soon. Conway G. Gittens has all the Wall Street action.
It was a banner month for global stocks, powered in part by the biggest November gain for the S&P 500 in history and the strongest monthly performance for the Dow since 1987. Conway G. Gittens has the details.
Deutsche Bank is tired of the negative publicity over its lending to Donald Trump, according to Reuters sources, but is struggling to find a way to escape its loans to the U.S. president. Julian Satterthwaite reports.