US Stocks Buoyed by Big Tech Gains as Yields Slide: Markets Wrap
The selloff in stocks and bonds got a reprieve Wednesday as traders parsed US data and increased bets that the Federal Reserve can refrain from further interest rate increases.
Bloomberg Business
Oil Falls Most in a Year as Economic Storm Clouds Imperil Demand
Oil plunged the most in more than a year as early signals that demand is flagging exacerbated markets’ unease over the prospect of a punishing stretch of high interest rates.
Long Bonds’ Historic 46% Meltdown Rivals Burst of Dot-Com Bubble
Losses on longer-dated Treasuries are beginning to rival some of the most notorious market meltdowns in US history.
Bond Market a ‘Little Oversold’ After ETF Pullout, Bill Gross Says
Retail investors in exchange-traded funds have joined the ranks of “bond vigilantes” and their sharp pullout last week led to an oversold market, said Bill Gross, co-founder and former chief investment officer at Pacific Investment Management Co.
Amazon Shuts Down Amp, Its Live-Audio Streaming App
Amazon.com Inc. is shutting down Amp, the live-audio app that allowed users to act like radio DJs by playing music and talking alongside the songs.
GE, Safran Identify 126 Jet Engines That Contain Fake Parts
General Electric Co. and Safran SA revealed a growing number of engines fitted with parts sold by a UK distributor with falsified airworthiness records, highlighting how the scandal involving uncertified components continues to spread.
Drug Maker Mallinckrodt Is Nearing End of Second Bankruptcy, Opioid Settlement
Drug maker Mallinckrodt Plc made its final push Wednesday for a new debt-reduction plan that gives victims of America’s opioid epidemic about $1 billion less than they were promised the last time the company tried to use the bankruptcy process to revive itself.
AI Startup Anthropic in Early Talks With Investors to Raise $2 Billion
Artificial intelligence startup Anthropic is in early talks to raise $2 billion, shortly after Amazon.com Inc. agreed to invest up to $4 billion in the company, people familiar with the matter said.
Silicon Valley Subway Cost Poised to Surge to $12.2 Billion
The price tag on the long-awaited subway project linking Silicon Valley to parts of the San Francisco Bay Area is poised to jump to $12.2 billion, according to a new estimate released Wednesday, making it one of the costliest transportation projects in the country.
Wells Fargo Gets Pickier on Regional Banks With Four Cuts
It’s a stock picker’s market in the hard-hit world of midsized bank stocks, according to Wells Fargo.
