(Reuters) – U.S. stocks rose on Tuesday, with the S&P 500 and Nasdaq notching their longest streak of gains in two years, as a retreat in U.S. Treasury yields buoyed megacap growth stocks while investors sought more clarity on interest rates from the Federal Reserve. The benchmark 10-year Treasury note yield was on pace for …
S&P 500, Nasdaq score longest win streak in 2 years on rates view Read More »
(Reuters) -Occidental Petroleum beat estimates for third-quarter profit on Tuesday, as the U.S. oil and gas producer was aided by higher output amid sustained demand for energy. U.S. production of oil and gas has been on the rise since last year as strong prices have encouraged energy firms to drill more. WTI crude prices increased …
Occidental Petroleum tops profit estimates on robust production Read More »
(Reuters) – E-commerce platform eBay forecast fourth-quarter revenue below Wall Street estimates on Tuesday as rising competition from the likes of Amazon amplify the hit from softer consumer spending due to sticky inflation. The San Jose, California-based company’s shares were down 4.3% in trading after the bell. High interest rates and stubborn inflation across major …
EBay forecasts fourth-quarter revenue below estimates Read More »
By Katie Paul NEW YORK (Reuters) – A former Meta employee is testifying before a U.S. Senate subcommittee on Tuesday, alleging that the Facebook and Instagram parent company was aware of harassment and other harms facing teens on its platforms but failed to address them. The employee, Arturo Bejar, worked on well-being for Instagram from …
Former Meta employee tells Senate company failed to protect teens’ safety Read More »
(Reuters) -Robinhood Markets missed Wall Street estimates for third-quarter revenue on Tuesday, weighed by a slowdown in trading activity, sending shares of the online brokerage down 6.4% in extended trading. Robinhood was at the center of the 2021 retail trading frenzy, driven by mom-and-pop investors who used the company’s commission-free platform to pump money into …
Robinhood revenue misses estimates as muted trading volumes weigh Read More »
By Douglas Gillison and Hannah Lang WASHINGTON (Reuters) -The top U.S. consumer financial watchdog on Tuesday proposed to regulate tech giants’ digital payments and smartphone wallet services, saying they rival traditional payment methods in scale and scope but lack consumer safeguards. The Consumer Financial Protection Bureau’s (CFPB) proposal would subject companies like Alphabet, Apple, PayPal …
US consumer watchdog proposes rules for Big Tech payments, digital wallets Read More »
By David Shepardson and Nandita Bose WASHINGTON (Reuters) -President Joe Biden on Thursday will meet with United Auto Workers President Shawn Fain and tout the decision of Chrysler-parent Stellantis to reopen a shuttered assembly plant in Belvidere, Illinois, a White House official said. Stellantis agreed to build a new $3.2 billion battery plant and invest …
Biden to meet with UAW president, tout Stellantis plant reopening Read More »
By Howard Schneider and Lindsay Dunsmuir WASHINGTON (Reuters) – Federal Reserve policymakers fresh from last week’s decision to hold the policy rate steady are weighing strong economic data, some signs of a slowdown, and the impact of higher long-term bond yields as they consider if they will need to hike rates further to bring down …
Fed’s Waller calls Q3 US GDP growth a ‘blowout,’ but newer data suggest slowdown Read More »
(Reuters) -Lucid Group said on Tuesday it now expects to produce 8,000–8,500 vehicles this year from its earlier projection of more than 10,000 units. The company said it was cutting production forecast “to prudently align with deliveries”. Shares of the company fell 4% in extended trading. The company reported third-quarter revenue of $137.8 million compared …
(Reuters) -Rivian Automotive reported better-than-expected third-quarter revenue on Tuesday and raised its production forecast for the full year by 2,000 vehicles to 54,000 units. Shares of Rivian, which closed 1.4% higher, rose more than 3% in extended trading. The electric-vehicle maker also said it will end its exclusivity deal to largest shareholder Amazon for its …
Rivian beats quarterly revenue estimate, raises full-year production forecast Read More »
