Three men were charged with fraud and other crimes in a scheme involving a company that was worth $100 million in the stock market despite having only a small-town New Jersey deli to its name, federal authorities said Monday. The three men – James Patten, 63, of Winston-Salem, North Carolina; Peter Coker Sr., 80, of … Read more
Steve Pfost | Newsday | Getty Images Amid higher interest rates and a softening housing market, home buyers are continuing to back out of purchase contracts at an elevated rate. About 64,000 home-purchase agreements were canceled in August, according to a new report from Redfin. That’s equal to 15.2% of home contracts initiated during the … Read more
The S&P ultimately goes down to $3000, says The Satori Fund’s Dan Niles CNBC Television
Analysts expect the Bank of England may need to raise interest rates more aggressively following market turbulence on Monday morning. Sopa Images | Lightrocket | Getty Images LONDON — The Bank of England on Monday said it is monitoring financial market developments “very closely” after a dramatic morning of turmoil saw the British pound fall to an … Read more
Travelers at LaGuardia Airport (LGA) in the Queens borough of New York, US, on Friday, July 2, 2022. As travel is ramping up for the July 4th holiday, staffing shortages are causing problems for some of the nations largest airlines. Angus Mordant | Bloomberg | Getty Images President Joe Biden plans to announce new rules … Read more
Investors are paying the paying the price for the Federal Reserve’s policy mistakes, according to Allianz economic advisor Mohamed El-Erian. “This is a two-part policy mistake of historical proportions,” the former CEO of bond giant Pimco told CNBC’s ” Squawk Box ” in a Monday interview. “Part No. 1 was being seduced by ‘transitory’ and … Read more
Walmart is entering the metaverse with two experiences premiering Monday on online gaming platform Roblox. The retail giant’s first foray into the virtual world will feature a blimp that drops toys, a music festival with hot artists, a bunch of different games, and a store of virtual merchandise, or “verch,” which matches what customers may … Read more
An activist participates in an unsanctioned protest at Arbat Street Sept. 21, 2022 in Moscow, Russia. The sign plays on the word mobilization as “No burialization.” Contributor | Getty Images News | Getty Images Russian stocks fell sharply on Monday to reach their lowest point since Feb. 24, the day the first Russian troops entered … Read more
Li Auto warned that “supply chain constraint” would mean the company will deliver fewer cars than expected in the third quarter. Meanwhile, China has extended a tax exemption for new energy vehicles until the end of 2023 as it looks to spur growth for electric cars. CFOTO | Future Publishing | Getty Images Shares of … Read more
Raphael Bostic at Jackson Hole, Wyoming David A. Grogan | CNBC Here are the most important news items that investors need to start their trading day: 1. Bad start for stocks Stocks are still in a funk. The three major indices were down Monday, indicating that last week’s troubles would continue. On Friday, the Dow … Read more