Bank stocks dive after the Fed slashes rates to curb coronavirus impact, JPMorgan off by nearly 4%
Bank stocks sold off in unison on Tuesday on concerns lower rates would hit lending margins.
Bank stocks sold off in unison on Tuesday on concerns lower rates would hit lending margins.
The global oil benchmark ended Tuesday slightly lower under pressure from falling equities, but the losses were contained slightly as top producers considered more output cuts to support prices and the Federal Reserve cut U.S. interest rates to support the economy.
U.S. Federal Reserve officials have slashed interest rates half a percentage point because of the coronavirus.
Berkshire Hathaway Inc , the conglomerate run Warren Buffett, said it will hold its annual shareholder meeting on May 2 despite the coronavirus outbreak, but may curtail some of the surrounding events.
The U.S. Federal Reserve cut interest rates on Tuesday in a bid to shield the world's largest economy from the impact of the coronavirus, but the emergency move failed to comfort U.S. financial markets roiled by worries about a deeper, lasting slowdown.
Asian shares were poised to drop on Wednesday and bonds soared, after an emergency rate cut from the U.S. Federal Reserve was unable to quell investor fears over the coronavirus's widening fallout.
Wall Street stepped up preparations to deal with the impact of the coronavirus on Tuesday, testing backup plans and asking employees to work from home, as a New Yorker tested positive for the virus, bringing the prospect of the spread of the infection closer to home.
Nordstrom Inc forecast a 2020 profit largely below market expectations on Tuesday, after the upscale apparel retailer missed estimates for fourth-quarter revenue, sending its shares down nearly 8% in after-market trading.
Hewlett Packard Enterprise on Tuesday cut its free cash flow forecast for the year citing supply constraints due to the coronavirus outbreak, and reported a lower-than-expected quarterly revenue.
Billionaire hedge fund investor William Ackman on Tuesday said he has moved to protect the firm's $6.6 billion portfolio, which includes restaurant chain and hotel stocks, as the spread of the coronavirus has sparked prolonged panic selling in markets.
Comcast Corp's NBCUniversal said on Tuesday it had sold more than $1.25 billion in national advertising for the Tokyo Olympics, a new record for any broadcaster for the games.
Hong Kong-based Bank of East Asia said on Wednesday it would carry out a comprehensive review of its portfolio of businesses and assets with the support of activist investor Elliott Management.
SoftBank Group Corp Chief Executive Masayoshi Son held his first "pre-IPO summit" for the Japanese conglomerate's portfolio companies on Tuesday, introducing them to Wall Street investors who could be backing their stock market debuts.
The coronavirus outbreak will likely have only a "short-lived imprint" on the U.S. economy, Chicago Federal Reserve bank President Charles Evans said on Tuesday night.
Asian shares wobbled on Wednesday and bonds held gains, as an emergency rate cut from the U.S. Federal Reserve did little to soothe investor fears over the coronavirus's widening fallout.