Oil prices rose for a fifth day on Wednesday following a larger-than-expected drop in U.S. inventories and after the Federal Reserve cut U.S. interest rates for the first time in more than a decade.
The dollar index rose on Wednesday and stocks tumbled even as the Federal Reserve cut interest rates after Fed Chairman Jerome Powell said the 25-basis-point cut was not the same as the beginning of a lengthy rate cutting cycle.
The U.S. dollar rose as high as $1.063 against the euro <EUR=> on Wednesday, its strongest level since May 2017, after the Federal Reserve cut interest rates by 25 basis points as expected.
Sell-side analysts have stopped covering U.S. private prison operators as Wall Street has distanced itself from publicly traded GEO Group Inc and CoreCivic Inc .
Qualcomm Inc missed quarterly revenue estimates and forecast current-quarter revenue and profit below analysts' expectations on Wednesday, sending its shares down nearly 6% in extended trading.
Whiting Petroleum said on Wednesday it has cut its workforce by 33% after reporting a second-quarter surprise loss, hit by a drop in crude and natural gas prices.
The Federal Reserve cut interest rates on Wednesday to shore up the economy against risks including global weakness, but the head of the U.S. central bank said he did not view the move as the start of a lengthy series of rate cuts.
The U.S. dollar rose to two-year highs on Wednesday after Federal Reserve Chair Jerome Powell, having made the first cut to interest rates since 2008, signaled the move was not the start of a rate-cutting cycle.
The Dow and S&P 500 suffered their biggest daily percentage drops since May 31 on Wednesday after the Federal Reserve cut interest rates for the first time in a decade, but remarks by Fed Chair Jerome Powell dampened expectations for further cuts going forward.
Wearable device maker Fitbit Inc forecast third-quarter revenue below analysts' estimates and lowered its 2019 sales outlook as the company expects weak smartwatch sales and lower average selling price.
PG&E Corp said in court papers on Wednesday that it "strongly disagrees" with a suggestion in a Wall Street Journal article that the company knowingly deferred maintenance on equipment that caused California's Camp Fire, the deadliest and most destructive wildfire in California's modern history.
Following is the full text of the statement released by the Federal Reserve's Federal Open Market Committee on Wednesday following a two-day meeting:
Qualcomm Inc's quarterly revenue and profit forecast fell short of Wall Street targets, driven by Huawei Technologies Co Ltd's strong gains in the Chinese smartphone market, the U.S. company said, sending its shares down as much as 6%.
Two of the biggest U.S. banks, JPMorgan Chase & Co and Citigroup Inc , on Wednesday lowered their benchmark rates for a wide range of consumer and commercial loans, following a rate cut from the Federal Reserve.
U.S. interest rates have never been as low as they are now at the start of any past Federal Reserve interest rate reduction cycle.