Business

Ray Dalio says watch out for rates reaching this level, because Wall Street stocks will take a 20% hit

Ray Dalio says watch out for rates reaching this level, because Wall Street stocks will take a 20% hit

After that CPI shock earlier in the week, Wall Street is fielding a fresh batch of data on Thursday, with the headline retail sales number coming in stronger than expected. And a disastrous rail strike may be reversed. But there’s no cheering up billionaire investor and hedge-fund manager Ray Dalio who in our call of …

Ray Dalio says watch out for rates reaching this level, because Wall Street stocks will take a 20% hit Read More »

Talks to avert crippling US rail strike continue overnight

Talks to avert crippling US rail strike continue overnight

Two rail unions, representing more than 50,000 engineers and conductors who make up the two-person crews that make the trains run, are threatening the first rail strike in 30 years as of 12:01 am ET Friday. Union leaders and the railroads’ labor negotiators began meeting with Labor Secretary Marty Walsh at his Washington, DC, office …

Talks to avert crippling US rail strike continue overnight Read More »

Ethereum 'Merge' concludes in key moment for crypto market

Ethereum ‘Merge’ concludes in key moment for crypto market

Ethereum has completed a long-awaited upgrade to its system in a move expected to slash its energy costs and intended to prepare the ground for more use of crypto technology in mainstream finance. The upgrade, known in the industry as the “Merge”, which changes how new transactions are verified on the Ethereum blockchain, was completed …

Ethereum ‘Merge’ concludes in key moment for crypto market Read More »

Walmart unveils virtual fitting room to push shoppers to buy more clothes

Walmart unveils virtual fitting room to push shoppers to buy more clothes

Walmart is rolling out its latest version of virtual try-on, which allows shoppers to upload an image of themselves and see how items would look. Walmart As some shoppers reduce their spending on clothes, Walmart is rolling out a new tool that it hopes will nudge them toward clicking the “buy” button. Starting this week, …

Walmart unveils virtual fitting room to push shoppers to buy more clothes Read More »

Biden, unions, rail executives struggle for deal as shutdown looms

Biden, unions, rail executives struggle for deal as shutdown looms

DETROIT/LOS ANGELES, Sept 14 (Reuters) – Biden administration officials hosted labor contract talks late on Wednesday to avert a potential rail shutdown that could disrupt cargo shipments and impede food and fuel supplies, but one small union rejected a deal and Amtrak canceled all long-distance passenger trips. Railroads including Union Pacific (UNP.N), Berkshire Hathaway’s (BRKa.N) …

Biden, unions, rail executives struggle for deal as shutdown looms Read More »

Patagonia founder gives away company: 'Earth is now our only shareholder'

Patagonia founder gives away company: ‘Earth is now our only shareholder’

Patagonia founder Yvon Chouinard announced Wednesday that he is giving away the outdoor-apparel company — an unorthodox move intended to help combat climate change and the environmental crisis. In a letter posted to the company’s website, Chouinard wrote that ownership of the company, which was founded in 1973 and reportedly valued at about $3 billion, …

Patagonia founder gives away company: ‘Earth is now our only shareholder’ Read More »

Biden announced $900 million for electric vehicle chargers at the Detroit auto show

Biden announced $900 million for electric vehicle chargers at the Detroit auto show

Washington — President Biden, a gearhead with his own vintage Corvette, showcased his administration’s efforts to promote electric vehicles during a visit Wednesday to the Detroit auto show, where he announced hundreds of millions of dollars to build roughly 500,000 charging stations across dozens of states. Mr. Biden arrived at the massive North American International …

Biden announced $900 million for electric vehicle chargers at the Detroit auto show Read More »

Biden hops into Corvette, declares Detroit 'back' at EV-focused auto show

Biden hops into Corvette, declares Detroit ‘back’ at EV-focused auto show

Register now for FREE unlimited access to Reuters.com Register DETROIT, Sept 14 (Reuters) – President Joe Biden took a victory lap on Wednesday at the Detroit auto show as he highlighted automakers’ electric-vehicle push, including billions of dollars in investments in battery plants, on the back of new government support. Self-declared “car guy” Biden climbed …

Biden hops into Corvette, declares Detroit ‘back’ at EV-focused auto show Read More »

Wall St staggers to higher close as Fed rate hike looms

Wall St staggers to higher close as Fed rate hike looms

Register now for FREE unlimited access to Reuters.com Register Market sees 22% likelihood of a 100 bps rate hike from Fed -CME Railroad stocks drop amid negotiations to avoid strike Indexes up: Dow 0.10%, S&P 0.34%, Nasdaq 0.74% NEW YORK, Sept 14 (Reuters) – Wall Street ended a directionless session higher on Wednesday as an …

Wall St staggers to higher close as Fed rate hike looms Read More »

To Halt Yen's Plunge, Japan Gets Ready to Sell Foreign Exchange Reserves Instead of Hiking Interest Rates.  Won't Work for Long.  Markets Can Win this Battle

To Halt Yen’s Plunge, Japan Gets Ready to Sell Foreign Exchange Reserves Instead of Hiking Interest Rates. Won’t Work for Long. Markets Can Win this Battle

Rate hikes to keep up with the Fed would work. But the Bank of Japan still digs in its heels. Its balance sheet has shrunk for months though. By Wolf Richter for WOLF STREET. The Bank of Japan is now getting serious about propping up the yen with direct market intervention, after jawboning by the …

To Halt Yen’s Plunge, Japan Gets Ready to Sell Foreign Exchange Reserves Instead of Hiking Interest Rates. Won’t Work for Long. Markets Can Win this Battle Read More »