Yellen dismisses minting $1 trillion coin to avoid federal default
LUSAKA, Zambia — Treasury Secretary Janet Yellen said the Federal Reserve likely wouldn’t accept a $1 trillion platinum coin if the Biden administration tried to mint one to avoid breaching the debt limit, dismissing an idea that has been floated to circumvent Congress on the issue. Some Biden administration officials and Democrats on Capitol Hill have discussed the […]
New Zealand Prime Minister Jacinda Ardern steps down: ‘I no longer have enough in the tank’
““I know what this job takes, and I know that I no longer have enough in the tank to do it justice. It is that simple.”” Those are the words of New Zealand Prime Minister Jacinda Ardern, who has announced she will not seek another term and will step down from her office by Feb. […]
Wall Street’s ‘fear gauge’ flashes warning that stocks might be headed off a cliff
Wall Street’s fear gauge has fallen to its lowest level in months, and Wall Street strategists are concerned it could be a warning that the latest stock-market rally is coming to an end. Specifically, they’re worried that the low level of the Cboe Volatility Index, otherwise known as “the VIX,” suggests that investors may have […]
Dow sheds nearly 400 points as U.S stocks finish mostly lower after Goldman Sachs, Morgan Stanley earnings
U.S. stocks ended mostly lower on Tuesday, with the Dow Jones Industrial Average snapping a four-day win streak after Goldman Sachs reported poor earnings results. The S&P 500 also ended lower, but the Nasdaq Composite eked out a gain as investors focused on whether the early 2023 rally has legs.How stocks traded The S&P 500 […]
Rise in middle-aged white ‘deaths of despair’ may be fueled by loss of religion, new research paper argues
So-called deaths of despair such as from suicide or alcohol abuse have been skyrocketing for middle-aged white Americans. It’s been blamed on various phenomenon, including opioid abuse. But a new research paper finds a different culprit — declining religious practice. The working paper, from Tyler Giles of Wellesley College, Daniel Hungerman of the University of […]
Small-cap stocks outperform so far in 2023 as U.S. equities book second week of gains this year
Small-cap stocks are outperforming large-cap U.S. equities this year, in an upbeat start to 2023 after suffering steep losses last year. The Russell 2000 index, which tracks small-cap stocks in the U.S., was up 7.1% this year through Friday, according to FactSet data. That beats the 4.2% gain for the S&P 500, a gauge of […]
Why value stocks may not repeat their vast 2022 outperformance in 2023
Are so-called value stocks still living up to their name? Some aren’t so sure. After more than a decade of lackluster returns, the value factor beat the broader market and outperformed rival growth stocks in 2022 by the widest margin since 2000. Still, both broad categories suffered sizable declines during a bear market that sent […]
Gold hits fresh 8-month high on China reopening hopes
Gold futures touched a fresh 8-month high Wednesday as traders bet that China’s decision to drop COVID-19 restrictions on its economy would continue to boost prices of precious and industrial metals. Price action Gold futures for February delivery GC00, +0.23% GCG23, +0.23% rose by $5, or 0.3%, to $1,889 per ounce on Comex, according to […]
Treasury yields slip after World Bank warning adds to global growth concerns and traders eye inflation data
U.S. bond yields fell on Wednesday as concerns about global economic growth lingered and traders looked ahead to U.S. inflation data, while an auction of 10-year notes met strong demand.What’s happening The yield on the 2-year Treasury TMUBMUSD02Y, 4.224% slipped 0.8 basis point to 4.249%. Yields and debt prices move opposite each other. The yield […]
Treasury yields firmer amid hawkish Fed chatter and looming CPI data
Bond yields rose as markets continued to absorb another bout of hawkish Fed commentary.What’s happening The yield on the 2-year Treasury TMUBMUSD02Y, 4.245% rose 2.1 basis points to 4.237%. Yields move in the opposite direction to prices. The yield on the 10-year Treasury TMUBMUSD10Y, 3.568% rose 1.1 basis points to 3.550%. The yield on the […]