Bank of America economist says his ‘worst fears around the Fed have been confirmed’

Bank of America economist says his 'worst fears around the Fed have been confirmed'

The Federal Reserve waited too long to start fighting inflation and now runs the risk of dragging the economy into a recession, according to Bank of America’s top economist. On the heels of the central bank’s 75 basis point rate hike Wednesday, BofA global economist Ethan Harris said the Fed is being forced into such … Read more

Coinbase lays off 18% as execs prepare for recession, ‘crypto winter’

Coinbase lays off 18% as execs prepare for recession, 'crypto winter'

Coinbase Founder and CEO Brian Armstrong attend Consensus 2019 at the Hilton Midtown on May 15, 2019 in New York City. Steven Ferdman | Getty Images Coinbase is laying off almost a fifth of its workforce amid a collapse in its stock and crypto prices. The cryptocurrency exchange will cut 18% of full-time jobs, according … Read more

Manhattan luxury magazine publisher Jason Binn arrested for allegedly molesting a girl under 17

Jason Binn, 47, leaving the Manhattan Criminal Court on Monday.  He was arrested after allegedly molesting a girl under 17

Luxury Manhattan magazine publisher Jason Binn has been arrested in New York City for allegedly molesting a girl under 17. The founder and CEO of the glitzy magazine DuJour was charged with forcible touching intimate parts, endangering the welfare of a child and sexual abuse in the third degree. According to the criminal complaint obtained … Read more

Markets are now bracing for the possibility of bigger Fed interest rate hikes ahead

Markets are now bracing for the possibility of bigger Fed interest rate hikes ahead

As inflation climbs to new 40-year highs, expectations for interest rate increases from the Federal Reserve are escalating as well. With the rate-setting Federal Open Market Committee scheduled to hold a policy meeting this week, markets are ramping up their bets on the way things will go, particularly in the months ahead. There’s still about … Read more

Brokers look to replace payment for order flow amid SEC crackdown

Brokers look to replace payment for order flow amid SEC crackdown

The brokerage industry is exploring alternatives to payment for order flow as SEC chair Gary Gensler takes aim at the practice. One idea is coming from Apex Clearing, CNBC has learned. The clearing firm handles trades for SoFi, Webull and other fintechs and has been quietly building a marketplace for matching customer orders. The “auction” … Read more

Inflation, consumer woe add to worries that recession is already here

Inflation, consumer woe add to worries that recession is already here

Trays of beef are for sale in the meat section of a supermarket in McLean, Virginia, June 10, 2022. Saul Loeb | AFP | Getty Images The case that a recession is looming over the US got stronger Friday, as blistering inflation and historic lows in consumer sentiment painted an increasingly dark economic picture. As … Read more

India sets up unique telescope in Himalayan range to keep watch on space debris and asteroids | India News

India sets up unique telescope in Himalayan range to keep watch on space debris and asteroids |  India News

NEW DELHI: India has commissioned a unique liquid-mirror telescope atop a mountain in the Himalayan range in Uttarakhand that will keep a watch on the overhead sky to identify transient or variable objects such space debris, asteroids, supernovae and gravitational lenses. It is the country’s first and the Asia’s largest liquid-mirror telescope. The telescope will … Read more

Twitter, Macy’s, Nvidia, Lululemon and more

Twitter, Macy's, Nvidia, Lululemon and more

A Lululemon sign hangs in front of their store at the Woodbury Commons Premium Outlets shopping mall on November 17, 2019 in Central Valley, New York. Gary Hershorn | Corbis News | Getty Images Check out the companies making headlines in midday trading Thursday. Macy’s — Shares jumped 17.8% after the department store chain reported … Read more

S&P 500 falls, Snap warning drags tech as Nasdaq loses 2%

S&P 500 falls, Snap warning drags tech as Nasdaq loses 2%

The Nasdaq Composite fell on Tuesday as fears from Snap’s bleak warning spread to other tech names, while the Dow Jones Industrial Average rallied into the close from its lows of the day. The tech-heavy Nasdaq dropped about 2.4% to 11,264.45. The S&P 500 moved 0.8% lower to 3,941.48. Meanwhile, the Dow added 48.4 points, … Read more

Deere, Foot Locker, Palo Alto Networks and more

Deere, Foot Locker, Palo Alto Networks and more

The Deer & Co. John Deere 8R fully autonomous tractor is displayed ahead of the Consumer Electronics Show (CES) on January 4, 2022 in Las Vegas, Nevada. Patrick T. Fallon | AFP | Getty Images Check out the companies making headlines in midday trading. Deere — The stock plummeted 11.4% after Deere reported a miss … Read more