As the country went under lockdown, Americans were on the move. Over the last year, 1 in 20 adults moved from where they were living either permanently or temporarily due to the coronavirus outbreak, according to a recent report by the Pew Research Center. Most cited financial reasons for relocating, followed by a job loss
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A worker wrestles a stand of drill pipe into place on a drilling rig near Midland, Texas. Nick Oxford | Reuters The greening of the American oil industry has gone into overdrive. Dan Yergin, IHS Markit vice chairman, said it’s an important turning point for the oil and gas sector, which has been anticipating big
The headquarters of the US Securities and Exchange Commission (SEC). SAUL LOEB | AFP | Getty Images The Securities and Exchange Commission will probe conflicts of interest in financial advice this year with more vigor, at a time when market conditions may lead brokers to take advantage of clients with greater frequency, the federal agency
General Motors employees work on the assembly line at the Fairfax Assembly & Stamping Plant in Kansas City, Kansas. Jim Barcus for General Motors DETROIT — General Motors is extending temporary shutdowns at three of its North American plants due to a global semiconductor chip shortage, which is expected to shed billions off automakers’ earnings
Frank Slootman, CEO, Snowflake Source: CNBC Snowflake shares fell as much as 7% before erasing most of the decline in extended trading on Wednesday after the data analytics software company gave full-year guidance that met but did not exceed analysts’ estimates. The stock had already dropped about 9% during regular trading Wednesday, amid a broad
Chinese tourists wear masks as protection from the pollution outside the Forbidden City during a day of high pollution in Beijing, China. Getty Images Sustainable investing is taking off in Asia-Pacific as institutional investors accelerated their environmental, social and governance (ESG) investments during the coronavirus pandemic last year. ESG investing prioritizes a company’s positive contributions
John Rogers of Ariel Investments told CNBC on Wednesday that corporations can play a critical role in helping close the racial wealth gap in the United States. In an interview on “Closing Bell,” the firm’s co-CEO and chief investment officer pointed to retirement savings plans as one place to start addressing it. But even then,
chee gin tan | E+ | Getty Images The Small Business Administration on Wednesday released a new application and loan calculation formula for Paycheck Protection Program loans for self-employed and gig workers. For these small businesses, it will mean larger forgivable loan amounts going forward. The new PPP application for self-employed workers and sole proprietors
Las Vegas Sands is selling Las Vegas. The price tag: $6.25 billion. Vici Properties said it will pay $4 billion for the real estate — comprising the Venetian, Palazzo and the Sands Expo Convention Center. Apollo Global Management will buy the operations for $2.25 billion, roughly half financed by Sands. The sale comes as Las
CNBC’s Jim Cramer said Wednesday he anticipates a ferocious travel recovery from the Covid pandemic, a development that would have significant implications for companies with exposure to the industry and for the U.S. economy overall. “It’s going to be a boom here in this country, and I don’t think people are ready for it,” Cramer
Senate Finance Committee Chairman Ron Wyden, D-Ore., speaks at a Senate Finance Committee hearing at the U.S. Capitol on Feb. 25, 2021. Tasos Katopodis | Getty Images News | Getty Images Senate Finance Committee Chair Ron Wyden, D-Ore., said Wednesday it’s a “prescription for trouble” to end jobless benefits for the long-term unemployed and gig
LONDON — British luxury carmaker Aston Martin on Wednesday launched a new Formula One car ahead of its return to the most famous motor racing event in the world. The Aston Martin Cognizant F1 team revealed the “AMR21” car at a virtual event that was broadcast from London. The AMR21 will compete in the 2021
Shoppers enter a Michaels store in Miami, Florida. Scott McIntyre | Bloomberg | Getty Images Check out the companies making headlines in midday trading. Rocket Companies – The online mortgage provider’s stock dropped close to 20% after a surprise rally in the previous session as analysts urged caution in the heightened speculative trading in the
Dan Gilbert, chairman, Quicken Loans Anjali Sundaram | CNBC Tuesday’s dramatic and abnormal spike in the stock of Rocket Companies created a major windfall for founder Dan Gilbert, at least on paper. Shares of Rocket, where Gilbert is the majority shareholder, jumped more than 70% on Tuesday, adding $17.30 per share. According to InsiderScore.com and
Nancy Yu has been a staple in San Francisco’s Chinatown for more than two decades. Her store, Asiastar Fantasy, sells souvenirs, gifts and cultural items like red envelopes for Lunar New Year. While she’s weathered many challenges over the years, she’s never seen anything quite like 2020. “Last year was a very difficult time —
tupungato | iStock | Getty Images Between the federal stimulus package passed in December and the one making its way through Congress, there could soon be more than $45 billion in financial assistance available to those who’ve fallen behind on their rent. All states have already been allocated funds from a $25 billion pot of
A Reddit logo seen displayed on a smartphone with stock market prices in the background. Omar Marques | LightRocket | Getty Images Shares of Rocket Companies dropped more than 11% in premarket trading Wednesday following a surprise rally in the previous session, as Wall Street analysts raised red flags on the frenzy trading. The online
Douglas Sacha | Moment | Getty Images The timing of filing a 2020 tax return is extra important this year — if you get it right, it could lead to a bigger stimulus check. The Senate this week is expected to take up President Joe Biden’s $1.9 trillion stimulus plan, which includes $1,400 stimulus checks
The United States has never had a comprehensive wealth tax, and while some European countries have them, many more have repealed wealth taxes over the past several decades. That has not deterred Sen. Elizabeth Warren (D-MA) with Reps. Pramila Jayapal (D-WA) and Brendan Boyle (D-PA) from introducing legislation to create a tax on household net
A Nordstrom store in Irvine, California. Scott Mlyn | CNBC Nordstrom on Tuesday reported fourth-quarter sales and earnings that topped analysts’ estimates, thanks to stronger shopper demand online and growth at its off-price Nordstrom Rack business. But the company cautioned that it has been recently impacted by shipping delays, which held up some of its
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