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.
The company is on track to generate $1 billion in revenue in 2019, one of the people said.
Wearable device maker Fitbit Inc cut its 2019 revenue forecast on Wednesday, blaming disappointing sales of its newly launched cheapest smartwatch Versa Lite, sending its shares tumbling as much as 16% to a record low.
The dollar index hit a more than 2-year high and stocks tumbled after Federal Reserve Chairman Jerome Powell said Wednesday's 25-basis-point rate cut was not the same as the beginning of a lengthy easing cycle.
U.S. President Donald Trump said Federal Reserve Chairman Jerome Powell "let us down" with a quarter-percentage-point interest rate cut on Wednesday, saying the market wanted a signal that a "lengthy and aggressive rate-cutting cycle" was under way.
Subverse, with a valuation cap of $15 million, is raising crowdfunding on WeFunder. The company runs a decentralized news network that is focused on providing good-faith coverage of global issues in the form of balanced reporting. Subverse produces about four new videos per week, covering global and national topics with utmost honesty and integrity. Subverse [...]
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ElectroSpit, the manufacturer of new-generation talkbox instrument, is raising funds on MicroVentures. The company has a valuation cap of $5 million and manufactures mobile and portable talkbox instruments. ElectroSpit’s first product, ESX-1 talkbox, allows users to play music without using complicated instruments. ElectroSpit was founded by Bosko Kante and Maya Kante and has raised $113,000 [...]
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Cisco Systems Inc has agreed to settle a whistleblower’s claim that it improperly sold video surveillance software with known vulnerabilities to U.S. federal and state governments, marking the first payout on a False Claims Act case brought over failure to meet cybersecurity standards.