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.
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%.
Asian shares fell to six-week lows on Thursday while the dollar jumped to two-year highs as the U.S. Federal Reserve poured cold water on market expectations of a lengthy easing cycle following a 25 basis-point rate cut.
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:
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.
Oil prices fell more than $1 on Thursday, declining for the first time in six days, after the U.S. Federal Reserve dampened hopes for a string of rate cuts and Sino-U.S. trade talks ended without progress.
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.
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.
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 Federal Reserve cut interest rates on Wednesday to shore up the economy against risks including global weakness, but the head of the U.S. central bank said he did not view the move as the start of a lengthy series of rate cuts.
Whiting Petroleum said on Wednesday it has cut its workforce by 33% after reporting a second-quarter surprise loss, hit by a drop in crude and natural gas prices.
Qualcomm Inc missed quarterly revenue estimates and forecast current-quarter revenue and profit below analysts' expectations on Wednesday, sending its shares down nearly 6% in extended trading.
Sell-side analysts have stopped covering U.S. private prison operators as Wall Street has distanced itself from publicly traded GEO Group Inc and CoreCivic Inc .
The U.S. dollar rose as high as $1.063 against the euro <EUR=> on Wednesday, its strongest level since May 2017, after the Federal Reserve cut interest rates by 25 basis points as expected.
The dollar index rose on Wednesday and stocks tumbled even as the Federal Reserve cut interest rates after Fed Chairman Jerome Powell said the 25-basis-point cut was not the same as the beginning of a lengthy rate cutting cycle.