Kamis, 27 Februari 2020

Stocks Tumble Into Correction Territory On Coronavirus Fears - NPR

Stocks continued their downward slide on Thursday, with major indexes falling into correction territory. Investors are worried about the economic toll of a widening coronavirus epidemic.

The Dow Jones Industrial Average tumbled more than 500 points in the opening minutes of trading. The blue chip index is down more than 10% from its recent peak on Feb. 12. The broader S&P 500 index has also lost more than 10% of its value in just over a week.

President Trump tried to project a note of calm in a news conference Wednesday evening, stressing that the United States is well prepared for any health crisis and predicting the stock market will recover, thanks in part to robust consumer spending. But investors were not immediately reassured.

A poll by Morning Consult this week found that 69% of U.S. adults are either "very" or "somewhat" concerned about the domestic economic impact of the epidemic, a 14 point increase from a few weeks ago.

Health officials also reported the first known case of coronavirus in the U.S. with no apparent link to China or other sources, suggesting that the virus may be spreading domestically.

The steep drop in financial markets could put a dent in consumer confidence and spending — a major driver of the U.S. economy. It may also increase pressure on the Federal Reserve to lower interest rates. On Tuesday, the central bank's vice chairman, Richard Clarida, said the Fed is monitoring the outbreak closely but he cautioned it's too soon to assess the economic effects.

Let's block ads! (Why?)

https://news.google.com/__i/rss/rd/articles/CBMiZGh0dHBzOi8vd3d3Lm5wci5vcmcvMjAyMC8wMi8yNy84MDk5MzQxOTQvc3RvY2tzLXNsaWRlLWludG8tY29ycmVjdGlvbi10ZXJyaXRvcnktb24tY29yb25hdmlydXMtZmVhcnPSAQA?oc=5

2020-02-27 15:02:00Z
52780630255565

Dow tumbles into correction territory for the first time in 2 years as coronavirus outbreak slams stock market - MarketWatch

The stock market opened sharply lower Thursday morning, pushing the Dow Jones Industrial Average to its first correction in more than two years as investors around the world continued to flee equities amid the rapid spread of COVID-19, the infectious illness that reportedly originated in Wuhan, China late last year and has sickened tens of thousands. The Dow DJIA, -3.07% fell 517 points, or 1.9%, at 26,440, the S&P 500 index SPX, -3.00% fell 2% at 3,054, also not far from correction below 3,047.53. The Nasdaq Composite Index COMP, -3.50% declined 2.7% at 8,735. A correction is traditionally defined as a drop of at least 10%, but not more than 20%, from a recent peak. The last time the Dow entered correction was December of 2018, according to Dow Jones Market Data.

Let's block ads! (Why?)

https://news.google.com/__i/rss/rd/articles/CBMimwFodHRwczovL3d3dy5tYXJrZXR3YXRjaC5jb20vc3RvcnkvZG93LXR1bWJsZXMtaW50by1jb3JyZWN0aW9uLXRlcnJpdG9yeS1mb3ItdGhlLWZpcnN0LXRpbWUtaW4tMi15ZWFycy1hcy1jb3JvbmF2aXJ1cy1vdXRicmVhay1zbGFtcy1zdG9jay1tYXJrZXQtMjAyMC0wMi0yN9IBT2h0dHBzOi8vd3d3Lm1hcmtldHdhdGNoLmNvbS9hbXAvc3RvcnkvZ3VpZC84NTFFRTlBQS1EM0QyLTQ1QTEtQjNBQi04REE1N0Q1RDgwNDM?oc=5

2020-02-27 14:34:00Z
52780630255565

Coronavirus is threatening to end the world air-travel boom - CNBC

Foreign travelers wearing masks walk past a departures information board at Beijing International Airport in Beijing, China as the country is hit by an outbreak of the new coronavirus, February 1, 2020.

Jason Lee | Reuters

The rapid spread of the new coronavirus is testing airlines and other travel companies with a risk that had been nearly unthinkable over the past decade: a broad decline in travel demand.

Air-travel demand had been growing at twice the pace of the global economy, but that bright spot is now at risk. U.S. airlines and other travel stocks have tumbled more than the broader market in this week's rout as big conferences were canceled and fears grew that customers may just opt out of trips because of the spreading COVID-19 outbreak.

The issue caps a difficult year for airlines that have been grappling with the nearly yearlong grounding of the Boeing 737 Max. Carriers need demand to stay robust, particularly in the lucrative spring and summer travel seasons, and analysts are warning that that looks unlikely.

The NYSE Arca Airline Index, which tracks 16 carriers in North America, Latin America and budget carrier Ryanair, has dropped more than 15% this week as of Wednesday's close, putting it on pace for its biggest weekly percentage loss since March 2009 — during the last recession. American Airlines shares on Wednesday closed the lowest since before its 2013 merger with US Airways and United Airlines, which suspended its full-year guidance this week because of the virus, fell to a more than two-year low.

"Every day we think we could be near a bottom, and every day we are not," Cowen airline analyst Helane Becker said in a note Thursday.

Deutsche Bank on Thursday downgraded American, Alaska, Delta, Spirit, JetBlue and United stocks to hold from buy, saying it "is becoming increasingly more likely that the spread of COVID-19 will disrupt travel patterns beyond China."

More than 81,000 people have been sickened with coronavirus and new cases are rising outside of China, where most of the cases have been reported. The Centers for Disease Control and Prevention on Wednesday advised the public to avoid all nonessential travel to South Korea. Saudi Arabia it will temporarily suspend the entry of foreigners for pilgrimage and tourism purposes.

Airlines have already canceled more than 200,000 flights, mostly to, from and within China because of the virus. Now they are mulling other changes. Delta slashed its service to South Korea, home to the largest outbreak outside of China, to 15 weekly flights from 28. All three major U.S. airlines have suspended flights to mainland China and Hong Kong and waived cancellation and change fees for China and South Korea as demand collapsed.

U.S. airlines, which historically have experienced boom-and-bust cycles, have just posted their 10th consecutive year of profitability, but their future performance will hinge on whether demand declines sharply in the U.S.

Social media's effect

Some carriers are already preparing for flyers too worried to travel. The last global outbreak of this scale was SARS just under a decade ago, but the fast spread of information could lead travelers to change their plans more quickly now, analysts said.

"We didn't have Facebook and Twitter," said Darryl Genovesi, airline analyst at Vertical Research Partners.

The CDC on Wednesday reported the first possible case of "community transmission" of the coronavirus. The Northern California resident had no travel history or contacts that would have put the person at risk, the CDC said. While the number of confirmed cases in the U.S. is still relatively low, some airlines are preparing for passengers to be too scared to travel.

JetBlue Airways in a surprise move Wednesday, said it would waive fees for travelers who want to cancel or change the date of tickets they buy from Thursday through March 11, a measure that pressures other U.S. airlines to follow suit.

"The risk here for airlines is this triggers a broad slowdown in travel," said Samuel Engel, head of the aviation practice at consulting firm ICF. "Airlines are by their nature diversified enterprises. They can withstand a loss of traffic on a single route or region but where the airlines get hit is when the fear makes people cancel or postpone trips."

Let's block ads! (Why?)

https://news.google.com/__i/rss/rd/articles/CBMiZGh0dHBzOi8vd3d3LmNuYmMuY29tLzIwMjAvMDIvMjcvY29yb25hdmlydXMtcmFpc2VzLXdvcnJpZXMtYWJvdXQtYS1icm9hZC1zbG93ZG93bi1pbi1haXItdHJhdmVsLmh0bWzSAWhodHRwczovL3d3dy5jbmJjLmNvbS9hbXAvMjAyMC8wMi8yNy9jb3JvbmF2aXJ1cy1yYWlzZXMtd29ycmllcy1hYm91dC1hLWJyb2FkLXNsb3dkb3duLWluLWFpci10cmF2ZWwuaHRtbA?oc=5

2020-02-27 14:45:00Z
52780630841046

Dow futures plunge nearly 400 points on fears the coronavirus could be spreading to the US - USA TODAY

Jessica Menton USA TODAY

Published 9:09 AM EST Feb 27, 2020

Stock futures tumbled Thursday as fears mount that the deadly coronavirus could be spreading to the U.S. as the number of worldwide cases top 81,000.

Dow futures dropped nearly 400 points while Standard & Poor’s 500 futures slumped 1.5%.

Heading into Thursday, both averages were teetering on the brink of a correction, generally defined as a decline of 10% from a recent high. The Dow Jones industrial average is off 8.8% from its Feb. 12 record while the S&P 500 index was just under 8% off its all-time high reached Feb. 19.

President Donald Trump announced late Thursday the U.S. was stepping up its efforts to combat the virus outbreak. Shortly after Trump spoke, the government announced that another person in the U.S. was infected — someone in California who appears not to have the usual risk factors of having traveled abroad or being exposed to another patient.

“The efforts by Trump to calm the markets are being overshadowed by the news from the CDC of a possible transmission of the virus in the U.S.,” Peter Cardillo, chief market economist at Spartan Capital Securities, says in a note. “We continue to recommend staying cautious.”

Coronavirus fears spook stocks: Here's how to protect your 401(k)

That Facebook ad promising a cure?: It's fake and Facebook's cracking down

Investors have been shifting money from stocks into safe havens like bonds and gold in the wake of the outbreak.

The yield on the 10-year Treasury, a closely watched barometer for the U.S. economy, hit a fresh record low, sliding to 1.27% Thursday, down from 1.34%. The yield on the 3-month Treasury bill edged up to 1.51%. The inversion in the yield between the 10-year and the 3-month Treasurys is a red flag for investors because it has preceded the last seven recessions.

Gold climbed $7.60 to $1,650.70 per ounce.

Germany’s DAX lost 2.2% and the CAC 40 in Paris dropped 2.3%. In London, the FTSE 100 lost 2.5%. Japan’s Nikkei 225 index lost 2.1% while in Australia, the S&P ASX/200 dropped 0.8%. Hong Kong’s climbed 0.3% to 26,778.62.

The Associated Press contributed to this report.

Let's block ads! (Why?)

https://news.google.com/__i/rss/rd/articles/CBMiZWh0dHBzOi8vd3d3LnVzYXRvZGF5LmNvbS9zdG9yeS9tb25leS8yMDIwLzAyLzI3L2Rvdy1tYXJrZXRzLXBsdW5nZS1jb3JyZWN0aW9uLWNvcm9uYXZpcnVzLzQ4ODk5NzcwMDIv0gEnaHR0cHM6Ly9hbXAudXNhdG9kYXkuY29tL2FtcC80ODg5OTc3MDAy?oc=5

2020-02-27 14:03:45Z
52780630255565

Dow Jones Futures Tumble On US Virus First, Microsoft Coronavirus Warning, Trump After Stock Market Rally Fizzles - Investor's Business Daily

[unable to retrieve full-text content]

https://news.google.com/__i/rss/rd/articles/CBMijQFodHRwczovL3d3dy5pbnZlc3RvcnMuY29tL21hcmtldC10cmVuZC9zdG9jay1tYXJrZXQtdG9kYXkvZG93LWpvbmVzLWZ1dHVyZXMtbWljcm9zb2Z0LWNvcm9uYXZpcnVzLXdhcm5pbmctc3RvY2stbWFya2V0LXJhbGx5LWFwcGxlLXRlc2xhLWFtZC_SAQA?oc=5

2020-02-27 12:52:00Z
52780630255565

Best Buy earnings top estimates, driven by strong holiday sales - CNBC

Best Buy on Thursday reported fourth-quarter results that exceeded analysts' expectations, driven by strong sales of headphones, appliances and other items over the holidays.

Shares were down 2% in premarket trading amid rising market worries about coronavirus.

Best Buy Chief Financial Officer Matt Bilunas said the company is monitoring the coronavirus outbreak and expects most of its impact to be in the first half of the year.

He said the retailer factored the coronavirus into its first-quarter and full-year guidance, but he said "we view this as a relatively short-term disruption that does not impact our long-term strategy and initiatives."

Here's what Best Buy reported compared with what analysts were expecting, based on a survey of analysts by Refinitiv:

Earnings per share, adjusted: $2.90 vs. $2.75 expected
Revenue: $15.2 billion vs. $15.05 billion expected
Same-store sales growth: 3.2% vs. 1.9% expected

Best Buy CEO Corie Barry said in an earnings call that the retailer's growth in the quarter was fueled by sales of headphones, computing, appliance, mobile phones and tablets and that helped offset a decline in gaming. It also saw growth in its in-home consultation and tech support businesses, she said.

"We offer compelling holiday deals that resonated with customers and provided a seamless shopping experience, great inventory availability, and fast free delivery," she said.

In the fourth quarter ended Feb.1, Best Buy said net income grew to $745 million, or $2.84 per share, from $735 million, or $2.69 per share, a year earlier.

Excluding items, Best Buy earned $2.90 per share, which was higher than the $2.75 per share analysts were expecting, according to Refinitiv.

Best Buy said revenue grew to $15.2 billion, from $14.8 billion last year, and was higher than the $15.05 billion analysts expected.

Sales at stores open at least a year rose 3.2%. Analysts were expecting a 1.9% gain.

The retailer's forecast for fiscal 2021 calls for an adjusted earnings range of $6.10 to $6.30 per share and for same-store sales to be flat to up 2.0%. Revenue will be between $43.3 billion to $44.3 billion, the company said.

Analysts surveyed by Refinitiv were calling for Best Buy to earn $6.25 per share on revenue of $44.22 billion in fiscal 2021.

Over the holiday season, Best Buy offered next-day delivery on thousands of items with no minimum purchase or membership required. Customers could pick up products in store within an hour of placing an order.

The retailer also made it possible for shoppers in New York City and Chicago to pick up their purchases at 175 alternate pickup locations. In New York, customers could pick up at CVS and UPS and in Chicago, they picked up at UPS.

Best Buy has expanded the services side of its business as it's competed with Amazon on consumer electronics. It's capitalized on the rise of smart home devices by helping customers buy and set them up. For example, it offers Total Tech Support, an annual membership program that can help customers install a smart doorbell, mount a TV or troubleshoot a computer glitch. It costs $199.99 a year.

The retailer has also expanded into health. It acquired three health-related companies, including GreatCall, a connected health and emergency response services provider for senior citizens. It has piloted tech-enabled programs that could reduce healthcare costs. And it's hired a practicing emergency medicine physician, Dr. Daniel Grossman, to be its chief medical officer.

Previously, in the third-quarter earnings call, Barry said the company's health offerings are used by about 1 million seniors and the company wants to increase that to 5 million in fiscal 2025.

Best Buy's shares have gained about 36% over the past 12 months, bringing its market value to $21.3 billion.

Read the full press release here.

Let's block ads! (Why?)

https://news.google.com/__i/rss/rd/articles/CBMiQmh0dHBzOi8vd3d3LmNuYmMuY29tLzIwMjAvMDIvMjcvYmVzdC1idXktYmJ5LXE0LTIwMjAtZWFybmluZ3MuaHRtbNIBRmh0dHBzOi8vd3d3LmNuYmMuY29tL2FtcC8yMDIwLzAyLzI3L2Jlc3QtYnV5LWJieS1xNC0yMDIwLWVhcm5pbmdzLmh0bWw?oc=5

2020-02-27 12:16:00Z
52780635619940

Dow Jones Futures Tumble On US Virus First, Microsoft Coronavirus Warning, Trump After Stock Market Rally Fizzles - Investor's Business Daily

[unable to retrieve full-text content]

Dow futures sink as US officials warn of coronavirus spread - CNN

Other major US indexes also declined in premarket trading. S&P 500 (SPX) and Nasdaq (COMP) futures each fell 0.8%.

The US Centers for Disease Control and Prevention said earlier that a resident of Solano County, California, tested positive for the virus without having "relevant travel history or exposure to another known patient." They warned that the case could indicate that the virus has begun moving through a community in the United States for the first time.

Coronavirus is fast becoming an 'economic pandemic'

The CDC announcement also came as President Donald Trump tried to assuage fears about the outbreak. At a press conference Wednesday, he defended the White House's response to the disease and stressed that the administration has resources devoted to combating the virus. Vice President Mike Pence is now in charge of the government's plan, he added.

CDC officials, though, have told Americans that health experts foresee the virus spreading in the United States.

The coronavirus has killed at least 2,800 people worldwide and infected 81,700. While the vast majority of cases have been recorded in mainland China, the virus has spread to every continent except Antarctica, sparking alarm. More than a dozen cases have been recorded in the United States.

Stock markets this week — many of which had been brushing off the virus — have been rattled by fears about how the virus could hurt the global economy and wreak havoc on supply chains. After Italy and South Korea recorded a sharp spike in infections over the weekend, the Dow plunged more than 1,000 points Monday.

The Dow has now lost more than 2,000 points, or 7%, this week. The S&P 500 has turned negative for the year.

Major stock markets in Europe opened sharply lower on Thursday. London's FTSE 100 (UKX) dropped 2.3%, while France's CAC 40 (CAC40) and Germany's DAX (DAX) shed 2.2%.

Anheuser-Busch InBev (BUD), the world's biggest brewer, was the latest big company to warn about the negative impact of the coronavirus. The maker of Budweiser estimated that the outbreak would result in lost sales of $285 million in China over the first two months of 2020. Danone (DANOY) and Diageo (DEO) issued similar warnings on Wednesday.

Asian markets were mixed. Japan's Nikkei 225 (N225) closed down 2.1%, while Hong Kong's Hang Seng (HSI) added 0.3%. South Korea's Kospi (KOSPI) fell 1%.

Let's block ads! (Why?)

https://news.google.com/__i/rss/rd/articles/CBMiSGh0dHBzOi8vd3d3LmNubi5jb20vMjAyMC8wMi8yNi9pbnZlc3RpbmcvcHJlbWFya2V0cy1kb3ctc2lua3MvaW5kZXguaHRtbNIBTGh0dHBzOi8vYW1wLmNubi5jb20vY25uLzIwMjAvMDIvMjYvaW52ZXN0aW5nL3ByZW1hcmtldHMtZG93LXNpbmtzL2luZGV4Lmh0bWw?oc=5

2020-02-27 09:12:00Z
52780630255565

Rabu, 26 Februari 2020

Wall Street set to open higher after four-day selloff - Investing.com

By Medha Singh

(Reuters) - Wall Street's main indexes rose about 1% on Wednesday after suffering their worst four-day percentage fall in more than a year on fears of the economic damage from the global spread of the coronavirus.

Investors were cautious as the U.S. Centers for Disease Control and Prevention urged Americans to prepare for the virus to spread in the United States. President Donald Trump said he will hold a news conference on the coronavirus at 6 p.m. ET (2300 GMT).

As of Wednesday, death toll in Italy had crossed 19 and new cases in South Korea rose above 1,260, while Greece and Brazil reported their first cases of the virus.

"It's unclear if it's something that will be resolved in weeks or months or a longer time," said Chester Spatt, professor of finance at Carnegie Mellon University.

"There is potential for shock to both supply and demand sides of the economy. The magnitude of the shock is uncertain right now."

All major S&P sectors were trading higher, with technology leading the charge on a 1.6% gain. Defensive utilities, real estate and consumer staples were the laggards.

At 09:46 a.m. ET, the was up 291.27 points, or 1.08%, at 27,372.63 and the S&P 500 was up 39.01 points, or 1.25%, at 3,167.22. The was up 138.33 points, or 1.54%, at 9,103.94.

The Dow has lost more than 1,900 points in the past two days alone, while the Nasdaq has slid 8.9% from its record peak hit last Wednesday.

The S&P 500, which is down 7.8% from its all-time high, has lost about $1.74 trillion in market capitalization in the last two sessions, according to S&P Dow Jones Indices senior analyst Howard Silverblatt.

Among stocks, TJX (NYSE:) Cos Inc jumped 7.8% as the offprice retailer beat quarterly same-store sales estimates.

Beyond Meat (NASDAQ:) Inc rose 6.1% as Starbucks Corp (NASDAQ:) said its Canadian stores would start selling the company's plant-based breakfast sandwich next week.

Walt Disney (NYSE:) Co slipped 0.6% on news Robert Iger will step down as chief executive officer, handing the reins to Disney Parks head Bob Chapek.

Advancing issues outnumbered decliners by a 3.63-to-1 ratio on the NYSE and by a 2.91-to-1 ratio on the Nasdaq.

The S&P index recorded one new 52-week highs and 12 new lows, while the Nasdaq recorded 10 new highs and 56 new lows.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Let's block ads! (Why?)

https://news.google.com/__i/rss/rd/articles/CBMiaWh0dHBzOi8vd3d3LmludmVzdGluZy5jb20vbmV3cy9zdG9jay1tYXJrZXQtbmV3cy9mdXR1cmVzLWxvb2stZm9yLWRpcmVjdGlvbi1hZnRlci1mb3VyZGF5LXNlbGxvZmYtMjA5NDQ5NtIBAA?oc=5

2020-02-26 14:29:00Z
CBMiaWh0dHBzOi8vd3d3LmludmVzdGluZy5jb20vbmV3cy9zdG9jay1tYXJrZXQtbmV3cy9mdXR1cmVzLWxvb2stZm9yLWRpcmVjdGlvbi1hZnRlci1mb3VyZGF5LXNlbGxvZmYtMjA5NDQ5NtIBAA

Bob Iger on stepping down as Disney CEO: 'I don't want to run the company anymore' - CNBC

The Walt Disney Company Chairman and CEO Bob Iger

Kimberly White | Getty Images Entertainment | Getty Images

Disney's Bob Iger elaborated a bit Wednesday on his stunning decision to step down as CEO and become executive chairman effective immediately.

"I don't want to run the company anymore," Iger said via phone, a day after his announcement.

The long-tenured chief cited 20 years and 81 earnings calls and said he wants to concentrate on the creative pipeline of the company.

Iger told me his desire to step down coalesced around Thanksgiving when he raised it with the board, which had already been targeting candidates.

Bob Chapek, who most recently was chairman of Disney parks, will become the CEO. Iger will remain as executive chairman through 2021, focusing on the creative strategy of the company.

When it comes to the long transition, Iger told me there is "no rule book on this stuff" and this is what works for the company.

Disney shares were down slightly in early trading Wednesday.

Correction: This story was revised to correct the day of Iger's announcement. It was Tuesday.

Subscribe to CNBC PRO for exclusive insights and analysis, and live business day programming from around the world.

Let's block ads! (Why?)

https://news.google.com/__i/rss/rd/articles/CBMic2h0dHBzOi8vd3d3LmNuYmMuY29tLzIwMjAvMDIvMjYvYm9iLWlnZXItb24tc3RlcHBpbmctZG93bi1hcy1kaXNuZXktY2VvLWktZG9udC13YW50LXRvLXJ1bi10aGUtY29tcGFueS1hbnltb3JlLmh0bWzSAXdodHRwczovL3d3dy5jbmJjLmNvbS9hbXAvMjAyMC8wMi8yNi9ib2ItaWdlci1vbi1zdGVwcGluZy1kb3duLWFzLWRpc25leS1jZW8taS1kb250LXdhbnQtdG8tcnVuLXRoZS1jb21wYW55LWFueW1vcmUuaHRtbA?oc=5

2020-02-26 14:14:00Z
52780632895316

Wall Street set to open higher after four-day selloff - Reuters

A trader works on the floor of the New York Stock Exchange shortly after the closing bell as the market takes a significant dip in New York, U.S., February 25, 2020. REUTERS/Lucas Jackson

(Reuters) - U.S. stock index futures were mixed on Wednesday after the Dow and the S&P 500 indexes suffered their sharpest four-day percentage fall in more than a year on fears of the economic damage from the global spread of the coronavirus.

Demand for defensive plays such as gold remained high as the World Health Organization (WHO) cautioned that the rapid spread of the virus to more places was inevitable, even as the outbreak in China had peaked. The U.S. Centers for Disease Control and Prevention also warned that a pandemic was likely.

As of Wednesday, death toll in Italy had crossed 19, new cases in South Korea rose above 1,260, while first case of the virus infection was reported in Greece and Brazil.

The three main indexes have fallen in the past four sessions, with the Dow losing more than 1,900 points in the past two days, while the S&P 500 has lost about $1.74 trillion in market capitalization in the same period, according to S&P Dow Jones Indices senior analyst Howard Silverblatt.

The S&P 500 is down 7.8% from its intraday record high hit last Wednesday, while the Nasdaq is down 8.9% from the peak. If an index closes down 10% or more from its closing high, it would confirm a correction territory.

At 7:25 a.m. ET, Dow e-minis were down 42 points, or 0.15%. S&P 500 e-minis were up 0.25 points, or 0.01% and Nasdaq 100 e-minis were down 3 points, or 0.03%.

Among stocks, Walt Disney Co slipped 2.2% in premarket trading on news Robert Iger will step down as chief executive officer, handing the reins to Disney Parks head Bob Chapek.

Beyond Meat Inc rose 5.6% as Starbucks Corp said its Canadian stores will start selling the company’s plant-based breakfast sandwich next week.

(This story corrects milestone in lede)

Reporting by Medha Singh in Bengaluru

Our Standards:The Thomson Reuters Trust Principles.

Let's block ads! (Why?)

https://news.google.com/__i/rss/rd/articles/CBMibWh0dHBzOi8vd3d3LnJldXRlcnMuY29tL2FydGljbGUvdXMtdXNhLXN0b2Nrcy9mdXR1cmVzLWxvb2stZm9yLWRpcmVjdGlvbi1hZnRlci1mb3VyLWRheS1zZWxsb2ZmLWlkVVNLQ04yMEsxVjTSATRodHRwczovL21vYmlsZS5yZXV0ZXJzLmNvbS9hcnRpY2xlL2FtcC9pZFVTS0NOMjBLMVY0?oc=5

2020-02-26 13:01:00Z
CAIiED6ySw-VyyTXNrTkZLtCVeAqFAgEKg0IACoGCAowt6AMMLAmMOpn

5 things to know about Disney CEO Bob Chapek, Bob Iger's surprise successor - Business Insider - Business Insider

Disney CEO Bob Iger announced on Wednesday that Bob Chapek will succeed him, effective immediately.
Chapek, who has worked at Disney for 27 years, went on family vacations to Walt Disney World as a child.
As president of consumer products, he focused on franchises and technology and pioneered new forms of distribution.
While in charge of Disney’s parks, he opened Shanghai Disney Resort and introduced the „Star Wars: Galaxy’s Edge“ land.
Visit Business Insider’s homepage for more stories.

Disney CEO Bob Iger made the surprise announcement on Wednesday that Bob Chapek will succeed him, effective immediately.

Chapek, one of the entertainment titan’s veteran executives, will oversee its sprawling operations. They include the ABC and ESPN television networks, Walt Disney World and Disneyland theme parks, and Disney Stores. Disney also acquired 21st Century Fox last year, bringing the 20th Century Fox movie and TV studios along with cable channels such as FX under the company’s wing.

Disney also owns Pixar, Marvel, and Lucasfilm, meaning its movie credits span in-house studio hits such as „Frozen“ as well as „Toy Story 3“ „Avengers: Endgame,“ and „Star Wars: The Force Awakens.“ Iger has taken the role of executive chairman to focus on Disney’s creative output .

Here are five things to know about Chapek:

1. Bob Chapek is a lifelong Disney fan

Foto: officially dedicates Star Wars: Rise of the Resistance at Disney’s Hollywood Studios, Dec. 4, 2019. Source: Abigail Nilsson/Courtesy Disney Parks

Bob Chapek described his lifelong passion for Disney after Bob Iger announced his ascension to CEO on Wednesday.

„When I was growing up in Hammond, Indiana, the son of a World War II veteran and working mother, my parents would take us on a family vacation to Walt Disney World every year,“ Chapek said on the call with analysts.

„That’s where I first developed a deep love for Disney and all that it stands for,“ he continued.

„That young boy could have never imagined that one day he would get the chance to lead this extraordinary company as the seventh CEO in its nearly 100-year history.“

2. He has a degree in microbiology and worked at Heinz

Foto: Bob Chapek shows off an upcoming Tron attraction at D23 Expo in 2017. Source: Disney/Image Group LA

Chapek graduated from Indiana University Bloomington with a degree in microbiology. He received a Masters in Business Administration from Michigan State University.

Before joining Disney, he worked in brand management at HJ Heinz and in advertising at J Walter Thompson, according to his official profile.

2. Chapek has held senior roles across Disney

Foto: Bob Chapek discusses Galaxy’s Edge at D23 2017 with concept art for Rise of the Resistance in the background. Source: Disney/Image Group LA

Chapek has held leadership positions across several of Disney’s divisions.

He served as president of distribution for the company’s movie studio, president of its home entertainment business, and president of consumer products. He went on to become chairman of parks and resorts between 2015 and 2018.

Chapek’s most recent position, following Disney’s divisional restructuring in 2018, was chairman of parks, experiences, and products.

3. He pioneered several changes to products and distribution

Foto: Bob Chapek announces a line-up of new attractions and experiences at D23 2017. Source: Disney/Image Group LA

Chapek spearheaded major changes to Disney’s consumer products while in charge of the division.

One of his „hallmarks“ was refocusing the segment around franchises rather than categories, CFO Jay Rasulo said at a media conference in 2014. Chapek also pushed the division to integrate technology into products and explore innovations such as wearables.

„He’s well aware that, as he likes to say, the intersection of electrons and atoms is growing even in the consumer products area,“ Rasulo said at the time.

Chapek’s other major contribution was „pushing his team to sort of take off the blinders and look at alternative business models,“ Rasulo continued.

For example, Chapek experimented with licensing directly to retailers and offering them exclusive product lines, Rasulo said. He also worked with JCPenney to put wholesale stores in its department stores.

5. Chapek expanded and improved Disney’s theme parks

Foto: Bob Chapek discusses Star Wars: Galaxy’s Edge at D23 Expo 2017. Source: Disney/Image Group LA

Chapek oversaw the largest investment and expansion of Disney’s theme parks and resorts business in its history, according to his official profile.

His recent achievements include opening Shanghai Disney Resort, nearly doubling the size of the Disney Cruise Line fleet, and introducing the technologically advanced „Star Wars: Galaxy’s Edge“ land at Disneyland and Walt Disney World.

Chapek also rolled out improvements to MagicBand, which Disney’s theme-park guests can use as a hotel-room key, entry ticket, „fast pass“ for rides, and a debit card for buying meals and merchandise.

Let's block ads! (Why?)

https://news.google.com/__i/rss/rd/articles/CBMiWGh0dHBzOi8vd3d3LmJ1c2luZXNzaW5zaWRlci5jb20vNS10aGluZ3MtZGlzbmV5LWNlby1ib2ItY2hhcGVrLWJvYi1pZ2VyLXN1Y2Nlc3Nvci0yMDIwLTLSAVxodHRwczovL3d3dy5idXNpbmVzc2luc2lkZXIuY29tLzUtdGhpbmdzLWRpc25leS1jZW8tYm9iLWNoYXBlay1ib2ItaWdlci1zdWNjZXNzb3ItMjAyMC0yP2FtcA?oc=5

2020-02-26 12:46:07Z
52780632895316

Tesla and Panasonic will no longer work together on solar cells - Engadget

Panasonic will stop building solar cells at Tesla's New York Gigafactory 2 plant, the company revealed in a press release. That means Panasonic won't be working on Telsa's latest Solar Roof tiles, though it won't impact their Tesla EV battery partnership. Still, it's not a great sign for the two companies, especially considering that Tesla might start building its own EV batteries.

Panasonic said that the decision stems from a "broader streamlining of its global solar operations," and won't impact Tesla's future solar growth business plans. It added that "Tesla plans to hire qualified applicants to new positions needed to support its solar and energy manufacturing operations in Buffalo."

Tesla received state support from New York for the Gigafactory project in the form of grants totaling around $750 million. In return, it's required to spend $5 billion in the state over a decade and employ 1,460 workers in Buffalo. Failure to do so would result in a $41 million fine against the company. However, Tesla told New York that the Panasonic split "has no bearing on Tesla's current operations," according to a statement it gave to Reuters.

This decision will have no impact on Panasonic and Tesla's strong partnership in Nevada. The two companies will continue their industry-leading electric vehicle battery work taking place at Tesla's Gigafactory outside of Reno, Nevada.

While Tesla's EV division is doing well after a "production hell" period, the company has struggled with its solar power company. Employees recently reported production line problems with the cells and tensions with Panasonic, causing delays to both regular solar panels and Tesla's Solar Roof. Elon Musk's exacting standards for the design of the Solar Roof tiles has also caused friction between the companies, according to an earlier Reuters report.

For its latest Solar Roof (designed to generate electricity while looking like a regular slate roof), Tesla has been using Chinese-built solar cells rather than Panasonic's cells. Panasonic, meanwhile, has reportedly been selling its photovoltaic cells, originally intended for Tesla, to other third-party companies in Japan and elsewhere.

Panasonic will continue to market solar cells under its own brand name, while helping Tesla recruit current and new employees. It also tried to water down any concerns about the EV battery partnership. "This decision will have no impact on Panasonic and Tesla's strong partnership in Nevada," Panasonic said in the press release. "The two companies will continue their industry-leading electric vehicle battery work taking place at Tesla's Gigafactory outside of Reno, Nevada."

Source: Panasonic

Coverage: Reuters, Nikkei

In this article: gear, Gigafactory 2, green, New York, Panasonic, photovoltaic, solar cell, Solar Roof, Tesla

All products recommended by Engadget are selected by our editorial team, independent of our parent company. Some of our stories include affiliate links. If you buy something through one of these links, we may earn an affiliate commission.

Let's block ads! (Why?)

https://news.google.com/__i/rss/rd/articles/CBMiU2h0dHBzOi8vd3d3LmVuZ2FkZ2V0LmNvbS8yMDIwLzAyLzI2L3Rlc2xhLWFuZC1wYW5hc29uaWMtc3BsaXQtc29sYXItY2VsbHMtbmV3LXlvcmsv0gFXaHR0cHM6Ly93d3cuZW5nYWRnZXQuY29tL2FtcC8yMDIwLzAyLzI2L3Rlc2xhLWFuZC1wYW5hc29uaWMtc3BsaXQtc29sYXItY2VsbHMtbmV3LXlvcmsv?oc=5

2020-02-26 12:01:36Z
52780633295201

BTS rides with James Corden for 'Carpool Karaoke' - CNN

Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer. Morningstar: Copyright 2018 Morningstar, Inc. All Rights Reserved. Factset: FactSet Research Systems Inc.2018. All rights reserved. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices Copyright S&P Dow Jones Indices LLC 2018 and/or its affiliates.

Let's block ads! (Why?)

https://news.google.com/__i/rss/rd/articles/CBMiZ2h0dHBzOi8vd3d3LmNubi5jb20vdmlkZW9zL21lZGlhLzIwMjAvMDIvMjYvbGF0ZS1uaWdodC1sYXVnaHMtYnRzLWphbWVzLWNvcmRlbi1jYXJwb29sLWthcmFva2Utb3JpZy5jbm7SAWtodHRwczovL2FtcC5jbm4uY29tL2Nubi92aWRlb3MvbWVkaWEvMjAyMC8wMi8yNi9sYXRlLW5pZ2h0LWxhdWdocy1idHMtamFtZXMtY29yZGVuLWNhcnBvb2wta2FyYW9rZS1vcmlnLmNubg?oc=5

2020-02-26 10:18:27Z
CAIiEFA3_d6elHYPUvBjXT4EKSgqGQgEKhAIACoHCAowocv1CjCSptoCMI29pgU

Dow's Slump, Coronavirus Warnings, Bob Iger, Salesforce, Tesla - 5 Things You Must Know Wednesday - TheStreet

Dow's Slump, Coronavirus Warnings, Bob Iger, Salesforce, Tesla - 5 Things You Must Know Wednesday

Stock futures fall and add to the worst four-day selloff on Wall Street since December 2018; health officials are warning the coronavirus likely will spread to the United States; Bog Iger steps down as CEO of Walt Disney; Salesforce co-CEO Keith Block will depart.

Author:: Joseph Woelfel
Updated:: Feb 26, 2020 5:53 AM EST
Original:: Feb 26, 2020

Here are five things you must know for Wednesday, Feb. 26:

1. -- Stock Futures Extend Declines on Warnings of Spread of Coronavirus

Stock futures extended declines Wednesday, adding to the worst four-day selloff on Wall Street since December 2018, following warnings from health officials that the coronavirus likely will spread to the United States.

Contracts tied to the Dow Jones Industrial Average fell 73 points, S&P 500 futures dropped 2.35 points and Nasdaq futures slumped 17 points.

The S&P 500 has lost 7.6% in the last four days after hitting a record high a week ago. The declines have led to $2.14 trillion in losses, according to S&P Global.

The Centers for Disease Control and Prevention said Tuesday that Americans should be prepared for the disease to spread in the United States.

“It’s not so much a question of if this will happen anymore, but rather more a question of exactly when this will happen - and how many people in this country will have severe illness,” said Dr. Nancy Messonnier of the CDC in a call with reporters.

The advice followed similar warnings from the World Health Organization, which urged countries to step up their defense systems as the number of global infections rose past 81,000 and the death toll reached 2,762 - including more than 50 outside of China, where the virus was first identified in late 2019.

2. -- Lowe's, Square, Box and Moderna Report Earnings

Earnings reports are expected Wednesday from Lowe's (LOW) - Get Report, TJX Cos. (TJX) - Get Report, Square (SQ) - Get Report, Box (BOX) - Get Report, Booking Holdings (BKNG) - Get Report, Wendy's (WEN) - Get Report, L Brands (LB) - Get Report, AMC Networks (AMCX) - Get Report, Moderna (MRNA) - Get Report, Marriott International (MAR) - Get Report and Etsy (ETSY) - Get Report.

The economic calendar in the U.S. Wednesday include New Home Sales for January at 10 a.m. ET and Oil Inventories for the week ended Feb. 21 at 10:30 a.m.

3. -- Disney CEO Bob Iger Steps Down in Surprise Announcement

Walt Disney (DIS) - Get Report CEO Bog Iger stepped down Tuesday and Bob Chapek, who has led Disney Parks, Experiences and Products since 2018, was named as Iger’s successor.

Iger, who last year said he planned to resign in 2021, becomes executive chairman of Disney and will “direct the company’s creative endeavors,” the media and entertainment giant said.

“The company has gotten larger and more complex,” Iger said during a conference call with analysts. “I should be spending as much time as possible on the creative side of our businesses.”

As for the decision to choose Chapek, Susan Arnold, independent lead director on the board, said the directors have been "actively engaged in succession planning for the past several years, and after consideration of internal and external candidates, we unanimously elected" Chapek as CEO.

Iger's announcement caught many inside and outside of Disney by surprise.

“No one knew this was coming,” one senior Disney executive told The Wall Street Journal.

Walt Disney is a holding in Jim Cramer's Action Alerts PLUS member club. Want to be alerted before Jim Cramer buys or sells DIS? Learn more now.

4. -- Salesforce Slumps on Co-CEO Block's Departure

Salesforce.com (CRM) - Get Report was falling 3.18% to $175.50 in premarket trading Wednesday after announcing that co-CEO Keith Block was stepping down.

Remaining chief Marc Benioff worked to assure investors that Salesforce's leadership remained strong despite Block's departure.

The announcement that Block was leaving the company - he assumed the co-CEO post alongside Benioff in August 2018 - came as a surprise given that many observers of Salesforce viewed him as a successor to Benioff, who co-founded the company 21 years ago.

On a call with shareholders, Benioff said that Block’s departure wouldn't cause any interruption in the company’s business execution this year. Block will remain as an adviser to Benioff, the company said in a press release.

“When you look at our total management team that Keith and I have built ... I think it is the finest management team in the software industry and maybe any industry,” said Benioff.

"As for the stock, while Block's departure may raise questions about keyman risk at the company, we note the bench is deep with COO Bret Taylor and Adam Selipsky, chief of Tableau, which CRM recently bought," said Jim Cramer and the Action Alerts PLUS team, which owns Salesforce in its portfolio.

In its fourth-quarter earnings report, which was released alongside the news of Block’s departure, Salesforce posted better-than-expected revenue and raised its first-quarter sales guidance. It also announced that it acquired Vlocity for $1.33 billion.

5. -- Tesla and Panasonic End Solar Cell Partnership

Tesla (TSLA) - Get Report and Japanese electronics maker Panasonic have ended their partnership to produce solar cells after years of struggling to ramp up output at the Gigafactory 2 in upstate New York, the Nikkei Asian Review reported.

Tesla reportedly has been using solar cells from other manufacturers in its solar roof tiles.

The companies formed a joint venture to manufacture solar cells at the plant in Buffalo, New York, in 2016.

Tesla and Panasonic plan to continue working together on automotive batteries for Tesla’s electric vehicles, the Nikkei reported.

Let's block ads! (Why?)

https://news.google.com/__i/rss/rd/articles/CBMiYWh0dHBzOi8vd3d3LnRoZXN0cmVldC5jb20vbWFya2V0cy81LXRoaW5ncy15b3UtbXVzdC1rbm93LWJlZm9yZS10aGUtbWFya2V0LW9wZW5zLXdlZG5lc2RheS0wMjI2MjDSAWZodHRwczovL3d3dy50aGVzdHJlZXQuY29tLy5hbXAvbWFya2V0cy81LXRoaW5ncy15b3UtbXVzdC1rbm93LWJlZm9yZS10aGUtbWFya2V0LW9wZW5zLXdlZG5lc2RheS0wMjI2MjA?oc=5

2020-02-26 10:12:36Z
52780632895316

Stock futures fall again adding to the equity bloodbath - Fox Business

FOX Business' Deirdre Bolton says the uncertainty behind coronavirus has caused investors to panic in the market.

U.S. equity futures are falling sharply again on Wednesday, adding to two days of massive selling as fears spread that the growing coronavirus outbreak will put the brakes on the global economy.

The major futures indexes are indicating a decline of 0.6 percent.

GET FOX BUSINESS ON THE GO BY CLICKING HERE

The Dow Jones Industrial Average dropped 879 points, for a two-day loss of 1,911 points. Travel-related stocks took another drubbing, bringing the two-day loss for American Airlines to 16.9 percent. The large publicly traded cruise operators have also suffered double-digit losses.

Ticker	Security	Last	Change	Change %
I:DJI	DOW JONES AVERAGES	27081.36	-879.44	-3.15%
SP500	S&P 500	3128.21	-97.68	-3.03%
I:COMP	NASDAQ COMPOSITE INDEX	8965.612569	-255.67	-2.77%

The S&P 500 has lost 7.6 percent in the last four days since hitting a record high last Wednesday. That's the benchmark index's worst such stretch since the end of 2018, resulting in $2.14 trillion in losses, according to S&P Global.

Tuesday also marked the first back-to-back 3 percent losses for the index since the summer of 2015.The major indexes have erased gains for the year.

The latest wave of selling came as more companies, including United Airlines and Mastercard, warned the outbreak will hurt their finances, and more cases were reported in Europe and the Middle East, far from the epicenter in China.

Ticker	Security	Last	Change	Change %
AAL	AMERICAN AIRLINES GROUP INC.	23.12	-2.33	-9.16%
UAL	UNITED AIRLINES HLDG.	70.57	-4.90	-6.49%
MA	MASTERCARD INCORPORATED	302.89	-21.78	-6.71%
JPM	JP MORGAN CHASE & CO.	126.26	-5.90	-4.46%
BAC	BANK OF AMERICA CORP.	31.08	-1.65	-5.04%

Meanwhile, U.S. health officials called on Americans to be prepared for the disease to spread in the United States, where there are currently just a few dozen cases.

CDC WARNS AMERICANS TO START PREPARING FOR CORONAVIRUS OUTBREAK IN US

In Asia, Japan's Nikkei declined 0.8 percent, Hong Kong's Hang Seng declined 0.7 percent and China's Shanghai Composite fell 0.8 percent.

In Europe, London's FTSE fell 0.6 percent, Germany's DAX dropped 1.5 percent and France's CAC was off 1 percent.

Bond prices continued rising. The yield on the 10-year Treasury fell as low as 1.31 percent, a record, according to TradeWeb, before recovering somewhat to 1.35 percent in the late afternoon. The yield is down from 1.37 percent late Monday and far below the 1.90 percent it stood at in early 2020.

The lower bond yields, which force interest rates lower on mortgages and other loans, weighed on banks. JPMorgan Chase slid 4.5 percent and Bank of America fell 5 percent.

CLICK HERE TO READ MORE ON FOX BUSINESS

The viral outbreak that originated in China has now infected more than 80,000 people globally, with more cases being reported in Europe and the Middle East. The majority of cases and deaths remain centered in China, but the rapid spread to other parts of the world has spooked markets and raised fears that it will hurt the global economy.

The Associated Press contributed to this article.

Let's block ads! (Why?)

https://news.google.com/__i/rss/rd/articles/CBMiVGh0dHBzOi8vd3d3LmZveGJ1c2luZXNzLmNvbS9tYXJrZXRzL3VzLXN0b2Nrcy1zdHJ1Z2dsZS1yZWJvdW5kLWZyb20tZXF1aXR5LWJsb29kYmF0aNIBWGh0dHBzOi8vd3d3LmZveGJ1c2luZXNzLmNvbS9tYXJrZXRzL3VzLXN0b2Nrcy1zdHJ1Z2dsZS1yZWJvdW5kLWZyb20tZXF1aXR5LWJsb29kYmF0aC5hbXA?oc=5

2020-02-26 09:40:02Z
52780633591868

Colbert remixes Sanders' debate line with '90s rap - CNN

Let's block ads! (Why?)

https://news.google.com/__i/rss/rd/articles/CBMid2h0dHBzOi8vd3d3LmNubi5jb20vdmlkZW9zL21lZGlhLzIwMjAvMDIvMjYvbGF0ZS1uaWdodC1sYXVnaHMtY29sYmVydC1zb3V0aC1jYXJvbGluYS1kZWJhdGUtc2FuZGVycy1tYXRoLXJhcC1lcy12cHguY25u0gF7aHR0cHM6Ly9hbXAuY25uLmNvbS9jbm4vdmlkZW9zL21lZGlhLzIwMjAvMDIvMjYvbGF0ZS1uaWdodC1sYXVnaHMtY29sYmVydC1zb3V0aC1jYXJvbGluYS1kZWJhdGUtc2FuZGVycy1tYXRoLXJhcC1lcy12cHguY25u?oc=5

2020-02-26 09:39:54Z
52780630255565

Selasa, 25 Februari 2020

U.S. markets bounce, then fall one day after coronavirus-fueled sell-off - The Washington Post

The Standard & Poor’s 500 and Nasdaq composites both fell about 1.2 percent.

After such extreme sell-offs, stocks tend to bounce back quickly. But the market’s performance Tuesday morning appeared to tell a different story. American businesses are still wary that Chinese manufacturing and production will be stalled until the outbreak is under control. And the Federal Reserve is up against fresh pressure to find an emergency salve.

Meanwhile, Japan’s Nikkei index sank more than 3 percent. The Shanghai Composite Index was down roughly 0.6 percent, and Hong Kong’s Hang Seng was essentially flat.

In Europe, Britain’s FTSE sank 1.15 percent and Germany’s DAX was roughly 0.8 percent in the red.

The Chinese government confirmed 508 new cases, along with 74 deaths, bringing the total number of accumulated infections nationwide to 77,658, with 2,663 deaths. Iran confirmed 95 cases nationwide, with at least 15 deaths. And South Korea reported 144 new cases, bringing its national total to 977.

Shares of Moderna, the Massachusetts-based drugmaker, surged 10 percent Tuesday morning on reports that it had shipped the first batch of a coronavirus vaccine to U.S. government researchers. The share price had skyrocketed 15 percent in pre-market trading.

The Wall Street Journal reported Monday evening that Moderna had sent vials to the National Institute of Allergy and Infectious Diseases in Bethesda, Md. The Institute told the Journal that it expects to start a clinical trial of 20 to 25 healthy volunteers by the end of April to test whether two doses of the vaccine induce an immune response that can guard against the infection.

Much is still unknown about the novel coronavirus virus and the illness it causes, prompting a rush to produce a vaccine and test its safety and efficacy. That push isn’t only coming from private biotech firms. Late Monday, the White House asked Congress for $1.8 billion in emergency spending to boost its coronavirus response.

“The administration believes additional federal resources are necessary to take steps to prepare for a potential worsening of the situation in the United States,” wrote Acting White House Office of Management and Budget director Russell Vought in a letter to congressional leaders.

Separately, President Trump said Tuesday the U.S. stock market would crash if he doesn’t win reelection. Trump routinely cites the strength of the U.S. markets, which have long been trading at or near record highs, as a barometer of his presidency. From the White House to the campaign trail, he touts that success as one of his chief accomplishments.

Speaking at a business round table during his 36-hour visit to India, Trump said the markets would see a boost if he wins in November. But “if I don’t win, you’re going to see a crash like you’ve never seen before,” Trump said.

Let's block ads! (Why?)

https://news.google.com/__i/rss/rd/articles/CBMiWmh0dHBzOi8vd3d3Lndhc2hpbmd0b25wb3N0LmNvbS9idXNpbmVzcy8yMDIwLzAyLzI1L2Nvcm9uYXZpcnVzLXN0b2NrLW1hcmtldHMtbGl2ZS11cGRhdGVzL9IBaWh0dHBzOi8vd3d3Lndhc2hpbmd0b25wb3N0LmNvbS9idXNpbmVzcy8yMDIwLzAyLzI1L2Nvcm9uYXZpcnVzLXN0b2NrLW1hcmtldHMtbGl2ZS11cGRhdGVzLz9vdXRwdXRUeXBlPWFtcA?oc=5

2020-02-25 15:55:00Z
52780630255565