Consumer confidence rises less than expected in February - CNBC

Consumer confidence rose less than expected in February as people's assessment of current conditions wavered, data released Tuesday by The Conference Board showed.

The consumer confidence index came in at 130.7, up from 130.4 in January. Economists polled by Dow Jones expected a print of 132.6. The Conference Board's present situation index, which accounts for consumers' assessment of the current business and labor environment, dropped to 165.1 from 173.9 in January.

The confidence index's weaker-than-forecast print comes a day after the stock market had its worst day in two years, with the Dow Jones Industrial Average falling more than 1,000 points, amid concerns over the coronavirus' impact on the global economy.

"Despite the decline in the Present Situation Index, consumers continue to view current conditions quite favorably," said Lynn Franco, senior director of economic indicators at The Conference Board, in a statement. "Consumers' short-term expectations improved, and when coupled with solid employment growth, should be enough to continue to support spending and economic growth in the near term."

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2020-02-25 15:00:00Z
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Amazon's first big 'Go' grocery store opens in Seattle with 5,000 products - Engadget

Lindsey Wasson / Reuters

Amazon's checkout-free Go concept has officially morphed into a supermarket. Amazon Go Grocery opens in Seattle today, with 5,000 items for sale across the 10,400-square-foot premises. Using a range of cameras, shelf sensors and software, shoppers can pick up the items they want and simply walk out the door -- their accounts are charged via a smartphone app as they leave.

While this isn't a brand new concept – Amazon has been running a number of Go convenience stores since 2018 -- this is the first time the technology has been implemented on such a large scale. Shoppers can choose from a much wider range of goods, such as organic produce and wine, making the concept a much more viable alternative to the usual weekly shop involving scanners and checkouts. Indeed, the store has been positioned closer to residential areas -- as opposed to business districts -- to encourage this.

And it could get even bigger. Speaking to The Wall Street Journal, Amazon Go vice president Dilip Kumar said, "There's no real upper bound. It could be five times as big, it could be 10 times as big." Kumar hasn't clarified exactly how many Go Grocery stores the company has planned, although it has previously said it hopes to open as many 3,000 Go convenience stores by 2021.

Leveraging Amazon's Go technology on this larger scale, however, has not been without challenges. As GeekWire reports, implementing accurate weighing and pricing for goods such as loose produce has been a major focus for the larger stores, especially ensuring it's done in a way that shoppers can intuitively engage with. Other obstacles have been circumnavigated entirely --– there's no meat or seafood counter, for example, and no on-site food preparation. Fresh meat products are instead brought in throughout the week, individually wrapped. When it comes to alcohol, there's a human on hand to check IDs.

While the new store is certainly indicative of Amazon's own plans for cashless grocery shopping in the future, it's also designed to act as a showpiece for the technology overall. As The Wall Street Journal reports, the company has been discussing licensing its cashless platform to a number of potential partners, including other convenience stores and shops in airports and sports arenas. And as this kind of technology is implemented in more and more spaces, it might not be long until the concept of carrying a wallet is almost completely redundant.

Via: WSJ, GeekWire

In this article: amazon, app, business, cashless, food and drink, food-and-drink, foodanddrink, Go, Grocery, Seattle, services, shopping, smartphone, technology, tomorrow

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2020-02-25 12:59:18Z
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Stock market news live: Stocks rebound as investors struggle to overcome coronavirus fears - Yahoo Finance

World markets took a beating on Monday, as the rising number of coronavirus cases outside of China sent investors into a selling frenzy. Both South Korea and Italy have seen a spike in infections, raising the possibility that the mystery virus could be mutating into a pandemic.

—

9:30 a.m. ET: Stocks open higher, snap a 3-day losing streak

U.S. stocks rose across the major indices and snapped a three-day losing streak following a brutal trading session Monday when the Dow plummeted 1,031.61 points. It was the worst day for the S&P 500 and Dow in two years and only the third time in history when the Dow logged a loss of more than 1,000 points. The other two instances occurred on Feb. 5 and Feb. 8, 2018.

Here were the main market moves, as of 9:30 a.m. ET:

• S&P 500 (^GSPC): +0.58%, or up 18.63 points to 3,244.52

• Dow (^DJI): +0.60%, or up 166.77 points to 28,127.57

• Nasdaq (^IXIC): +0.93%, or up 85.65 points to 9,306.93

• Crude oil (CL=F): -0.19%, or down $0.10 to $51.33 a barrel

• Gold (GC=F): -1.59%, or down $26.70 to $1,649.90 per ounce

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7:30 a.m. ET: Stock futures rally after ugly Monday; HD beats

U.S. stock futures posted early gains, shaking off weakness in Asia and Europe, as investors become increasingly jittery about the possibility that the coronavirus is becoming a worldwide pandemic.

Here’s were the main moves during the pre-market session, as of 7:30 a.m. ET:

• S&P 500 futures (ES=F): 3,234.25, up 8 points or 0.25%

• Dow futures (YM=F): 28,037.00, up 69.00 points or +0.25%

• Nasdaq futures (NQ=F): 9,137.50, up 46.50 points or 0.51%

• Crude oil (CL=F): 51.29, down 0.14 points or -0.27%

• Gold (GC=F): 1,648.90, down $27.70 points or -1.65%

Traders momentarily took comfort in a strong quarterly earnings report from Home Depot (HD), a consumer bellwether and a Dow (^DJI) component.

Stocks are coming off their worst day in 2 years — a rout that saw $1.7 trillion in market capitalization evaporate in a single trading session, according to veteran analyst Howard Silverblatt. On Wednesday, the Nasdaq and S&P set record highs — but since then have hemorrhaged $2.44 trillion in value, according to Silverblatt.

An unexpected surge in confirmed infections in Italy and South Korea — which now has the largest cluster of cases outside of China — is sparking widespread fear and undermining the sense of calm the World Health Organization has strived to project. On Monday, the agency said the virus was “not yet” a pandemic, but could become one.

—

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2020-02-25 14:33:00Z
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Amazon's first big 'Go' grocery store opens in Seattle with 5,000 products - Engadget

Lindsey Wasson / Reuters

Amazon's checkout-free Go concept has officially morphed into a supermarket. Amazon Go Grocery opens in Seattle today, with 5,000 items for sale across the 10,400-square-foot premises. Using a range of cameras, shelf sensors and software, shoppers can pick up the items they want and simply walk out the door -- their accounts are charged via a smartphone app as they leave.

While this isn't a brand new concept – Amazon has been running a number of Go convenience stores since 2018 -- this is the first time the technology has been implemented on such a large scale. Shoppers can choose from a much wider range of goods, such as organic produce and wine, making the concept a much more viable alternative to the usual weekly shop involving scanners and checkouts. Indeed, the store has been positioned closer to residential areas -- as opposed to business districts -- to encourage this.

And it could get even bigger. Speaking to The Wall Street Journal, Amazon Go vice president Dilip Kumar said, "There's no real upper bound. It could be five times as big, it could be 10 times as big." Kumar hasn't clarified exactly how many Go Grocery stores the company has planned, although it has previously said it hopes to open as many 3,000 Go convenience stores by 2021.

Leveraging Amazon's Go technology on this larger scale, however, has not been without challenges. As GeekWire reports, implementing accurate weighing and pricing for goods such as loose produce has been a major focus for the larger stores, especially ensuring it's done in a way that shoppers can intuitively engage with. Other obstacles have been circumnavigated entirely --– there's no meat or seafood counter, for example, and no on-site food preparation. Fresh meat products are instead brought in throughout the week, individually wrapped. When it comes to alcohol, there's a human on hand to check IDs.

While the new store is certainly indicative of Amazon's own plans for cashless grocery shopping in the future, it's also designed to act as a showpiece for the technology overall. As The Wall Street Journal reports, the company has been discussing licensing its cashless platform to a number of potential partners, including other convenience stores and shops in airports and sports arenas. And as this kind of technology is implemented in more and more spaces, it might not be long until the concept of carrying a wallet is almost completely redundant.

Via: WSJ, GeekWire

In this article: amazon, app, business, cashless, food and drink, food-and-drink, foodanddrink, Go, Grocery, Seattle, services, shopping, smartphone, technology, tomorrow

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.

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2020-02-25 12:37:43Z
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'This is different' — El-Erian warns against buying coronavirus pullback fears in stock market - CNBC

Economist Mohamed El-Erian told CNBC on Tuesday that he continues to advise investors to resist buying coronavirus-driven declines in the stock market.

"I stress, this is different," the Allianz chief economic advisor and ex-Pimco CEO said in a "Squawk Box" interview, a day after the Dow Jones Industrial Average plunged over 1,000 points or 3.5%, in its worst single-session in more than two years.

Just because buying market dips has worked in the past does not mean it's going to work this time, he argued. "I would continue to resist, as hard as it is, to simply buy the dip."

Disruptions to corporate earnings and economic growth from "shock" events such as the coronavirus tend to stick around longer than more fundamental downturns, said El-Erian.

"We're going to have a lot of risk-aversion on the part of economic actors. It's going to take time," he said. "Economic sudden stops are hard to restart."

The World Health Organization on Tuesday countries around the world to ready for the coronavirus to come "knocking at the door."

On Feb. 3, El-Erian first warned investors not to buying market drops as they might have in the past. He said at the time that the coronavirus is going to "paralyze China," adding that it will "cascade throughout the global economy."

That's exactly what's happening.

The spike of coronavirus cases beyond China, specifically in South Korea and Italy, sparked concerns about a prolonged global slowdown due to the outbreak and erased $1.7 trillion in global stock market values Monday.

U.S. stock futures were pointing to about a 100-point higher Tuesday open on Wall Street for the Dow.

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2020-02-25 12:13:00Z
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Coronavirus threatens to become a global economic pandemic | DW News - DW News

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1. Coronavirus threatens to become a global economic pandemic | DW News  DW News
2. Stock market news live: Wall Street dives on coronavirus panic, stocks have worst day in 2 years  Yahoo Finance
3. U.S., global markets plunge as coronavirus cases spike outside China  The Washington Post
4. European stocks decline as coronavirus fears persist  CNBC
5. Coronavirus is fast becoming an 'economic pandemic'  CNN
6. View Full Coverage on Google News

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2020-02-25 11:28:08Z
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Global Stocks Stabilize After Deep Wall Street Selloff - The Wall Street Journal

Global stocks were mixed in a day of volatile trading, even as bond markets signaled continuing fears among investors about the economic impact of the coronavirus outbreak following the sharp selloff a day earlier.

Futures tied to the Dow Jones Industrial Average edged up 0.4% Tuesday after China took further steps to shield its economy by bolstering the supply of credit to businesses. The pan-continental Stoxx Europe 600 index dropped 0.5%, paring back losses from earlier in the day, after having fallen more than 3% Monday.

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2020-02-25 10:54:00Z
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