ARK Invest’s Cathie Wood says the U.S. is already in a recession

Catherine Wood, chief executive officer of ARK Investment Management LLC, speaks during the Bitcoin 2022 conference in Miami, Florida, US, on Thursday, April 7, 2022. Eva Marie Uzcategui | Bloomberg | Getty Images Ark Invest CEO Cathie Wood said Tuesday that the US is already in an economic downturn, and she admitted that she underestimated … Read more

China cuts quarantine for overseas travelers, easing Covid controls

For more than two years, overseas travelers have had to quarantine upon arrival in China because of Covid restrictions. Pictured here at Beijing International Airport on June 18, 2022, are passengers waiting to be taken to quarantine-designated destinations. Leo Ramirez | afp | Getty Images BEIJING — China cut the quarantine period for international travelers … Read more

Stock index futures rise following a losing day Monday

Stock futures rose early on Tuesday following a losing day as investors prepare to rebalance their portfolios with the end of the quarter fast approaching. Futures on the Dow Jones Industrial Average gained 248 points or 0.79%. S&P 500 futures edged up 0.83% and Nasdaq 100 futures advanced 0.94%. The overnight action followed modest losses … Read more

U.S. may lose silicon wafer factory if CHIPS Act isn’t funded

US Commerce Secretary Gina Raimondo told CNBC’s Jim Cramer on Monday that she believes GlobalWafers will follow through on its plan to build a silicon wafer factory in Texas — but only if Congress passes funding for the CHIPS for America Act by the time the August recess begins. “This investment that they’re making is … Read more

SPACs wipe out half of their value as investors lose appetite for risky growth stocks

A trader works on the floor of the New York Stock Exchange (NYSE) in New York, June 16, 2022. Brendan McDermid | Reuters SPACs, once Wall Street’s hottest tickets, have become one of the most hated trades this year. The proprietary CNBC SPAC Post Deal Index, which is comprised of SPACs that have completed their … Read more

Tencent wants to be foreign automakers’ go-to company for EVs in China

BMW’s iX electric SUV in China was the first global car brand to include the automobile version of Tencent’s WeChat messaging app, according to the Chinese tech company. tencent BEIJING — Chinese internet giant Tencent wants to sell technology which the company says will help foreign automakers that want to sell cars in China’s massive … Read more

Stock futures fall following a major comeback week for stocks

Traders on the floor of the NYSE, June 15, 2022. Source: NYSE US stock futures fell on Sunday night following a major rebound last week from this year’s steep declines. Despite the bounce, Wall Street is preparing to wrap up the worst first half for stocks in decades. Dow Jones Industrial Average futures fell 75 … Read more

Next week will be a bellwether for the upcoming earnings season

CNBC’s Jim Cramer on Friday said that next week will be a crucial moment for determining what the upcoming earnings season will look like. “It’s been ages since we’ve been on pre-announcement watch, where companies have to admit that things aren’t going well. Things like higher labor costs, supply chain woes and the Russia-Ukraine war. … Read more

Quarter-end buying may lift stocks higher before the next market storm

Trader on the floor of the NYSE, June 7, 2022. Source: NYSE The stock market is about to close out its worst first half in decades in the week ahead, setting the stage for a summer of uncertainty and volatility. But in the very near term, strategists see a window of positive momentum for an … Read more

Stay away from this company poised to go public next week, Jim Cramer warns

CNBC’s Jim Cramer on Friday told investors to stay away from Ivanhoe Electric, a mining technology company that is expected to sell its shares in an initial public offering next week. “Even if … Ivanhoe Electric gets out the door next week, I think you should avoid it. This is not the time to bet … Read more