DIRS.INFO The most relevant business & tech news

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 7, 2023. The consumer price index (CPI) dropped in the world's second-largest economy, the National Bureau of Statistics said, its first decline since February 2021. Of the 443 S&P 500 companies that have reported results as of Tuesday, 78.6% beat analyst expectations, according to Refinitiv data. Declining issues outnumbered advancing ones on the NYSE by a 1.18-to-1 ratio; on Nasdaq, a 1.63-to-1 ratio favored decliners. The S&P 500 posted 16 new 52-week highs and 7 new lows; the Nasdaq Composite recorded 60 new highs and 178 new lows.

Persons: Brendan McDermid, Jason Krupa, Patrick Harker, Gina Bolvin, Wells, Penn Entertainment's, Walt Disney's, Uber, Krupa, Echo Wang, Bansari Mayur Kamdar, Johann M, Shounak Dasgupta, David Gregorio Our Organizations: New York Stock Exchange, REUTERS, Penn Entertainment, Dow, Nasdaq, Consumer, Index, Lenox Advisors, New York Federal Reserve Bank, Philadelphia Fed, Bolvin Wealth Management Group, Traders, FedWatch, Wall, Nvidia, Apple, National Bureau of Statistics, Dow Jones, Bank of America, Casino, Walt, Walt Disney's ESPN, NYSE, Thomson Locations: New York City, U.S, Boston, New York, Bengaluru

The Consumer Price Index (CPI) for July, due on Thursday, is expected to show a slight acceleration from last year. The consumer price index (CPI) dropped in the world's second-largest economy, the National Bureau of Statistics said on Wednesday, its first decline since February 2021. According to preliminary data, the S&P 500 (.SPX) lost 31.47 points, or 0.70%, to end at 4,467.91 points, while the Nasdaq Composite (.IXIC) lost 162.31 points, or 1.17%, to 13,723.96. Six of the top 11 S&P 500 sectors rose, with energy stocks (.SPNY) leading the gain. Of the 443 S&P 500 companies that have reported results as of Tuesday, 78.6% beat analyst expectations, according to Refinitiv data.

Persons: Brendan McDermid, Jason Krupa, Patrick Harker, Gina Bolvin, Michelle Bowman, Wells, Penn Entertainment's, Walt Disney's, Uber, Krupa, Echo Wang, Bansari Mayur Kamdar, Johann M, Shounak Dasgupta, David Gregorio Our Organizations: New York Stock Exchange, REUTERS, Penn Entertainment, Dow, Nasdaq, Lenox Advisors, New York Federal Reserve Bank, Philadelphia Fed, Bolvin Wealth Management Group, Traders, FedWatch, Wall, Nvidia, Apple, Index, Bank of America, National Bureau of Statistics, Dow Jones, Casino, Walt, Walt Disney's ESPN, Thomson Locations: New York City, U.S, Boston, New York, Bengaluru

Household debt ticked up 0.1% to $17.06 trillion, as mortgage balances - the biggest portion, and typically the biggest driver, of overall household debt - were largely unchanged. But the quarter-to-quarter trend appeared less alarming, with New York Fed researchers noting a leveling out near pre-pandemic levels in the most recent two quarters. New York Fed researchers attributed the decline to the timing of the academic year, as well as to some small forgiveness programs kicking in. Overall mortgage balances ticked down to $12.01 trillion, from $12.04 trillion in the prior quarter, reflecting some changes in credit reporting that are expected to reverse next quarter, New York Fed researchers said. Originations rose about 11% to $179 billion, reflecting the sharp rise in car prices; the number of newly opened loans remains below pre-pandemic levels, the report said.

Persons: Lee Jae, Ann Saphir, Paul Simao, Jonathan Oatis Organizations: REUTERS, New York Federal Reserve Bank, Fed, New York, Reuters, New York Fed, Mortgage, Auto, Thomson Locations: Seoul, U.S

☆ NY Fed: Credit card debt sees biggest increase since 2021 & auto loan debt rises 1.3% in Q2
▼ + stars: | 2023-08-08 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailNY Fed: Credit card debt sees biggest increase since 2021 & auto loan debt rises 1.3% in Q2CNBC's Steve Liesman reports on new data from the New York Federal Reserve.

Persons: Steve Liesman Organizations: New York Federal Reserve

☆ Credit card balances jumped in the second quarter and are above $1 trillion for the first time
▼ + stars: | 2023-08-08 | by ( Jeff Cox | ) www.cnbc.com time to read: +2 min

Total credit card indebtedness increased by $45 billion in the April-through-June period, an increase of more than 4%. The Fed's measure of credit card debt 30 or more days late rose to 7.2% in the second quarter, up from 6.5% in Q1 and the highest rate since the first quarter of 2012 though close to the long-run normal, central bank officials said. Total debt delinquency edged higher to 3.18% from 3%. "Credit card balances saw brisk growth in the second quarter," said Joelle Scally, regional economic principal within the Household and Public Policy Research Division at the New York Fed. Newly originated mortgages rose by $393 billion though total mortgage debt nudged lower to just over $12 trillion.

Persons: Joelle Organizations: New York Federal Reserve, Public Policy Research, New York Fed, Auto

And although credit application approvals are down, applications for credit cards have increased by 24.8%, showing that Americans are relying more and more on credit to make ends meet. So if your credit application was denied, your credit score should be the first place you look to determine the reason. Why: Your credit utilization is highYour credit utilization is the amount of credit you have available versus the amount you actually owe. For example, if you have a credit limit of $1,000 and you owe $900, your credit utilization is 90% of your available credit. Conversely, a credit limit of $1,000 with a balance of $100 puts your credit utilization ratio at 10% of your available credit, and would positively impact your credit score.

Persons: What's, they'll Organizations: Federal, Service, New York Federal Reserve, The New York Federal Reserve Locations: Wall, Silicon

☆ Wall Street suddenly appears confident America will avoid a recession
▼ + stars: | 2023-07-27 | by ( Krystal Hur | ) edition.cnn.com time to read: +4 min

The Dow Jones Industrial Average index has gained 3.2% this month, outperforming the S&P 500 and Nasdaq Composite. The Dow’s gains suggest that investors are starting to buy more economically sensitive stocks as recent data show inflation slowing. That, in turn, indicates they’re becoming increasingly optimistic that the economy could avoid a recession. Conventional Wall Street wisdom says gains in the blue-chip index tend to precede rallies across the broader market. The Dow Jones Transport Average Index, an index of 20 stocks including railroad, trucker, airline and freight companies, has gained 24% this year.

Persons: ”, Adam Phillips, That’s, Bryan Mena, Read, Matt Egan, “, Patrick De Haan Organizations: CNN Business, Bell, New York CNN, Dow Jones, Nasdaq, Big Tech, Wealth, Federal Reserve, Union Pacific Corporation, Ryder System, Dominion Freight Line, Fed, New, American Automobile Association Locations: New York, Russia, Ukraine

☆ Puerto Rican bank sues NY Fed for suspending account in Venezuela-linked crackdown
▼ + stars: | 2023-07-25 | by ( Luc Cohen | Thomson Reuters | Reports On The New York Federal Courts. Previously Worked As A Correspondent In Venezuela | ) www.reuters.com time to read: +2 min

The bank asked the court to bar the New York Fed from terminating its master account, without which it said it "cannot effectively function as a depository institution." A spokesperson for the New York Fed declined to comment. Federal prosecutors dismissed a civil forfeiture complaint and returned $53 million in seized funds to the bank. The New York Fed in 2019 said it would stop approving master accounts for some Puerto Rican banks due to U.S. sanctions on Venezuela aimed at ousting socialist President Nicolas Maduro, Reuters reported at the time. The bank said its founder, Marcelino Bellosta, has lived in the United States and Europe for much of the last 25 years.

Persons: BSJI, Nicolas Maduro, Marcelino Bellosta, Luc Cohen, Grant McCool Organizations: Banco San Juan, Inc, New York Federal, Banco, Banco San Juan Internacional, New York, New York Fed, Reuters, Thomson Locations: Puerto Rican, U.S, Venezuela, Banco San, Manhattan, York, Puerto, Venezuelan, United States, Europe, New York

U.S. interest rate expectations have been a key driver of the dollar since the Fed began its tightening cycle last year. A survey from the New York Federal Reserve on Monday showed waning near-term inflation expectations among Americans, who said last month they were expecting the weakest near-term inflation gains in just over two years. Sterling , meanwhile, hit a near 15-month high of $1.2913 after British wage growth hit a joint record high, heaping pressure on the Bank of England to tighten policy further to bring inflation under control. The pound has been rallying on a stronger economy and aggressive repricing of expectations for tighter BoE policy, according to Danske Bank FX analyst Kirstine Kundby-Nielsen. Elsewhere, the euro rose 0.1% to $1.1012, the Australian dollar steadied at $0.6680, while the New Zealand dollar fell 0.2% to $0.6198.

Persons: Rick Wilking, Shaun Osborne, Sterling, Kirstine Kundby, That's, Kundby, Nielsen, Moh Siong Sim, Samuel Indyk, Rae Wee, Shri Navaratnam, Edmund Klamann, Alex Richardson Organizations: REUTERS, Federal, Fed, Scotiabank . Markets, New York Federal Reserve, Bank of England, Danske Bank, Nielsen, Singapore, Bank of Japan, New Zealand, Thomson Locations: Westminster , Colorado, U.S, . U.S, Japan, China's

☆ Dollar slips as Fed hike cycle nears end; focus on US inflation
▼ + stars: | 2023-07-11 | by ( Rae Wee | ) www.reuters.com time to read: +3 min

Several Fed officials said on Monday the central bank will likely need to raise interest rates further to bring down still-high inflation, but that the end to its current monetary policy tightening cycle is getting close. U.S. interest rate expectations have been a key driver of the dollar since the Fed began its tightening cycle last year. A survey from the New York Federal Reserve showed on Monday waning near-term inflation expectations among Americans, who said last month they were expecting the weakest near-term inflation gains in just over two years. The dollar/yen pair is particularly sensitive to U.S. yields as interest rates in Japan are anchored near zero. Elsewhere, the Australian dollar gained 0.16% to $0.6687, while the New Zealand dollar added 0.06% to $0.6216.

Persons: Sterling, Carol Kong, Rae Wee, Shri Navaratnam Organizations: Federal, Fed, Commonwealth Bank of Australia, New York Federal, Treasury, Australian, New Zealand, Macquarie, Thomson Locations: SINGAPORE, U.S, Asia, . U.S, Japan, China

☆ Dollar slips as Fed hike cycle nears end, focus on U.S. inflation
▼ + stars: | 2023-07-11 | by ( ) www.cnbc.com time to read: +3 min

Persons: Sterling, Carol Kong Organizations: Federal, Fed, Commonwealth Bank of Australia, New York Federal, Treasury, Australian, New Zealand, Macquarie Locations: U.S, Asia, . U.S, Japan, China

WASHINGTON, July 6 (Reuters) - New data from the New York Federal Reserve shows underlying inflation may have slowed faster than the headline measures that have kept U.S. central bank officials poised for further interest rate increases. The New York Fed core trend also factors out the food and energy items that central bankers try to look beyond in assessing the direction of inflation. That's because recent data on rents, which have been moderating, gets incorporated faster into the New York Fed's estimates. From a monetary policy perspective, the new estimate could add fodder to arguments for being more cautious about further rate increases. Some policymakers have been concerned that the main measure of core inflation has shown little improvement; the New York Fed's alternate measure suggests that may be the result of temporary factors rather than a more persistent trend.

Persons: Howard Schneider, Chizu Organizations: New York Federal Reserve, Reuters, New, Fed, New York Fed, York, Thomson Locations: York

☆ What the stock market is saying about when to expect a recession
▼ + stars: | 2023-07-02 | by ( Krystal Hur | ) edition.cnn.com time to read: +7 min

As the economy proved more resilient than expected, and the US has avoided recession so far, the case for a 2023 recession has been crumbling. The stock market, which entered bull market territory just a few weeks ago, has shown little sign this year that the economy could be headed for a downturn. Still, the bond market tells a different story: The New York Federal Reserve’s recession probability model calculates the probability that the US will enter a recession in the next 12 months by tracking the spread of 3-month and 10-year Treasury yields. US stock market closes early at 1 p.m. Tuesday: US stock market closed for July Fourth.

Persons: Brian Moynihan, “ We’re, ”, David Grecsek, Jerome Powell, it’s, “ we’re, Russell, Outflows, Brian Mulberry, Tim Courtney, Courtney ., “, Niño, Samantha Delouya, El Organizations: CNN Business, Bell, New York CNN —, Federal Reserve, Bank of America, CNN, Vanguard, JPMorgan Chase, Investors, Fed, Investment Company Institute, Zacks Investment Management, New, Federal Reserve Bank of San, Exencial Wealth, Oceanic, Atmospheric Administration, NOAA, PMI, Labor Locations: New York, Federal Reserve Bank of San Francisco, El

☆ Six questions facing US stock investors as 2023's second half nears
▼ + stars: | 2023-06-29 | by ( Lewis Krauskopf | ) www.reuters.com time to read: +5 min

With two days left in the first half, the S&P 500 (.SPX) is up 14% in 2023 - a rebound that surprised many analysts after equities’ brutal 2022 decline. If history is a guide, stocks’ strong start may give them a tailwind in the second half. Here are six key questions investors are posing as they assess the market's prospects:WHERE’S THAT RECESSION? While the S&P 500 has gained 14% this year, the equal-weight version of the index -- a proxy for the average stock -- has gained just 4.2%. The S&P 500 tech sector (.SPLRCT) now trades at 27 times forward earnings, according to Refinitiv Datastream.

Persons: Sam Stovall, Refinitiv, Lewis Krauskopf, Ira Iosebashvili, David Gregorio Our Organizations: YORK, Nasdaq, New York Federal Reserve, Treasury, UBS, CAN, Apple Inc, Nvidia Corp, HSBC, Reuters Graphics, Advisory Services, Reuters, Thomson Locations: U.S, Silicon

☆ Consumer spending: Gen Z, Millennials are scrimping. Boomers are living it up
▼ + stars: | 2023-06-12 | by ( Matt Egan | ) edition.cnn.com time to read: +3 min

While Baby Boomers and even Traditionalists (born 1928-1945) are ramping up spending, Gen X, Gen Z and Millennials are cutting back as they grapple with high housing costs and looming student debt payments. If not for the aggressive spending by Boomers, Tinsley said, overall consumer spending would have been even more negative. Bank of America spending data shows a noticeable bump in spending by households that received the cost-of-living boost. The student debt freeze, in effect since March 2020 when the Covid pandemic erupted, is expected to conclude by the end of August. For millions of Gen Z and Millennials, the return of student debt payments will mean less money for spending on restaurants and vacations.

Persons: Gen X, Gen, ” David Tinsley, Tinsley, ” Tinsley, ”, Biden, “ Organizations: New York CNN, Younger, Bank of America, Boomers, Bank of America Institute, CNN, Baby Boomers, Social, New York Federal Reserve Locations: Tinsley

☆ White House hails the end of the supply chain nightmare
▼ + stars: | 2023-06-08 | by ( Matt Egan | ) edition.cnn.com time to read: +4 min

New York CNN —White House officials on Thursday hailed the unclogging of supply chains and suggested that further easing of bottlenecks will help cool inflation. “Critical supply chains are significantly more fluid and resilient than they were when the President took office,” White House officials wrote in a supply chain scorecard shared first with CNN. The traffic jam of vessels backed up ports, once a symbol of the supply chain crisis, has all but disappeared. The White House economists said it is a “positive development for consumers” and struck a hopeful tone it will continue. The blog post said there is a high correlation between producer prices and supply chain pressures, suggesting the easing in supply chain pressure may continue to cool inflation.

Persons: ”, Biden, Biden’s, ” Lael Brainard, ” Torsten Slok, “ Organizations: New, New York CNN, White, CNN, National Economic Council, Consumers, IRI, Shipping, New York Federal, Apollo Global Management, Defense, EV, White House Council, Economic Advisers, Institute of Supply, Federal Reserve Locations: New York, Ukraine

☆ Dow, S&P edge up as data, debt ceiling curb gains
▼ + stars: | 2023-05-15 | by ( Chuck Mikolajczak | ) www.reuters.com time to read: +4 min

The Dow Jones Industrial Average (.DJI) rose 47.98 points, or 0.14%, to 33,348.6, the S&P 500 (.SPX) gained 12.2 points, or 0.30%, to 4,136.28 and the Nasdaq Composite (.IXIC) added 80.47 points, or 0.66%, to 12,365.21. Meta Platforms Inc (META.O) climbed 2.16% as one of the top boosts to both the Nasdaq and S&P 500 after Loop Capital upgraded it to "buy" from "hold." Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., May 11, 2023. REUTERS/Brendan McDermidIn a relatively light week for economic data, investors will focus on retail sales, weekly jobless claims and housing data. The S&P 500 posted nine new 52-week highs and seven new lows; the Nasdaq Composite recorded 59 new highs and 136 new lows.

☆ Wall Street advances, Treasury yields rise as debt-ceiling debate rolls along
▼ + stars: | 2023-05-15 | by ( Stephen Culp | ) www.reuters.com time to read: +3 min

"It feels like there's some optimism regarding talks on the debt ceiling," said Joseph Sroka, chief investment officer at NovaPoint in Atlanta. "Part of that may be political gamesmanship, but it's helping the market a little bit today." European stocks ended the session higher as investors eyed ongoing U.S. debt ceiling negotiations and Turkey's impending election runoff. Emerging market stocks rose 0.54%. Gold edged higher in opposition to the weakening dollar as the ongoing debt ceiling standoff stoked fears of a global economic slowdown.

☆ US dollar retreats from five-week high as debt ceiling stalemate weighs
▼ + stars: | 2023-05-15 | by ( Gertrude Chavez-Dreyfuss | ) www.reuters.com time to read: +4 min

In afternoon trading, the dollar index , which measures the greenback's value against six major currencies, fell 0.3% to 102.40. Earlier in the session, the dollar touched a five-week high of 102.75. Analysts have said many factors could be behind the dollar's recent strength, including concerns about U.S. inflation and safe-haven buying driven by fears about the debt ceiling standoff and global economic growth, as well as more hawkish rhetoric from Fed officials. Against the yen, the dollar was up 0.3% at 136.06, while sterling was 0.7% higher at $1.2527, rebounding after last week's 1.5% fall. It earlier jumped to 19.7 for the first time since March 10, when the dollar hit a record high of 19.8 on a volatile trading day.

☆ Tech lifts Nasdaq, Treasury yields gain as debt ceiling debate plods on
▼ + stars: | 2023-05-15 | by ( Stephen Culp | ) www.reuters.com time to read: +4 min

[1/2] A trader works on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., May 11, 2023. "It feels like there's some optimism regarding talks on the debt ceiling," said Joseph Sroka, chief investment officer at NovaPoint in Atlanta. European stocks ended the session higher as investors eyed ongoing U.S. debt ceiling negotiations and Turkey's impending election runoff. Emerging market stocks rose 0.53%. Gold edged higher in opposition to the weakening dollar as the debt ceiling standoff wore on, and investors clung to hopes of interest rate cuts by year-end, despite comments from Fed officials.

Atlanta Fed President Raphael Bostic said on Monday he does not expect any interest-rate cuts this year, while Minneapolis Fed President Neel Kashkari said inflation is "much much too high" despite the rate hikes. Investors now await comments from Fed Chair Jerome Powell on Friday for any clues on potential rate cuts this year. Shares of Magellan jumped 13.7%. Advancing issues outnumbered decliners by a 2.14-to-1 ratio on the NYSE and by a 1.92-to-1 ratio on the Nasdaq. The S&P index recorded six new 52-week highs and seven new lows, while the Nasdaq recorded 44 new highs and 110 new lows.

☆ New York factory activity slumps in May - NY Fed
▼ + stars: | 2023-05-15 | by ( ) www.reuters.com time to read: +1 min

WASHINGTON, May 15 (Reuters) - The New York Federal Reserve said on Monday its barometer of manufacturing activity in New York State plunged in May, but the survey is extremely volatile, making it harder to interpret. A reading below zero signals the New York manufacturing sector is contracting. Nevertheless, higher interest rates and the rotation of spending back to services from goods is hurting national manufacturing activity. Tighter credit conditions are also seen as a drag. The New York Fed will on Tuesday publish a survey focusing on credit access and credit conditions.

The greenback took an early dive after data showed the New York Federal Reserve's Empire State manufacturing index plunged to -31.8 this month from a reading of 10.8 in April. "The things that have weighed on the dollar recently have not gone away, such as the debt ceiling, even though there has been some progress made." In late morning trading the dollar index , which measures the greenback's value against six major peers, fell 0.2% to 102.48. Analysts have said many factors could be behind the dollar's recent strength, including concerns about U.S. inflation and safe-haven buying driven by fears about the debt ceiling standoff and global economic growth. It earlier jumped to 19.7 for the first time since March 10, when it hit a record high of 19.8 on a volatile trading day.

"And as Washington leaks out increments with rolling disclosure about how the discussions are proceeding ... that probably is bolstering confidence in investors." ET, Dow e-minis were up 51 points, or 0.15%, S&P 500 e-minis were up 7.5 points, or 0.18%, and Nasdaq 100 e-minis were up 20.75 points, or 0.15%. Atlanta Fed President Raphael Bostic said on Monday he does not expect any interest-rate cuts this year as he does not see inflation going down as fast as market participants believe. Chicago Fed President Austan Goolsbee, Minneapolis Fed President Neel Kashkari and Fed Board Governor Lisa Cook are among other Fed officials set to speak later in the day. Reporting by Shreyashi Sanyal in Bengaluru; Editing by Nivedita BhattacharjeeOur Standards: The Thomson Reuters Trust Principles.

NEW YORK/WASHINGTON, May 15 (Reuters) - As talks over raising the U.S. government's $31.4 trillion debt ceiling intensify, Wall Street banks and asset managers have begun preparing for fallout from a potential default. Citigroup (C.N) CEO Jane Fraser said this debate on the debt ceiling is "more worrying" than previous ones. U.S. government bonds underpin the global financial system so it is difficult to fully gauge the damage a default would create, but executives expect massive volatility across equity, debt and other markets. Banks, brokers and trading platforms are prepping for disruption to the Treasury market, as well as broader volatility. Bond trading platform Tradeweb said it was in discussions with clients, industry groups, and other market participants about contingency plans.

Search resuls for: "The New York Federal Reserve"

25 mentions found