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Fed cuts rates, signals it may not need to do more

Reuters.com Newsletter

Fed cuts rates, signals it may not need to do more

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.

U.S. markets gyrate after Fed cuts rates, stocks fall

Wall Street turned negative after Federal Reserve Chairman Jerome Powell in a press conference after the Fed announced its first rate cut since 2008 characterized it as a mid-cycle policy adjustment, adding that the decision was different from the beginning of a lengthy cutting cycle.

Dollar rises after Fed cuts rates, signals move is one-off

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.

Trump says Fed's Powell 'let us down' on interest rate decision

U.S. President Donald Trump said Federal Reserve Chairman Jerome Powell "let us down" with a quarter-percentage-point interest rate cut on Wednesday, saying the market wanted a signal that a "lengthy and aggressive rate-cutting cycle" was under way.

Qualcomm shares fall 6% on dour current-quarter forecast

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.

Whiting Petroleum posts surprise quarterly loss, cuts 33% workforce

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.

S&P 500 posts biggest drop since May after Fed cut, Powell comments

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.

Nordstrom family prepares proposal for major stake in retailer - WSJ

Shares of Nordstrom Inc rose 8% on Wednesday after the Wall Street Journal reported that members of the retailer's founding family are in the early stages of discussing a proposal to boost their roughly one-third stake to over 50%, citing people familiar with the matter.

Fitbit lowers 2019 revenue forecast, shares sink 16%

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.

U.S., China to keep talking on trade, progress elusive in Shanghai meeting

U.S. and Chinese negotiators wrapped up a round of trade talks on Wednesday without visible signs of progress and put off their next meeting until September, extending an uneasy truce between the world's two largest economies for at least a month.

U.S. prisons lose Wall Street sell-side coverage

Sell-side analysts have stopped advising investors on U.S. private prisons as Wall Street has distanced itself from publicly traded GEO Group Inc and CoreCivic Inc .

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