By Laura Sanicola (Reuters) -Oil prices settled higher on Thursday as traders remained nervous that Israel’s military campaign in Gaza could escalate to a regional conflict. Brent futures for December settled up 1%, or 88 cents, at $92.38 a barrel while U.S. West Texas Intermediate (WTI) futures for November, which expire on Friday, settled up…
By Chuck Mikolajczak NEW YORK (Reuters) – The U.S. economy’s strength and continued tight labor markets could warrant further Federal Reserve interest rate increases, Fed Chair Jerome Powell said on Thursday in remarks that appeared to push back against market expectations that the U.S. central bank’s rate hikes had reached an end. Powell said U.S….
By Dawn Chmielewski and Lisa Richwine LOS ANGELES (Reuters) -Streaming pioneer Netflix showed resilience by gaining more quarterly subscribers than in the past three years despite strikes by Hollywood’s writers and actors, sending its shares up 16.23% on Thursday. Netflix capitalized on its heft in global production, as well as the economic hardships of its…
By Hyunjoo Jin, Akash Sriram and Joseph White (Reuters) -Tesla CEO Elon Musk said on Wednesday that he was concerned about the impact of high interest rates on car buyers, adding the electric vehicle maker was hesitating on its plans for a factory in Mexico as it gauges the economic outlook. After the company missed…
By Jody Godoy (Reuters) – A shareholders’ proposed class action accusing Meta Platforms Inc of concealing sweeping misuse of Facebook users’ data in 2017 and 2018 was revived by a U.S. appeals court on Wednesday. Ruling 2-1, the 9th U.S. Circuit Court of Appeals in San Francisco restored shareholders’ claim that the company, then known…
WASHINGTON (Reuters) – Ford Motor said on Wednesday it is recalling 35,000 Mustang Mach-E electric vehicles because high voltage battery main contactors may overheat resulting in a loss of driving power. The new recall of 2021 and 2022 model year Mach-E vehicles with extended range followed an August investigation by the National Highway Traffic Safety…
By Stephen Culp NEW YORK (Reuters) – Wall Street stocks tumbled and crude prices surged on Wednesday as escalating Middle East turmoil prompted a broad sell-off and stoked oil supply concerns. All three major U.S. stock indexes shed 1% or more, closing near session lows. Momentum stocks, led by Nvidia, Tesla Inc and Amazon.com, pulled…
By David Morgan and Makini Brice WASHINGTON (Reuters) -Hardline Republican Jim Jordan picked up support for his campaign to lead the U.S. House of Representatives on Monday as he aimed to bulldoze opposition within his own party by applying pressure in a series of public votes. Several of Jordan’s fellow Republicans said they would support…
By Saeed Azhar and Nupur Anand NEW YORK (Reuters) -Bank of America reported unrealized losses of $131.6 billion on securities in the third quarter, growing from the second quarter, but the bank does not expect the portfolio will generate actual losses in the long-term. Unrealized losses have come under closer scrutiny by investors since March….
By Alexandra Alper, Karen Freifeld and Stephen Nellis WASHINGTON (Reuters) -The Biden administration plans to halt shipments to China of more advanced artificial intelligence chips designed by Nvidia and others, part of a raft of measures released on Tuesday that seek to stop Beijing from receiving cutting-edge U.S. technologies to strengthen its military. The rules,…
