What the Inflation Act’s Corporate Taxes Will Mean for the Stock Market

Text size Some individual companies could be hit hard by the tax increases. Dreamstime Washington is about to ratchet up the tax burden on companies, but the stock market doesn’t seem concerned, for good reason. The moves will barely dent aggregate corporate profits, although individual companies will take a hit. The Inflation Reduction Act, approved … Read more

There Are Signs Inflation May Have Peaked, but Can It Come Down Fast Enough?

Growing signs that price pressures are easing suggest that June’s distressingly high 9.1% increase in consumer prices will probably be the peak. But even if inflation indeed comes down, economists see a slow pace of decline. Ed Hyman, chairman of Evercore ISI, pointed to many indicators that 9.1% might have been the top. Gasoline prices … Read more

Wells Fargo & Co. stock rises Thursday, outperforms market

Shares of Wells Fargo & Co. WFC, + 1.31% rallied 1.31% to $ 43.28 Thursday, on what proved to be an all-around favorable trading session for the stock market, with the S&P 500 Index SPX, + 0.99% rising 0.99% to 3,998.95 and the Dow Jones Industrial Average DJIA, + 0.51% rising 0.51% to 32,036.90. Wells … Read more

Citigroup’s Profit Falls as It Preps for Potential Loan Losses

Preparations for potential bad loans in a recession pushed Citigroup second quarter profit down 27%, offsetting a boom in business from global companies trying to position themselves for rising interest rates. Results from the nation’s big banks are showing that consumers and businesses remained healthy in the second quarter. But the banks are also flashing … Read more

Market Downturn Weighs on Wells Fargo Profit

A slowdown in mortgage lending and a decline in the value of equity investments helped send Wells Fargo & Co.’s second-quarter profit down 48%. The San Francisco-based bank said it earned $ 3.12 billion in the quarter, down from $ 6.04 billion a year ago. Per-share earnings totaled 74 cents, below the 80 cents expected … Read more

The Stock Market Had a Great Week. Can the Good Times Last?

Text size *** ONE-TIME USE *** People attend the Mega Job Fair held at the FLA Live Arena on June 23, 2022 in Sunrise, Florida. The job fair had 8,000 jobs available from 100 different employers and expected approximately 3000 people to attend the fair. Joe Raedle / Getty Images Call it the “Yes, but” … Read more

The Stock Market Had a Great Week. Can the Good Times Last?

Text size *** ONE-TIME USE *** People attend the Mega Job Fair held at the FLA Live Arena on June 23, 2022 in Sunrise, Florida. The job fair had 8,000 jobs available from 100 different employers and expected approximately 3000 people to attend the fair. Joe Raedle / Getty Images Call it the “Yes, but” … Read more

Fed says banks could withstand 10% unemployment, 55% stock price drop in annual stress test

The Federal Reserve Board on Thursday projected the potential for a rockier road ahead for banks than it did a year ago, but said the 33 financial institutions it reviewed passed its annual stress test of capital reserves. The Fed estimated $ 612 billion in potential losses for banks in its most severe economic scenario, … Read more

Wells Fargo & Co. stock outperforms market on strong trading day

Shares of Wells Fargo & Co. WFC, + 1.92% advanced 1.92% to $ 44.12 Wednesday, on what proved to be an all-around positive trading session for the stock market, with the S&P 500 Index SPX, + 0.95% rising 0.95% to 3,978.73 and the Dow Jones Industrial Average DJIA, + 0.60% rising 0.60% to 32,120.28. Wells … Read more

The Companies Cutting Staff, Freezing Hiring or Slashing Costs: See the List

Companies which saw substantial growth during the Covid-19 pandemic are starting to take a more cautious approach toward hiring and spending. From Peloton Interactive Inc. spirit Meta Platforms Inc. thaw Twitter Inc Uber Technologies Inc. and others, corporate belt tightening comes as the Federal Reserve is raising interest rates, global stock markets have fallen and … Read more