Banks Get Burned by Risky Debt, Imperiling Buyout Activity

Banks Get Burned by Risky Debt, Imperiling Buyout Activity

By Laura Cooper July 3, 2022 9:03 a.m. ET Listen to articles (2 minutes) Investment banks are facing big losses on leveraged buyouts they agreed to finance before markets soured, further chilling the outlook for deal activity. Bank of America Credit Suisse Group and Goldman Sachs Group Inc. are among the banks that could collectively … Read more

Celsius Customers Are Losing Hope for Their Locked-Up Crypto

Celsius Customers Are Losing Hope for Their Locked-Up Crypto

It has been three weeks since crypto lender Celsius Network LLC took the drastic step of halting customers’ withdrawals. Many people are starting to wonder if they will ever see their money again. Alla Driksne says she has six figures worth of bitcoin and ethereum—her life savings—tied up in a Celsius account. On June 12, … Read more

Americans Have Had It With Inflation

Americans Have Had It With Inflation

James Duffy used to frequent the coffee shop on weekends to enjoy an Americano and read a book. Then, rising inflation started to bite. Mr. Duffy, 25 years old, began cutting back on coffee outings earlier this year. Now, he brews a big pot of coffee at home, part of a broader attempt to save … Read more

GM Says Unfinished Cars to Hurt Quarterly Results

GM Says Unfinished Cars to Hurt Quarterly Results

General Motors Co. said it built about 95,000 vehicles without certain semiconductors and other parts and had to set the cars aside instead of shipping them to dealers, weighing on its second-quarter results. The company said the hit to wholesale vehicle deliveries would hurt second-quarter net profit, which it now expects to be between $1.6 … Read more

Stock Futures Slip After Worst Start to Year in Decades

Stock Futures Slip After Worst Start to Year in Decades

US stock futures drifted lower at the start of the second half of the year, with investors bracing for more volatility amid heightened inflation and expected interest-rate increases. Futures for the S&P 500 shed 0.6% Friday. The broad index closed out Thursday lower, heaping on additional losses to mark the worst first half of the … Read more

Elon Musk Takes Unusually Long Twitter Break

Elon Musk Takes Unusually Long Twitter Break

Elon Musk is on his longest stretch without posting on Twitter in nearly five years, a nine-day hiatus that comes in the midst of tumultuous efforts to complete his planned $44 billion deal to buy the platform. The billionaire chief executive of Tesla last posted on June 21, marking Thursday as the most extended silence … Read more

U.S. Stocks Waver as Central Bankers Hold Panel

U.S. Stocks Waver as Central Bankers Hold Panel

US stocks were mixed on Wednesday as investors digested comments from central bankers at a panel in Europe and looked toward another round of quarterly earnings reports. The S&P 500 fell 0.3%, after the broad-market index closed down 2% on Tuesday. The Nasdaq Composite Index was down 0.3%, while the Dow Jones Industrial Average edged … Read more

Taiwan Company Plans Texas Chip Wafer Factory—if Congress Approves Incentives

Taiwan Company Plans Texas Chip Wafer Factory—if Congress Approves Incentives

WASHINGTON—A Taiwan-based company said it plans to build a $5 billion factory in Texas to make silicon wafers used in semiconductors, but the deal hinges on financial incentives bogged down in Congress. Global Wafers on Monday said its planned factory in Sherman, Texas, would be the first US silicon wafer-facility in more than two decades … Read more

Spirit Airlines Sticks With Frontier Deal After Sweetened Offer

Spirit Airlines Sticks With Frontier Deal After Sweetened Offer

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Dow Jumps More Than 800 Points as Fears of Interest-Rate Hikes Subside

Dow Jumps More Than 800 Points as Fears of Interest-Rate Hikes Subside

Stocks rallied after fresh economic data tempered investors’ expectations of aggressive Federal Reserve interest-rate hikes, giving the S&P 500 its first weekly gain in the last four weeks. The Dow Jones Industrial Average surged 826 points, or 2.7%, while the S&P climbed 3.1%. The technology-heavy Nasdaq Composite added 3.3%. .