S&P 500, Dow slip ahead of Fed outlook; Nasdaq scales fresh high
The S&P 500 and Dow eased on Wednesday, as losses in financial stocks outweighed a boost from technology, with focus shifting to the Federal Reserve’s first projections on the economy since the coronavirus outbreak.
Ford, Volkswagen target 8 million vehicles in van alliance
Ford Motor Co and Volkswagen AG said on Wednesday they would make up to 8 million units of medium pickup trucks and commercial vans over the lifecycle of the vehicles as part of an alliance announced last year.
Congress seeks answers on Juniper Networks breach amid encryption fight
A group of U.S. lawmakers preparing to fight a legislative attack on encrypted communications is trying to establish what happened when encryption was subverted at a Silicon Valley maker of networking gear.
Goldman traders gain $1 billion in commodities revenue after oil slump
Goldman Sachs Group Inc commodities unit generated more than $1 billion in revenue this year through May as traders positioned their bets for the collapse in oil prices, a source familiar with the group’s finances said on Wednesday.
Twitter, Square to make June 19 a holiday to support racial diversity
Jack Dorsey, the chief executive of Square Inc and Twitter Inc, said June 19, popularly known as ‘Juneteenth’, would be a permanent company-wide holiday in the United States to show support for racial diversity.
Starbucks forecasts over $2 billion drop in quarterly income as COVID-19 hits
Starbucks Corp said on Wednesday it expects current-quarter operating income to plunge by up to $2.2 billion, and sales to decline for the rest of the year even as nearly all its cafes have reopened following easing of coronavirus lockdowns.
Tesla to accelerate production of Semi trucks: memo
Tesla Inc Chief Executive Elon Musk has told his staff it was time to bring the Tesla Semi commercial truck to “volume production,” a message that coincides with a surge in the share price of rival clean truck maker Nikola Corp .
Dollar slumps to three-month lows on Fed easing speculation
The dollar dropped to a three-month low on Wednesday as speculation increased that the U.S. Federal Reserve will announce later in the session it intends to keep the recent rise in bond yields in check.
Ford to return to pre-COVID production rates in U.S. plants by early July, COO says
Ford Motor Co expects to have its U.S. vehicle assembly plants return by early July to building at the rates they did before the coronavirus pandemic shut down the U.S. auto industry for two months, a top executive said on Wednesday.
UK regulator gets more time for final ruling on Amazon’s Deliveroo deal
Britain’s competition regulator has given itself two more months to make a final ruling on Amazon’s purchase of a minority stake in online delivery group Deliveroo so it can take full account of representations from all interested parties.
