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February 11, 2022

Stocks extend losses as hot inflation stokes rate concerns

Stocks added to Thursday’s losses as jitters over a swift tightening of financial conditions increased on the heels of a multi-decade high print on inflation. Fresh geopolitical concerns between Russia and Ukraine further weighed on stocks and sent oil prices soaring to a fresh seven-year high.

The S&P 500, Dow and Nasdaq fell during a choppy session Friday. Stocks sank to session lows Friday afternoon, after the U.K. issued a warning for British citizens to leave Ukraine as tensions with Russia mounted further. The benchmark 10-year Treasury yield rose further after breaking above 2{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} for the first time since August 2019 a day earlier.

The drop on Friday extended volatility from earlier this week. Stocks sold off and yields climbed Thursday after the Bureau of Labor Statistics’ January Consumer Price Index (CPI) showed the biggest annual jump in inflation since 1982.

The surging 7.5{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} jump in prices escalated calls for the Federal Reserve to raise interest rates more aggressively than previously expected and begin rolling assets off its balance sheet, in moves that would curb liquidity in the financial system and dampen soaring consumer demand and prices. St. Louis Federal Reserve President James Bullard told Bloomberg News on Thursday he wanted to see interest rates be raised by a full percentage by July and start the Fed’s balance sheet run-off process in the second quarter, in one of the most hawkish paths so far telegraphed by a Fed official.

“That’s not out of the realm of possibility,” David Spika, GuideStone Capital Management president, told Yahoo Finance Live on Thursday about Bullard’s suggestion. “The Fed realizes they have to start moving. … Consumers are getting killed with this inflation. The Fed has to move and has to move quickly if they want to rein this in.”

“If you go back even to the end of the financial crisis, monetary policy has been the key factor in driving returns and really providing that ‘Fed put’ that really allowed investors to come in and buy the dip,” he added. “Those days are behind us — particularly with the inflation we’re seeing now — and the market does not like this. It’s like a kid that has never been told ‘no,’ that is now being told no and is throwing a temper tantrum. This will continue.”

And against the inflationary backdrop, others also increased their expectations for the number of rate hikes the Fed is likely to roll out this year. Deutsche Bank economists said Thursday they now expect two more quarter-point hikes than they had previously forecasted. With the upgrade, they now see a 50 basis point rate hike at the March Fed meeting, followed by 25 basis point hikes after each of the following meetings of the year except for in November. If realized, a half-point rate hike in March would mark the Fed’s first increase of more than 25 basis points since 2000.

“I think investors have to ask themselves, do I want to hedge against inflation, or do I want to beat inflation? And so, I think things like gold are where you can hedge, but I think there are other areas where you can continue to outpace and see outsized gains relative to inflation,” Jordan Jackson, JPMorgan Asset Management global market strategist, told Yahoo Finance Live on Thursday. “I think that’s things like equities, I do think commodity markets are relatively well-supported here as well. And so investors will need to get diversified in how they think about hedging and outpacing inflation at the current juncture.”

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1:58 p.m. ET: Pfizer, BioNTech delay request for FDA to authorize COVID-19 vaccine in children under age 5 ahead of more data

Pfizer (PFE) and BioNtech (BNTX) announced Friday that they were delaying their request for the FDA to authorize their COVID-19 vaccine for children under age five. The companies are waiting to continue their ongoing clinical study and receive efficacy data on a third dose of the shot for children before having the FDA resume considering authorization of the jab.

“Given that the study is advancing at a rapid pace, the companies will wait for the three-dose data as Pfizer and BioNTech continue to believe it may provide a higher level of protection in this age group,” Pfizer said in its press statement. “This is also supported by recent observations of three dose booster data in several other age groups that seems to meaningfully augment neutralizing antibody levels and real world vaccine protection for omicron compared to the two-dose regimen. The companies expect to have three-dose protection data available in early April.”

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1:51 p.m. ET: U.S. crude oil prices set fresh 7-year high

U.S. West Texas intermediate crude oil futures jumped another 3.4{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} on Friday to set a fresh seven-year high, touching $92.91 per barrel.

The latest leg higher came as concerns over tensions between Russia and Ukraine escalated further, with concerns rising that energy supplies in the countries may be disrupted in the event of military action. The UK on Friday newly advised British citizens to avoid travel to Ukraine and for those already in the country to leave now, a day after President Joe Biden also requested all U.S. citizens leave Ukraine.

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11:53 a.m. ET: Stocks turn lower after hot inflation print, consumer sentiment disappointment

The three major indexes turned sharply lower heading into the afternoon session on Friday, after the University of Michigan’s consumer sentiment index affirmed that Americans’ inflation expectations were rising further. A jump in Treasury yields stoked a drop in growth and technology stocks.

The information technology, consumer discretionary and communication services sectors declined in the. S&P 500. Energy and financials were among the outperformers, with both standing to benefit from an environment with rising rates and commodity prices.

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10:00 a.m. ET: Consumer sentiment falls sharply in early February to lowest in a decade as inflation concerns escalate

U.S. consumer sentiment sank much more than expected in February to set a fresh decade low as concerns over inflation rose markedly among many Americans.

The University of Michigan’s closely watched consumer sentiment index dropped to 61.7 in early February, marking the lowest level since Oct. 2011. This compared with a reading of 67.2 in January. Consensus economists were looking for the preliminary February index to come in at 67.0, according to Bloomberg data.

Consumer expectations for inflation over the next year also rose to 5.0{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}, representing the highest level since 2008. In December, consumers’ one-year inflation expectations were at 4.9{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}.

“Sentiment continued its downward descent, reaching its worst level in a decade, falling a stunning 8.2{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} from last month and 19.7{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} from last February,” Richard Curtin, chief economist for the Surveys of Consumers, said in a press statement. “The recent declines have been driven by weakening personal financial prospects, largely due to rising inflation, less confidence in the government’s economic policies, and the least favorable long term economic outlook in a decade.”

“The impact of higher inflation on personal finances was spontaneously cited by one-third of all consumers, with nearly half of all consumers expecting declines in their inflation adjusted incomes during the year ahead,” he added. “In addition, fewer households cited rising net household wealth since the pandemic low in May 2020, largely due to the falling likelihood of stock price increases in 2022.”

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9:30 a.m. ET: Stocks open higher

Here’s where stocks were trading just after market open on Friday:

S&P 500 (^GSPC): +9.71 (+0.22{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}) to 4,513.79
Dow (^DJI): +47.39 (+0.13{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}) to 35,288.98
Nasdaq (^IXIC): +42.64 (+0.31{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}) to 14,230.07
Crude (CL=F): +$1.10 (+1.22{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}) to $90.98 a barrel
Gold (GC=F): -$7.50 (-0.41{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}) to $1,829.90 per ounce
10-year Treasury (^TNX): -2.2 bps to yield 2.007{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}

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7:27 a.m. ET Friday: Stock futures point to a lower open

Here’s where markets were trading Friday morning:

S&P 500 futures (ES=F): -12 points (-0.27{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}), to 4,485.50
Dow futures (YM=F): -80 points (-0.23{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}), to 35,059.00
Nasdaq futures (NQ=F): -49.25 points (-0.34{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}) to 14,651.75
Crude (CL=F): +$1.20 (+1.34{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}) to $91.08 a barrel
Gold (GC=F): -$8.10 (-0.44{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}) to $1,829.30 per ounce
10-year Treasury (^TNX): -3.1 bps to yield 1.998{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}

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6:10 p.m. ET Thursday: Stock futures decline further

Here’s where markets were trading as the overnight session began on Thursday:

S&P 500 futures (ES=F): -4.75 points (-0.11{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}), to 4,492.75
Dow futures (YM=F): -36 points (-0.1{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}), to 35,103.00
Nasdaq futures (NQ=F): -9.5 points (-0.06{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}) to 14,691.50

NEW YORK, NEW YORK - DECEMBER 08: Traders work on the floor of the New York Stock Exchange (NYSE) on December 08, 2021 in New York City. Following news from the pharmaceutical company Pfizer on the effectiveness of its vaccine against the Omicron COVID-19 variant, the Dow Jones Industrial Average rallied nearly 100 points in morning trading on Wednesday. (Photo by Spencer Platt/Getty Images) — NEW YORK, NEW YORK – DECEMBER 08: Traders work on the floor of the New York Stock Exchange (NYSE) on December 08, 2021 in New York City. Following news from the pharmaceutical company Pfizer on the effectiveness of its vaccine against the Omicron COVID-19 variant, the Dow Jones Industrial Average rallied nearly 100 points in morning trading on Wednesday. (Photo by Spencer Platt/Getty Images)

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Emily McCormick is a reporter for Yahoo Finance. Follow her on Twitter

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January 30, 2022

Tom Brady has millions of reasons to extend his career just another week

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Tom Brady could be retiring soon after 22 seasons in the NFL with the New England Patriots and Tampa Bay Buccaneers but he’ll be paid out handsomely if he decides to contact it quits right after Feb. 4.

Brady at first signed a two-yr contract with the Buccaneers before the start off of the 2020 period. He would afterwards signal a just one-12 months extension by the 2022 season with a few voided many years for income cap uses. The deal included a no-trade clause and a no-franchise or transition tag clause.

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Tom Brady #12 of the Tampa Bay Buccaneers lays on the ground right after an incomplete go in the initial quarter of the activity versus the Los Angeles Rams in the NFC Divisional Playoff video game at Raymond James Stadium on January 23, 2022 in Tampa, Florida. (Kevin C. Cox/Getty Illustrations or photos / Getty Visuals)

According to Spotrac, $15 million of Brady’s $20 million signing bonus was deferred to Feb. 4, 2022. If Brady retires ahead of Friday, he will give up the bonus revenue. Should Brady choose to continue to the 2022 period, Spotrac notes his total wage would be guaranteed but voided if he decides to retire.

There’s a ton of dollars tied to Brady’s final decision.

But over and above cash, what Brady does subsequent will ascertain what the staff does in the long run. Tampa Bay will have the No. 27 choose of the draft and vast receiver Chris Godwin could be a cost-free agent this offseason as perfectly.

TOM BRADY RETIREMENT REPORT SPARKS CONFUSION, DENIALS

Retirement speculation all around Brady heated up on Saturday when ESPN reported that the famous quarterback was going to retire. But that seemingly wasn’t the circumstance.

Brady, 44, informed Buccaneers basic manager Jason Licht in a cell phone call that he has not manufactured a choice on his upcoming, the Involved Push claimed. Bally Sports activities first noted the connect with from Brady to Licht.

Tampa Bay Buccaneers quarterback Tom Brady (12) reacts just after remaining penalized throughout the first 50 percent of an NFL divisional spherical playoff soccer video game versus the Los Angeles Rams Sunday, Jan. 23, 2022, in Tampa, Fla. (AP Photograph/Mark LoMoglio / AP Newsroom)

And Brady’s agent, Don Yee, told ESPN the quarterback would make the last announcement.

“I understand the advance speculation about Tom’s potential. With no obtaining into the accuracy or inaccuracy of what’s remaining documented, Tom will be the only individual to categorical his designs with full precision,” Yee explained in the assertion. “He is familiar with the realities of the football enterprise and arranging calendar as properly as any individual, so that should really be quickly.”

Tom Brady Sr. told KRON-Tv set the studies of his son’s retirement were untrue.

“This tale Mike is full conjecture,” Brady Sr. told NFL Community. “Tommy has not created a final decision 1 way or the other, and any person else that suggests that he has is totally incorrect.”

Brady’s representatives and the Buccaneers did not right away reply to a ask for for comment from Fox News. Brady, who typically shares any and all announcements on his social media, did not submit about his retirement.

Jan 23, 2022 Tampa, Florida, United states of america Tampa Bay Buccaneers quarterback Tom Brady (12) tends to make a simply call at the line of scrimmage all through the initially quarter towards the Los Angeles Rams in a NFC Divisional playoff football recreation at Raymond James Stadium. (Matt Pendleton-United states of america Now Athletics / Reuters Images)

Bucs mentor Bruce Arians told ESPN the quarterback hadn’t made the decision nearly anything.

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With a ton of revenue to be made a decision around the subsequent few months, a final decision will have to come rather quickly.

January 14, 2022

Stocks extend losses amid mixed bank earnings, retail sales miss

Stocks declined on Friday at the end of a volatile week, with investors monitoring a mixed set of bank earnings and a bigger-than-expected drop in U.S. retail sales.

The S&P 500 and Dow dropped. The Nasdaq fluctuated between gains and losses after a 2.5{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} drop on Thursday.

The Dow underperformed, dropping more than 1{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} at session lows as the index’s bank stock components declined after delivering earnings. JPMorgan Chase (JPM) shares fell more than 5{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} after the company posted lower-than-expected fourth-quarter trading revenues and rising costs as compensation expenses increased. The stock drop marked JPMorgan’s worst post-earnings decline since 2011, based on Bloomberg data. Citigroup (C) shares also fell after posting a similar miss on fixed-income and equities trading revenues for the quarter.

Peer bank Wells Fargo (WFC) shares rose, on the other hand, after posting quarterly revenue that topped estimates as both commercial and consumer loans picked up at the end of last year.

New economic data came in weaker-than-expected on Friday, adding to the risk-off tone in markets. U.S. retail sales fell 1.9{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} in December month-on-month, missing estimates for an only 0.1{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} dip and marking the biggest drop since February 2021. November’s sales were also downwardly revised to show 0.2{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} monthly increase, compared to the 0.3{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} rise previously reported.

Investors this week have been weighing concerning signs of lingering price pressures across the U.S. economy against assertions from key central bank officials that the Federal Reserve is ready to take action to bring down inflation.

In Fed Governor Lael Brainard’s hearing before the Senate Banking Committee on Thursday, she suggested the central bank could begin raising interest rates — a move that would tighten financial conditions and help bring down inflation — “as soon as asset purchases are terminated.” The Federal Reserve is currently set to end its asset-purchase tapering process in March.

JPMorgan Chase CEO Jamie Dimon said during this morning’s earnings call that he expected that on interest rate hikes this year, “there’s a pretty good chance there will be more than four — there could be six or seven.”

“What we’re seeing right now is a repricing of the markets, given anticipated rate hikes… That’s going to be the catalyst driving down the market,” WealthWise Financial CEO Loreen Gilbert told Yahoo Finance Live on Thursday. “It’s going to be a wild ride.”

And the bevy of recent inflation data has so far helped strengthen the case for a near-term move on monetary policy, many economists suggested. Thursday’s Producer Price Index (PPI) showed the biggest annual rise in wholesale prices on record, in data going back to 2010, even as monthly price gains moderated slightly. And this report came just a day following the December Consumer Price Index (CPI) showing the biggest surge in inflation since 1982. Many economists suggested inflationary pressures would continue at least through the first months of this year before gradually easing.

“Two of the biggest things have been the supply chain disruptions and the fiscal stimulus,” Matthew Miskin, John Hancock Investment Management co-chief investment strategist, told Yahoo Finance Live. “As the pandemic comes more under control this year, as the Omicron wave hopefully dissipates, we likely see the supply chain disruptions come off, and then we’re not going to get more fiscal stimulus … That in our view does cause inflation to come down over the course of the year.”

Rising prices have also been hitting companies’ profits as labor costs jump. Of the nearly two dozen S&P 500 companies that had reported fourth-quarter earnings results as of mid-week, 60{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} of these cited a negative impact from higher labor costs or shortages to sales or profits, according to FactSet.

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11:35 a.m. ET: Biden administration names three nominees to fill spots on Fed Board of Governors

The Biden administration announced its nominees to fill out the Federal Reserve Board of Governors, tapping Sarah Bloom Raskin, Lisa Cook, and Philip Jefferson for the roles. Each nominee must still go before the Senate Banking Committee for confirmation.

Earlier this week, Federal Reserve Chair Jerome Powell appeared before the Senate Banking Committee in his renomination hearing to remain as Fed Chair for second term. Current Fed Governor Lael Brainard also had her nomination hearing to become Fed Vice Chair.

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10:15 a.m. ET: Manufacturing production unexpectedly falls in December

The U.S. manufacturing sector showed more signs of slipping amid the latest surge in COVID-19 cases and materials shortages.

According to new Federal Reserve data Friday, manufacturing output declined by 0.3{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} in December to reverse course after a 0.6{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} rise in November. Consensus economists were looking for a 0.3{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} monthly rise in production in December, based on Bloomberg data. Manufacturing accounts for about 12{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} of overall economic activity in the U.S.

A drop in auto production contributed heavily to the headline decline, with ongoing chip shortages impacting the industry. Vehicle production was down 1.3{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} in December following a rise of 1.7{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} in November.

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10:11 a.m. ET: University of Michigan sentiment index drops to 68.8 in January, in second-lowest reading in a decade

Consumer sentiment fell more than expected in early January to reach one of its lowest readings in 10 years, as concerns over the inflation outlook and COVID-19 weighed on optimism.

The University of Michigan’s preliminary January Surveys of Consumers index came in at 68.8, falling from December’s 70.6. This was below consensus estimates for a reading of 70.0, according to Bloomberg data.

“While the Delta and Omicron variants certainly contributed to this downward shift, the decline was also due to an escalating inflation rate,” Richard Curtin, chief economist for t he Surveys of Consumers, wrote in a statement. “Three-quarters of consumers in early January ranked inflation, compared with unemployment, as the more serious problem facing the nation.”

“Given that inflation’s impact is regressive, the Sentiment Index fell by 9.4{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} among households with total incomes below $100,000 in early January, but rose by 5.7{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} among households with incomes over that amount,” he added.

Overall, consumers’ one-year inflation expectations edged back up to 4.9{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}, or the highest level since 2008, from December’s 4.8{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}.

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9:30 a.m. ET: Stocks open lower after disappointing economic data, mixed bank earnings

Here’s where markets were trading just after the opening bell Friday morning:

S&P 500 (^GSPC): -28.25 (-0.61{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}) to 4,630.78
Dow (^DJI): -337.64 (-0.76{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}) to 35,775.98
Nasdaq (^IXIC): -51.93 (-0.34{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}) to 14,756.56
Crude (CL=F): +$0.56 (+0.68{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}) to $82.68 a barrel
Gold (GC=F): +$3.90 (+0.21{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}) to $1,825.30 per ounce
10-year Treasury (^TNX): +2.5 bps to yield 1.734{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}

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8:32 a.m. ET: Retail sales drop 1.9{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} in December, missing estimates

Retail sales posted a large-than-expected drop in December, as consumer spending pulled back from earlier in 2021.

The total value of U.S. retail sales was down 1.9{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} in December compared to November, the Commerce Department said Friday. This was the first monthly drop since July, and the biggest decline since February 2021. Consensus economists had looked for a dip of just 0.1{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}, according to Bloomberg data. In November, retail sales rose 0.2{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}, with this figure also downwardly revised. from the 0.3{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} rise previously. reported.

By category, non-store retailers, or e-commerce stores, saw by far the biggest drop in monthly retail sales, with these falling 8.7{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} in December. Department stores also posted a 7.0{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} drop in sales, and furniture and home furnishing sales declined by 5.5{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}. Still, the weakness was broad-based in December, and nearly every category of retailer saw a monthly drop in sales. Notably, building material stores saw a nearly 1{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} sales rise during the month, and miscellaneous store retailers’ sales rose by 1.8{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}.

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7:43 a.m. ET: ‘The economy continues to do quite well despite headwinds related to the Omicron variant’: Dimon

JPMorgan Chase CEO Jamie Dimon struck an upbeat tone about the trajectory of the economic recovery even given the latest disruptions caused by the rapidly spreading Omicron variant.

“The economy continues to do quite well despite headwinds related to the Omicron variant, inflation and supply chain bottlenecks,” Dimon said in the bank’s fourth-quarter earnings report on Friday. “Credit continues to be healthy with exceptionally low net charge-offs, and we remain optimistic on U.S. economic growth as business sentiment is upbeat and consumers are benefiting from job and wage growth.”

Both JPMorgan Chase and Wells Fargo cited an increase in loans as contributing to results at the end of last year, suggesting consumers and businesses were remaining confident in borrowing and spending.

However, JPMorgan’s fixed-income and stock-trading businesses saw sales fall over last year. Fixed income sales and trading revenue declined 16{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} over last year to $3.33 billion, which the bank attributed to “a challenging trading environment in rates, as well as lower revenues in credit and currencies & emerging markets compared to a strong prior year.” Equities sales and trading revenue dipped 1.8{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} to $1.95 billion.

Overall, adjusted revenue grew 0.6{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} over last year to reach $30.35 billion, topping estimates for $30.01 billion, according to Bloomberg data. Earnings per share were $3.33, exceeding expectations for $2.99.

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7:32 a.m. ET Friday: Stock futures give up earlier gains, point to a lower open

Here’s where markets were trading before the opening bell:

S&P 500 futures (ES=F): -5 points (-0.11{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}), to 4,647.00
Dow futures (YM=F): -37 points (-0.1{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}), to 35,952.00
Nasdaq futures (NQ=F): -30.75 points (-0.2{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}) to 15,459.50
Crude (CL=F): +$0.58 (+0.71{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}) to $82.70 a barrel
Gold (GC=F): +$0.90 (+0.05{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}) to $1,822.30 per ounce
10-year Treasury (^TNX): +3.3 bps to yield 1.742{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}

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6:01 p.m. ET Thursday: Stock futures open slightly higher

Here’s where markets were trading Thursday evening:

S&P 500 futures (ES=F): +4.25 points (+0.09{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}), to 4,656.25
Dow futures (YM=F): +37 points (+0.1{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}), to 36,026.00
Nasdaq futures (NQ=F): +18.75 points (+0.12{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}) to 15,509.00

NEW YORK, NEW YORK - JANUARY 11: Traders work on the floor of the New York Stock Exchange (NYSE) on January 11, 2022 in New York City. After yesterdays sell off, the Dow was down only slightly in morning trading. (Photo by Spencer Platt/Getty Images) — NEW YORK, NEW YORK – JANUARY 11: Traders work on the floor of the New York Stock Exchange (NYSE) on January 11, 2022 in New York City. After yesterdays sell off, the Dow was down only slightly in morning trading. (Photo by Spencer Platt/Getty Images)

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Emily McCormick is a reporter for Yahoo Finance. Follow her on Twitter

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December 13, 2021

Biden Won’t Extend Student Loan Relief And Confirms Student Loan Payments Restart February 1

President Joe Biden (Image by Chip Somodevilla/Getty Illustrations or photos)

Getty Photos

The Biden administration won’t prolong pupil loan relief and verified university student financial loan payments restart February 1, 2022.

Here’s what you require to know.

Scholar Loans

White Dwelling Press Secretary Jen Psaki confirmed to reporters in the course of a push briefing that the Biden administration will not extend pupil personal loan reduction — and the scholar loan payment pause will conclusion January 31, 2022. (No, Biden will not prolong scholar mortgage relief again). In this article are some highlights from her comments:

“In the coming weeks, we will launch additional aspects about our plans”
“We will have interaction instantly with federal college student financial loan debtors to make certain they have the methods they want and are in the correct repayment program.”
“We are however evaluating the affect of the Omicron variant.”
“A clean changeover back again into repayment is a significant precedence for the administration.”
“The Department of Schooling is presently communicating with debtors to assist them to support to get ready for return to reimbursement on February 1.”
“41 million borrowers have benefitted from the extended pupil bank loan payment pause, but it expires February 1, so suitable now we’re just creating a vary of preparations.”

College student mortgage reduction: this won’t sit nicely with progressives and advocates

Progressive customers of Congress, foremost advocacy groups and scholar financial loan borrowers have lobbied President Joe Biden to extend the university student bank loan payment pause outside of January 31, 2022. (Here’s a listing of everyone who needs Biden to increase university student mortgage reduction). They cite probable economical devastation for millions of debtors if non permanent college student financial loan forbearance is not prolonged. Senate The vast majority Chief Chuck Schumer (D-NY) and Sen. Elizabeth Warren (D-MA) say that 89{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} of student financial loan debtors really feel financially unprepared to restart scholar mortgage payments. They also argue that nine million scholar loan debtors in default will suffer further more fiscal detriment. (5 ways Biden could terminate a lot more university student financial loans). With other U.S. senators, they have pressured Biden to postpone the return to college student financial loan payments for at the very least several months and at most right until the end of the Covid-19 health emergency. Even with these pleas, the Biden administration appears definitively focuses on ending this pupil mortgage reduction on January 31.

Pupil loan cancellation will not come about possibly

Some pupil loan debtors have hoped that Biden will supply a very last-moment economic lifeline by enacting broad-scale pupil loan cancellation. (Here’s how to get college student bank loan forgiveness during the Biden administration). Nonetheless, there is no indication that Biden will terminate everyone’s scholar financial loans. Consequently, really don’t count on Biden to cancel pupil financial loans right before scholar mortgage relief ends. On the opposite, Psaki supplied an update on Biden’s steps to day to enact scholar bank loan forgiveness. Because becoming president, Biden has cancelled $12.5 billion of scholar mortgage personal debt for about 640,000 student financial loan borrowers. When questioned by a reporter about the Biden administration’s plans to help student mortgage debtors, Psaki manufactured no mention of any upcoming ideas for wide-scale university student bank loan forgiveness. (How to qualify for computerized scholar personal loan forgiveness). Psaki’s posture has been dependable with Biden’s in that the president supports wide-scale pupil financial loan cancellation of up to $10,000, but Congress ought to move laws on mass scholar bank loan forgiveness.

With much less than 60 times remaining until the end of non permanent student personal loan aid, it is essential that you recognize all your alternatives for student financial loan reimbursement. Listed here are some well-liked options to save money on your student financial loans:

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