Stock futures are little changed ahead of major bank earnings Thursday

Stock futures were little changed Wednesday evening as investors awaited quarterly earnings results from the biggest U.S. banks. Futures tied to the Dow Jones Industrial Average inched lower by 0.04%. S&P 500 futures and Nasdaq 100 futures slipped 0.08% and 0.04%, respectively. In regular trading the Dow advanced about 344 points, or 1%. The S&P 500 and Nasdaq Composite advanced 1% and 2%, respectively, each snapping a three-day losing streak as investors shrugged off the latest CPI report, which showed inflation levels not seen since 1981. The reversal came after an initial batch of quarterly results from companies including Delta,...

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Fed’s Waller sees likelihood of multiple half-point rate hikes ahead

Fed’s Waller sees likelihood of multiple half-point rate hikes ahead

Getting inflation under control will require raising interest rates at a faster pace than normal even though the pace of price increases probably has peaked, Federal Reserve board member Christopher Waller said Wednesday. That means the central bank likely will hike short-term rates by half a percentage point, or 50 basis points, at its meeting in May, and possibly follow it up with similar moves in the next several months, Waller told CNBC. The Fed normally increases in 25-basis-point increments. A basis point equals 0.01%. “I think the data has come in exactly to support that step of policy action...

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JPMorgan CEO Jamie Dimon sees ‘storm clouds’ ahead for U.S. economy

JPMorgan CEO Jamie Dimon sees ‘storm clouds’ ahead for U.S. economy

Jamie Dimon, chairman and chief executive officer of JPMorgan Chase & Co., listens during a Business Roundtable CEO Innovation Summit discussion in Washington, D.C., Dec. 6, 2018. Andrew Harrer | Bloomberg | Getty Images The risk that the Federal Reserve accidentally tips the U.S. economy into recession as it combats inflation is rising, according to JPMorgan Chase CEO Jamie Dimon. The CEO of the biggest U.S. bank by assets said Wednesday that economic growth will continue at least through the second and third quarters of this year, fueled by consumers and businesses flush with cash and paying off debts on...

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UN warns Russia-Ukraine war threatens billions as food, energy prices soar

UN warns Russia-Ukraine war threatens billions as food, energy prices soar

Russia’s war in Ukraine is already taking a dramatic toll on the world economy and placing a huge swath of the world’s population, especially those in developing nations, at an increased risk of harm, the United Nations warned Wednesday. The crisis has caused a “perfect storm” of disruptions to global food, energy and financial markets that “threatens to negatively affect the lives of billions of people around the world,” the UN said in a new report. Those systems were already under immense strain due to the ongoing coronavirus pandemic, as well as climate change and other historic challenges, the report...

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Biden authorizes additional $800 million in assistance for Ukraine

Biden authorizes additional $800 million in assistance for Ukraine

U.S. military vehicles are parked outside the G2A Arena near the Rzeszow-Jasionka Airport, Poland February 7, 2022. Kuba Stezycki | Reuters WASHINGTON — President Joe Biden announced another $800 million in military assistance on Wednesday following a phone call with Ukrainian President Volodymyr Zelenskyy. The new package will contain previous weapons systems already deployed to the fight in Ukraine as well as “new capabilities tailored to the wider assault we expect Russia to launch in eastern Ukraine,” Biden wrote in a statement announcing the additional arms package. “These new capabilities include artillery systems, artillery rounds, and armored personnel carriers. I have also...

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Microsoft President Brad Smith: Tech industry regulation coming

Microsoft President Brad Smith: Tech industry regulation coming

Tech regulation is coming whether the industry participates or not, according to Microsoft President Brad Smith, so companies might as well lean into those conversations now. “It doesn’t matter whether you like it or hate it,” Smith told CNBC’s Steve Kovach on “Tech Check” Wednesday. “And it’s right for people to point out the issues that cause concern, but more than anything, we need to lean in and figure out how to make this work, because it is not going to be a success unless we do that.” Smith’s message came after his keynote speech on the same topic at...

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Russian oligarch Roman Abramovich has assets frozen in Jersey

Russian oligarch Roman Abramovich has assets frozen in Jersey

Chelsea owner Roman Abramovich looks on after their 3-1 win in the Barclays Premier League match between Chelsea and Sunderland at Stamford Bridge on December 19, 2015 in London, England. Clive Mason | Getty Images Authorities in the island country of Jersey froze assets valued at more than $7 billion that are suspected of being connected to Roman Abramovich, the latest financial fallout for that Russian oligarch as a result of the Ukraine war. States of Jersey Police also executed search warrants Tuesday at locations in Jersey suspected to be connected to Abramovich’s business activities, according to a statement by...

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Chinese ships carry more empty containers than full ones out of West Coast ports

Chinese ships carry more empty containers than full ones out of West Coast ports

Container ships wait outside the Ports of Los Angeles and Long Beach waiting to unload on Oct. 13, 2021. Carolyn Cole | Los Angeles Times | Getty Images Two Chinese carriers are shipping more empty export containers than loaded exports out of the two biggest ports in the United States, according to CNBC analysis of exclusive trade data. CNBC analyzed the container data for 2020 and 2021 from the Port of Los Angeles, Port of Long Beach, U.S. customs and IHS Markit PIERS import export data. PIERS tracks U.S. Customs cargo shipping records. The top two carriers that transported more...

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