Latest Federal Reserve System News
Stock market today: Tumbling tech stocks drag Wall Street to the finish line of another losing week
NEW YORK (AP) — The worst week for big technology stocks since the COVID crash in 2020 dragged Wall Street on Friday across the finish line of another losing week. The S&P 500 dropped 0.9% to close out its third straight losing week. That’s its longest such streak since...
Stock market today: Asian markets sink, with Japan’s Nikkei down 3.5%, as Mideast tensions flare
HONG KONG (AP) — Asian stocks tumbled Friday, with Japan’s Nikkei slumping 3.5% on heavy selling of semiconductor-related shares and other market heavyweights. Tensions in the Middle East were weighing on sentiment across the region, and U.S. futures were sharply lower. ...
Sluggish start for spring homebuying season as home sales fall in March with mortgage rates rising
LOS ANGELES (AP) — The spring homebuying season is off to a sluggish start as home shoppers contend with elevated mortgage rates and rising prices. Sales of previously occupied U.S. homes fell 4.3% in March from the previous month to a seasonally adjusted annual rate of 4.19...
Average long-term US mortgage rate climbs above 7% to highest level since late November
LOS ANGELES (AP) — Prospective homebuyers are facing higher costs to finance a home with the average long-term U.S. mortgage rate moving above 7% this week to its highest level in nearly five months. The average rate on a 30-year mortgage rose to 7.1% from 6.88% last week, mortgage...
The number of Americans applying for jobless benefits holds steady as labor market remains strong
The number of Americans filing for jobless benefits didn't change last week as the labor market continues to defy efforts by the Federal Reserve to cool hiring. The Labor Department reported Thursday that unemployment claims for the week ending April 13 were unchanged from the...
Stock market today: Asian shares gain despite Wall Street's tech-led retreat
Asian shares advanced on Thursday even after sinking technology stocks sent Wall Street lower in the S&P 500's worse losing streak since the start of the year. U.S. futures were lower, while oil prices gained. Tokyo's Nikkei 225 climbed 0.3% to 38,090.87 and the...
Stock market today: Asian benchmarks trade mixed amid expectations for US rates to stay high
TOKYO (AP) — Asian shares were trading mixed Wednesday, as expectations resurfaced that U.S. interest rates may stay high for a while. Japan's benchmark Nikkei 225 dipped 0.6% in morning trading to 38,226.39. Australia's S&P/ASX 200 edged up 0.2% to 7,624.70. South Korea's...
Fed's Powell: Elevated inflation will likely delay rate cuts this year
WASHINGTON (AP) — Federal Reserve Chair Jerome Powell cautioned Tuesday that persistently elevated inflation will likely delay any Fed interest rate cuts until later this year, opening the door to a period of higher-for-longer rates. “Recent data have clearly not given us...
A top Federal Reserve official opens door to keeping rates high for longer
WASHINGTON (AP) — Federal Reserve Vice Chair Philip Jefferson suggested Tuesday that the central bank's key rate may have to remain at its peak for a while to bring down persistently elevated inflation. In a speech, Jefferson said he expects inflation to continue to slow this...
Retail sales surge 0.7% in March as Americans seem unfazed by higher prices with jobs plentiful
NEW YORK (AP) — Americans boosted spending at a hotter-than-expected pace in March, underscoring how shoppers remain resilient despite inflationary pressures and other economic challenges. Retail sales rose 0.7% last month — almost double what economists had forecast — after...
