Last Update

Stock Market News: Debt limit talks, Boeing-Ryanair deal, inflation data on tap

Investors are keeping close tabs on the looming debt ceiling deadline as they await two key reports on inflation with consumer prices Wednesday and producer prices Thursday. Boeing scored a major Max jet order from Ryanair and Novavax becomes the latest to announce layoffs.


incoming update…

Coverage for this event has ended.

Breaking News

Wall Street ends low amid quiet trading


Wall Street edged lower following some mixed earnings reports, as stocks remain roughly where they’ve been stuck for more than a month.

The S&P 500 fell 0.5% Tuesday, and the Dow Jones Industrial Average lost 56 points, or 0.2%. The Nasdaq fell 0.6%.

Stocks of regional banks under the heaviest scrutiny by Wall Street were shaky on Tuesday. PacWest Bancorp rose 5.8% after shaking off an early loss. Western Alliance Bancorp climbed 2.3% after also swinging from a loss to a gain.

The next big milestone for the market will be Wednesday's report on inflation, which has come down but remains high. It could dictate the Federal Reserve's next move on interest rates. Political leaders are also meeting in Washington Tuesday to try to avoid a default on the U.S. government's debt.

Posted by Associated Press

Small business optimism sinks in April to lowest level in a decade

Small business sentiment fell in April to the lowest level in 10 years, reflecting fears over the near-term economic outlook, persistent worker shortages and chronic inflation. 

The National Federation of Independent Businesses (NFIB), a Tennessee-based association of small business owners, said its Small Business Optimism Index sank to 89 last month, a 1.1 percentage point decrease from March. That marks the 16th straight month of readings below the 48-year average of 98 and the lowest reading since January 2013. 

Small businesses are also pessimistic about the future: The share of owners expecting better business conditions over the next six months fell two points to a net negative 49%. 

Posted by FOX Business

Fed's Williams warns inflation still too high, will 'take time' to return to 2%

New York Federal Reserve President John Williams said on Tuesday that inflation remains "too high" and will take some time before returning to pre-pandemic levels despite a slew of aggressive interest rate hikes. 

Williams did not address what he sees next for monetary policy this year – including whether a pause in rate hikes is appropriate in June – but hinted that credit conditions will play a role in his decision-making.

"I will be particularly focused on assessing the evolution of credit conditions and their effects on the outlook for growth, employment and inflation," he said in remarks prepared for delivery at the Economic Club of New York.

Posted by FOX Business

Americans lack confidence in Biden, Powell, Yellen on the economy, Gallup poll shows

Public confidence in leaders at the White House, Federal Reserve and Treasury Department on economic matters plummeted has plummeted after two years of chronic inflation and the growing threat of a recession.

A Gallup poll released Tuesday found that just 35% of Americans have a "great deal" or "fair amount" of confidence in President Biden to do or recommend the right thing for the economy. That is the lowest confidence rating for a U.S. president since George W. Bush occupied the Oval Office in 2008, at the height of the global financial crisis. 

Nearly half of respondents – about 48% – said they have almost no confidence in Biden when it comes to the economy. 

Approval ratings also plummeted for Jerome Powell as he leads the U.S. central bank in its fight to crush runaway inflation with the most aggressive interest-rate hike campaign since the 1980s.

Posted by FOX Business

Fisker stock drops after 'garbage' report about failing SUVs

Fisker Inc.


Fisker stock was down ahead of its first quarter earnings report on Tuesday following a Bloomberg report that the first of its Ocean SUVs delivered to customers were experiencing significant technical issues.

The report cited unnamed sources who claimed the Ocean's software would require "months" of troubleshooting and that some were using a "more basic software that limits the vehicles' speed," and that one of the cars was being returned to the factory because it is "inoperable."

"We categorically deny that the Fisker Ocean can be driven at only low speeds. We are launching with basic ADAS software, a decision we announced last year, and that software will be updated over-the-air during the year," the automaker said in a statement responding to the report.

Later during the company's earnings call, Fisker CEO Henrik Fisker said that it was a "garbage article" and confirmed that two cars had been delivered to customers in Europe so far.

Posted by FOX Business

Boeing lands massive Max 10 jet order from Ryanair

The Boeing Co.


Ryanair placed an order for up to 300 of Boeing's largest 737 Max aircraft as the European low-cost carrier accelerates its pandemic recovery amid the travel boom. 

The purchase agreement includes a firm order for 150 737 Max 10 jets and options for another 150 – a list value of $40 billion – Ryanair and Boeing announced Tuesday. However, due to the size and scale of the transaction, the deal will be subject to shareholder approval in September, Ryanair said.

The planes, which are still waiting to be certified, are expected to be delivered between 2027 and 2033, according to the announcement.

Ryanair is one of Boeing's biggest customers and the airline sees the hefty investment in its fleet helping it gain a competitive edge over rivals as travel continues to rebound. 

Posted by FOX Business

Novavax to cut 25% of global workforce

Novavax Inc.

NVAX$10.322.87 38.52

Vaccine maker Novavax announced Tuesday that it's reducing its global workforce by 25% in an effort to significantly cut down on expenses and shift its focus to key priorities. 

The cuts will affect 20% of full-time Novavax employees. The rest will of the cuts will impact contractors and consultants, according to a filing with the Securities and Exchange Commission (SEC). The company has 1,992 full-time employees. 

The company also plans to trim next year’s costs for research and development as well as selling, general and administrative expenses by about 40% to 50% compared with 2022.

Posted by FOX Business

Biden to square off with McCarthy at White House as debt limit crisis looms

President Joe Biden will sit down with all four Congressional leaders at the White House on Tuesday as the country’s financial markets anxiously watch to see if Washington can break through partisan gridlock on the U.S. debt limit in time to avoid a potentially catastrophic default.

It will be the first time Biden meets with House Speaker Kevin McCarthy, R-Calif., House Minority Leader Hakeem Jeffries, D-N.Y., Senate Majority Leader Chuck Schumer, D-N.Y., and Senate Minority Leader Mitch McConnell, R-Ky., all together since they all took their current roles.

And it comes a little more than a week after Treasury Secretary Janet Yellen warned that the federal government could run out of money to pay its debts as early as June 1.

Posted by FOX Business

Disney updates lawsuit against DeSantis to add new events


Disney has amended its free speech lawsuit against Gov. Ron DeSantis to add recent developments in the tit-for-tat fight between the entertainment giant and the Florida governor.

Disney’s amended complaint was filed Monday in federal court in Tallahassee. It has been updated with developments since the entertainment giant nearly two weeks ago sued DeSantis and a new oversight board for the Disney World governing district.

The new board is made up of DeSantis appointees. The revised complaint references legislation passed last week by Florida lawmakers. One of the new laws gives the state unprecedented authority to inspect a monorail system at Disney World.

Posted by Associated Press

Live Coverage begins here