Americans now say they approve of free trade by 64%-27%, a margin of better than two to one. That's up from 57%-37% early in Trump's presidency, and 51%-41% near the end of...Politicsread more
Kudlow pointed to strong retail sales and low unemployment as signs that the U.S. economy remained strong.Marketsread more
The yield on the benchmark 10-year Treasury note briefly fell below the 2-year rate on Wednesday, a phenomenon in the bond market known as yield curve inversion, which is...Marketsread more
The MacBook Pro recall and its subsequent ban from flights underscores the increasing brand risk from problems with lithium-ion batteries.Technologyread more
Experts say the timing of Amazon executives' contributions to Rep. David Cicilline likely reflect the company's heightened urgency over growing regulatory scrutiny.Technologyread more
Despite aggressive strides, Waymo needs one thing before their self-driving cars become a seriously useful transportation system: people. We talked to the ones closest to it.Technologyread more
CNBC combed through Wall Street research to see which stocks are still a buy after their earnings reports.Marketsread more
Coinbase security chief Philip Martin explains, "Possession of a key is possession of your currency. What that means is that you can't revoke a cryptocurrency key, if that key...Technologyread more
Fraud investigator Harry Markopolos' accusations extended beyond GE's management to actuaries, auditors and analysts who he claims overlooked billions in liabilities.Marketsread more
The Supreme Court could strike down the constitutionality of the Consumer Financial Protection Bureau, an agency Elizabeth Warren has likened to her child and which Justice...2020 Electionsread more
Bianco Research's James Bianco suggests Wall Street is desperately looking for a signal that a 50 basis point cut is coming next month.Trading Nationread more
Wells Fargo Investment Institute has advice for millennials as they start to take a leading role in shaping the U.S. economy: start saving.
According to the institute's generational research report, a sizable 41 percent of Americans aged 17 to 35 haven't started saving for retirement, a fact many younger workers are attributing to a lack of disposable income.
The median household income for millennials in the United States is $48,039. While some younger millennials have yet to commit to full-time work, that number is still about 20 percent less than Baby Boomers earned at the same stage in life, according to the report.
The lack of savings has consequences down the road, as many people may be forced to delay retirement, the Wells Fargo researchers said. "Half of today's workers expect they will need to work until at least the age of 70 because they will not have enough saved for their retirement years." Their report is called Seeing Wealth Differently Across Generations.
As the largest demographic group in the U.S. labor force (having just surpassed the older baby boomers), millennials are just starting to form households and start families. The report cites Bureau of Labor Statistics reports that wages are beginning to increase.
They are driving consumer discretionary spending: Millennials spend $2,915 per year on average for travel, for example, according to TripAdvisor, and that is expected to increase as the generation enters its higher-earning years, the report said.
But almost 34 percent have student debt, with a median balance of nearly $20,000. And of those who have debt, 75 percent said it is unmanageable, Wells Fargo said.
Those aren't the only changes millennials are bringing to the markets. Wells Fargo's research suggests that the rise of social media and ease of global communication makes younger generations more likely to invest overseas, especially to pursue social goals.
"Social and environmental change is important to millennials," wrote the researchers. "This tendency lends itself perfectly to social impact investing, which offers investors the potential to achieve financial goals while also influencing causes they're passionate about."
Baby boomers, those aged 53 to 71, may also have to make some changes to their portfolios. While about 73 percent of baby boomers are investing for retirement, many are now starting to fear that they may have to work a few years more to have enough capital to retire comfortably; each dollar may not go far enough. That may keep boomers more involved in the stock market longer than in generations past.
While it has been the tendency for savers to shift from stocks to bonds as retirement approaches, "due to today's low interest rates and longer working lives, Baby Boomers may need to maintain a higher allocation to equities," the report said.
Though boomers control over half of the wealth in the United States, the cohort is about to face a significant uptick in health care spending in both absolute terms and as a percentage of income.