The Fed came very close to promising a rate cut Wednesday, and now markets are focused on a possible July rate cut.Market Insiderread more
Markets had expected the central bank to keep its benchmark interest rate steady while setting up a cut at the July meeting.The Fedread more
Powell said policymakers are concerned about some of the recent economic developments and see a growing case for easier policy.The Fedread more
As the presidents of U.S. and China near a highly anticipated meeting on trade, the gap in both sides' expectations regarding a deal remains wide.World Politicsread more
Delta warned travelers that a technical problem could delay flights on Wednesday.Airlinesread more
The Fed chief said that despite reports that Trump was looking to demote or fire him, he doesn't plan on leaving anytime soon.The Fedread more
If the Trump administration and Congress fail to reach a spending agreement, the White House will offer to keep the government funded at its current levels for a year, Mnuchin...Politicsread more
With bold and targeted steps, economists say, government can increase opportunity and incomes for many more people in ways that strengthen, not weaken, American capitalism.Politicsread more
Investors need to be cautious because the economy will get hurt the longer the trade war drags on, Jim Cramer says.Mad Money with Jim Cramerread more
Slack Technologies' reference price was set at $26 per share, the New York Stock Exchange announced Wednesday evening.Technologyread more
With the Federal Reserve deciding not to cut interest rates but leaving the door open for future cuts, experts are split on what comes next.Trading Nationread more
In Silicon Valley, where seemingly anything can be produced in a lab, so can diamonds.
Diamond Foundry recently opened a new diamond lab in South San Francisco that will produce 100,000 carats a year. By using technology to mimic the natural environment for diamond formation, the quality of lab-made gems has improved to the point that, to the naked eye, they are indistinguishable from mined diamonds.
Martin Roscheisen, the co-founder of Diamond Foundry, said the company has been doubling revenue every quarter as more traditional diamond retailers take notice of lab-grown diamonds.
"What we've seen is a real sea change in the industry since we started," Roscheisen said. "We now are seeing some of the largest jewelry manufacturers in the world approach us."
While it's still early, lab-made diamonds are taking aim at the $80 billion global mass diamond industry. Morgan Stanley projected in a report that the lab-made diamond industry could reach $1 billion in sales by 2020.
Tech investors and celebrities are betting on future growth. Diamond Foundry has raised at least $100 million from a large group of investors, including actor Leonardo DiCaprio, Sun Microsystems co-founder Andy Bechtolsheim and Zynga co-founder Mark Pincus.
Roscheisen says that sales are driven by eco-friendly, socially conscious, and tech savvy millennials worried about potentially buying blood diamonds, as well as the environmental impacts of traditional mining.
Neada Deters, a Los Angeles-based buyer of diamonds, seeks out lab-made gems. She said that while she enjoys the aesthetic appeal of diamonds, the most important feature to her is their origin.
"For me, it doesn't matter how luxury is perceived," Deters said. "It's really important that something is made in an ethical and sustainable way."