The Fed cut interest rates by a quarter point, but it also reaffirmed its rate cut was meant to serve as insurance for the economy.Market Insiderread more
Clayton was the opening speaker at the Delivering Alpha conference, presented by CNBC and Institutional Investor.Delivering Alpharead more
Investors are asking how the world's third-largest defense spender could have left itself so vulnerable and what that means for the future.Politicsread more
AT&T is not considering a split with its DirecTV unit at this time, people familiar with the situation tell CNBC.The Faber Reportread more
The former CEO of Overstock announced that he's dumped all of his equity and blamed both the "deep state" and the government for his exit.Marketsread more
The presidential campaign is "going to be very tough," the former chief White House strategist.Politicsread more
Gelson's, an upscale grocery store chain with 27 locations across Southern California, will sell 12-ounce packages of the Impossible Burger.Food & Beverageread more
"The market all of the sudden has broken out into a behavior that seems much more rational in September than it did in August," National Securities' Art Hogan says.Trading Nationread more
Huawei launched its Mate 30 smartphone lineup without pre-installed Google-licensed apps amid fallout from a U.S. blacklist.Technologyread more
The Candytopia and Toys R Us partnership will open in late October in Chicago and Atlanta. The exhibits will stay open through the 2019 holidays, before moving on to different...Retailread more
Initially introduced in March 2018, the "Worker Dividend Act" requires firms to distribute the value of its stock buybacks dollar-for-dollar.2020 Electionsread more
Amazon's Prime Day and promotions by other retailers appear to have given a meaningful pop to July retail sales, which could be stronger than economists' forecasts, according to Bank of America Merrill Lynch economists.
Michelle Meyer, BofA's head of U.S. economics, said she expects retail sales excluding autos to have risen by 0.6% and about half of that would have been from Prime Day and other promotions by Amazon competitors. Wall Street's consensus forecast is for a 0.3% gain in July on headline retail sales and 0.4%, excluding autos, according to Refinitiv. Meyer expects headline retail sales to rise by 0.4%.
"We're above consensus. We think it's a strong month," said Meyer. "It wasn't just Amazon. A number of retailers had these summer Black Friday deals."
BofA economists also analyzed Bank of America credit card data, which they say shows spending rose by 0.8%, according to credit and debit card data. The gain was due in part to Amazon's Prime Day promotions but also the historic heatwave in much of the country.
Meyer said the five-year-old Prime Day has seen a shift to higher spending each year but this year it was large. Last year, Prime Day spending was more modest, and it was negligible in 2016 and 2017.
"This is a very strong period for consumer spending which started in March. Part of the reason it was so strong was the beginning of the year was so weak," Meyer said in a telephone interview.
The BofA economists said more than half the U.S. was impacted by hot weather in July.
"We find that spending was higher in the impacted states, particularly in groceries, utilities and gasoline. Indeed, once the heat wave started on July 13th, the growth rate in spending in the impacted states diverged," the economists said in a note.