After the Fed released minutes of its last meeting, the bond market signaled it fears the Fed will not be aggressive enough with its rate cutting.Market Insiderread more
Analysts generally doubt how effective the People Bank of China's latest interest rate announcement will be in significantly helping businesses grow.China Economyread more
The Fed minutes also note that "a couple" members wanted a 50 basis point cut, based primarily on the weak inflation readings.The Fedread more
Flight bookings to Hong Kong have fallen 10%, hit by the unrest in the city, said Alan Joyce, the chief executive of Australian carrier Qantas Airways.Airlinesread more
Japanese manufacturing activity shrank for a fourth straight month in August as export orders fell at a sharper pace.Asia Marketsread more
These in-demand skills can command top pay packets, says Feon Ang of professional networking site LinkedIn.Get Aheadread more
The Washington governor had centered his campaign around climate change, calling it "the most urgent challenge of our time."Politicsread more
The inversion is seen by many veteran traders as an important recession omen, though the timing on the eventual downturn is less predictable.Bondsread more
Here's what Nordstrom reported for its fiscal second-quarter earnings.Retailread more
The sexy image that once boosted Victoria's Secret has been haunting L Brands more recently, as women are steering clear of the brand's hot pink, lacy and bejeweled lingerie.Retailread more
Ford is one of four automakers that reached a voluntary agreement with California on fuel efficiency rules, defying Trump and his administration's effort to strip the state of...Autosread more
Check out the companies making headlines midday on Wednesday:
Macy's — Shares of Macy's plunged nearly 15% and hit a new 52-week low after the retailer missed Wall Street's expectations for its fiscal second quarter. The company reported 28 cents in earnings per share on $5.546 billion in revenue, while analysts had expected 45 cents per share on $5.542 billion in revenue, according to Refinitiv. Macy's also lowered its full year earnings guidance to between $2.85 and $3.05 a share, down from a range of $3.05 to $3.25.
Canada Goose — Shares of winter coat maker Canada Goose tanked 9% after the it reported quarterly gross margin that missed analysts estimates. Gross profit margins fell to 57.5% in the first quarter from 64% in the year ago period, and missed analysts' estimate of 61.6%. The company, which is breaking into lighter clothes like rain jackets, is selling the products, however they are not as profitable as the company's usual $1000 parkas.
Bank stocks — Bank stocks took a big hit after a key part of the yield curve inverted on Wednesday, sending bond market's biggest recession signal. In such an environment, it would become more difficult for banks to make a profit lending money. Bank of America and Citigroup fell 4.7% and 5.4% respectively, while J.P. Morgan also dropped 4%. S&P 500 financials dipped into correction territory on an intraday basis.
Luckin Coffee — Shares of Luckin Coffee tanked more than 14% on the coffee chain's disappointing results in its first report as a public company. Luckin reported an adjusted quarterly loss of 48 cents per share, wider than the 43 cent consensus estimate.
Tilray — The cannabis company's stock dropped 14% after announcing a wider-than-expected second quarter loss. The company reported an adjusted loss per share of 32 cents on revenue of $45.9 million. Analysts had expected a loss per share of 25 cents on revenue of $41.1 million, according to Refinitiv. Tilray cited higher operating expenses due to growth initiatives.
CBS — Shares of CBS fell more than 6% after the company announced a finalized merger with Viacom. Some investors view the merger skeptically, with Bernstein downgrading CBS to underperform from market perform citing concerns about "shareholders inheriting Viacom's structural problems."
Chip stocks — Chip stocks came under pressure after the Wall Street Journal reported Chinese telecom giant Huawei helped African governments spy on their political opponents. Advanced Micro Devices tanked nearly 8% while Xilinx dropped more than 3%. The U.S. earlier this year blacklisted Huawei for national security concerns, halting its ability purchase U.S.-made chips.
— CNBC's Jesse Pound, Maggie Fitzgerald, Elizabeth Myong contributed reporting