Author: WSJ

The S&P 500 fell Wednesday, opening the new year with two consecutive days in the red.The benchmark index fell 0.8%. The tech-heavy Nasdaq Composite dropped 1.2% while the blue-chip Dow Jones Industrial Average declined 0.8%, or 285 points. Eight of the 11 sectors within the S&P 500 closed lower.Copyright ©2024 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8 Source link

Updated Jan. 3, 2024 1:42 pm ETXerox Holdings said it would reduce its workforce by 15% and shake up its leadership team as it reorganizes its operating model.The printer maker said Wednesday that it had formed a global business-services unit as it aims to stabilize its core print business. Xerox also plans to increase its focus on its emerging information-technology and digital-services unit.Copyright ©2024 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

Updated Jan. 3, 2024 11:22 am ETSHENZHEN, China—E-commerce sellers Shein and Temu are offering a lifeline for small suppliers in China’s manufacturing hubs—but it isn’t always a straightforward win.In recent years, thousands of Chinese factories and vendors have joined the supply chain for Shein and Temu, whose popularity has exploded in the U.S. with their offers of inexpensive made-in-China goods, from T-shirts and handbags to electronics and kitchen items.Copyright ©2024 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

Updated Jan. 3, 2024 2:36 pm ETFederal Reserve officials thought they were probably done raising interest rates when they decided last month to hold rates steady, but minutes of the meeting didn’t show a meaningful debate about when to start lowering rates.While nearly all officials anticipated policy rates would be lowered this year, they kept the prospect of higher rates on the table at their Dec. 12-13 meeting, according to minutes released Wednesday.Copyright ©2024 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8 Source link

Updated Jan. 3, 2024 11:49 am ETU.S. auto sales rebounded in 2023, boosted by pent-up demand and better availability on dealership lots. But this year could prove more challenging for automakers as stock levels continue to rise and higher interest rates stretch more U.S. car buyers financially.  Copyright ©2024 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

Updated Jan. 3, 2024 12:31 pm ETThe latest Market Talks covering Basic Materials. Published exclusively on Dow Jones Newswires at 4:20 ET, 12:20 ET and 16:50 ET.1023 ET — For the fifth month in a row, Cleveland-Cliffs is raising prices on its steel products. Its latest boost, to a minimum of $1,150 a ton, reflects an overall increase of about 53% since September. The US Midwest Domestic hot-rolled coiled sheet steel spot price is up 60% from the end of September to $1,127 a ton as of yesterday, according to FactSet data. (zaeem.shoaib@wsj.com)Copyright ©2024 Dow Jones & Company, Inc. All…

Updated Jan. 3, 2024 11:03 am ETWalt Disney Co. won the support of a key shareholder in its fight with activist investor Nelson Peltz over the direction of the company, and is confronting a third shareholder jockeying for influence.The entertainment giant said it reached a deal with ValueAct under which the activist would back the company’s board nominees at the coming 2024 shareholder meeting and Disney would share information and meet with the investor. Disney’s pact with ValueAct could help inoculate it from the pressure of Peltz’s demands for board seats in a contentious proxy season.Copyright ©2024 Dow Jones & Company,…

Cigna is in advanced talks to sell its Medicare business in an about-face for the health-insurance giant, which had been expanding its footprint in the fast-growing sector. Cigna, which has been running an auction for the business, known as Medicare Advantage, is now in exclusive talks to sell it to Health Care Service Corp. for between $3 billion and $4 billion, according to people familiar with the matter. Copyright ©2024 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8 Source link

U.S. antitrust cases against tech giants Google and Meta Platforms are expected to come to a head in 2024, likely producing long-awaited rulings that could shape the legacies of top Biden administration regulators.Silicon Valley and its critics have seen their patience tested on some of these cases. A U.S. antitrust case brought against Alphabet’s Google unit in 2020 went to trial in 2023 and now heads to closing arguments in May.Copyright ©2024 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

Your new suburban rental has granite kitchen countertops, built to withstand even the most hard-wearing tenant. The neighbors next door have the exact same laundry machine. Welcome to the community where every detail has been designed to keep costs down for the Wall Street landlord.Big investors are bullish about America’s family homes. So bullish they are willing to build entire new neighborhoods as it becomes harder to buy houses from the usual channels. Interest rates are at multiyear highs and fewer homes are for sale as owners don’t want to give up their cheap mortgage rates. Homes are also eye-wateringly…