Federal Reserve chairman Jerome Powell just released a statement on how the Fed will respond if the coronavirus outbreak worsens. CNBC's Steve Liesman reports.
Federal Reserve Chairman Jerome Powell said the coronavirus “poses evolving risks” to U.S. economic growth and signaled the central bank is prepared to cut interest rates if necessary to support the country’s longest-ever expansion.
The statement issued Friday by Powell before the financial markets closed for the U.S. weekend came as stocks posted their seventh-straight daily loss, a slump which earlier prompted a string of Wall Street banks to predict the Fed would soon start reducing rates. Yields on U.S. Treasury securities, one of the world’s safest assets, have fallen to record lows.
“The fundamentals of the U.S. economy remain strong,” Powell said in a brief statement Friday. “However, the coronavirus poses evolving risks to economic activity. The Federal Reserve is closely monitoring developments and their implications for the economic outlook. We will use our tools and act as appropriate to support the economy.”
The S&P 500 jumped after the statement was released and continued to pare earlier losses.
Childhood is a time when the creativity and imagination in a child are at an all time high. Reading novels, listening to fables and devouring books is not only intellectually stimulating but also a rewarding experience for young kids. However, nothing fans the flame of fascination in children quite like illustrations do. The good folks at Google are honouring one of the finest illustrators of recent times, Sir John Tenniel, with a doodle.
North American stock markets opened with another dive Friday morning after markets fell in Japan, China and South Korea over fears of COVID-19. The Dow Jones Industrial Average could be looking at its worst week since 2008.
Big Lots — Shares of Big Lots tumbled nearly 30% after the retailer posted a quarterly earnings miss. The company reported earnings per share of $2.39 in the fourth quarter, below analyst expectations of $2.68 per share, according to FactSet. Big Lots also said it expects a “challenging” first quarter due in part to “the sales impact of supply chain disruption related to the coronavirus.”
Apple — Shares of Apple dipped 1.7%, after being down more than 4% earlier in the day. Apple’s stock briefly dipped into bear market territory, down more than 20% from its most recent 52-week high. Apple has been hit over fears the coronavirus would hurt demand in China, as well as disrupt its supply chain there. The company said last week that it will likely not meet its guidance for the first quarter because of the virus impact.
Cruise lines — Cruise stocks stopped their long decline and traded higher on Friday morning. Norwegian Cruise Lines spiked 4.6%, while Royal Caribbean rose 3.9% and Carnival was up 3.2%. All three are still down about 20% or more for the week. Deutsche Bank downgraded Royal Caribbean and Norwegian to hold overnight, and kept Carnival as a hold, saying in a note that “we cannot realistically recommend buying them.”
Wayfair — Shares of Wayfair plummeted more than 12% following its disappointing earnings results. The online furniture retailer reported a loss of $2.80 per share, larger than the loss of $2.65 per share expected on Wall Street, according to Refinitiv. The issue for Wayfair has long been how to turn a profit. The company has been criticized for spending too much money on advertising to acquire new customers on the internet.
Airlines — Major airline stocks fell on Friday as flight cancellations and travel advisories continued to expand due to the epidemic. Delta, American and United all dropped more than 3%, and United announced that it is reducing its flights to Asia. Southwest and JetBlue were off more than 1%.
Beyond Meat — The alternative meat company dropped more than 17% after the company reported a surprise quarterly loss. Beyond Meat posted a loss of 1 cent per share for the previous quarter even as quarterly revenue tripled on a year-over-year basis.
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In Whitehall, volunteers are getting prepared for their first fish fry of the Lenten season and KDKA's Nicole Ford was on hand to witness how they began getting all the goods ready.
Garth Brooks posted a picture of himself in a "Sanders" jersey. The jersey is for former Detroit Lions running back Barry Sanders, but some Instagram followers attacked Brooks for being a Bernie Sanders supporter.
The pet dog of a coronavirus patient in Hong Kong has been found to have a “low level” of the virus, the Hong Kong government said early Friday.The dog tested “weak positive” for the coronavirus, the city’s agricultural and fisheries department said in a statement, without giving further details. Officials will carry out further tests to confirm whether the dog has really been infected with the disease, or if it was a result of environmental contamination of its mouth and nose.
Bad Bunny debuts album art for his latest project and confirms rumors about his new music, including the release date and title.
Thursday, February 27, 2020
Ex-ESPN reporter McHenry reveals she has brain tumor Britt McHenry shared some awful personal news on Thursday. Fox Nation host Britt McHenry has a brain tumor and is undergoing surgery. The Fox News staffer — who previously worked as a reporter for ESPN — revealed the news on her Twitter on Thursday, February 27. “I was trying to keep this relatively private. But as usual, things are being said without my consent,” she wrote. “I have a brain tumor. I’m with my amazing medical team and surgery is imminent. Thank you for continued support and understanding at this time.” I was trying to keep this relatively private. But as usual, things are being said without my consent. I have a brain tumor. I’m with an amazing medical team and surgery is imminent. Thank you for continued support and understanding at this time. — Britt McHenry (@BrittMcHenry) February 27, 2020 Two days prior, McHenry, 33, took to Twitter to voice how “nervous” she was about getting an MRI for her neck and brain. MRI tomorrow for neck and brain. Never had one before, pretty nervous. 😕 — Britt McHenry (@BrittMcHenry) February 25, 2020 Despite receiving bad news following her check-up, she tweeted: “Overwhelmed by the support by friends & strangers alike. With the best surgeons and doctors. Just another thing to take on.” McHenry then urged her followers to get their MRIs early. “It could have saved me,” she said.
A surprising number of people have Googled if there's a link between Corona beer and the coronavirus. To be clear, Corona is in no way related to the deadly virus. A new survey found 40% of beer drinkers are avoiding Corona as the virus spreads around the world.