1 hour ago
DoubleLine’s Jeffrey Gundlach predicts only one rate cut in 2024
Jeffrey Gundlach, CEO of DoubleLine Capital, said Wednesday that he expects the Federal Reserve to cut interest rates only once this year.
“Inflation rates clearly lack progress. [Fed Chair Jerome Powell] So we’re going to rely on one rate cut,” he said on CNBC’s “Closing Bell,” adding that he doesn’t expect a rate cut to occur in June.
Gundlach’s comments came after the Fed ultimately left interest rates unchanged. Chairman Powell said at a press conference after the policy decision, “I don’t think it’s likely that the next policy rate decision will be a rate hike.I would say it’s unlikely.”
Read more about Gundlach’s reaction to the Fed’s decision here.
–Darla Mercado, Yun Lee
1 hour ago
Stocks heading for a down week
More than half of the trading week has been in the rearview mirror, with the average of the three major stocks expected to post losses.
The S&P 500 and Nasdaq Composite are on pace to end the week down more than 1% and 2%, respectively. The Dow Jones Industrial Average was the only one of the three stocks to end Wednesday in the green, but is expected to decline 0.9%.
— Alex Harring
2 hours ago
Stock prices move significantly after hours
A DoorDash driver wearing a cooler backpack, riding an electric bicycle, and consulting on the phone with the San Francisco, California skyline in the background.
Smith Collection | Gad | Getty Images
Below are some of the stocks that are making big moves in extended trades.
- DoorDash — The food delivery company’s stock fell 13% after its first-quarter report showed a bigger-than-expected loss.
- Carvana — The auto market soared 30% as first-quarter sales beat Wall Street expectations.
- eBay — The online commerce platform fell 4% after its revenue outlook for the current quarter fell short of expectations.
See the complete list here.
— Alex Harring
2 hours ago
Stock futures rise
Stock futures rose after 6 p.m. ET.
Futures tracking the Dow and S&P 500 each rose 0.2%. Nasdaq 100 futures rose 0.3%.
— Alex Harring
