U.S. Housing Starts Rose to Fastest Pace Since 2006 in December
(Bloomberg) — U.S. home construction starts rose for a fourth-straight month in December to the best pace since late 2006 as builders responded to the robust demand for single-family housing. Residential starts climbed by 5.8% to a 1.67 million annualized rate, according to government data released Thursday. That topped all estimates in a Bloomberg survey of […]
Top fund manager of 2020 warns more than half the S&P 500 is at risk from technological upheaval
As 2020 comes to a close, it’s hard to find a more successful fund manager than Cathie Wood, the chief executive and chief investment officer of ARK Invest. ARK’s flagship fund, the ARK Innovation ETF ARKK, -2.32%, has jumped 154% this year, trouncing the 43% rise for the Nasdaq Composite COMP, -0.87%, and other ARK funds including the ARK Genomic Revolution […]
Jamie Dimon says JPMorgan Chase should absolutely be ‘scared s—less’ about fintech threat
JPMorgan Chase CEO Jamie Dimon has watched while a new breed of fintech players, led by PayPal, Square and tech giants around the world have exponentially grown users and market value. His message to the management team of his $3.4 trillion banking goliath: Be frightened. “Absolutely, we should be scared s—less about that,” Dimon said Friday in a conference call with […]
Here Are the Major Pieces of Biden’s $1.9 Trillion Stimulus Plan
(Bloomberg) — President-elect Joe Biden’s $1.9 trillion Covid-19 relief plan is designed to both pump money into the economy and contain the coronavirus pandemic. The plan includes a wave of new spending, including more direct payments to households, an expansion of jobless benefits, more money for state and local governments and an expansion of vaccinations and […]
Amazon’s ad business will gain the most share this year, according to analyst survey
Amazon will be the leading share gainer among the major digital ads businesses in 2021 and 2022, according to a new ad buyer survey from Cowen released Tuesday. Amazon’s ad business will continue to grow as more spend comes from TV, search and other digital platforms and as buyers see strong return on investment on the […]
Americans spent a record online over 2020 holidays, and more e-commerce gains are expected
U.S. online purchases over the 2020 holidays grew 32.2% from 2019, totaling a record $188.2 billion as shoppers stayed home and shopped on the web during the pandemic, according to Adobe Analytics. E-commerce sales during November, which included Black Friday and Cyber Monday, reached $100 billion for the first time, said Adobe, which tracks the web […]
Tom Lee has a theory on why stocks are far from a bubble and due for another big decade
(A full version of this story is available for CNBC Pro subscribers only) Fundstrat Global Advisors co-founder Tom Lee is pushing back against claims that the stock market is in a dangerous bubble, telling clients that equities are likely set for another strong decade. In reiterating his bullish outlook on Monday, Lee noted that bonds and gold […]
U.S. construction spending races to record high in November
U.S. construction spending rose to a record high in November, boosted by a robust housing market amid historically low mortgage rates, which could help blunt some of the hit on the economy from raging COVID-19 infections.
Surge in online shopping is straining America’s busiest port, official says
The number of shipments coming through the nation’s busiest container port complex in Los Angeles is up substantially from the first half of the year, reflecting a rebound in business and shift in consumer habits.
U.S. core capital goods orders, shipments rise in November
New orders for key U.S.-made capital goods increased for a seventh straight month in November, suggesting business investment could offset slowing consumer spending and keep the economy on a moderate growth path in the fourth quarter.