Don’t be surprised if your employer pauses its contributions to your 401(k) plan during the U.S. economic downturn. As the coronavirus pandemic wallops the economy, and businesses deal with dropping revenue and limited cash flow, employers are exploring how to trim their obligations to those plans without violating federal regulations. Companies commonly give to worker’s
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A pedestrian wearing a protective mask walks along Wall Street in front of the New York Stock Exchange (NYSE) in New York, U.S. on Monday, March 30, 2020. Michael Nagle Bloomberg | Getty Images Oaktree Capital co-chairman Howard Marks is leaning toward a more negative outlook because of the uncertainty from the coronavirus pandemic, but
U.S. stock futures dropped early Wednesday morning and pointed to sizable declines at the open, following the end of the worst first quarter on record for the Dow and S&P 500 spurred by the coronavirus sell-off. At around 2:45 a.m. ET, Dow Jones Industrial Average futures fell 681 points, indicating a Wednesday opening loss of about
California Gov. Gavin Newsom updates the state’s response to the coronavirus at the Governor’s Office of Emergency Services in Rancho Cordova, Calif., Monday, March 23, 2020. Rich Pedroncelli | AP California Governor Gavin Newsom on Tuesday said 25,000 people signed up for the state’s new Health Corps site, in one day. The state is now
NoDerog | E+ | Getty Images Those government stimulus checks should be on their way soon to millions of Americans. Many people have still have a lot of questions about them. Last week, Washington lawmakers approved a $2 trillion relief bill in response to the coronavirus outbreak that includes a payment of $1,200 for single taxpayers
Investors grew increasingly concerned about the U.S. economy and the stock market as March wore on, but they also said they aren’t ready to abandon their stocks, according to several surveys. The vast majority of the institutional clients surveyed by Citi expect an economic downturn and earnings estimates to be cut further in 2020, but they
A Jeep Renegade rolls down an assembly line at Fiat Chrysler’s Melfi assembly plant in Italy in 2015. Michael Wayland / CNBC Check out the companies making headlines after the bell. Verint Systems — Shares of the analytics company tumbled 12% in extended trading after Verint Systems missed analysts’ estimates on both earnings and revenue in
A cashier wears gloves while scanning the groceries of a customer at a Whole Foods in Cambridge, MA on March 24, 2020. Erin Clark | The Boston Globe via Getty Images Temporary wage hikes. Special bonuses. Paid sick time. In recent weeks, tensions are on the rise between grocery workers and their employers, spurring many
Pearls come in many different colors and sizes, and these variables help determine their value. The most expensive pearl ever sold was Marie Antoinette’s pendant. It went for $32 million in a 2018 Sotheby’s auction. Celebrities like Rihanna, Uma Thurman, and Cardi B all adorned themselves in pearls for last year’s Met Gala. MORE SO
The Internet of Things, the vast collection of internet-connected devices talking to each other and completing a wide range of tasks, is getting bigger and more connected by the day. When will the trade-off between convenience and privacy be too much to bear? ——– Like this video? Subscribe to Bloomberg on YouTube: http://www.youtube.com/Bloomberg?sub_confirmation=1 Bloomberg is
I drafted a notice to my firm’s clients so they can have a clear understanding of the provisions in the CARES Act, the $2 trillion economic rescue bill that President Trump signed into law last week. I wanted to share some of this information. I am only including information about how the act actually impacts
SEC Chairman Jay Clayton said Monday that the practice of short selling — effectively betting that a stock will drop — is needed to “facilitate ordinary market trading.” “We shouldn’t be banning short selling,” Clayton told CNBC’s “Squawk Box.” However, he said the Securities and Exchange Commission did replace the old uptick rule with a
Chinese customers wear protective masks as they line up single file to buy dumplings at a popular local shop on February 16, 2020 in Beijing, China. Kevin Frayer | Getty Images Asia Pacific banks will find it increasingly challenging to maintain their financial performance as economies around the world get hit by the coronavirus pandemic,
Ford Motor and GE Healthcare plan to produce 50,000 ventilators within the next 100 days at a facility in Michigan to assist with the coronavirus pandemic. Production of the critical care devices is expected to begin with 500 United Auto Workers union members the week of April 20, according to executives at both companies. Ford’s Rawsonville
US President Donald Trump participates in a meeting with Supply Chain Distributors to discuss the response to COVID-19 at the White House in Washington, DC, on March 29, 2020. Jim Watson | AFP | Getty Images This year, heirs of retirement accounts can bypass mandatory withdrawals from those IRAs. The coronavirus relief bill, which President
The Virgin Orbit ventilator device. Virgin Orbit Richard Branson’s California-based rocket company Virgin Orbit partnered with medical researchers and developed a ventilator device that the company plans to mass produce and send to hospitals around the United States to fight the coronavirus. “[It is] a very, very simple and robust design that we can get out
Interior Design area of the Restoration Hardware store in the Meatpacking District of New York. Source: RH Check out the companies making headlines after the bell. RH — The home furnishings retailer’s stock fell 11% in extended trading after the company missed analysts’ estimates on revenue during the fourth quarter. RH reported revenue of $665
Delta Air Lines passenger planes are seen parked due to flight reductions made to slow the spread of coronavirus disease (COVID-19), at Birmingham-Shuttlesworth International Airport in Birmingham, Alabama, U.S. March 25, 2020. Elijah Nouvelage | Reuters Employees of airlines struggling with a record plunge in demand won a reprieve in the $2 trillion coronavirus bill:
For decades, financial advisors have counseled clients that they should be able to safely withdraw 4% of their assets each year as a means of providing income, while maintaining an account balance large enough to keep income flowing through retirement. While some of the underlying thinking behind the so-called 4% rule was prudent, it was
The pandemic affects everyone — even cats and dogs that are clearly surprised at the change in routine. Younger children might not understand everything that’s going on, and older ones might realize life has changed but not know how to get clarity from their parents. The current situation is different from anything anyone’s experienced in
Paul Tudor Jones Kevin Mazur | Getty Images Hedge fund manager Paul Tudor Jones said Thursday investors should commend Washington’s policy response to the economic shock from the coronavirus pandemic. “Investors can take heart that we’ve counteracted this existential shock with the greatest fiscal, monetary bazooka. It’s not even a bazooka. It’s more like a nuclear bomb,”
An empty Leicester Square in central London on March 24, 2020 in London. British Prime Minister, Boris Johnson, announced strict lockdown measures urging people to stay at home and only leave the house for basic food shopping, exercise once a day and essential travel to and from work. Ollie Millington British tech start-ups are lobbying
Pedestrians walk passed signage at Cigna headquarters in Bloomfield, Connecticut. Michael Nagle | Bloomberg | Getty Images Health insurers Cigna and Humana are now waiving patient cost-sharing on all treatment for coronavirus, including hospitalizations and ambulance transfers, for their insured members and employer plans. “Our customers with COVID-19 should focus on fighting this virus and
College acceptance letters are already in the mail. Now high school seniors must decide their fate for September. Up until now, National College Decision Day, the deadline for high school seniors to choose which college they will attend, has always been May 1. This year, however, the global coronavirus pandemic and extreme economic uncertainty have pushed many
Hedge fund manager Paul Tudor Jones told CNBC on Thursday the market could be higher by June despite what he sees as a turbulent month ahead. “My guess is one of the reasons the market’s up right now is because of all the month-end rebalancing. The market’s front-running, it sees the fact that there are going to
There’s been a meme going around the internet pointing out, “Your grandparents were called to war. You’re being called to sit on your couch. You can do this.” It seems extremely important to remember that there are things that are truly unprecedented and new and those that are, however tragically, new to us. Yes, of
U.S. airlines and the Department of Transportation may soon have to consider consolidating service to dozens of cities around the country in a bid to help carriers cut losses, several airline industry executives told CNBC. Executives with U.S. airlines are expected to meet with leaders of the Transportation Department this week to discuss the state
New Jersey Governor Phil Murphy speaks after taking the oath of office in Trenton, New Jersey, January 16, 2018. Lucas Jackson | Reuters New Jersey homeowners whose finances have been affected by the novel coronavirus will get a 90-day reprieve on their mortgage payments, said Gov. Phil Murphy on Saturday. Lenders will also waive late
Morgan Stanley CEO James Gorman told his employees that despite the upheaval caused by the coronavirus pandemic, their jobs will be secure through this year. “I am sure some, if not many, of you are worried about your jobs,” Gorman said Thursday in a staff memo. “While long term we can’t be sure how this
In this photo taken March 20, 2020, cattle rancher Joe Whitesell rides his horse in a field near Dufur, Oregon, as he helps a friend herd cattle. Gillian Flaccus | AP U.S. farmers have endured a slew of financial hardships over the past few years. The U.S.-China trade war sent scores of farmers out of
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