Pinterest CEO Ben Silbermann speaks in conversation with Matthew Lynley of TechCrunch during the TechCrunch Disrupt SF 2017 on September 18, 2017 in San Francisco, California. Shares of Pinterest plunged as much as 24% on Friday, briefly pushing it below the its IPO price for the first time. The stock sold at an IPO price of $19 when the company went public in April. It comes after Pinterest reported disappointing third-quarter results late Thursday. Pinterest has yet to turn a net profit at a t

“The labor market is still cooking,” said Ward McCarthy, chief financial economist at Jefferies. “To the extent the market had been starting to get on another rate cut in December, it’s not going to happen.” At the time, Fed Chairman Jerome Powell said the Fed anticipates a moderately growing economy and a solid labor market. The 2-year yield hit a high of 1.56% after the jobs report, and it is the part of the Treasury curve that most reflects the Fed’s policy. Plus, the new orders index in the

Presidential contender Elizabeth Warren infuriated America’s wealthiest individuals when she unveiled her wealth tax proposal earlier this year, which would tax them three cents on every dollar over $1 billion in net worth. The Massachusetts senator on Friday called for a doubling of her billionaire wealth tax as part of a new “Medicare for All” proposal, from 3% to 6% on wealth over 10 figures. Warren’s wealth tax proposal would also impose a 2% tax on net worth between $50 million and $1 billi

The October 2019 employment report showed U.S. companies collectively added way more jobs than expected during the month, as robust gains in leisure and hospitality and persistent strength in health care offset expected softness in manufacturing. The government reported Friday that payrolls increased by 128,000, easily besting the 75,000 estimate economists polled by Dow Jones had forecast. The government also revised September and August jobs numbers significantly higher: August’s initial 168,0

A gauge of U.S. manufacturing showed the sector continued to contract in October, the third straight month of slowdown amid global trade uncertainties. The purchasing manufacturing index from the Institute for Supply Management came in at 48.3% last month, compared with a 47.8% reading in September. The sector showed its first contraction in a few years in August, ending a 35-month expansion period where the PMI averaged 56.5%, according to ISM. The backlog of orders index was 44.1%, contracting

Facebook Chairman and CEO Mark Zuckerberg arrives to testify before the House Financial Services Committee on “An Examination of Facebook and Its Impact on the Financial Services and Housing Sectors” in the Rayburn House Office Building in Washington, DC on October 23, 2019. Looking back at third-quarter earnings from Facebook and its rivals, Facebook’s dominance in social media is as clear as ever, and there’s no better metric to illustrate that fact than average revenue per user (ARPU). Facebo

Apple’s long-awaited streaming video service went live early on Friday morning. Apple TV+ is a $4.99-per-month service featuring original TV shows and movies bankrolled by Apple. In a sign of how important the Apple TV+ launch is for the company, it held one of its famous launch events this spring centered around the service — and no hardware or gadgets were launched. Apple TV+ is entering a crowded market. Apple TV+ will be free for a year with purchase of iPhone, iPad, iPod Touch, Apple TV str

Nonfarm payrolls rose by 128,000 in October as the U.S. economy overcame the weight of the GM autoworkers’ strike and created jobs at a pace well above expectations. The loss of jobs came due to the General Motors strike that has since been settled. The unemployment rate ticked higher to 3.6%, in line with estimates, but remains around the lowest in 50 years. The unemployment rate for African Americans nudged down to a record low 5.4%. The pace of average hourly earnings picked up a bit, rising

In a new outline, Warren’s campaign said her single-payer health plan would cost the country “just under” $52 trillion over a decade, which includes $20.5 trillion in new federal spending. It estimates the proposal would cost just less than the estimated $52 trillion in spending for the current system over 10 years. Warren’s plan meets the demand for a sprawling system to cover all Americans amid widening complaints about what many consider an unfair and expensive U.S. health system. Changes in

On Monday, Fitbit’s stock surged more than 30% on news that Alphabet had made an offer to acquire the smartwatch maker. As of Monday’s close, Fitbit’s market cap sat at $1.5 billion, up $340 million from the previous trading day. Buying Fitbit could help Google extend its “ambient computing” hardware strategy, where the company aims to be a part of users’ lives wherever they are. As of the end of 2018, Apple owned about half of the global smartwatch market in terms of units shipped, according to

Japan’s September jobless rate climbed from near 30-year lows and job availability slipped, government data showed on Friday, suggesting the nation’s tightest jobs market in decades may be reaching its peak. The seasonally adjusted unemployment rate rose to 2.4%, compared with economists’ median forecast of 2.3%, figures from the Ministry of Internal Affairs and Communications showed. The unemployment rate stood at 2.2% in July and August, the lowest since 1992. “But there are worries about corp

Hong Kong slid into recession for the first time in a decade in the third quarter, weighed down by increasingly violent anti-government protests and the protracted U.S.-China trade war. Five months of protests have battered the Chinese-ruled city’s retail and tourism sector, and there is no sign of the demonstrations abating. The government also revised down second-quarter GDP data to show growth of 0.4% year-on-year, from a preliminary estimate of 0.6% and a later reading of 0.5%. Quarter-on-qu

European defense spending will surpass $300 billion a year by 2021, according to new research from Jane’s by IHS Markit. “Political factors are continuing to present a key driver as Europe responds to pressure from NATO allies — primarily the U.S. — to increase defense spending,” said McGerty. The analysis suggests that in 2019, European defense spending as a whole will grow by almost 5% from the previous year. On average, Western European countries, which includes the big budgets of the U.K., G

A new European Commission was due to take the reins in Brussels Friday, but a series of political setbacks have meant that a new administration is not starting for, at least, another month. Ursula von der Leyen, the incoming president of the European Commission — the EU’s executive branch — presented her team in September. However, 3 out of her 27 appointees were rejected when scrutinized by European lawmakers last month – meaning that von der Leyen is unable to start her new role on November 1,

European stocks were higher Friday morning, after an unexpected bounce in Chinese manufacturing activity boosted market sentiment. The expansion defied market expectations and stood in contrast to official manufacturing data released on Thursday. The cash handling company reported an increase in third-quarter revenue on Friday morning, with shares up more 7%. Meanwhile, Denmark’s largest lender reported slightly weaker-than-anticipated third-quarter earnings and announced it had narrowed down it

Shares of Nintendo surged on Friday after the Japanese gaming company said Thursday that its second-quarter operating profit more than doubled amid strong sales for the recently launched Switch Lite device. Sales figures for the Switch Lite — a stripped down and lower-priced version of Nintendo’s flagship Switch console — are being closely watched by the market. Analysts previously told CNBC that the device was part of Nintendo’s strategy to sell more than one Switch console to each household. ”

U.S. stock index futures moved higher Friday morning. ET, Dow futures rose 64 points, indicating a positive open of more than 63 points. Futures on the S&P and Nasdaq were both seen slightly higher. On the earnings front, Friday will see AbbVie, Alibaba, Chevron and Exxon Mobil reporting their latest results. In terms of data, there will be non-farm payroll numbers and new unemployment figures out at 08:30 a.m.

ET, the yield on the benchmark 10-year Treasury note , which moves inversely to price, was higher at around 1.6980%, while the yield on the 30-year Treasury bond was also higher at around 2.1840%. The bond market reaction followed concerns about the U.S. and China trade war. In terms of data, there will be nonfarm payroll numbers and new unemployment figures out at 08:30 a.m. There will also be manufacturing PMIs at 09:45 a.m. The U.S. Treasury has no auctions scheduled for Friday.

Lebanese banks opened to customers on Friday for the first time in two weeks following an unprecedented wave of protests that led the prime minister to resign, with small numbers of customers queuing as the doors opened. “He is not officially declaring capital controls, but left it to the banks to do it,” a senior banker told Reuters. Salameh told Reuters on Monday there would be no capital controls and no haircut when banks reopen. After protests subsided on Wednesday, the Association of Banks

Hong Kong protesters donned Halloween masks in Lan Kwai Fong on Thursday evening, defying an emergency law that bans face coverings. It also cited the protracted U.S.-China trade war as another factor, as Hong Kong reported “an enlarged decline” in exports. Billy Wong, deputy director of research at the Hong Kong Trade Development Council said that Hong Kong’s negative growth did not exactly come as a surprise. Hong Kong — a former British colony returned to Chinese rule in 1997 — has been cripp