Wall Street stumbled on Wednesday as investors fled equities for safe-haven assets, seeking shelter amid gathering signs that a recession could be on the horizon.
When the U.S. Federal Reserve cut interest rates last month for the first time in more than a decade, it signaled that further reductions in borrowing costs might not be needed. Bond markets vehemently disagree.
The U.S. Treasury yield curve temporarily inverted on Wednesday for the first time since June 2007 in a sign of investor concern that the world's biggest economy could be heading for recession.
Oil prices shed 3% on Wednesday after fresh Chinese and European economic revived global demand fears and U.S. crude inventories rose unexpectedly for the second week in a row.
Sierra Nevada Corp, a privately owned defense contractor with spaceflight ambitions, said on Wednesday it picked United Launch Alliance's Vulcan rocket to launch its Dream Chaser space plane on cargo missions to the International Space Station.
General Electric Co has clinched a labor deal with all 6,600 of its unionized workers in the United States, averting potential strikes that could have hit the ailing conglomerate's jet engine production, the company and unions said on Wednesday.
U.S. Federal Communications Commission Chairman Ajit Pai on Wednesday circulated a draft order that would grant approval to the $26 billion tie-up of T-Mobile Us Inc and Sprint Corp.
Equity markets tanked and oil prices fell sharply on Wednesday after a closely watched bond indicator pointed to the growing risk of a U.S. recession that was heightened by data showing Germany's economy in contraction and China's worsening.
WeWork owner The We Company published detailed financial statements for the first time on Wednesday, revealing breakneck revenue growth and soaring losses, as it prepares for an initial public offering as early as next month.
