WELLS FARGO & CO (WFC)       40.03  +0.02 (+0.05%)

The Savarick Group Joins Wells Fargo Advisors

/PRNewswire/ -- Wells Fargo Advisors today announced the addition of The Savarick Group. Led by Evan Savarick, Managing Director - Investments and Senior PIM...

US STOCKS-Wall St deep in bear market as S&P 500 hits new two-year low

The benchmark S&P 500 erased gains of up to 1.7% by early afternoon trading to hit lows last seen in late November 2020, leaving investors worrying about how much further stocks would have to fall before stabilizing. Analysts at Wells Fargo now see the U.S. central bank taking its target range for the Fed funds rate to 4.75%-5.00% by the first quarter of 2023. "It's just a continuation of Jerome Powell's digging in and trying to really let markets, investors and the world know that we are going to have to continue to hike rates to get this inflation story that still remains unchecked... it'll be interesting to see if markets end in the red today," said Brandon Pizzurro, director of public investments at GuideStone Capital Management.

Warning! A Housing Market Crash Will Tank These 3 Stocks.

Don't be complacent about a potential black-swan event. A housing market crash would send these three stocks plunging.

Wells Fargo expects steeper U.S. rate hikes to quell rampant inflation

They had earlier forecast a 100-basis-point hike between now and early next year, but now expect the Federal Open Market Committee (FOMC) to raise rates by about 175 bps. The Fed has aggressively hiked interest rates by 300 basis points so far this year and sees its rate hiking cycle ending 2023 at 4.50%-4.75% as it battles to quell the highest bout of inflation since the 1980s. "The economy is showing signs of resiliency, which will necessitate more monetary tightening to slow growth sufficiently to bring inflation back toward the Fed's target of 2%," said the analysts, led by chief economist Jay Bryson.

Wells Fargo expects steeper U.S. rate hikes to quell rampant inflation

Wells Fargo expects steeper rate hikes by the Federal Reserve due to resiliency of the U.S. economy and the central bank's increased resolve to wring out inflation, the Wall Street bank's economists said in a note on Tuesday.

These 9 stocks are less impacted by the strong dollar and are liked on the Street

From Costco to Wells Fargo, these Club stocks get most of their revenue in the U.S. at a time when the dollar remains historically strong.

Wells Fargo Reportedly Plans Staff Reductions—Here Are The Major U.S. Layoffs This Year

Forbes is tracking the biggest layoffs in the U.S. this summer as companies react to fears of a looming recession.

Housing expert: Home sale cancellations 'have spiked tremendously'

Home sales have been falling through for many sellers since the beginning of the summer, according to one analyst, as many homebuyers are retreating from the housing market.

Senators Warn Bank CEOs to Quit the 'Uber-Woke Sweepstakes'

A banking oversight hearing becomes the latest forum for a politicized debate over ESG and activist shareholder initiatives.

FOREX-Yen rallies after Japan intervenes with first support since 1998

* "We have taken decisive action," says Japan's Kanda * Dollar still up 23% despite Japan intervention * Sterling, Swiss franc, Norway's crown slide after rate hikes * Dollar hits new multi-year high vs sterling, euro (New throughout, updates prices, market activity and comments) By Gertrude Chavez-Dreyfuss and Alun John NEW YORK/LONDON, Sept 22 (Reuters) - The Japanese yen soared across the board on Thursday after monetary authorities intervened in the foreign exchange market to boost the battered currency for the first time since 1998, although analysts said Japan may struggle to keep the yen strong. The dollar was last down 1.2% at 142.33 yen.

Lawmakers Grill the Big Banks on Zelle, Interest Rates, and Overdraft Fees

Congress had some tough questions for the CEOs of the seven largest banks. Here's what consumers should know.

U.S. Latinos Are a Mighty Economic Force. Their GDP Is the World's Fifth-Largest.

The gross domestic product of U.S. Latinos was $2.8 trillion in 2020, larger than that of the United Kingdom, India, France, and Italy, the report said.

Senior Republican chastises banks for social agenda that 'harms America'

The heads of the nation's largest banks faced pointed criticism from a top Republican Thursday, as he chastised firms for "embracing a liberal ESG agenda that harms America." Senator Pat Toomey, the senior Republican on the Senate Banking Committee, urged banks to "cease and desist" from weighing in on social and cultural issues as chief executives appeared before Congress for an oversight hearing. Toomey, who frequently backs industry calls for lighter regulations, argued firms are out of bounds when they weigh in on non-banking issues like guns and abortion.

How Mentoring Can Help Women-Led Businesses Thrive

Wells Fargo Bank Increases Prime Rate to 6.25 Percent

3 of our stocks are in the news — here's our take on what's happening

Wells Fargo, Cisco Systems and AbbVie are in the news Wednesday. Here's what we think about each development.

RBC Hires Father-Son Advisor Duo Managing $1 Billion

The firm’s new recruits include an advisor with nearly four decades of industry experience.

Big Bank CEOs Face Capitol Hill Grilling

CEOs of some of the biggest banks in the country are expected to appear before the House Financial Services Committee today and the Senate Banking Committee tomorrow.

Watch JPMorgan Chase CEO Jamie Dimon and six other bank leaders get grilled by Congress

CEOs of the biggest U.S. retail banks are set to testify before both chambers of Congress this week.

Bank CEOs to Go Before Congress, With Economy and High Inflation in Focus

JPMorgan’s Jamie Dimon, Citigroup’s Jane Fraser and others face two days of congressional hearings starting Wednesday.

Wall Street CEOs Uncertain Fed Can Achieve Soft Landing

The heads of the largest U.S. banks expressed concerns about the state of the U.S. economy as they began two days of questioning Wednesday from Congress.

U.S. bank CEOs set for congressional grilling by Democrats and Republicans

The chief executives of JPMorgan, Bank of America, Citigroup, Wells Fargo and other major U.S. banks are set to be grilled by both Democratic and Republican lawmakers on Wednesday on the economy, consumer protections and the lenders' stance on fossil fuel lending and firearms, among other issues.

The Fed needs to 'rip off the Band-Aid' and hike interest rates by 150 basis points, Wells Fargo strategist says

The Fed should hike interest rates by 150 basis points so that it can hit its 4% target three months early, Wells Fargo's Michael Schumacher said.

'Rip off the band-aid': Wells Fargo makes case for 150 basis point hike at Fed meeting

Wells Fargo Securities' Michael Schumacher suggests the Federal Reserve should raise interest rates faster, despite risking panic on Wall Street.

Bank CEOs to Go Before Congress, With Economy and High Inflation in Focus

JPMorgan’s Jamie Dimon, Citigroup’s Jane Fraser and others face two days of congressional hearings starting Wednesday.

Wells Fargo Company Stock Hits 80-Plus Relative Strength Rating Benchmark

On Tuesday, Wells Fargo Company stock received an upgrade to its Relative Strength (RS) Rating, from 74 to 81.

Wells Fargo Donates $300,000 in Support of Disaster Relief in Puerto Rico

Wells Fargo CEO Scharf to tell Congress bank could still face setbacks while addressing regulatory woes

Wells Fargo CEO Charles Scharf plans to tell Congress that the bank could still face setbacks as it works to address longstanding regulatory issues, according to prepared testimony published by the House Financial Services Committee Tuesday.

Ford shares fall 10% on warning of higher inflation-related supply costs

"The inflationary costs are concerning as they could persist into Q4 and 2023," Wells Fargo analyst Colin Langan said. Ford's preliminary third-quarter results sent shares of rival General Motors Co tumbling 3.3% as some analysts said it might take more time for the auto industry to recover from chip shortages. "It appears that across the industry, chip and components shortages may be improving at a slower pace than anticipated," Deutsche Bank analyst Emmanuel Rosner said.

Dimon Blasts Higher Capital Requirements as Bank CEOs Head to Washington

Jamie Dimon took aim at higher capital requirements ahead of a pair of congressional hearings this week, calling an upcoming increase for JPMorgan Chase & Co. “bad for America.”

ESG's Beginning Is Messy, But It's Here to Stay

The backlash against environmental, social, and governance-based investing is often described as part of the culture wars, but there are more nuanced forces at work, writes Bianca Taylor.

Adobe Stock Loses Another Bull. Wall Street Is Worried About the Figma Deal.

Wells Fargo analyst Michael Turrin cut his rating to Equal Weight from Overweight, citing concerns about the price Adobe is paying for the software-design platform.

Index: Homebuilder market sentiment falls to lowest point of year

Homebuilder sentiment over the housing market fell to its lowest point of the year in September as prices continue to adjust downward, according to a report released Monday.

Big U.S. bank CEOs to be grilled by Congress on consumer, social issues

The chief executives of JPMorgan , Bank of America , Citigroup , Wells Fargo and other major U.S. retail banks will be grilled this week by lawmakers on a slew of issues, from the state of the economy to their stances on hot-button issues including abortion and fossil-fuel lending.

Big U.S. bank CEOs to be grilled by Congress on consumer, social issues

The chief executives of JPMorgan, Bank of America, Citigroup, Wells Fargo and other major U.S. retail banks will be grilled this week by lawmakers on a slew of issues, from the state of the economy to their stances on hot-button issues including abortion and fossil-fuel lending. Payments fraud, boosting diversity, mergers and access to bank branches, are also expected to feature when the CEOs appear before the House Financial Services Committee and Senate Banking Committees on Wednesday and Thursday, respectively, according bank officials, congressional aides and lobbyists. The line-up includes the CEOs of the four largest U.S. banks: JPMorgan's Jamie Dimon, Bank of America's Brian Moynihan, Citi's Jane Fraser and Wells Fargo's Charles Scharf.