 | | | | Google and Facebook took the sharpest jabs for alleged abuse of their market power from Democrats and Republicans on Wednesday in a much-anticipated congressional hearing https://www.youtube.com/watch?v=WBFDQvIrWYM&feature=emb_logo with four of America's most prominent tech CEOs in the hot seat. | | | | | | Qualcomm Inc on Wednesday forecast fourth-quarter revenue largely above Wall Street expectations, powered by sales of its chips used in 5G devices and reaching a settlement with Huawei Technologies Co Ltd [HWT.UL]. | | | | | | The surge in U.S. coronavirus cases and the restrictions aimed at containing it have begun to weigh on the economic recovery, the head of the Federal Reserve said on Wednesday, pointing to an apparent pullback by consumers and a slowdown in the rehiring of furloughed workers, particularly by small businesses. | | | | | | U.S. stocks gained further and the U.S. dollar fell on Wednesday as investors reacted to the Federal Reserve's decision to keep interest rates at ultra-low levels. | | | | | | PayPal Holdings Inc reported an 86% jump in second-quarter profit on Wednesday as the e-commerce payments processor benefited from the shift to online spending amid the coronavirus pandemic. | | | | | | Two years after Facebook Inc Chief Executive Mark Zuckerberg's explanation to U.S. lawmakers - "Senator, we run ads" - exploded as a meme, online viewers again ridiculed key moments of a tech antitrust showdown on Wednesday. | | | | | | U.S. stocks closed higher on Wednesday, adding to gains after the Federal Reserve repeated a pledge to use its "full range of tools" to support the economy but cautioned that the outlook "will depend significantly on the course of the virus." | | | | | | Boeing Co slashed production of its biggest twin-engined jets, delayed its new 777X by up to a year and began sunsetting the iconic 747 as it posted a bigger-than-expected quarterly loss dominated by the COVID pandemic on Wednesday. | | | | | | Oil prices rose on Wednesday after a steep drop in U.S. crude inventories, but another record day for coronavirus cases worldwide kept gains in check. | | | | | | Boeing Co is winding down production of the 747 jumbo jet, which democratized global air travel in the 1970s but fell behind modern twin-engine aircraft. | | | | | |
