Finance

Jamie Dimon, chief executive officer of JPMorgan Chase & Co., gestures while speaking during a Bloomberg Television interview at the JPMorgan Global Markets Conference in Paris, France, on Thursday, March 14, 2019.Christopher Morin | Bloomberg | Getty ImagesJPMorgan Chase is `strongly’ urging all its U.S. employees get the Covid-19 vaccine, warning that the jab may eventually be mandatory for workers, according to a memo sent late Wednesday.The bank is now requiring all U.S. workers to log their vaccination status in a software portal by June 30. Those who are vaccinated don’t need to wear masks, socially distance or log their health status on a daily basis when they return to office life; those who aren’t vaccinated need to wear masks and are encouraged to take weekly Covid tests, JPMorgan said.”We strongly urge all of our employees to be vaccinated because we think it protects you, your friends and family, your fellow employees, and the community at large,” the bank said in the memo, signed by its entire operating committee led by CEO Jamie Dimon.”We also believe that the more employees who are vaccinated, the safer our offices will be for everyone,” JPMorgan said. “In the future, we may mandate that all employees receive a COVID-19 vaccination consistent with legal requirements and medical or religious accommodations.”JPMorgan, the biggest U.S. bank by assets with almost 260,000 employees globally, is taking a more gradual approach to vaccine enforcement than smaller rival Morgan Stanley. Earlier this week, Morgan Stanley announced that only vaccinated employees and clients could enter offices starting July 12.At JPMorgan, while employees can choose to keep their vaccination status private, it means they must continue all the precautions, including social distancing, of the pre-vaccine era.And the unvaccinated are still expected to return to assigned office locations, along with all other U.S. employees, by July 6. Bloomberg reported the memo earlier.Here is the memo:Dear colleagues,In our country today, we all should feel extremely grateful and fortunate that we are starting to see the pandemic in the rear-view mirror. Given the availability and effectiveness of COVID-19 vaccines and other improved health indicators in the U.S., we are now taking steps to properly prepare for returning to the office in a safe and productive way. We are doing this because we believe that human interaction, spontaneous learning and creativity are so important to the way we run our company and serve our clients.We want to be very specific about what we expect and what the requirements are related to working in the office.I.        We need all U.S. employees — it is now mandatory — to log into and enter responses in the JPMC COVID-19 Vaccine Record Tool by June 30. If you don’t, your manager will follow-up with you individually until a response is received. We need you to enter this information so that we can properly prepare for and manage returning to the office in a very detailed way, and by location.There are three possible answers to the question we will ask you:a.       I am vaccinatedb.       I am not vaccinatedc.       I choose not to share my vaccination status with JPMorgan Chase (it is fine not to tell us, but you must respond)   II.        If you have been vaccinated, have entered your data into the Tool, and have uploaded your COVID-19 vaccination card, you will no longer need to wear a mask or social distance in most locations in accordance with our current practices, and you will no longer be required to complete the Daily Health Check beginning July 6. (Note: U.S. Branch employees should continue to follow State-by-State Face Covering Guidance.)  III.        If you indicate that you are unvaccinated or select the “I choose not to share my vaccination status with JPMorgan Chase” option, we still expect you to return to the office. You will be strongly encouraged to test for COVID-19 weekly and will also have to continue to wear a mask, complete the Daily Health Check and practice social distancing when in the office in accordance with our current practices.  IV.        We strongly urge all of our employees to be vaccinated because we think it protects you, your friends and family, your fellow employees, and the community at large. We also believe that the more employees who are vaccinated, the safer our offices will be for everyone. In the future, we may mandate that all employees receive a COVID-19 vaccination consistent with legal requirements and medical or religious accommodations.V.        Finally, beginning July 6, we expect all U.S. employees to move to a regular schedule, in your assigned office location, subject to occupancy limits and as directed by your manager. In many cases this may be five days each and every week, and for others it will mean a minimum of 50% of your workdays will be in the office, due to occupancy limits. We are aware that some teams are piloting a hybrid approach that varies by job, such as three days in the office or 50% rotations, but we want each of you back regularly so that we can test the effectiveness of these models as quickly as possible.Over the past month it has been terrific to see more of you safely returning to our U.S. offices, and we have been pleased to hear from many of you that our workspaces are better than ever. You’ve commented on the health and safety protocols we’ve put in place, the new technology we’ve rolled out and, most importantly, how good it feels to see your colleagues in person.We look forward to seeing more of you very soon.This story is developing. Please check back for updates.Become a smarter investor with CNBC Pro. Get stock picks, analyst calls, exclusive interviews and access to CNBC TV. Sign up to start a free trial today. More

In this articleSPCXAndreessen Horowitz partner Marc AndreessenJustin Sullivan | Getty ImagesAndreessen Horowitz is launching a multibillion-dollar fund to invest in a volatile ecosystem it’s betting will be as influential as the internet.The Silicon Valley venture capital firm, founded by Marc Andreessen and Ben Horowitz, announced its new $2.2 billion cryptocurrency-focused fund on Thursday. It plans to deploy that capital across blockchain and digital asset start-ups.”The size of this fund speaks to the size of the opportunity before us: crypto is not only the future of finance but, as with the internet in the early days, is poised to transform all aspects of our lives,” Katie Haun and Chris Dixon, partners who run Andreessen’s cryptocurrency group, said in a blog post.The company’s first crypto-focused fund was launched three years ago, during what’s now known as “crypto winter.” That year, the value of bitcoin cratered roughly 80% from the highs in 2017. The latest fund also comes at another bearish moment for bitcoin.The world’s original cryptocurrency has lost roughly half its value since the high near $60,000 in April. This week alone, it’s on track for a 20% loss. Haun and Dixon noted the asset class’s volatility, and said “prices may fluctuate but innovation continues to increase through each cycle.””We believe that the next wave of computing innovation will be driven by crypto,” the partners wrote, adding that they’re “radically optimistic about crypto’s potential.”The firm is known for early bets on companies like Facebook, Instagram, Lyft and Pinterest. Andreessen Horowitz made its first move into the digital asset space through Coinbase in 2013. Coinbase went public via a direct listing this year, and is down roughly 50% from its listing day high.Andreessen Horowitz is also an early investor in Facebook-backed digital currency project libra, now known as diem, which has gone through a series of rebranding and faced opposition from global regulators.The firm has stakes in companies like OpeanSea and Dapper Labs, powering the recent NFT boom and said it plans to focus on “decentralized finance.” Also known as “defi,” the term used to describe traditional finance applications, like lending or banking, built on the same technology that underlies bitcoin. The firm said it plans to hold these crypto investments for a decade or more.These digital asset investments are being driven by partners Haun, a former Justice Department prosecutor, and Dixon, who founded and ran two start-ups before joining Andreessen Horowitz. Haun helped launch the Justice Department’s first government task force for crypto and worked on the first high-profile cryptocurrency-related case, Silk Road.Andreessen Horowitz also announced a wave of new hires for the fund, including former Securities and Exchange Director Bill Hinman, who will join the firm as an advisory partner. Rachael Horwitz, who led communications at Twitter, Google and Facebook, joined as an operating partner. More

Take a look at some of the biggest movers in the premarket:Eli Lilly (LLY) – The drugmaker’s shares surged 8.7% in the premarket after Lilly’s Alzheimer’s treatment received “breakthrough therapy” designation from the Food and Drug Administration. The designation means the treatment may show substantial improvement over existing therapies and qualifying it for expedited development and approval.Accenture (ACN) – The consulting firm beat estimates by 17 cents a share, with quarterly profit of $2.40 per share. Revenue topped Street forecasts as well. Accenture saw increasing demand for digital transformation services, with more companies moving to adapt to a hybrid work model. Accenture also raised its full-year forecast, and its stock jumped 4.3% in premarket trading.Rite Aid (RAD) – The drugstore chain reported quarterly earnings of 38 cents per share, 16 cents a share above estimates. Revenue came in slightly short of Wall Street forecasts, however, and its shares fell 6% in the premarket.Darden Restaurants (DRI) – The parent of Olive Garden and other restaurant chains earned $2.03 per share for its latest quarter, compared to a $1.79 a share consensus estimate. Darden’s same-restaurant sales surge 90.4% compared to the mid-pandemic year-ago quarter.KB Home (KBH) – KB Home reported quarterly earnings of $1.50 per share, 18 cents a share above estimates. The home builder’s revenue missed Wall Street forecasts, however, despite a selling price increase of 13% and a 145% surge in new orders. KB Home shares lost 4% premarket action.Visa (V) – Visa struck a deal to buy European banking platform Tink for about $2.2 billion. The move to acquire the financial data sharing company comes after Visa terminated its planned $5.3 billion acquisition of Plaid following a government lawsuit.Comcast (CMCSA) – The parent of NBCUniversal and CNBC is mulling various ways to dominate video streaming, according to The Wall Street Journal. The paper said CEO Brian Roberts is mulling ideas like a tie-up with ViacomCBS (VIAC) or an acquisition of Roku (ROKU). Comcast told CNBC the story is “pure speculation.” The stock added 1.6% in the premarket.Beyond Meat (BYND) – Some Dunkin’ locations have dropped Beyond Meat’s “Beyond Sausage” breakfast sausage, according to a J.P. Morgan analyst, and a Goldman analyst said a wrap featuring the sausage is likely to suffer the same fate. Dunkin’ told CNBC it continues to have a strong relationship with Beyond Meat and continues to explore new plant-based menu items. Beyond Meat fell 1.3% in the premarket.Steelcase (SCS) – Steelcase surged 5.2% in premarket trading after it reported a smaller-than-expected loss for its latest quarter. The office furniture maker’s revenue also beat Wall Street estimates. The company said revenue will improve on a sequential basis as more workers return to their offices.MGM Resorts (MGM) – MGM Resorts was upgraded to “buy” from “hold” at Deutsche Bank, which said the hotel and casino operator is likely to exceed its targets for profit margin improvement. MGM shares rose 2.3% in premarket trading.Dollar Tree (DLTR) – Dollar Tree was downgraded to “neutral” from “overweight” at Piper Sandler. The firm said the discount retailer will be impacted by rising freight and wage costs that it won’t be able to pass through to customers. The stock fell 1.3% in the premarket. More

In this articleVVisa Inc. credit and debit cards are arranged for a photograph in Washington, D.C., U.S., on Monday, April 22, 2019.Andrew Harrer | Bloomberg | Getty ImagesLONDON — Visa agreed Thursday to acquire Swedish financial technology start-up Tink for 1.8 billion euros ($2.1 billion), in a deal aimed at bolstering the payment giant’s digital ambitions.The deal comes after Visa’s bid to buy Plaid, an American rival to Tink, was torpedoed by U.S. regulators. Plaid has since opted to go it alone as an independent company, and was last privately valued by investors at $13.4 billion.Both Plaid and Tink operate in a nascent space known as opening banking, which calls on lenders to provide third-party firms with access to coveted consumer banking data, provided they’ve got consent. Open banking has flourished in Britain and the EU thanks to new regulation.”Visa is committed to doing all we can to foster innovation and empower consumers in support of Europe’s open banking goals,” Al Kelly, Visa’s CEO, said in a statement.Tink co-founders Daniel Kjellén and Fredrik Hedberg.Tink”By bringing together Visa’s network of networks and Tink’s open banking capabilities we will deliver increased value to European consumers and businesses with tools to make their financial lives more simple, reliable and secure.”Founded by Swedish entrepreneurs Daniel Kjellén and Fredrik Hedberg in 2012, Tink initially started out as a financial management app but later pivoted to focus on providing its technology to other businesses instead.Tink’s technology lets banks and fintech firms access banking data to create new financial products. The Stockholm-based company was last privately valued at 680 million euros. It has raised more than $300 million from investors including PayPal, SEB and ABN AMRO.”As we got to know Visa, it became clear that we share a common mission – to connect the financial world and accelerate the growth and adoption of digital financial services,” Tink’s founders said in a blog post Thursday.”Teaming up with Visa means we’ll now be able to move faster and reach further than ever before, and we know that Visa is the perfect partner for the next stage of our journey.”Visa’s acquisition of Tink is the latest in a wave of consolidation efforts in the massive payments industry. The company had tried to buy Plaid last year, but ultimately abandoned the takeover after the U.S. Department of Justice sued to block it on antitrust grounds.The deal with Tink is subject to regulatory approvals and other customary closing conditions, Visa said, adding it will be financed solely with cash and won’t impact the company’s stock buyback program or dividend policy.Tink will keep its branding and management team after the deal, Visa said, while the company’s headquarters will also remain in Stockholm. More

LAN network cables plugged into a Bitcoin mining computer server are pictured in Bitminer Factory in Florence, Italy, April 6, 2018.Alessandro Bianchi | ReutersWith China cracking down on cryptocurrencies, it may soon become much easier — and more profitable — to mine bitcoin.Last month, Beijing called for measures to stamp out bitcoin mining amid concerns over its environmental impact. This has already resulted in crypto miners fleeing China for other regions, like North America.China’s crackdown intensified over the weekend, with authorities in the hydropower-rich Chinese province of Sichuan ordering crypto miners to shut down operations.According to reports, more than 90% of China’s bitcoin mining capacity is estimated to be closed. It is thought that between 65% to 75% of all global bitcoin mining takes place in China.Though it may not be good news for bitcoin miners in China, others could stand to benefit.What is bitcoin mining?When you think of mining, the image of a gold mine with picks and shovels is probably the first thing that comes to mind. But bitcoin mining is nothing like hunting for gold or other precious metals.Digital currencies are underpinned by a vast network of computers around the world. In the case of bitcoin, these computers are racing to solve complex math puzzles in order to make transactions go through. This process also generates new bitcoins, rewarding miners in the cryptocurrency if they’re successful.Currently, rewards to miners are capped at 6.25 BTC. It used to be 12.5 BTC, but since bitcoin’s total supply is limited to 21 million, the amount of bitcoin rewarded to miners gets halved roughly every four years.Being the first miner to mine a new block — essentially a list of bitcoin transactions — is “a game of random chance,” explains Alyse Killeen, founder and managing partner of bitcoin-focused venture firm Stillmark.It’s about to get easierThe total hashrate, or processing power, of the bitcoin network appears to have gone down sharply in the wake of Beijing’s crackdown.In the last month or so, bitcoin’s hashrate has gone down from a record 180.7 million terahashes per second — a measure of the speed of crypto mining hardware — in mid-May to around 116.2 million as of Wednesday, according to Blockchain.com data.Read more about cryptocurrencies from CNBC ProCathie Wood bought 1 million shares of Grayscale Bitcoin Trust during crypto’s drop below $30,000Bitcoin drops below $30,000, then recovers: We asked 5 experts what they’re doingA third of big investors think bitcoin is ‘rat poison,’ JPMorgan survey saysCrypto experts say that, with more bitcoin miners going offline due to China’s restrictions, other miners’ share of the network will increase, potentially making mining much more lucrative.”As more hashrate falls off the network, difficulty will adjust downwards, and the hashrate that remains active on the network will receive more for their proportional share of the mining rewards,” Kevin Zhang, vice president of crypto mining firm Foundry, told CNBC.Meanwhile, the network difficulty of bitcoin — a measure of how hard it is to mine bitcoin — went from a record above 25 trillion in May to 19.9 trillion last week. Mining difficulty is adjusted roughly every two weeks, so there is a time lag in the data.”Network difficulty goes down the less mining equipment is online,” Killeen said. This effectively leads to less competition for other bitcoin miners.However, another big factor that determines profits to bitcoin miners is the price of bitcoin, which has plummeted from record highs in recent months on the back of negative comments from Tesla CEO Elon Musk and China’s crackdown on the industry.Bitcoin has nearly halved in value since reaching a record high of almost $65,000 in April. The cryptocurrency fell below $30,000 on Tuesday, briefly wiping out its 2021 gains, but has since recovered to trade above $34,000. More

Stock futures opened flat in overnight trading after the market’s comeback rally hit a speedbump on Wednesday.Futures on the Dow Jones Industrial Average added 47 points, or 0.14%. S&P 500 futures ticked 0.10% higher and Nasdaq 100 futures edged up 0.11%.The S&P 500 snapped a two-day winning streak Wednesday, closing the regular session 0.1% lower. The Dow also shed 71.34 points, or 0.2%. Meanwhile, the Nasdaq Composite gained 0.1% to squeeze out another record closing high.Eight out of 11 S&P 500 sectors closed in the red, led by utilities, which dropped 1.1%. However, energy names like Exxon Mobil, Occidental Petroleum and Devon Energy rose as oil prices continued to climb. Technology names like Tesla and Netflix also closed higher.Despite Wednesday’s hiccup, the three major indexes are up more than 1% this week, rallying from a sell-off last week after the Federal Reserve heightened inflation expectations and forecast rate hikes as soon as 2023.Comments from Fed Chair Jerome Powell during a Congressional testimony Tuesday reiterated that inflation pressures should be temporary, which seemed to soothe market sentiment.”Beneath the optimism, markets are at risk of becoming complacent – and vulnerable to shocks. Any signal that interest rates and bond yields could rise, even in the absence of pronounced inflationary pressure, could shatter market exuberance,” Gaurav Mallik, chief portfolio strategist at State Street Global Advisors, said.Stock picks and investing trends from CNBC Pro:Goldman Sachs names 10 ‘rapidly’ growing global stocks — and two have an upside of 45%Investor Victoria Greene likes these stocks to ride a run to $100 oilMorgan Stanley is bullish on mining and metals stocks, names Alcoa a top pick”Central banks will walk a tightrope between allowing the economy to run hot – which history has shown to be a bad idea – and managing inflation risk,” he added.Investors await new jobless claims data set to be released Thursday for the latest outlook on unemployment.The Fed’s annual bank stress test results are scheduled for release after the bell on Thursday. The test examines how banks fare during various hypothetical economic downturns. After the Fed’s results, banks typically announce how much capital they can release in the form of dividends and buybacks.Darden Restaurants, Nike and FedEx are set to report quarterly earnings on Thursday.— CNBC’s Hugh Son contributed reporting. More

FREDERIC J. BROWN | AFP | Getty ImagesJob hunting has been muted in 12 states that opted out of federal unemployment programs in recent weeks, suggesting the policy may not be working as planned, according to a new analysis by job site Indeed.The states ended the pandemic-era benefits — including an extra $300 a week — about three months ahead of their Sept. 6 expiration.Job searches are about 4% below the national average in Alaska, Iowa, Mississippi and Missouri, which stopped paying the federal benefits as of June 12, according to the analysis published Tuesday.Zoom In IconArrows pointing outwardsActivity is 1% lower in eight states — Alabama, Idaho, Indiana, Nebraska, New Hampshire, North Dakota, West Virginia and Wyoming — that ended them June 19.They’re the first among a total of 25 states, all led by Republican governors, withdrawing from federal unemployment programs to encourage recipients to look for work amid record job openings.But the Indeed data — which measures clicks on job posts — suggests the opposite dynamic of what one would expect, given the policy intent of ending benefits early, according to Indeed economist AnnElizabeth Konkel.Zoom In IconArrows pointing outwards”People in those states are less likely to be searching than your average jobseeker right now,” she said.Generous benefits offer an incentive to stay home and make it difficult for businesses to hire, the governors claim. Critics say benefits aren’t having a large effect on worker decisions and that curtailing funds will harm the economy by cutting household spending.More from Personal Finance:Worried about inflation? A certificate of deposit may not be the answerFamilies can now opt out of monthly child tax creditHe’s 75 and facing eviction”You’d think they’d be searching more,” Konkel said. “At least right now, this does push back on the idea that federal unemployment benefits are the main reason there are labor market frictions.”The data could shift in coming weeks, she said.It’s difficult to say with certainty what effect enhanced benefits are having on the labor market without allowing more time to pass, according to Michael Strain, director of economic policy studies at right-leaning think tank American Enterprise Institute.Zoom In IconArrows pointing outwardsBut it’s likely the labor market has recovered to a point where the $300 weekly supplement is having a negative effect, he said.”The challenge for public policy is balancing the good with the bad,” Strain said. “In June 2021, my view is unemployment benefits of the generosity we’re providing them are doing more harm than they are doing good — to workers and the economy as a whole.”$300 a weekUnemployment benefits typically replace about half a worker’s pre-layoff wages.Congress raised weekly aid by $600 in the early days of the Covid pandemic. Lawmakers also gave funds to the long-term unemployed and groups like the self-employed and gig workers who are typically ineligible for state benefits.They’ve since cut the weekly subsidy in half — to $300 a week — and made federal benefits available through Labor Day.That extra $300 pays about 42% of recipients as much or more than their prior wages, according to an estimate from University of Chicago economist Peter Ganong. (These are primarily low-wage workers.)”That makes it a bad financial deal to get a job for a large share of the workforce,” Strain said.Zoom In IconArrows pointing outwardsLabor force participation has stayed relatively flat, a concern especially as there were a record number of job openings in April, he said.However, economists have pointed to reasons other than benefits for the labor market dynamics.For one, Covid health concerns are likely causing some to stay home, they said.A highly contagious Covid variant has accounted for a greater share of U.S. cases, and just 56% of U.S. adults are fully vaccinated against Covid-19. The Biden administration said Tuesday it will likely miss its goal to get 70% of adults vaccinated by the Fourth of July.Zoom In IconArrows pointing outwardsChild care may continue to pose a challenge for families if day care remains permanently closed, schools haven’t resumed in-person learning or summer camps aren’t at full capacity.Restarting the economy (and its associated job uptake) isn’t as easy as flipping a switch, economists said.”I don’t think it’s the whole puzzle,” Konkel said of enhanced benefits. “I think it’s one piece of the puzzle.”Some also question the notion of a labor shortage.”No one says it’s a ‘customer shortage’ if companies only offer high prices and bad service,” National Economic Council deputy director Bharat Ramamurti said in a tweet. “Yet some say it’s a ‘labor shortage’ if companies only offer low wages and bad benefits.”The Federal Reserve Bank of San Francisco estimated the $300 supplement has had a “small but likely noticeable” impact on job search and worker availability in early 2021.If 7 out of 28 unemployed individuals get job offers they’d normally accept, the availability of the extra $300 a week pushes 1 of the 7 to decline the offer, according to its projection.Beyond the $300, most of the Republican states are also ending Pandemic Unemployment Assistance for the self-employed and gig workers ahead of schedule. These workers are losing benefits entirely.”I don’t think it’s the right thing to do from a policy perspective to take those workers down to zero,” Strain said.Instead, he said eligibility for these benefits should gradually tighten and workers should be given notice. More

He predicted tech’s recent comeback, and now Oppenheimer Asset Management’s John Stoltzfus believes Wall Street can avoid an unnerving summer setback.He attributes tech’s latest outperformance as a key reason why it could be a positive summer for investors.”That might be possible,” the firm’s chief investment strategist told CNBC’s “Trading Nation” on Wednesday. “Fundamentals are looking decidedly better, and it may be that the bulls win for the summer.”The market is showing encouraging signs. On Wednesday, the Nasdaq, which is up almost 11% so far this year, closed at an all-time high of 14,271.73. However, the broader S&P 500 and Dow snapped a two-day winning streak.The latest activity comes amid a backdrop of recent correction calls.From Invesco to CFRA Research and Moody’s Analytics, there’s concern that a 10% or more pullback could shake the Street this summer. Inflation fallout, Federal Reserve taper talk and Covid-19 variants are all risks noted in pullback warnings.Stoltzfus said negative headlines tied to those risks could create summer volatility, but the impact shouldn’t be too deep.”There’s always a chance … the market will have enough catalysts so that bears and short-term traders will be able to take some profits without FOMO,” said the market bull.It’s not the first time Stoltzfus maintained his bullishness. In early March, as tech stocks were selling off, he told “Trading Nation” it was a major buying opportunity. The Nasdaq is up 7% since that interview.Zooming out to the broader market, Stoltzfus acknowledges his S&P 500 year-end forecast of 4,300 may now be too low. The S&P 500 closed at 4,241.84 on Wednesday. His benchmark was considered one of the highest on the Street when he put it out in late December.”The market has certainly performed very well thus far. We think it’s got further to go,” he said. “But our discipline says we don’t raise our target until the average that we’re working with, in this case the S&P 500 index, closes above our target.”Disclaimer More