Kayak CEO says holiday travel interest is pacing 35% ahead of last year

After coronavirus fears brought flight cancellation after flight cancellation, Americans are slowly starting to think about flying again.

While the Transportation Security Administration’s (TSA) airport checkpoint data shows passenger traffic remains about just 20% of what it was at this time last year, Kayak CEO Steve Hafner says he’s starting to see search interest for holiday flights pace ahead of what the flight platform saw in 2019. That’s driving optimism that a slow, but steady recovery to air travel might be able to sustain its momentum.

“We have seen a spike in holiday travel — so people looking for travel over Christmas and the Thanksgiving period is about 35% higher on Kayak right now than it was this time last year,” Hafner told Yahoo Finance’s YFi PM. “I think what that reflects is that people aren’t looking for flights for the summer anymore, but they are looking at flights for

Read More

Lawmakers push ahead on a bill to delist Chinese companies

In May, the Senate unanimously approved a bill to delist Chinese companies listed on U.S. exchanges unless they open up their books.

The bill has made its way to the House but has languished in recent weeks. President Trump has offered supportive words and instructed his top economic officials to “study the differing practices of Chinese companies listed on the U.S. financial markets.”

Meanwhile, Senate backers of these actions are trying to keep the pressure up. 

On Thursday, Sen. John Kennedy (R-LA) announced that he would be introducing his bill as an amendment to the National Defense Authorization Act currently being debated on the Senate floor.

“I want China to become a vested stakeholder in a stable world order,” he said in an interview with Yahoo Finance. “We have the most sophisticated capital markets in the world,” he said, adding, “they have to play by the rules.”

Senator John Kennedy,

Read More

More pain ahead likely after ‘recipe for serious profit taking’: Charles Schwab strategist

A “recipe for some serious profit-taking” led to Thursday’s sudden market plunge — and some more sell-off days are likely, says one strategist.

“I would be surprised if we just had one day of weakness, and then we whistled back to work tomorrow,” Liz Ann Sonders, Charles Schwab chief investment strategist, told Yahoo Finance.

Sonders says concerns over a second wave of COVID-19 in some states “have brought some jitters into the market.”

“There was so much economic froth that was starting to build in the markets, particularly among really small traders,” she added.

Fed Chair Jerome Powell’s comments yesterday also caused concern among investors.

“He certainly wasn’t reinforcing the recovery is around the corner, ‘nothing to worry about here’,” said Sonders. “So I think it was just a recipe for some serious profit-taking, especially given where you’re seeing the weakness concentrated.”

She pointed to recent head-scratching moves in shares

Read More

Stock futures drift higher ahead of Fed meeting

Stock futures kicked off the overnight session slightly higher, edging up slightly as market participants awaited the Federal Reserve’s latest monetary policy decision and commentary Wednesday.

During the regular session Tuesday, the S&P 500 and Dow fell while the Nasdaq Composite rallied to a record closing high and briefly breached the 10,000 level during intraday trading. The big-tech FAANG names rallied, with each of Facebook (FB), Amazon (AMZN), Apple (AAPL) and Microsoft (MSFT) posting record closing highs on Tuesday.

On the other hand, the Dow dropped 300 points, or just over 1%, to end a six-session winning streak by Tuesday’s close. Shares of Boeing (BA) led declines, dropping for the first time in seven sessions after reporting a wave of new aircraft cancellations that outpaced new orders in May.

Shares of cyclical companies that had led the recent equity rally gave back some gains on Tuesday. Airlines including American Airlines

Read More

Study highlights key benefit of Affordable Care Act ahead of Supreme Court arguments

The future of the Affordable Care Act (ACA), otherwise known as Obamacare, is expected to be decided sometime in mid-2021 when the Supreme Court rules on the constitutionality of the law’s “individual mandate” provision after hearing arguments later this year.

Supporters of the ACA have said that if the health care bill were to be overturned, it could lead to “total chaos” as millions of Americans would lose health insurance coverage. And according to a study from the University of Denver’s Sturm College of Law, the ACA — which became law on March 23, 2010 — seems to have kept some Americans from going bankrupt.

President Barack Obama greets doctors on stage after delivering remarks on the need for health insurance reform this year, in the Rose Garden of the White House in Washington in October 2009. (Photo: Brooks Kraft LLC/Corbis via Getty Images)

“Our findings suggest that by

Read More