<ul><li>The <keyword id="6355253" type="UNKNOWN" weightage="60" keywordseo="federal-reserve">Federal Reserve</keyword>'s rapid balance sheet expansion and move into corporate bond purchases has seen the central bank trade its independence from <keyword id="31671" type="CITY" weightage="100" keywordseo="markets">markets</keyword> for a "whatever it takes" attitude.</li><li>The coronavirus pandemic plunged the US <keyword id="34412" type="ORGANIZATION" weightage="60" keywordseo="economy">economy</keyword> into an unprecedented recession over just two months, forcing the central bank to employ a range of new tools to avoid complete economic collapse.</li><li>Experts warn that corporate bond purchases could make economic recovery more chaotic than usual, as they directly influence market valuations and dull risks associated with junk-rated debt.</li><li>The size of the <keyword id="45672" type="ORGANIZATION" weightage="60" keywordseo="Fed">Fed</keyword>'s intervention poses its own issues, experts say. Unwinding trillions of dollars in aid too early can drive volatility higher, while acting too late risks disinflation.</li><li><a href="https://www.businessinsider.com/?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestm=ingest">Visit the Business Insider homepage for more stories</a>.</li></ul>The Federal Reserve is no longer the central bank it used to be.In a matter of weeks, the steadily expanding US economy slipped into its worst recession in nearly a century. <a href="https://www.businessinsider.com/us-weekly-jobless-claims-unemployment-filings-labor-market-recession-coronavirus-2020-4">Tens of millions of Americans lost their jobs</a>, spending froze, and credit health tanked. While the Fed's response began with its traditional financial-crisis playbook — pushing interest rates to the floor and buying Treasurys and mortgage-backed securities — a shift was brewing.Then, on March 20, the monetary authority's role changed. The Fed announced it would begin buying corporate bonds for the first time in its 107-year history, offering aid for cash-strapped businesses large and small. That facility marked a paradigm shift to the central bank's code and separated the Fed from its originally intended role in the US economy."The big concern is that the line between the function of the Fed and the Treasury is getting blurred," <keyword id="9159440" type="UNKNOWN" weightage="60" keywordseo="bruce-mizrach">Bruce Mizrach</keyword>, professor of economics at Rutgers University, said, adding past bailouts, commercial or municipal, were handled by the latter and not the former.He added: "That's a larger function than what was envisioned for the Fed, and once you assume those responsibilities, it then becomes harder to back away."Read more: <a href="https://www.businessinsider.com/stock-market-crash-history-since-1870-coronavirus-bear-rally-abnormal-2020-5" target="_blank" rel="noopener">'Beware of the oddity': A Wall Street firm studied every market crash over the last 150 years to reveal how abnormal this one is — and concluded that stocks are doomed for another fall</a><h2>Risks in uncharted territory</h2>Until the financial crisis, the Fed's primary tool was its benchmark interest rate. When the 2008 meltdown hit and rates were pushed to zero, the Fed turned to the purchase of mortgage-backed securities and other unconventional assets. To combat the coronavirus downturn the central bank expanded its toolbox once more. The Fed's corporate bond purchases were initially exclusive to investment-grade debt before an expansion incorporated so-called fallen angels, companies that recently slipped from high-quality ratings to junk status. "The use of high-yield purchases is designed explicitly to say, 'look, if you were an investment-grade company before March 223 and you got downgraded because of COVID, that shouldn't have happened,'" <keyword id="9159439" type="UNKNOWN" weightage="60" keywordseo="lauren-goodwin">Lauren Goodwin</keyword>, economist at New York Life Investments, said in an interview.The Fed's own leaders have acknowledged the shift, with Dallas branch president Robert Kaplan telling Fox Business on Friday that the bank's role includes serving as "<a href="https://www.businessinsider.com/federal-reserve-congress-more-stimulus-severe-coronavirus-recession-dallas-president-2020-5">a lender of last resort</a>."Read more: <a href="https://www.businessinsider.com/stock-market-crash-buying-power-run-out-one-week-normura-2020-5" target="_blank" rel="noopener">'Brace for selling': A Wall Street quant strategist warns that stock-market buying power could evaporate just one week from now — opening the floodgates for a 'sell in May' episode</a>Still, experts worry that the move into risky debt purchases will make an eventual recovery more turbulent than usual. The Fed doesn't want to be seen as impeding market dynamics, but its move from stable Treasury bonds to corporate credit has already changed valuations across the board.In the days following the Fed's March 23 announcement, corporate bonds retraced sharp declines. The stock market enjoyed an indirect boost, as investors <a href="https://markets.businessinsider.com/news/stocks/why-stock-market-soaring-amid-recession-signals-fed-coronavirus-stimulus-2020-4-1029104715">viewed the policy as a strong backstop</a> for risk assets."The problem with official intervention in markets is you're no longer letting the market determine prices. So what is the right valuation?" <keyword id="410246" type="PERSON" weightage="60" keywordseo="Vincent-Reinhart">Vincent Reinhart</keyword>, chief economist at BNY Mellon, said, adding "the possibility that the Fed will broaden the scope of its interventions" is even affecting prices in sectors ineligible for Fed lending.Even if market valuations normalize and account for the Fed's policy, closing its facilities in the wake of the economic downturn will drive violent price swings all over again, Goodwin warned."The rollback of these programs and the timing of that rollback is going to be an enormous focus for investors and it will absolutely prompt market volatility," she said.<h2>The long unwinding</h2>Where some are worried about the scope of the Fed's latest measures, others point to their size as a serious long-term risk.Through quantitative easing programs from 2010 to 2015, the Fed's balance sheet roughly doubled to $4.5 trillion. It took until September 2019 to unwind about $800 billion from its balance sheet, yet the subsequent <a href="https://markets.businessinsider.com/news/stocks/fed-repo-operations-explained-what-they-are-and-used-for-2019-9-1028557683?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestutm_source=msn.com&amp;utm_medium=referral&amp;utm_content=msn-slideshow&amp;utm_campaign=bodyurlutm_campaign=bodyurl">repo crisis</a> and coronavirus pandemic undid four years of progress in a matter of weeks. From February 24 to April 27, the Fed added another $2.5 trillion to its balance sheet.The race to pad markets resulted in "a buying spree of epic proportions," JPMorgan economists wrote in a Tuesday note. The central bank's purchases show no signs of stopping, with five of its nine lending facilities yet to begin operations. Experts expect the Fed's holdings to land between $7 trillion $10 trillion by the end of the year, dwarfing the expansion seen during the financial crisis.Read more: <a href="https://www.businessinsider.com/coronavirus-recession-crisis-outlook-how-to-invest-david-rosenberg-2020-4">Famed economist David Rosenberg nailed the housing crash. Now he says this crisis won't end as quickly as it began and shares an investing strategy for the next 3 years and beyond.</a>Reversing the balance sheet explosion poses its own threat. Shrinking it before the economy has stabilized could drive price volatility and impede the Fed's efforts to avoid market influence, Reinhart said. He also noted that acting too late puts the environment at risk of deflation, where prices stop increasing at a healthy rate.The central bank must also gain approval from the Treasury to close its lending facilities, and the department's leaders may decide against pulling back on corporate aid."Facilities are going to be tough to unwind and they will linger. They are going to wait until it's absolutely the case that the economy is on solid footing and the expansion is underway," Reinhart said.<h2>Return to normalcy</h2>There's still hope among experts that the Fed can return to its independent, market-independent state. Much of the Fed's emergency measures were made at the behest of Congress and the Treasury. Placing the onus on elected officials leaves the Fed and its appointed leaders from venturing too far out of its historic jurisdiction, Goodwin said."If you think this is a huge overstep and you're worried about free markets, it's really important to know this isn't just the Fed acting on its own," Goodwin said.He concluded: "The next crisis will probably look different. What policymakers have shown is not only that they can be creative in addressing an acute market functioning issue ... but that they're willing to adapt and adjust the policies as necessary."Now read more markets coverage from Markets Insider and Business Insider:<a href="https://markets.businessinsider.com/news/stocks/goldman-traders-made-hundred-millions-days-first-quarter-volatility-gains-2020-5-1029155649">Goldman Sachs traders made more than $100 million on 14 separate days amid the first quarter's fierce volatility</a><a href="https://www.businessinsider.com/federal-reserve-expands-main-street-lending-program-coronavirus-relief-stimulus-2020-4">The Fed expands its $600 billion lending program for struggling businesses but leaves start date unannounced</a><a href="https://www.businessinsider.com/investing-advice-strategy-how-to-play-portfolio-defense-from-aqr-2020-4">Quant megafund AQR explains why investors should be more worried about prolonged slumps than virus-style crashes — and details a 3-part process for protecting against them</a>Read the original article on <a href="https://www.businessinsider.com/federal-reserve-corporate-bond-buying-balance-sheet-expansion-historic-role-2020-5">Business Insider</a>

'A buying spree of epic proportions': How the Federal Reserve bucked precedent and forever changed its role in the US economy

<ul class="summary-list"><li>US stocks hovered near record highs Wednesday as investors awaited comment by Fed Chair Jerome Powell.</li><li>Bond yields fell slightly, with the key 10-year US Treasury yield slightly lower at 1.294%. </li><li>Gold and bitcoin slipped.</li></ul>US stocks hovered near record highs Wednesday as investors awaited a key speech by <keyword id="11895523" type="UNKNOWN" weightage="60" keywordseo="federal-reserve" source="Orion">Federal Reserve</keyword> Chair Jerome Powell later this week during the high-profile annual <a href="https://www.kansascityfed.org/research/jackson-hole-economic-symposium/" target="_blank" rel="noopener">Jackson Hole</a> conference of central bankers.The benchmark S&amp;P 500, which attained its 50th record close of 2021 on Tuesday, edged higher. The tech-heavy Nasdaq 100 and the Dow Jones Industrial Average also climbed.Here's where US indexes stood at 9:30 a.m. ET open on Wednesday.<ul><li><a href="https://markets.businessinsider.com/index/s&amp;p_500?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingesttm_medium=ingest" target="_blank" rel="noopener">S&amp;P 500</a>: 4,490.91, up 0.1%</li><li><a href="https://markets.businessinsider.com/index/dow_jones?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestedium=ingest" target="_blank" rel="noopener">Dow Jones Industrial Average</a>: 35,369.24, up 0.01%</li><li><a href="https://markets.businessinsider.com/index/nasdaq_composite?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestedium=ingest" target="_blank" rel="noopener">Nasdaq Composite</a>: 15,041.45, up 0.13%</li></ul>All eyes will be on Powell's speech for any indication of when the central bank will reduce its support for the US economy, which has staged an impressive rebound, by winding down asset purchases. Some though, including economist <a href="https://markets.businessinsider.com/news/stocks/inflation-outlook-tapering-speculation-powell-stock-market-mohamed-el-erian-2021-8?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">Mohamed El-Erian</a>, think the event will offer little direction.But Lauren Goodwin, economist and portfolio strategist at New York Life Investments, believes the Fed may continue its slow and steady move towards tapering asset purchases."Assuming two more strong jobs reports - four strong reports make a trend - tapering on purchases may begin in November or December, slightly earlier than our previous base case of January," she said in a note on Wednesday. "Market participants are well prepared."Stocks have been scaling new highs despite the surge in the spread of the Delta variant. On Tuesday, major indexes closed at record highs, following the full approval of a COVID-19 vaccine a day earlier.US bond yields fell slightly on Wednesday, with the key <a href="https://markets.businessinsider.com/rates/u-s--rates-10-years?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">10-year US Treasury yield</a> slightly lower at 1.294%. Yields move inversely to prices.Oil prices surged following a deadly fire on a Mexican offshore oil rig.<a href="https://markets.businessinsider.com/commodities/oil-price?type=wti?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestedium=ingest" target="_blank" rel="noopener">West Texas Intermediate crude</a> rose 0.71% to $68.02 per barrel.<a href="https://markets.businessinsider.com/commodities/oil-price?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestsource=markets&amp;utm_medium=ingest" target="_blank" rel="noopener"> Brent crude</a>, oil's international benchmark, gained 0.89%, to $71.68 per barrel.<a href="https://markets.businessinsider.com/commodities/gold-price?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestedium=ingest" target="_blank" rel="noopener">Gold</a> slipped 0.33% to $1,796.19 per ounce. <a href="https://markets.businessinsider.com/currencies/btc-usd?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">Bitcoin</a> slipped to $47,853.70 after briefly breaching the $50,000-level.

US stocks hover near record highs as investors await Fed Chair Powell's latest speech

<ul class="summary-list"><li>US stocks closed lower Tuesday as investors mulled disappointing housing data and rising <keyword id="22195" type="COMPANY" weightage="60" keywordseo="Inflation">inflation</keyword>.</li><li><keyword id="1743497" type="ORGANIZATION" weightage="60" keywordseo="Housing-Starts">Housing starts</keyword> in April came in weaker than expected amid rising home prices.</li><li><keyword id="6354947" type="UNKNOWN" weightage="60" keywordseo="bitcoin">Bitcoin</keyword> continued its fall, sliding below the $42,500 level.</li></ul>US stocks closed lower Tuesday as investors mulled disappointing housing data and rising inflation.<a href="https://www.businessinsider.com/us-housing-market-starts-april-homebuilders-lumber-real-estate-boom-2021-5">New housing starts slid 9.5% in April </a>to an annualized rate of 1.57 million units, the <a href="https://www.census.gov/construction/nrc/pdf/newresconst.pdf">Census Bureau</a> said Tuesday, well below the median estimate of a 1.7 million pace from economists surveyed by Bloomberg. March's huge upswing was revised slightly lower to a rate of 1.73 million.This month's reading erases much of the <a href="https://www.businessinsider.com/home-starts-march-housing-market-supply-shortage-homebuilders-economic-recovery-2021-4">sharp improvement seen through March</a> and suggests contractors' efforts to shore up supply are hitting snags. "Strong demand, a need for inventory, and homebuilder optimism will support housing starts over the rest of 2021, while record-high lumber prices and supply chain bottlenecks may act as headwinds," Nancy Vanden Houten, lead US economist at Oxford Economics, <a href="https://www.businessinsider.com/us-housing-market-starts-april-homebuilders-lumber-real-estate-boom-2021-5">said in a note</a>.Here's where US indexes stood at the 4 p.m. ET close on Tuesday.<ul><li><a href="https://markets.businessinsider.com/index/s&amp;p_500?utm_source=markets&amp;utm_medium=ingestm=ingest" target="_blank" rel="noopener">S&amp;P 500</a>: 4,127.83, down 0.9%</li><li><a href="https://markets.businessinsider.com/index/dow_jones?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">Dow Jones industrial average</a>: 34,060.66, down 0.8% (267 points)</li><li><a href="https://markets.businessinsider.com/index/nasdaq_composite?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">Nasdaq composite</a>: 13,303.64, down 0.6%</li></ul>Read more: <a href="https://www.businessinsider.com/millennial-investing-tips-outlook-robinhood-of-india-founder-nikhil-kamath-2021-5" target="_blank" rel="noopener">Nikhil Kamath became a 34-year-old billionaire as the founder of the 'Robinhood of India.' He told us why millennials and Gen Zers have an investing edge over their predecessors and shared his advice for retail traders.</a>As for increasing inflation, it mostly reflects the supply-demand imbalances related to economic reopening so far, Lauren Goodwin, economist and portfolio Strategist at New York Life Investments, said in a statement.As long as this is the case, the Federal Reserve, she said, will be hesitant to change its course."If inflation expectations rise and stay above the Fed's inflation goals, the potential for an earlier policy rate liftoff would rise," Goodwin said. "For this to happen, we would likely see higher margins driven by reopening, sustaining those higher margins for a few months, and wage growth to follow."Tuesday's losing session followed a <a href="https://markets.businessinsider.com/news/stocks/stock-market-news-tech-selloff-continues-heightened-inflation-fears-virus-2021-5-1030438209">US stocks sell-off</a> on Monday led by technology stocks. Investors weighed rising inflation fears and an uptick in COVID-19 cases outside of the US.<a href="https://markets.businessinsider.com/stocks/mgm-stock?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">MGM Resorts</a> <a href="https://markets.businessinsider.com/news/stocks/mgm-resorts-stock-price-upgrade-jpmorgan-overweight-las-vegas-reopening-2021-5-1030443188">climbed as much as 5%</a> after JPMorgan outlined its newly bullish view on its shares, saying a price pullback and reinvigorated activity in Las Vegas warranted a ratings upgrade to overweight.<a href="https://markets.businessinsider.com/stocks/wmt-stock?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">Walmart</a> <a href="https://markets.businessinsider.com/news/stocks/walmart-stock-price-reaction-q1-earnings-strong-sales-profit-outlook-2021-5-1030441981">climbed 4%</a> at intraday highs after the company reported strong quarterly sales growth and boosted its profit outlook in its first-quarter earnings release.<a href="https://markets.businessinsider.com/stocks/amc-stock?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">AMC Entertainment</a> <a href="https://markets.businessinsider.com/news/stocks/amc-stock-price-meme-reddit-social-media-8-day-rally-2021-5-1030441606">extended its eight-day winning streak to 66%</a>, the longest positive stretch in nearly three years. The surge in buying comes as Reddit chatter surrounding the so-called meme stock gathers steam.In cryptocurrencies, <a href="https://markets.businessinsider.com/currencies/btc-usd?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">bitcoin</a> continued its slide, falling as much as 5.3%, to $42,429.88.Read more: <a href="https://www.businessinsider.com/crypto-trading-investing-tips-crypto-tokens-hodling-trader-scott-melker-2021-5" target="_blank" rel="noopener">'Wolf of All Streets' crypto trader Scott Melker breaks down his strategy for making money using 'HODLing' and 100X trade opportunities - and shares 5 under-the-radar tokens he thinks could explode</a>Technical analyst Katie Stockton of <a href="https://www.fairleadstrategies.com/crypto" target="_blank" rel="noopener">Fairlead Strategies</a> the cryptocurrency is off as much as 33% from its record high reached last month. The decline was in part sparked by <a href="https://markets.businessinsider.com/currencies/news/elon-musk-bitcoin-environment-tesla-crypto-bulls-trolling-2021-5-1030435658?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">Elon Musk's</a> surprising reversal that <a href="https://www.businessinsider.com/tesla-bans-bitcoin-payments-due-to-impact-on-environment-2021-5?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">Tesla would no longer accept the cryptocurrency as a form of payment.</a>Michael Saylor's <a href="https://markets.businessinsider.com/stocks/mstr-stock?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">MicroStrategy</a> took advantage of the dip by <a href="https://markets.businessinsider.com/currencies/news/bitcoin-michael-saylor-microstrategy-purchases-10-million-cryptocurrency-musk-2021-5-1030442667">purchasing another $10 million worth of bitcoin</a> at an average price of around $43,663. Saylor's firm now owns roughly 92,079 bitcoins.Oil prices slid. <a href="https://markets.businessinsider.com/commodities/oil-price?type=wti?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">West Texas Intermediate crude</a> fell as much as 3.3%, to $64.11 per barrel. <a href="https://markets.businessinsider.com/commodities/oil-price?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestarkets&amp;utm_medium=ingest" target="_blank" rel="noopener">Brent crude</a>, oil's international benchmark, declined 3.1%, to $67.28 per barrel, at intraday lows.<a href="https://markets.businessinsider.com/commodities/gold-price?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">Gold</a> was flat at $1,868.77 per ounce, edging lower from a <a href="https://markets.businessinsider.com/currencies/news/gold-prices-bitcoin-btc-inflation-hedge-dollar-fed-rates-stimulus-2021-5-1030437292">three-month high</a>.

Dow tumbles 267 points as investors mull disappointing housing data and rising inflation

<ul><li>US stocks traded climbed on Monday as optimism around economic reopenings offset nationwide protests and new trade stresses between China and the US.</li><li>A key measure of US manufacturing <a href="https://www.businessinsider.com/economic-outlook-ism-pmi-manufacturing-industry-stabilizing-may-coronavirus-recession-2020-6" target="_blank" rel="noopener">increased in May for the first time in four months</a>, inspiring confidence in an economic recovery.</li><li>The Chinese government halted the import of American farm goods early Monday, further inflaming tensions and striking at a key component from the nations' phase-one trade deal. </li><li><keyword id="31671" type="CITY" weightage="100" keywordseo="markets">Markets</keyword> generally ignored protests against police brutality. Gun stocks surged following a weekend filled with violence, looting, and property damage.</li><li><a href="https://markets.businessinsider.com/indices">Watch major indexes update live here</a>.</li></ul>US equities climbed on Monday as investors' hopes for a swift economic rebound offset nationwide protests and escalating tensions between the US and China.Major indexes initially slumped after Chinese government officials ordered companies to halt imports of US farm products. The purchases were a key component in the two countries' phase-one trade deal. The import pause fueled new worries that the economic powers could resume their tit-for-tat trade conflict after a months-long hiatus.Stocks turned positive later in the morning as investors continued to bet on a smooth reopening. US manufacturing data from the Institute of Supply Management <a href="https://www.businessinsider.com/economic-outlook-ism-pmi-manufacturing-industry-stabilizing-may-coronavirus-recession-2020-6">showed the industry stabilizing</a> after a four-month plunge.Here's where US indexes stood at the 4 p.m. ET market close on Monday:<ul><li><a href="https://markets.businessinsider.com/index/s&amp;p_500?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest=ingest?utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener">S&amp;P 500</a>: 3,055.73, up 0.4%</li><li><a href="https://markets.businessinsider.com/index/dow_jones?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestest?utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener">Dow Jones industrial average</a>: 25,475.02, up 0.4% (92 points)</li><li><a href="https://markets.businessinsider.com/index/nasdaq_composite?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestest?utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener">Nasdaq composite</a>: 9,552.05, up 0.7%</li></ul>Read more: <a href="https://www.businessinsider.com/stock-picks-to-buy-25-high-upside-recommendations-goldman-sachs-2020-6" target="_blank" rel="noopener">GOLDMAN SACHS: Buy these 25 beaten-down stocks all poised to jump more than 18% from current levels</a>"We expect U.S.-China tensions to impact investor sentiment toward the region, which could dampen the otherwise positive economic impacts of China's reemergence from economic shutdown," Lauren Goodwin, economist and multi-asset portfolio strategist at New York Life Investments, said Monday.Markets generally ignored the weekend's nationwide protests against police brutality. While COVID-19 cases have trended lower throughout the US in recent weeks, experts fear the demonstrations could fuel a second wave of infections.Read more: <a href="https://www.businessinsider.com/stock-market-investing-strategy-momentum-growth-factor-volatility-morgan-stanley-2020-6" target="_blank" rel="noopener">MORGAN STANLEY: The market's hottest stocks are in danger of being disrupted to a degree not seen since the Great Recession. Here's how to adjust your portfolio for the coming shift.</a>Gun stocks including Sturm Ruger, Smith &amp; Wesson, and Axon <a href="https://markets.businessinsider.com/news/stocks/gun-stocks-price-rally-nationwide-protests-looting-demonstrations-coronavirus-reopening-2020-6-1029269947">rocketed through the session</a>. Such equities typically turn higher in the wake of civil unrest and fears of gun-control legislation.Pfizer <a href="https://markets.businessinsider.com/news/stocks/pfizer-stock-price-pause-breast-cancer-treatment-trial-pharmaceutical-drug-2020-6-1029269343">sank as much as 9%</a> after halting phase 3 breast-cancer treatment trials. The company said the therapy was "unlikely to show a statistically significant improvement" in survival rates.<a href="https://markets.businessinsider.com/commodities/oil-price?type=wti?utm_source=markets&amp;utm_medium=ingestgest">West Texas Intermediate crude</a> declined, falling as much as 3.4%, to $34.27. International benchmark <a href="https://markets.businessinsider.com/commodities/oil-price?utm_source=markets&amp;utm_medium=ingestgest">Brent crude</a> was markedly higher, climbing 9.5%, to $38.68 per barrel, at intraday highs.Now read more markets coverage from Markets Insider and Business Insider:<a href="https://www.businessinsider.com/dollar-goldman-sachs-shorting-coronavirus-reopening-norway-krone-currency-trade-2020-6">Goldman Sachs starts shorting the dollar as economic reopenings boost foreign currencies</a><a href="https://markets.businessinsider.com/news/stocks/corporate-bond-etfs-purchased-federal-reserve-credit-facility-economic-stimulus-2020-5-1029265409">The Fed unveils top corporate-bond ETFs targeted in its $1.3 billion stimulus spree</a><a href="https://www.businessinsider.com/stock-market-crash-recession-to-hit-big-tech-albert-edwards-2020-5" target="_blank" rel="noopener">'Embrace the coming crash': A notorious market bear who called the dot-com bust warns big tech stocks are on the verge of succumbing to the economy's downturn</a>Read the original article on <a href="https://www.businessinsider.com/stock-market-news-today-indexes-rise-economic-reopening-protests-china-2020-6">Business Insider</a>

US stocks climb as economic-reopening hopes overshadow protests, China tensions

<ul><li>The <a href="https://markets.businessinsider.com/index/s&amp;p_500_500">S&amp;P 500</a> erased its year-to-date losses late Monday as investors' rejuvenated risk-on attitude outweighed fears of lasting fallout from the coronavirus pandemic.</li><li>The benchmark index plummeted as much as 34% from its mid-February peak before bottoming out on March 23.</li><li>The <keyword id="29547" type="PERSON" weightage="60" keywordseo="Market">market</keyword> began its rally that day after the Federal Reserve announced a slew of unprecedented relief programs. Investors viewed the policies as a backstop for risk assets and kicked off the market's swift upswing.</li><li>While the <a href="https://markets.businessinsider.com/news/stocks/nasdaq-composite-erases-2020-losses-strong-tech-earnings-stock-market-2020-4-1029178443">Nasdaq composite turned positive for the year on May 7</a>, the <keyword id="123873" type="PERSON" weightage="60" keywordseo="SP-500">S&amp;P 500</keyword>'s rebound is spread across more industries than its tech-heavy peer.</li><li><a href="https://markets.businessinsider.com/index/s&amp;p_500_500">Watch the S&amp;P 500 update live here</a>.</li></ul>The <a href="https://markets.businessinsider.com/index/s&amp;p_500_500">S&amp;P 500</a> wiped out its year-to-date losses in the final minutes of Monday trading as investors continued to shift focus from the recession to pile on bets on a historically quick economic recovery.The benchmark US stock index sat roughly 34% below its mid-February peak on March 23 as the coronavirus pandemic spurred the fastest-ever plunge into bearish territory. On the same day, the Federal Reserve announced unprecedented steps to relieve pressure on <keyword id="31671" type="CITY" weightage="100" keywordseo="markets">markets</keyword> and lenders. The central bank's pledge to purchase corporate debt lifted sentiments and drove record-pace buying activity.Experts have referred to the Fed's actions as <a href="https://www.google.com/url?sa=t&amp;rct=j&amp;q=&amp;esrc=s&amp;source=web&amp;cd=&amp;cad=rja&amp;uact=8&amp;ved=2ahUKEwj5-cqCgPPpAhV9lnIEHWSgDREQFjAAegQIARAB&amp;url=https%3A%2F%2Fmarkets.businessinsider.com%2Fnews%2Fstocks%2Fwhy-stock-market-soaring-amid-recession-signals-fed-coronavirus-stimulus-2020-4-1029104715&amp;usg=AOvVaw0fk8UXRHG1Ob9U3SZvH_Rz715&amp;usg=AOvVaw0fk8UXRHG1Ob9U3SZvH_Rz">the spark</a> for the <keyword id="6357440" type="DEFINITION" weightage="60" keywordseo="Stock-Market">stock market</keyword>'s rapid recovery. Before the central bank bought any corporate debt, investors rushed back into risky assets, confident the policy would serve as a backstop for sunken prices.The S&amp;P 500 isn't the first major index to retrace its steep losses. The <a href="https://markets.businessinsider.com/news/stocks/nasdaq-composite-erases-2020-losses-strong-tech-earnings-stock-market-2020-4-1029178443">Nasdaq composite accomplished the same feat on May 7</a>, surging on growing inflows to mega-cap tech stocks. The S&amp;P 500's rally, however, is far broader, led by soaring energy firms alongside <a href="https://markets.businessinsider.com/stocks/rcl-stock">Royal Caribbean Cruises</a>, <a href="https://markets.businessinsider.com/stocks/lnc-stock">Lincoln National</a>, and <a href="https://markets.businessinsider.com/stocks/apa-stock">Apache</a>.Read more: <a href="https://www.businessinsider.com/stock-market-investing-strategy-for-coroanvirus-recession-recovery-morgan-stanley-2020-6">MORGAN STANLEY: The stock market is entering a new phase of a playbook that's thrived in past recessions. Here's how to tweak your portfolio to take advantage.</a>"This is, in part, a reflation story. The market sees conditions as ripe for a strong and sustainable period of economic recovery," said Lauren Goodwin, an economist and multiasset portfolio strategist at New York Life Investments. "It's also become a story of defeating COVID-19. Beyond the traditional cyclical upswing, we saw a strong rotation into companies and sectors most deeply impacted by the virus."Still, the rally isn't perfectly impartial. An equal-weighted version of the S&amp;P 500 remains 2.6% lower this year, having tumbled far more on initial coronavirus fears than its more popular peer.A spate of positive signals has fueled the index's run-up in recent weeks. Investors initially shrugged off nationwide protests against police brutality to bet on economic reopenings. Indexes tracking the US services and manufacturing industries pointed to stabilization after months of sharp decline.Read more: <a href="https://www.businessinsider.com/stock-picks-to-buy-11-companies-3-month-outperformance-ms-2020-6" target="_blank" rel="noopener">MORGAN STANLEY: Buy these 11 stocks right now to reap the strongest possible market-beating returns over the next 3 months</a>Friday's jobs report shocked economists, as the unemployment rate <a href="https://www.businessinsider.com/may-jobs-report-unemployment-rate-declines-nonfarm-payrolls-surprise-increase-2020-6">dropped to 13.3% in May from 14.7%</a>. Experts expected the metric to reach roughly 20%. Employers added more than 2.5 million jobs, trouncing estimates of 7.5 million payrolls lost over the month.The S&amp;P 500 closed at 3,232.39 on Monday, still down 4.7% from its intraday record on February 19.Now read more markets coverage from Markets Insider and Business Insider:<a href="https://markets.businessinsider.com/news/stocks/investors-stock-market-bets-may-coronavirus-recovery-tesla-tdameritrade-exposure-2020-6-1029290122">Investors boosted their stock-market bets in May for the first time in 4 months, TD Ameritrade says</a><a href="https://markets.businessinsider.com/news/stocks/alaska-airlines-stock-rated-buy-bank-america-travel-coronavirus-upgrade-2020-6-1029289803">Bank of America adds a new airline to its 'buy' list as investors flock to the thrashed sector</a><a href="https://www.businessinsider.com/bearish-stock-market-economic-outlook-bubble-sage-legend-jeremy-grantham-2020-6">Jeremy Grantham, the legendary investor who called the past 3 bubbles, says investors should be nervous about recent market moves — and warns of 'deep economic wounds' regardless of a vaccine</a><div type="image" title="SPX" height="757" width="1060" msid="76272705" hostid="261"></div>

S&P 500 erases 2020 losses as investors bet on a swift economic recovery from the coronavirus

Hello everyone!Welcome to this weekly roundup of stories from Insider's Business co-Editor in Chief Matt Turner. <a href="http://newsletter.businessinsider.com/join/4np/insider-weekly">Subscribe here to get this newsletter in your inbox every Sunday.</a>What we're going over today:<ul><li><keyword id="6361649" type="UNKNOWN" weightage="60" keywordseo="Goldman-Sachs">Goldman Sachs</keyword>' <keyword id="4514" type="PERSON" weightage="60" keywordseo="Marcus">Marcus</keyword> is struggling with <a href="https://www.businessinsider.com/goldman-sachs-marcus-burnout-cloud-tech-hiring-attrition-culture-gs-2021-4">burnout, blown deadlines, and a tech-talent exodus.</a></li><li>Leaked Amazon documents detail a controversial system that <a href="https://www.businessinsider.com/amazon-employees-annual-reviews-rating-2021-4">insiders say forces managers to give bad reviews to good employees</a>.</li><li>DEI execs are burning out <a href="https://www.businessinsider.com/dei-leaders-risk-burnout-diversity-equity-inclusion-addressing-systemic-racism-2021-4">amid the billion-dollar push to diversify corporate America</a>.</li><li>Why Adobe's $540 million bet on advertising went awry, <a href="https://www.businessinsider.com/rise-and-decline-of-adobes-advertising-business-2021-4">according to former employees, analysts and ad buyers</a>.</li><li>A VC investor who was Fidelity's first cryptoasset analyst <a href="https://www.businessinsider.com/crypto-investing-opportunities-vc-breaks-down-2-emerging-on-radar-2021-4">breaks down two emerging crypto opportunities</a>.</li></ul><a href="https://www.businessinsider.com/goldman-sachs-marcus-burnout-cloud-tech-hiring-attrition-culture-gs-2021-4"></a>Here's what's trending this morning:<ul><li>Subway up for sale? Rumors are flying as the distressed sandwich chain <a href="https://www.businessinsider.com/subway-sale-rumors-ceo-john-chidsey-2021-4">lays off hundreds to cut costs and abandons franchisees</a>.</li><li>Next big tech rivalry: $67 billion Snowflake and $28 billion Databricks <a href="https://www.businessinsider.com/snowflake-databricks-big-data-ai-collision-course-ghodsi-slootman-2021-4">are on a "collision course" as the AI and data analysis market heats up.</a></li><li>Housing boom: Four reasons the housing market will cool down and <a href="https://www.businessinsider.com/housing-market-sustainable-boom-homebuyers-mortgage-rates-millennials-construction-jefferies-2021-4">settle into a long and sustainable boom</a>.</li><li>Big Law's burned-out associates: Five current and former lawyers from firms like Cleary, Davis Polk, and Goodwin <a href="https://www.businessinsider.com/big-law-associates-hours-burnout-remote-work-cleary-davis-polk-2021-4">detail their nonstop daily work schedules.</a></li></ul><hr /><h2><a href="https://www.businessinsider.com/goldman-sachs-marcus-burnout-cloud-tech-hiring-attrition-culture-gs-2021-4">Goldman Sachs exodus</a></h2>From Dakin Campbell:Goldman Sachs launched its consumer-banking arm five years ago with a marketing blitz and much fanfare, sending a strong signal to <keyword id="42111" type="COMPANY" weightage="60" keywordseo="Wall-Street">Wall Street</keyword> that it wanted to disrupt retail banking - and reshape its own future.Since then the bank has built it into a $1 billion business by standing up new technologies at breakneck speed.But now Marcus staffers are quitting in droves at the precise moment the bank needs them most, just as it announced a slew of ambitious products and <a href="https://www.businessinsider.com/goldman-sachs-new-appointments-consumer-wealth-division-product-management-2021-1">reshuffled</a> its corporate structure to focus on growth. Former employees, as well as banking consultants and an analyst briefed by Insider, said the exodus raises questions about Goldman's ability to drive its people hard and still compete with Main Street banks.Read the full story here:<ul><li><a href="https://www.businessinsider.com/goldman-sachs-marcus-burnout-cloud-tech-hiring-attrition-culture-gs-2021-4">Burnout, blown deadlines, and a tech-talent exodus: How Goldman Sachs' Marcus is struggling to live up to its lofty consumer-banking ambitions</a></li></ul>Also read:<ul><li><a href="https://www.businessinsider.com/wall-street-responds-with-cash-bonuses-as-banker-burnout-mounts-2021-3">Wall Street firms are trying to outdo each other with pay and perks to hold onto young talent. Here's what 8 banks and private-equity shops are doing.</a></li><li><a href="https://www.businessinsider.com/goldman-sachs-interns-students-scrambing-housing-new-york-city-summer-2021-4">Goldman Sachs interns are scrambling to find housing in New York City this summer as the bank prepares them to head into the office</a> </li></ul><hr /><h2><a href="https://www.businessinsider.com/amazon-employees-annual-reviews-rating-2021-4">Amazon employee reviews</a></h2><a href="https://www.businessinsider.com/amazon-employees-annual-reviews-rating-2021-4"><div type="image" title="Jeff Bezos" height="2000" width="2666" msid="82018594" hostid="261"></div></a>From Ashley Stewart and Eugene Kim:Internal Amazon documents show the company has a five-tiered ranking system for employee performance reviews and expects managers to rank 20% of employees at the top level, 75% in the middle tiers, and 5% in the bottom tier.More than half a dozen employees who spoke with Insider said <a href="https://www.businessinsider.com/amazon-annual-performance-review-process-bonus-salary-2021-4">the tier system was evidence of stack ranking</a>, a controversial performance-review system in which employees are evaluated on a curve and a certain percentage must rank at the bottom - which could hurt both an employee's compensation and their future at the company.Employees who have been part of the performance-review process told Insider the ratings had to be distributed across teams.Read the full story here:<ul><li><a href="https://www.businessinsider.com/amazon-employees-annual-reviews-rating-2021-4">Leaked Amazon documents detail a controversial system that insiders say forces managers to give bad reviews to good employees</a></li></ul>Also read:<ul><li><a href="https://www.businessinsider.com/9-instacart-power-players-helping-the-grocery-delivery-provider-as-it-prepared-for-a-2021-ipo-2021-3">Instacart Power Players: The 11 top executives - including recent hires from Amazon, Uber, and Goldman Sachs - as the company eyes an IPO</a></li><li><a href="https://www.businessinsider.com/atlassian-hire-1000-workers-remotely-2021-4">How to impress at $55 billion Atlassian, which plans to hire 1,000 workers after bringing on 1,200 during the pandemic</a> </li></ul><hr /><h2><a href="https://www.businessinsider.com/dei-leaders-risk-burnout-diversity-equity-inclusion-addressing-systemic-racism-2021-4">DEI burnout</a></h2><a href="https://www.businessinsider.com/dei-leaders-risk-burnout-diversity-equity-inclusion-addressing-systemic-racism-2021-4"><div type="image" title="DEI consultant burnout 2x1" height="1251" width="2500" msid="82018595" hostid="261"></div></a>From Marguerite Ward:<a href="https://www.themelanincollective.org/about">Doris Quintanilla</a> is drained.For over four years, she's worked on corporate diversity, equity, and inclusion as the CEO and cofounder of The Melanin Collective - but never in a climate like today's.In the wake of the killing of <a href="https://www.businessinsider.com/george-floyd-protests-defining-history-politics-election-black-lives-matter-2020-6">George Floyd</a>, her inbox has been flooded with requests from corporate and nonprofit leaders. They want change, and they want it fast. But at the same time, she felt many were not respecting her.Read the full story here:<ul><li><a href="https://www.businessinsider.com/dei-leaders-risk-burnout-diversity-equity-inclusion-addressing-systemic-racism-2021-4">DEI execs are burning out amid the billion-dollar push to diversify corporate America: 'It's hard to be both the advocate and the abused'</a></li></ul>Also read:<ul><li><a href="https://www.businessinsider.com/chauvin-trial-stress-black-americans-how-leaders-allies-can-help-2021-4">Derek Chauvin's trial is testing the stress levels of Black Americans. Here's what leaders and allies can do to help.</a></li><li><a href="https://www.businessinsider.com/linkedin-adding-stay-at-home-parent-could-backfire-on-moms-2021-4">LinkedIn wants you to add stay-at-home parent to your résumé. But the move could backfire on moms.</a> </li></ul><hr /><h2><a href="https://www.businessinsider.com/rise-and-decline-of-adobes-advertising-business-2021-4">Adobe's ad bet</a></h2><h2><a href="https://www.businessinsider.com/rise-and-decline-of-adobes-advertising-business-2021-4"><div type="image" title="Adobe CEO Shantanu Narayen" height="1483" width="2222" msid="82018596" hostid="261"></div></a></h2>From Lauren Johnson:Five years ago, Adobe had big advertising ambitions. Adobe acquired <a href="https://www.businessinsider.com/tubemogul-ceo-brett-wilson-on-why-he-sold-to-adobe-2017-1">$540 million</a> for TubeMogul, a video adtech company that buys ads for brands programmatically and competed with Google, Amazon, The Trade Desk, and MediaMath.At the time, Brad Rencher, then-EVP and general manager of Adobe's digital experience business unit and a key player in the TubeMogul integration, <a href="https://www.businessinsider.com/adobe-is-acquiring-ad-tech-tubemogul-for-450-million-2016-11">promised the deal</a> would create a "'one-stop shop' for video advertising, providing even more strategic value for our Adobe Marketing Cloud customers."But last summer, Adobe shut down a big part of its TubeMogul acquisition, closing its advanced TV business that sold linear TV ads <a href="https://www.wsj.com/articles/adobe-plans-to-ban-political-ads-on-its-online-ad-sales-platform-11596222336">and political advertising</a> to advertisers.Read the full story here:<ul><li><a href="https://www.businessinsider.com/rise-and-decline-of-adobes-advertising-business-2021-4">Why Adobe's $540 million bet on advertising went awry, according to former employees, analysts and ad buyers</a></li></ul>Also read:<ul><li><a href="https://www.businessinsider.com/roku-looking-for-new-ad-agency-prepares-biggest-campaign-2021-4">Roku is looking for a new ad agency to help position it as the king of streaming</a></li><li><a href="https://www.businessinsider.com/wpp-omnicom-mdc-others-discuss-plans-to-return-to-office-2021-4">Here's how major ad agencies like WPP and Omnicom are planning a return to the office</a> </li></ul><hr /><h2><a href="https://www.businessinsider.com/crypto-investing-opportunities-vc-breaks-down-2-emerging-on-radar-2021-4">ICYMI: </a><a href="https://www.businessinsider.com/crypto-investing-opportunities-vc-breaks-down-2-emerging-on-radar-2021-4">Fidelity's first cryptoasset analyst on</a><a href="https://www.businessinsider.com/crypto-investing-opportunities-vc-breaks-down-2-emerging-on-radar-2021-4"> opportunities</a></h2><a href="https://www.businessinsider.com/crypto-investing-opportunities-vc-breaks-down-2-emerging-on-radar-2021-4"><div type="image" title="Bitcoin Bull nft art cryptoart" height="2000" width="2000" msid="82018598" hostid="261"></div></a>Vicky Ge Huang talked to Nic Carter, an investor at venture-capital firm Castle Island Ventures and founder of Coinmetrics. You can read the full story here:<ul><li><a href="https://www.businessinsider.com/crypto-investing-opportunities-vc-breaks-down-2-emerging-on-radar-2021-4">A VC investor who was Fidelity's first cryptoasset analyst shares what he looks for in companies to back - and breaks down the 2 emerging crypto opportunities on his radar</a></li></ul>Also read:<ul><li><a href="https://www.businessinsider.com/crypto-arbitrage-trading-strategy-alameda-research-sam-bankman-fried-billionaire-2021-4">A 29-year-old self-made billionaire breaks down how he achieved daily returns of 10% on million-dollar crypto trades, and shares how to find the best opportunities</a></li><li><a href="https://www.businessinsider.com/defi-decentralized-finance-bitwise-cio-disruption-bull-case-largest-assets-2021-4">The investing chief and research analyst at a $1.2 billion crypto asset manager share how DeFi is disrupting the traditional financial services industry - and break down the 10 largest assets in the space</a></li></ul><hr /><h2><a href="https://www.businessinsider.com/free-virtual-event-leaders-in-climate-action-discuss-moving-forward-2021-3">INVITATION: Keeping our promises to the planet</a></h2>Join us Tuesday, April 20 at 12 p.m. ET | 5 p.m. GMT | 6 p.m. CET for a free virtual event, "<a href="https://www.businessinsider.com/free-virtual-event-leaders-in-climate-action-discuss-moving-forward-2021-3">Act to Impact: Keeping our Promises to the Planet</a>." Hear from corporate leaders, climate activists, experts, and artists about how we all can mitigate and adapt to climate change today to avoid catastrophe in the near future<a href="https://www.businessinsider.com/free-virtual-event-leaders-in-climate-action-discuss-moving-forward-2021-3">Sign up here.</a>Lastly, don't forget to<a href="https://www.morningbrew.com/?utm_source=insider&amp;utm_medium=partnership&amp;utm_campaign=insiderweekly_h12021y_h12021" target="_blank" rel="noopener"> check out Morning Brew</a> - the A.M. newsletter that makes reading the news actually enjoyable.Here are some headlines you might have missed last week.- Matt<hr /><ul><li><a href="https://www.businessinsider.com/todd-young-profile-senate-indiana-republican-2021-4">Introducing Todd Young, the most important senator you've never heard of</a></li><li><a href="https://www.businessinsider.com/uber-eats-doordash-dara-khosrowshahi-2021-4">Uber is battling DoorDash to rule food delivery. These are the steps Uber's CEO is taking to topple Eats' biggest rival.</a></li><li><a href="https://www.businessinsider.com/tiktok-is-influencing-teens-favorite-beauty-and-skincare-brands-2021-4">TikTok is reshaping beauty and skincare trends among teens. Here are the brands that are the biggest winners.</a> </li><li><a href="https://www.businessinsider.com/journalism-burnout-mental-health-crisis-2021-4">Newsrooms are facing a mental-health crisis, and burnout is driving some journalists to quit</a></li><li><a href="https://www.businessinsider.com/ransomware-cybersecurity-insurance-coalition-deep-instinct-vicious-cycle-2021-4">Hacked companies are paying off ransomware gangs, the criminals are reinvesting the profits in making bigger and bolder attacks, and there's no end in sight</a></li><li><a href="https://www.businessinsider.com/jpmorgan-ceo-jamie-dimon-remote-work-return-office-shareholder-letter-2021-4">JPMorgan CEO Jamie Dimon says</a><a href="https://www.businessinsider.com/jpmorgan-ceo-jamie-dimon-remote-work-return-office-shareholder-letter-2021-4"> remote work can undermine the 'character' of a company and lays out the bank's plans for the future of the office</a></li><li><a href="https://www.businessinsider.com/the-four-ways-cannabis-companies-like-curaleaf-and-gti-will-benefit-from-new-york-legalization-2021-3">New York just legalized recreational cannabis. The move will give the state's 10 existing operators a big leg up - and that could be good news for investors</a></li><li><a href="https://www.businessinsider.com/female-founders-bias-diversity-legal-tech-lawyers-women-vc-funding-2021-4">These founders left the legal industry to launch their tech startups. They found Silicon Valley even more sexist than Big Law.</a> </li></ul>

Goldman Sachs' Marcus unit is struggling with burnout, blown deadlines, and a tech-talent exodus

<div class="KonaFilter image-container display-table"><div><div class="image"><img src="http://static1.businessinsider.com/image/53140e2f6bb3f75a608e65a5-1200-600/cate-blanchett-oscars-2014-winner-2.png" border="0" alt="Cate Blanchett oscars 2014 winner" />Kevin Winter/Getty</div></div></div>Cate Blanchett, Matthew McConaughey, and "12 Years A Slave" were the big winners during Sunday's 86th annual Academy Awards.
See who else is celebrating. A complete list of <a href="http://www.thewrap.com/oscars-academy-awards-86th-abc-best-picture-winners-list-nominees-ellen-degeneres" target="_blank">winners</a> is below:
Performance by an actor in a supporting role Barkhad Abdi in "Captain Phillips" Bradley Cooper in "American Hustle" Michael Fassbender in "12 Years a Slave" Jonah Hill in "The Wolf of Wall Street" Jared Leto in "Dallas Buyers Club" *WINNER
Achievement in costume design
"American Hustle" Michael Wilkinson "The Grandmaster" William Chang Suk Ping "The Great Gatsby" Catherine Martin *WINNER "The Invisible Woman" Michael O'Connor "12 Years a Slave" Patricia Norris
Achievement in makeup and hairstyling "Dallas Buyers Club" Adruitha Lee and Robin Mathews *WINNER "Jackass Presents: Bad Grandpa" Stephen Prouty "The Lone Ranger" Joel Harlow and Gloria Pasqua-Casny
Best animated short film "Feral" Daniel Sousa and Dan Golden "Get a Horse!" Lauren MacMullan and Dorothy McKim "Mr. Hublot" Laurent Witz and Alexandre Espigares *WINNER "Possessions" Shuhei Morita "Room on the Broom" Max Lang and Jan Lachauer
Best animated feature film of the year "The Croods" Chris Sanders, Kirk DeMicco and Kristine Belson "Despicable Me 2" Chris Renaud, Pierre Coffin and Chris Meledandri "Ernest &amp; Celestine" Benjamin Renner and Didier Brunner "Frozen" Chris Buck, Jennifer Lee and Peter Del Vecho *WINNER "The Wind Rises" Hayao Miyazaki and Toshio Suzuki
Achievement in visual effects "Gravity" Tim Webber, Chris Lawrence, Dave Shirk and Neil Corbould *WINNER "The Hobbit: The Desolation of Smaug" Joe Letteri, Eric Saindon, David Clayton and Eric Reynolds "Iron Man 3" Christopher Townsend, Guy Williams, Erik Nash and Dan Sudick "The Lone Ranger" Tim Alexander, Gary Brozenich, Edson Williams and John Frazier "Star Trek Into Darkness" Roger Guyett, Patrick Tubach, Ben Grossmann and Burt Dalton
Best live action short film "Aquel No Era Yo (That Wasn't Me)" Esteban Crespo "Avant Que De Tout Perdre (Just before Losing Everything)" Xavier Legrand and Alexandre Gavras "Helium" Anders Walter and Kim Magnusson *WINNER "Pitääkö Mun Kaikki Hoitaa? (Do I Have to Take Care of Everything?)" Selma Vilhunen and Kirsikka Saari "The Voorman Problem" Mark Gill and Baldwin Li
Best documentary short subject "CaveDigger" Jeffrey Karoff "Facing Fear" Jason Cohen "Karama Has No Walls" Sara Ishaq "The Lady in Number 6: Music Saved My Life" Malcolm Clarke and Nicholas Reed *WINNER "Prison Terminal: The Last Days of Private Jack Hall" Edgar Barens
Best documentary feature "The Act of Killing"Joshua Oppenheimer and Signe Byrge Sørensen "Cutie and the Boxer" Zachary Heinzerling and Lydia Dean Pilcher "Dirty Wars" Richard Rowley and Jeremy Scahill "The Square" Jehane Noujaim and Karim Amer "20 Feet from Stardom" Morgan Neville, Gil Friesen and Caitrin Rogers *WINNER
Best foreign language film of the year "The Broken Circle Breakdown" Belgium "The Great Beauty" Italy *WINNER "The Hunt" Denmark "The Missing Picture" Cambodia "Omar" Palestine
Achievement in sound mixing "Captain Phillips" Chris Burdon, Mark Taylor, Mike Prestwood Smith and Chris Munro "Gravity" Skip Lievsay, Niv Adiri, Christopher Benstead and Chris Munro *WINNER "The Hobbit: The Desolation of Smaug" Christopher Boyes, Michael Hedges, Michael Semanick and Tony Johnson "Inside Llewyn Davis" Skip Lievsay, Greg Orloff and Peter F. Kurland "Lone Survivor" Andy Koyama, Beau Borders and David Brownlow
Achievement in sound editing "All Is Lost" Steve Boeddeker and Richard Hymns "Captain Phillips" Oliver Tarney "Gravity" Glenn Freemantle *WINNER "The Hobbit: The Desolation of Smaug" Brent Burge "Lone Survivor" Wylie Stateman
Performance by an actress in a supporting role Sally Hawkins in "Blue Jasmine" Jennifer Lawrence in "American Hustle" Lupita Nyong'o in "12 Years a Slave" *WINNER Julia Roberts in "August: Osage County" June Squibb in "Nebraska"
Achievement in cinematography "The Grandmaster" Philippe Le Sourd "Gravity" Emmanuel Lubezki *WINNER "Inside Llewyn Davis" Bruno Delbonnel "Nebraska" Phedon Papamichael "Prisoners" Roger A. Deakins
Achievement in film editing "American Hustle" Jay Cassidy, Crispin Struthers and Alan Baumgarten "Captain Phillips" Christopher Rouse "Dallas Buyers Club" John Mac McMurphy and Martin Pensa "Gravity" Alfonso Cuarón and Mark Sanger *WINNER "12 Years a Slave" Joe Walker
Achievement in production design "American Hustle" Production Design: Judy Becker; Set Decoration: Heather Loeffler "Gravity" Production Design: Andy Nicholson; Set Decoration: Rosie Goodwin and Joanne Woollard "The Great Gatsby" Production Design: Catherine Martin; Set Decoration: Beverley Dunn *WINNER "Her" Production Design: K.K. Barrett; Set Decoration: Gene Serdena "12 Years a Slave" Production Design: Adam Stockhausen; Set Decoration: Alice Baker
Achievement in music written for motion pictures (Original score) "The Book Thief" John Williams "Gravity" Steven Price *WINNER "Her" William Butler and Owen Pallett "Philomena" Alexandre Desplat "Saving Mr. Banks" Thomas Newman
Achievement in music written for motion pictures (Original song) "Alone Yet Not Alone" from "Alone Yet Not Alone" Music by Bruce Broughton; Lyric by Dennis Spiegel "Happy" from "Despicable Me 2" Music and Lyric by Pharrell Williams "Let It Go" from "Frozen" *WINNER Music and Lyric by Kristen Anderson-Lopez and Robert Lopez "The Moon Song" from "Her" Music by Karen O; Lyric by Karen O and Spike Jonze "Ordinary Love" from "Mandela: Long Walk to Freedom" Music by Paul Hewson, Dave Evans, Adam Clayton and Larry Mullen; Lyric by Paul Hewson
Adapted screenplay "Before Midnight" Written by Richard Linklater, Julie Delpy, Ethan Hawke "Captain Phillips" Screenplay by Billy Ray "Philomena" Screenplay by Steve Coogan and Jeff Pope "12 Years a Slave" Screenplay by John Ridley *WINNER "The Wolf of Wall Street" Screenplay by Terence Winter
Original screenplay "American Hustle" Written by Eric Warren Singer and David O. Russell "Blue Jasmine" Written by Woody Allen "Dallas Buyers Club" Written by Craig Borten &amp; Melisa Wallack "Her" Written by Spike Jonze *WINNER "Nebraska" Written by Bob Nelson
Achievement in directing "American Hustle" David O. Russell "Gravity" Alfonso Cuarón *WINNER "Nebraska" Alexander Payne "12 Years a Slave" Steve McQueen "The Wolf of Wall Street" Martin Scorsese
Performance by an actress in a leading role Amy Adams in "American Hustle" Cate Blanchett in "Blue Jasmine" *WINNER Sandra Bullock in "Gravity" Judi Dench in "Philomena" Meryl Streep in "August: Osage County"
Performance by an actor in a leading role Christian Bale in "American Hustle" Bruce Dern in "Nebraska" Leonardo DiCaprio in "The Wolf of Wall Street" Chiwetel Ejiofor in "12 Years a Slave" Matthew McConaughey in "Dallas Buyers Club" *WINNER
Best motion picture of the year "American Hustle" Charles Roven, Richard Suckle, Megan Ellison and Jonathan Gordon, Producers "Captain Phillips" Scott Rudin, Dana Brunetti and Michael De Luca, Producers "Dallas Buyers Club" Robbie Brenner and Rachel Winter, Producers "Gravity" Alfonso Cuarón and David Heyman, Producers "Her" Megan Ellison, Spike Jonze and Vincent Landay, Producers "Nebraska" Albert Berger and Ron Yerxa, Producers "Philomena" Gabrielle Tana, Steve Coogan and Tracey Seaward, Producers "12 Years a Slave" Brad Pitt, Dede Gardner, Jeremy Kleiner, Steve McQueen and Anthony Katagas, Producers *WINNER "The Wolf of Wall Street" Nominees to be determined

You Searched For "lauren goodwin" and got 9 results

'A buying spree of epic proportions': How the Federal Reserve bucked precedent and forever changed its role in the US economy

Ben Winck

US stocks hover near record highs as investors await Fed Chair Powell's latest speech

Isabelle Lee

Dow tumbles 267 points as investors mull disappointing housing data and rising inflation

Isabelle Lee

US stocks climb as economic-reopening hopes overshadow protests, China tensions

Ben Winck

S&P 500 erases 2020 losses as investors bet on a swift economic recovery from the coronavirus

Ben Winck

Goldman Sachs' Marcus unit is struggling with burnout, blown deadlines, and a tech-talent exodus

Matt Turner

Here's A Complete List Of Oscar Winners

Aly Weisman

Oscar Nominations Revealed: Here's The Full List

Aly Weisman,Kirsten Acuna

Jay-Z and Kendrick Lamar lead with the most 2018 Grammy nominations - here's the complete list of nominees

John Lynch