Stocks fall as Europe reports rising covid rates

U.S. stock indexes erased much of their early losses and closed modestly lower Thursday, extending the S&P 500’s losing streak to a third day.

The S&P 500 fell 0.2% after having been down 1.4%. Technology, health care and communications stocks accounted for most of the selling, outweighing slight gains in banks and elsewhere in the market.

Wall Street has turned cautious this week amid a confluence of worrisome trends for the economy, which is still hampered by the pandemic. Coronavirus infections are rising in Europe, prompting governments in France and Britain to impose new measures to contain the outbreak. European stock indexes fell broadly Thursday as traders pulled money out of riskier investments.

In the U.S., investor optimism that the Trump administration and Congress will soon reach a deal on another round of stimulus for the economy has waned. And the government said Thursday that the number of Americans seeking … Read the rest

Read More

‘We have to change who the investors are’: How women VCs are working to fund Black and female founders

It’s sadly no shock to anyone in the industry: The amount of venture capital dollars that go to female and Black founders is dismally scant.

In fact, according to a recent PitchBook report, VC funding for female founders just hit its lowest quarterly total in three years. But there are forces working to change those statistics in the traditionally male-dominated arena.

Sarah Kunst, managing director at Cleo Capital, Steph Mui, co-founder and general partner at the 2020 Fund, Leyla Seka, partner at the Operator Collective, and Alexa von Tobel, co-founder and managing partner at Inspired Capital, are all on the front lines working to get female and minority-owned businesses the startup funds they need. And that task is formidable: Kunst notes that the vast majority of VC funding doesn’t go to Black and Hispanic founders, and “even when it does, it tends to disproportionately go to Black and Hispanic … Read the rest

Read More

Diane Von Furstenberg, rocked by pandemic, insists the jet-setting woman hasn’t gone away

Our mission to help you navigate the new normal is fueled by subscribers. To enjoy unlimited access to our journalism, subscribe today.

Diane Von Furstenberg, founder of the eponymous DVF fashion brand and creator of its iconic wrap dress, knows a thing or two about travel. The Belgian-born designer studied in England, Spain, and Switzerland before marrying into German nobility and founding her womenswear brand in New York. 

The aforementioned jersey wrap dress was created by DVF for women like Von Furstenberg who lived out of a suitcase but wanted to remain chic. Its fans include Michelle Obama and Kate Middleton, as well as legions of professional women and expectant mothers. 

“You know, I’ve always been the same woman, I was the same woman at 20,” said Von Furstenberg at Fortune’s MPW Next Gen virtual conference on Tuesday. “I wanted to be a woman who can move and … Read the rest

Read More

Amazon Prime Day expected to hit nearly $10 billion in a big jolt to retailers’ holiday shopping plans

Once again, Amazon is setting the agenda in retail with its two-day Prime Day sales event starting on Tuesday, an annual shopping extravaganza that comes three months later this year than it has in the past.

The online retailer’s global sales on October 13 and 14 should hit about $9.9 billion, including more than $6 billion in the U.S. alone, according to projections from eMarketer. That’s up 43% over Prime Day in 2019, when the event took place in July. JPMorgan has similar expectations, projecting Prime Day will generate U.S. revenue of $7.5 billion, up 42% over last year. (Amazon does not disclose the sales results.)

Prime Day started off in 2015 as a made up event to drum up sales at the quiet time of the year for shopping. But this year, Prime Day stands in as the kick-off to the 2020 holiday season—three weeks before Christmas spending … Read the rest

Read More