JPMorgan’s Possible $7B Settlement, Amazon’s New Kindles: Morning Buzzers
U.S. stock futures rose slightly Wednesday morning, but investors are concerned about lawmakers reaching an agreement on the budget. The debate on budget cuts in Washington could lead to a government shutdown if an agreement can’t be reached by the end of the month. A Commerce Department report released Wednesday morning showed that equipment orders, which includes items like computers and machinery, unexpectedly rose in August.
Futures at 8:30 a.m.: DJIA: +0.1%, S&P 500: +0.02%, NASDAQ: +0.12%.
Here’s your cheat sheet to what’s buzzing Wednesday morning.
JPMorgan Chase (NYSE:JPM) could pay between $3 billion and $7 billion to settle investigations into various suspicious practices that the bank is accused of. JPMorgan has offered $3 billion to end a probe into its mortgage business, The Wall Street Journal reports. According to the publication, the Justice Department has rejected that amount as too low due to the high number of cases involved. JPMorgan is facing a series of investigations by the Justice Department that include queries into its mortgage business, hiring practices in China, and energy trading.