The Fed will have to keep supporting the economy as the recovery from the pandemic „is going to be a slow one,“ a top official at the central bank said.

Gap Inc. said Thursday its total sales tumbled 18% during the latest quarter, as e-commerce revenue surged 95% from a year ago, but those gains were offset by a 48% drop in store sales during the coronavirus pandemic.

Workday will have a dual CEO structure for the first time since one of its co-founders, Dave Duffield, stepped down in 2014.

„As long as you can reduce fixed costs, this shift to digital can be profitable,“ Abercrombie & Fitch CFO Scott Lipesky said in a phone interview.

The SEC approved a new type of direct listing where companies can simultaneously go public and raise cash from public market investors.

CNBC’s Jim Cramer said that Powell basically signaled, „‚Hey guys, just go. Go get the economy back. I am not going to get in the way of it.'“

Klarna is mostly known for its „buy now, pay later“ scheme that offers shoppers interest-free financing over a period of installments.

The Federal Reserve announced a major policy shift Thursday, saying that it is willing to allow inflation to run hotter than normal in order to support the labor market and broader economy.

Fed Chairman Jerome Powell has „done a lot of the right things to make sure that the market was able to get through the crisis,“ the senior Trump advisor told CNBC on Thursday.

The stocks making the biggest moves in premarket trading include Tiffany, Abercrombie & Fitch, Abbott Labs, and more.