US inflation remained elevated in July, with the annual inflation rate holding at 3.7 percent, well above the Federal Reserve’s 2 percent target. Inflation has increased significantly since the US and Israel attacked Iran in late February, which contributed to higher energy prices and broader economic pressures. The personal consumption expenditures price index reached a three-year high of 4.1 percent in May before easing in … Continue reading US inflation holds at 3.7 percent in July, above Fed target

The FDA has approved Rasonque, a new daily pill for patients with advanced pancreatic cancer, marking a major breakthrough in treatment for the deadly disease. The drug, developed by Revolution Medicines, targets the RAS protein, which drives tumor growth in more than 90% of pancreatic cancer cases. In clinical trials, patients taking Rasonque lived an average of 13.2 months, nearly twice as long as patients … Continue reading FDA approves landmark pancreatic cancer drug that’s shown to improve survival

Nvidia reported record second-quarter revenue of $96.2 billion, more than doubling from a year earlier and beating Wall Street expectations. The company’s Data Center business drove the results, generating about $89 billion in revenue, up 117% from the same period last year. Nvidia also forecast third-quarter revenue of approximately $108 billion, above analysts’ expectations of roughly $104 billion, signaling continued strong demand for its AI … Continue reading Nvidia jumps 7% after blockbuster earnings boost AI confidence

Fromm Family Foods is recalling about 5,800 cases of two wet dog food products sold in the United States and Canada over potential metal contamination. The recall involves Fromm Turkey Pâté and Diner Classics Milo’s Meatloaf Pâté, with no illnesses or injuries reported so far. The company warned that ingesting metal could cause choking, vomiting, stomach problems or serious injuries to a dog’s mouth and … Continue reading Dog food recalled across US and Canada after complaints of metal contamination

Alibaba shares plunged as much as 10% in Hong Kong after the Chinese tech giant announced an $10.2 billion share placement to non-U.S. investors. The company will issue 710 million new shares at HK$112.70 each and use all of the proceeds to expand its artificial intelligence infrastructure and capabilities. The announcement came days after Alibaba reported a 75% drop in quarterly profit as heavy AI … Continue reading Alibaba plunges after announcing $10.2 billion share placement to fund AI push

Oil prices fell about 2.5% Monday despite the Trump administration launching what it described as its toughest-ever sanctions campaign against Iran. West Texas Intermediate dropped to about $84.89 per barrel, while Brent crude fell to roughly $92.06. The U.S. sanctions plan, known as “Operation Economic Outcast,” aims to pressure Iran economically and could also target countries such as China that continue doing business with Tehran. … Continue reading Oil prices fall as U.S. rolls out global sanctions focused on Iran

Dreyer’s Grand Ice Cream has recalled certain Outshine Fruit Bars sold nationwide because they may be contaminated with pieces of glass. The recall affects select six-count packs of strawberry, watermelon, grape, tangerine and black cherry bars, as well as 24-count variety packs. The affected products have best-before dates ranging from May 31 through November 30, 2027, with specific UPC and barcode information provided by the … Continue reading Outshine fruit bars recalled for possible glass contamination

Home Depot reported second-quarter earnings and revenue that exceeded Wall Street expectations, while reaffirming its full-year financial guidance. The retailer reported $47.86 billion in revenue, up 5.7% from a year earlier, while net income increased to $4.77 billion. Comparable sales rose 1.7%, beating analysts’ expectations and marking the company’s strongest comparable-sales growth since the third quarter of 2022. Executives said customers remain hesitant to take … Continue reading Home Depot reaffirms guidance amid ‘frozen housing market conditions’

Japan’s economy grew at an annualized rate of 1.1% in the second quarter, falling short of the 2% growth economists expected. Exports were the main driver of growth, helped by a weaker yen, while weaker domestic demand, consumption, and business investment weighed on the economy. The quarter was the first to fully reflect the impact of the Iran war, which pushed energy costs higher for … Continue reading Japan second-quarter GDP grows 1.1% on an annualized basis, missing expectations

Americans’ credit card debt rose by $21 billion in the second quarter, reaching $1.26 trillion, according to the Federal Reserve Bank of New York. The total is just below the record $1.28 trillion reached late last year, as consumers continue dealing with higher prices and strong spending. Credit card delinquency rates have also increased, with the share of balances more than 90 days overdue rising … Continue reading Credit card debt rises to $1.26 trillion, nearing all-time record

Ford announced Wednesday that it will increase U.S. production of Lincoln vehicles beginning in 2030 and phase out imports from China. The company expects the move to create thousands of direct and indirect jobs in the United States. Ford currently builds the Lincoln Navigator and Aviator in Kentucky and Chicago, while the Nautilus has been imported from China since 2023. The decision comes as Ford … Continue reading Ford says it’s increasing Lincoln production in the U.S. in 2030

Cisco reported stronger-than-expected quarterly earnings and revenue guidance, but its shares fell in after-hours trading Wednesday. The company forecast quarterly revenue of $18 billion to $18.2 billion, well above analysts’ average estimate of $16.8 billion. Cisco’s revenue rose 18% to $17.8 billion, while net income jumped 51% to $3.9 billion. The company is benefiting from growing demand for AI infrastructure, with major technology companies placing … Continue reading Cisco’s stock drops despite earnings, revenue beat

U.S. inflation eased in July, with consumer prices rising just 0.1% for the month, according to the Bureau of Labor Statistics. Core inflation, which excludes food and energy, increased 0.2%, while the annual inflation rate fell to 3.4%. The moderate data reduced expectations that the Federal Reserve will raise interest rates at its September meeting, with markets putting the odds of a hike at about … Continue reading Consumer prices rose 0.1% in July, as expected, putting the annual rate at 3.4%

Target has appointed Chandhu Nair as its first-ever chief artificial intelligence officer as the retailer expands its use of AI. Nair will oversee efforts to coordinate AI across the company, including improving inventory management and speeding up business decisions. Target also named Purvi Shah as its senior vice president of user experience. The company has already invested in AI tools such as Target Trend Brain … Continue reading Target appoints its first chief AI officer as big retailers bet on AI

General Motors has established a multibillion-dollar parts purchasing deal to protect its cash reserves and reduce the risk of future supply chain disruptions. The agreement, worth up to $4.5 billion, involves Procura Auto Parts and financing from a group of banks led by JPMorgan Chase and Banco Santander. The arrangement allows Procura to prepay suppliers for critical parts, while GM agrees to repay the costs … Continue reading GM reaches up to $4.5 billion parts deal designed to avoid supply chain troubles

Toyota is recalling about 655,000 Camry vehicles worldwide because a display problem can cause safety indicators and warnings to fail during startup. More than 508,000 of the affected vehicles are 2025-2026 Camry Hybrids sold in the United States. The problem can disable turn signals, hazard lights, seat belt reminders and other warnings, potentially increasing the risk of crashes. Toyota will notify affected owners beginning September … Continue reading Toyota recalls 655K Camrys over display error that may deactivate turn signals

Bloomberg Intelligence estimates that Shein could be worth between $22 billion and $25 billion as the fast-fashion retailer prepares for a major initial public offering. The valuation is based on expected earnings of about $1.67 billion in 2027, with analysts projecting roughly 20% annual earnings growth through 2029. The estimate is well below Shein’s $66 billion valuation in 2023 and its peak valuation of about … Continue reading Shein Valued at $22 Billion to $25 Billion Ahead of IPO

Intel announced a $15 billion stock offering Monday to help fund its expansion and meet rising demand for artificial intelligence computing. The company said the funds will support capital expenditures, working capital and other corporate needs, with opportunities including physical AI, specialized chips and advanced packaging. Intel shares fell about 4% in morning trading following the announcement. AI infrastructure spending by major technology companies is … Continue reading Intel plans $15 billion stock offering as AI demand accelerates

Taylor Farms is recalling more than a dozen prepared food products containing jalapeños over concerns about possible Salmonella contamination. The recall follows a warning involving fresh jalapeños supplied by a grower in Sinaloa, Mexico, which is being investigated as a potential source of the contamination. The recalled items include salsa, guacamole, burritos, sandwiches and salads sold in 26 states, with best-before dates through August 16, … Continue reading Taylor Farms issued a recall for over a dozen items, including salsa and guacamole, over Salmonella risks

The U.S. Postal Service reported a $2.5 billion net loss for the fiscal third quarter, though the loss was nearly $600 million smaller than the same period last year. Postmaster General David Steiner is urging Congress to take action, warning that without reforms, USPS may need to reduce services, close thousands of unprofitable post offices and raise prices. Steiner said a proposed expansion adding dozens … Continue reading U.S. Postal Service reports $2.5 billion quarterly loss

Two Mercedes-AMG drivers have filed a class action lawsuit claiming the metallic AMG logo on certain driver’s seats can become hot enough to cause burns. The plaintiffs, Gabriel Lahijani and Karendeep “Karina” Bath, allege the raised logo can press against a driver’s back, neck or shoulder and cause thermal injuries. Both drivers reportedly suffered burns that left marks resembling the AMG logo on their skin … Continue reading Two drivers of Mercedes AMG cars file class action lawsuit over an alleged burn hazard in its logo

Jewel-Osco is recalling two fresh salsa products over concerns of possible salmonella contamination linked to recalled jalapeño peppers. The affected products are Chefs Kitchen Fresh Salsa and ReadyMeals Fresh Salsa with sell-thru dates from July 31 through Aug. 10. Customers are advised not to eat the recalled salsas and should either throw them away or return them to Jewel-Osco for a full refund. Salmonella can … Continue reading Jewel-Osco pulls 2 salsa products from shelves over jalapeño recall

Palantir shares jumped nearly 30% after the company reported stronger-than-expected second-quarter earnings and raised its full-year revenue forecast. The company posted adjusted earnings of $0.41 per share on $1.94 billion in revenue, beating Wall Street expectations. CEO Alex Karp highlighted rapid growth, including a 149% increase in U.S. commercial revenue and 93% overall revenue growth year over year. Palantir also reported strong government business, major … Continue reading Palantir stock jumps nearly 30% after ‘otherworldly’ quarter as US commercial business booms

Hundreds of flights were canceled across Canada after WestJet flight attendants went on strike over pay disputes. The strike involved about 4,400 cabin crew members and disrupted travel plans for roughly 250,000 passengers during a busy holiday weekend. The airline said it offered a new pay structure and wage increases, but the union rejected the proposal as insufficient. The Canadian Union of Public Employees said … Continue reading Hundreds of flights cancelled as workers strike at Canada’s WestJet

Japan and the United States carried out a rare coordinated yen-buying operation to stabilize sharp movements in the Japanese currency. Japan’s finance ministry said it may conduct further interventions if needed and will remain in close contact with U.S. officials. The yen strengthened after falling to its weakest level in about four decades against the dollar, trading near 157.70 per dollar on Monday. U.S. Treasury … Continue reading U.S., Japan confirm coordinated yen intervention, signal readiness for more