Federal Reserve officials were divided at their June meeting over how soon and how much to cut interest rates, balancing concerns about tariff-driven inflation with signs of economic and labor market slowing. Minutes released Wednesday showed they unanimously held rates steady at 4.25%-4.5%, while most expected at least some cuts this year if inflation stayed manageable. Views varied widely, from wanting cuts as soon as … Continue reading Most Fed officials see rate cuts coming

Nvidia became the first publicly traded company to hit a $4 trillion market value on Wednesday after its stock rose 2.5% to a record high. The U.S. chipmaker has surged about 20% this year, fueled by booming demand for its AI chips that power data centers for companies like Microsoft, Amazon, and Google. Nvidia overtook Apple and Microsoft to reach the milestone first. The company’s revenue … Continue reading Nvidia beats Apple and Microsoft to become the world’s first $4 trillion public company

Linda Yaccarino announced Wednesday that she is stepping down as CEO of X, the social media platform owned by Elon Musk. Her resignation comes shortly after X’s Grok chatbot was shut down for posting antisemitic content. Yaccarino did not mention the controversy in her farewell message, instead praising the team’s efforts to improve user safety and regain advertiser trust. Hired in May 2023 to lead … Continue reading Linda Yaccarino to step down as CEO of X

Exxon Mobil warned that lower oil and gas prices could reduce its second-quarter earnings by about $1.5 billion compared to the previous quarter. Brent crude prices fell 11% and U.S. natural gas prices dropped 9% in Q2 due to increased OPEC+ supply. Exxon is expected to report adjusted earnings of $1.53 per share for the quarter when it releases full results on August 1, the … Continue reading Exxon Mobil warns lower oil, gas prices could cut profit by over $1B

Samsung Electronics forecast a 56% drop in second-quarter profits, projecting an operating profit of 4.6 trillion won, far below analyst expectations. The decline is attributed to inventory adjustments, U.S. restrictions on advanced AI chips for China, and lagging behind rivals like SK Hynix in high-bandwidth memory (HBM) chips critical for AI. Samsung is still working to get its latest HBM chips certified by Nvidia, the … Continue reading Samsung expects second-quarter profits to more than halve as it struggles to capture AI demand

Wendy’s CEO Kirk Tanner has been named the new chief executive of The Hershey Company, effective August 18, succeeding Michele Buck, who is retiring after nearly 20 years with Hershey. Tanner, who joined Wendy’s in 2024 after a long career at PepsiCo, will return to the consumer packaged goods sector. Hershey praised Tanner’s extensive experience in snacks, beverages, M&A, and innovation. Michele Buck will stay … Continue reading Wendy’s CEO Kirk Tanner tapped to lead Hershey

U.S. 10-year Treasury yields rose Monday as investors reacted to trade tensions surrounding the expiration of a 90-day tariff reprieve, with tariffs set to revert to April levels this week. President Trump also threatened new 10% tariffs on countries supporting “Anti-American policies” of the BRICS group. Treasury Secretary Scott Bessent hinted at several upcoming trade announcements, CNBC has reported. BRICS leaders condemned Trump’s tariff actions … Continue reading 10-year Treasury yield rises as Trump extends tariff deadline

Apple is appealing a €500 million fine from the EU for allegedly restricting app developers from informing customers about alternative offers outside its App Store. Apple calls the penalty “unprecedented” and argues the EU’s demands add unnecessary complexity for users and developers. The European Commission plans to defend its decision in court, BBC has reported. Analysts say Apple’s appeal was expected but highlights the complex, … Continue reading Apple hits back against ‘unprecedented’ €500m EU fine

CoreWeave announced it will acquire data center provider Core Scientific in a $9 billion all-stock deal, aiming to boost its AI infrastructure. The acquisition will cut $10 billion in lease obligations and enhance efficiency, expanding CoreWeave’s U.S. data center capacity to 1.3 gigawatts with room for growth. The deal, expected to close in late 2025, values Core Scientific at a 66% premium, with its shareholders … Continue reading CoreWeave to acquire Core Scientific in $9 billion all-stock deal

U.S. stocks hit fresh record highs Thursday after a stronger-than-expected jobs report signaled a resilient labor market. The S&P 500 rose 0.8%, marking its fourth record in five days, while the Dow and Nasdaq also gained 0.8% and 1%, respectively. Hiring exceeded forecasts, easing recession fears but pushing Treasury yields higher as traders lowered expectations of a near-term Federal Reserve rate cut. Gains were broad-based, … Continue reading US stocks set another record and yields leap on signals the US economy is solid

Asia-Pacific markets mostly fell Friday as investors awaited clarity on U.S. trade deals before Trump’s tariff deadline next week. Japan and Australia closed flat, while South Korea’s Kospi dropped nearly 2%. China’s CSI 300 rose slightly, but Hong Kong’s Hang Seng slipped. In India, markets edged lower. Meanwhile, strong U.S. jobs data lifted the Dow, S&P 500, and Nasdaq to record highs ahead of the … Continue reading Asia-Pacific markets mostly fall ahead of Trump’s tariff deadline

The US dollar is heading for its worst year in modern history, down over 7% so far, with forecasts of another 10% drop. While a weaker dollar can help US exports, it raises import costs and inflation risks. Despite talk of “de-dollarization” through gold purchases and China’s currency push, no real alternative has emerged to replace the dollar’s global role, Semafor has reported. Historically, major … Continue reading The US dollar is on track for its worst year in modern history

Major U.S. banks announced third-quarter dividend hikes after passing the Federal Reserve’s annual stress test, which confirmed their resilience to economic shocks. JPMorgan raised its dividend to $1.50 per share and launched a $50 billion share buyback program. Bank of America, Wells Fargo, Morgan Stanley, Goldman Sachs, and Citigroup also announced dividend increases and, in some cases, new repurchase plans. The Fed found banks held … Continue reading Biggest US banks hike dividends, announce share buybacks

Lululemon is suing Costco, accusing the retailer of selling knockoff versions of its high-end athleisure wear under the Kirkland brand. The lawsuit claims Costco’s lookalike products mislead consumers into thinking they’re authentic Lululemon items, damaging the brand’s reputation. Lululemon seeks monetary damages and a court order to stop Costco from selling the alleged copies, CNN has reported. This comes as Lululemon faces declining store visits, … Continue reading Lululemon accuses Costco of selling ‘unauthorized’ versions of its $128 pants

Federal Reserve Chair Jerome Powell said the Fed would have eased monetary policy by now if not for President Trump’s tariff plan, which raised inflation forecasts and caused the central bank to hold rates steady. Speaking at a European Central Bank forum, Powell explained that the tariffs led the Fed to pause rate cuts despite pressure from the White House. The Fed has kept interest … Continue reading Powell confirms that Fed would have cut by now were it not for tariffs

Home Depot announced it will acquire building products distributor GMS for $4.3 billion through its subsidiary SRS Distribution, aiming to expand sales to professional contractors. The deal, expected to close by early 2026, ends a potential bidding war with billionaire Brad Jacobs’ QXO. GMS shares rose 12% on the news, while Home Depot shares dipped nearly 1%. The acquisition aligns with Home Depot’s strategy to … Continue reading Home Depot is buying GMS for about $4.3 billion

On Monday, President Donald Trump escalated his attacks on Federal Reserve Chair Jerome Powell, demanding deep interest rate cuts and accusing the Fed’s board of harming the U.S. economy. Trump posted a chart showing U.S. rates among the world’s highest and claimed Powell has “cost the USA a fortune.” Despite Trump’s months-long pressure, the Fed has kept rates steady, focusing on controlling inflation. Powell has … Continue reading Trump sends handwritten letter to Powell demanding ultra-low interest rates

U.S. stocks rose on Monday, closing out a second straight monthly gain and hitting new records. The S&P 500 climbed 0.5%, the Dow gained 275 points (0.6%), and the Nasdaq rose 0.5%. Markets were boosted by Canada dropping a planned tax on U.S. tech firms and resuming trade talks. Hopes for tariff deals have underpinned Wall Street’s rebound from its spring sell-off. Standout stock moves … Continue reading US stocks push further into record heights

J.M. Smucker Co. plans to eliminate artificial colors from all its products by the end of 2027 and from foods sold to K-12 schools by the 2026–2027 school year. While most Smucker products are already free of synthetic dyes, some, like sugar-free jams, ice cream toppings, and Hostess snacks, still contain them. Smucker joins other major food companies, including Nestle, Conagra, Kraft Heinz, and General … Continue reading J.M. Smucker plans to remove artificial colors from its jams and other products

The U.S. manufacturing sector is showing signs of slowing down, according to the Bank of America Institute. While tariffs may encourage companies to bring production back to the U.S., this reshoring is likely to rely more on automation than increased hiring due to labor shortages and high costs. Despite a drop in new manufacturing orders and contraction signals, tariffs could help certain subsectors recover. Reshoring … Continue reading Bank of America says tariffs might spark a ‘reshoring’ boom

Warren Buffett is donating $6 billion in Berkshire Hathaway stock to five foundations, raising his total donations since 2006 to about $60 billion. The largest portion, 9.4 million shares, goes to the Bill & Melinda Gates Foundation Trust. Other recipients include the Susan Thompson Buffett Foundation, Sherwood Foundation, Howard G. Buffett Foundation, and NoVo Foundation. Buffett’s donations use Class B shares, which are more affordable … Continue reading Warren Buffett announces $6 billion in donations to five foundations

U.S. consumer prices rose slightly in May, with the Fed’s preferred inflation gauge, the PCE price index, up 0.1% monthly and 2.3% annually—still above the Fed’s 2% target. Core PCE, which excludes food and energy, rose 0.2% on the month and 2.7% annually. Meanwhile, consumer spending fell 0.1% and personal income dropped 0.4%, signaling a slowing economy. Markets expect the Fed to hold rates steady … Continue reading Core inflation rate rose to 2.7% in May, more than expected

Nike shares surged 15% Friday after the company announced plans to shift production away from China to reduce exposure to U.S. tariffs, which are expected to cost the company $1 billion. Starting this fall, Nike will implement targeted price increases in the U.S. to offset the impact. The company said it will reduce China-based production from 16% to single digits by 2026, the Associated Press … Continue reading Nike soars on a production shift away from China

The S&P 500 hit a record high Friday, rebounding from this spring’s selloff triggered by President Trump’s tariff plans. The index rose 0.5%, surpassing its February peak, while the Nasdaq and Dow also gained. Markets recovered after Trump scaled back and delayed broad tariffs he announced in April, though higher rates remain on Chinese goods and select imports. A new U.S.-China agreement is easing some … Continue reading Stocks reach record highs as Trump trade fears ease on Wall Street

Compass has sued Zillow, accusing it of using anticompetitive tactics by banning private home listings if sellers market their properties off Zillow’s platform for more than one day. Compass claims this “Zillow Ban” protects Zillow’s monopoly by forcing listings onto its site and limiting homeowner choice. The lawsuit seeks to stop Zillow from enforcing this policy and demands damages. Zillow denies the allegations, saying it … Continue reading Compass files lawsuit against Zillow over private home listings policy