Treasury Secretary Scott Bessent emphasized that the Trump administration is focused on the long-term health of the economy, not short-term market fluctuations. He dismissed concerns about recent volatility, stating that the goal is to create an environment for sustained market and economic growth. Bessent acknowledged market turmoil driven by Trump’s tariffs but expressed confidence that proper policies will lead to long-term gains in income, jobs, … Continue reading Bessent says White House focused on ‘real economy’ not concerned about ‘a little’ market volatility

Consumer sentiment dropped in March, with the University of Michigan’s survey showing a 10.5% decline to a mid-month reading of 57.9, the lowest since November 2022. Concerns over inflation and a falling stock market, compounded by President Trump’s tariffs on aluminum, steel, and European goods, fueled the drop. The expectations index fell sharply, while the one-year inflation outlook increased to its highest level since November … Continue reading Consumer sentiment slumps in March to lowest since 2022

Gold prices have reached a record $3,004.86 per ounce, driven by a 14% increase since the start of 2025. Economic uncertainty from the ongoing US trade war and fears of inflation due to tariffs have made gold a sought-after safe asset. Tariffs, like the US’s threats on EU alcohol and Chinese imports, are raising costs for businesses and consumers, further fueling demand for gold. Central … Continue reading Gold price hits $3,000 as trade tensions mount

Walmart is clashing with China over efforts to offset tariffs imposed under Trump, pressuring suppliers to absorb costs. Chinese officials criticized the move, warning of potential consequences. Walmart, which sources 60% of its shipments from China, risks price hikes in key markets but has leverage as a major buyer, Axios has reported. The retailer offered to work with suppliers to minimize damage, but tensions remain … Continue reading Walmart clashes with China after asking suppliers to absorb tariffs

February’s Consumer Price Index (CPI) showed inflation easing, with prices rising 2.8% annually, down from January’s 3% increase and below forecasts. Monthly inflation slowed to 0.2%, signaling a cooling trend. Core inflation, excluding food and gas, rose 3.1% year-over-year, the lowest since April 2021. Shelter costs, a key driver, continued to decline, while gas prices dropped 1%. Food price growth slowed, but egg prices surged … Continue reading CPI inflation data cools in February, easing investor fears about the health of the US economy

Intel appointed Lip-Bu Tan as its new CEO, replacing interim co-CEOs David Zinsner and MJ Holthaus after Pat Gelsinger’s turbulent tenure. Tan, former CEO of Cadence Design Systems and an ex-Intel board member, aims to revitalize the company amid declining sales and AI struggles. Intel’s stock surged 12% on the news. The company has faced mounting investor pressure, costly chip production plans, and competition from … Continue reading Intel appoints Lip-Bu Tan as CEO to orchestrate turnaround

Tesla’s stock plummeted 15% on Monday, marking its worst day since September 2020, following a seven-week losing streak. Shares have dropped more than 50% since December, losing over $800 billion in market value. The sell-off was linked to uncertainty about President Trump’s tariff plans, which could raise production costs. Additionally, Tesla is facing brand damage from CEO Elon Musk’s political involvement, controversial statements, and reports … Continue reading Tesla shares plunge 15%, suffering steepest drop in five years

Delta Air Lines lowered its first-quarter revenue and profit forecasts due to weaker domestic demand, reflecting broader concerns about the travel industry’s sales slowdown. Delta now expects revenue to rise only 5% from last year, down from its previous forecast of 6% to 8%. Its adjusted earnings forecast was also reduced to 30-50 cents per share, from 70 cents to $1. The company cited reduced … Continue reading Delta Air Lines slashes earnings outlook on weaker U.S. demand

US stocks dropped sharply on Monday, with the Dow falling 890 points (2.08%), the S&P 500 losing 2.7%, and the Nasdaq dropping 4%. The selloff, spurred by concerns over President Trump’s economic policies, marked the worst day of the year for the Dow and S&P 500 and the Nasdaq’s biggest decline since September 2022. Investor anxiety was fueled by Trump’s remarks on tariffs and the … Continue reading Dow falls by almost 900 points in market rout

Federal Reserve Chairman Jerome Powell stated that the central bank is taking a cautious approach, waiting to see the effects of President Trump’s policy actions before making further moves on interest rates. Powell emphasized the uncertainty surrounding Trump’s proposals on trade, immigration, fiscal policy, and regulation, which could impact the economy. While markets anticipate interest rate cuts, Powell suggested the Fed will remain patient, as … Continue reading Powell says Fed is awaiting ‘greater clarity’ on Trump policies before making next move on rates

The Justice Department is investigating whether major egg producers, like Cal-Maine Foods and Rose Acre Farms, are conspiring to keep egg prices high amid the worsening bird flu outbreak. The investigation is in its early stages, with concerns that the companies are exploiting the crisis to inflate prices beyond necessary costs. In January, egg prices hit a record high, reaching $4.95 per dozen. Agriculture Secretary … Continue reading DOJ opens investigation into egg companies for price-fixing

Commerce Secretary Howard Lutnick assured Americans that there would be no recession, citing President Trump’s plans to implement reciprocal tariffs on foreign goods to boost the U.S. economy. While some foreign goods may become more expensive due to these tariffs, Lutnick predicted that American products, especially agricultural goods, would become cheaper. Trump also confirmed that these tariffs would take effect on April 2 and that … Continue reading Commerce Secretary Howard Lutnick says ‘there’s going to be no recession in America’

Joseph Neal Sanberg, founder of the climate-focused banking startup Aspiration, was arrested for allegedly defrauding investors of $145 million. His co-conspirator, Ibrahim Ameen AlHusseini, pleaded guilty to wire fraud and admitted to falsifying financial statements to support the scheme. Sanberg, a Democratic donor with celebrity investors like Leonardo DiCaprio and Drake, allegedly misled investors using Aspiration shares as collateral. Federal authorities are also investigating the … Continue reading Fintech exec arrested for allegedly defrauding investors out of $145M

A record 4.8% of Americans took hardship withdrawals from their 401(k)s in 2024, up from 3.6% in 2023, signaling growing financial strain, according to Vanguard. The most common reasons were preventing foreclosure and covering medical bills. The rise is partly due to expanded automatic enrollment in retirement plans and relaxed withdrawal rules. While hardship withdrawals offer emergency relief, they come with penalties and permanently reduce … Continue reading More Americans tapping 401(k)s to pay for financial emergencies

Auto loan delinquencies have hit a 30-year high, with 6.56% of subprime borrowers at least 60 days behind on payments in January, according to Fitch Ratings. Rising car prices, high borrowing costs, and inflation are driving more repossessions, while serious delinquencies (90+ days) reached 3% in Q4, the highest since 2010. The economic slowdown, Trump’s trade wars, and financial strain on lower-income borrowers are fueling … Continue reading Americans Behind on Car Payments at Highest Rate in Decades

Job cuts surged in February, reaching 172,017—the highest in nearly five years—driven by Trump’s push to shrink the federal workforce. Federal layoffs totaled 62,242 across 17 agencies, partly due to Elon Musk’s efforts with Trump’s support. Retail and tech sectors also saw major cuts, with Macy’s and Forever 21 leading retail layoffs. Despite concerns over trade wars and government downsizing, some companies announced 34,580 new … Continue reading Layoff announcements soar to the highest since 2020

The U.S. trade deficit surged 34% in January to a record $131.4 billion as companies rushed to import goods ahead of Trump’s tariffs. Imports hit a record $401.2 billion, while exports rose 1.2%. Trump imposed steep tariffs on Canada, Mexico, and China, prompting swift retaliation. He temporarily exempted automakers from tariffs on Mexico and Canada, but Canada refused to lift its own retaliatory duties. Canada’s … Continue reading US Trade Deficit Surges to a Record Ahead of Trump Tariffs

The U.S. Treasury Department announced it will not enforce penalties under the Corporate Transparency Act, which requires business entities to disclose their real beneficial owners. This decision follows opposition from the Trump administration and legal challenges. The Treasury stated it will focus enforcement on foreign reporting companies, aiming to support U.S. taxpayers and small businesses, Reuters has reported. The act was designed to combat money … Continue reading US Treasury Department says it will not enforce anti-money laundering law

Kroger CEO Rodney McMullen has resigned immediately following an investigation into his personal conduct, which was found to be inconsistent with the company’s ethics policies. The investigation revealed no issues related to the company’s operations or finances. Ronald Sargent, a Kroger board member since 2006, will serve as interim CEO. McMullen, with nearly five decades at the company, had been CEO since 2014, CNN has … Continue reading Kroger’s CEO abruptly resigns after probe into personal conduct

Taiwan Semiconductor Manufacturing Company (TSMC) will invest $100 billion to expand chip production in the U.S., bringing its total U.S. investment to $165 billion. This funding will support the construction of five new fabrication facilities in Arizona. The move aligns with President Trump’s efforts to make the U.S. a hub for artificial intelligence and semiconductor manufacturing, critical for economic and national security, NBC News has … Continue reading Trump announces $100 billion investment in U.S. from TSMC

Walmart CEO Doug McMillon warns that U.S. consumers are struggling as high food prices persist, with many running out of money before month’s end and opting for smaller pack sizes. While non-food prices have dropped, food costs remain elevated due to wages and input costs. Inflation, particularly rising egg prices, is adding pressure. Walmart, facing economic and geopolitical uncertainties, recently projected lower-than-expected profits. Safety and … Continue reading Walmart CEO warns food prices causing pain

Early 2025 economic data signals negative growth, with the Atlanta Fed’s GDPNow tracker predicting a 1.5% contraction for Q1, down from a previous 2.3% growth estimate. Lower consumer spending, weak exports, and declining consumer confidence contributed to the downgrade. Inflation cooled slightly, but jobless claims rose, and bond market signals hint at a possible recession, CNBC has reported. Stock markets remain volatile, and traders now … Continue reading First quarter on track for negative GDP growth, Atlanta Fed indicator says

President Trump announced plans for a U.S. Crypto Reserve to boost the industry, citing attacks from the Biden administration. His executive order directs a working group to develop a Crypto Strategic Reserve including XRP, SOL, and ADA. Trump aims to make the U.S. the “Crypto Capital of the World.” The move follows the White House’s upcoming crypto summit on March 7, The Hill has reported. … Continue reading Trump announces US crypto reserve

New home sales fell 10.5% in January to a three-month low of 657,000 units, as high mortgage rates, record prices, and severe winter weather kept buyers away. Mortgage rates remained above 7%, discouraging purchases despite incentives from builders. Analysts expect sales to rebound in February with improved weather, but concerns persist over mortgage rate volatility. The median new home price rose to $446,300, adding to … Continue reading New home sales slump in January amid elevated mortgage rates

Eli Lilly announced a $27 billion investment to build four new U.S. manufacturing sites, bringing its total U.S. investments to over $50 billion. The move, aligned with Trump’s reshoring policies, was unveiled at a Washington, D.C., event featuring Trump administration officials. The sites will boost production of key drug ingredients, including those for its obesity and diabetes treatments Zepbound and Mounjaro, and create over 3,000 … Continue reading Eli Lilly plans at least $27 billion in new U.S. manufacturing investments