Walmart CEO Doug McMillon will retire in January after leading the company for over a decade, during which he expanded online operations and streamlined international units. He will be succeeded by John Furner, a longtime Walmart executive and current head of the US business. Under McMillon, Walmart navigated challenges like tariffs and supply chain disruptions while achieving solid growth, with online sales becoming a key … Continue reading Walmart boss retiring after more than a decade

The U.S. announced it will remove tariffs on select foods and other imports from Argentina, Ecuador, Guatemala, and El Salvador, aiming to lower prices on items like coffee and bananas while giving U.S. firms greater market access. Most framework agreements are expected to be finalized within two weeks, with additional deals possible before year-end. The deals maintain broader tariffs but lift them on products not … Continue reading U.S. to remove tariffs on some products from Ecuador, Argentina, Guatemala and El Salvador

Mortgage applications to buy a home rose 6% last week, marking the strongest pace since September, as increased supply and softening prices encouraged buyers. Volume was 31% higher than the same week a year ago, despite the average 30-year fixed mortgage rate rising slightly to 6.34%. Demand for refinancing fell 3% for the week but remained 147% higher than last year, reflecting lower rates. Economist … Continue reading Mortgage demand from homebuyers hits highest level since September

Treasury Secretary Scott Bessent announced that “substantial” tariff relief on everyday consumer goods, including coffee, bananas, and other fruits, will be implemented soon. The move comes after President Trump raised tariffs on imports like Brazilian coffee, contributing to rising prices and surging inflation, which hit 3% in September. Bessent said the cuts would help bring prices down quickly and that Americans could start feeling relief … Continue reading Bessent says ‘substantial’ tariff relief on coffee and bananas is coming soon

The U.S. Mint in Philadelphia will strike its last circulating penny on Wednesday, ending a production run that began in 1793. President Donald Trump ordered the coin’s phase-out as it now costs nearly 4 cents to produce a 1-cent coin, making it financially inefficient. While many Americans collect pennies for nostalgia or luck, retailers and banks have faced challenges adjusting to the abrupt end, including … Continue reading US Mint in Philadelphia to press final penny as the 1-cent coin gets canceled

CoreWeave shares fell 13% after CEO Mike Intrator cited delays at a third-party data center provider, which caused the company to lower its 2025 revenue guidance to $5.05–5.15 billion, below analyst estimates. The delays are tied to a “singular data center provider,” potentially Core Scientific, though Intrator did not confirm the name. Despite the setbacks, CoreWeave stressed that its 41-data-center portfolio and contract backlog remain … Continue reading CoreWeave CEO responds to data center delays as stock plunges

SoftBank sold its entire $5.83 billion stake in Nvidia and part of its T-Mobile stake for $9.17 billion to fund investments, including a $22.5 billion commitment to OpenAI. The company emphasized that the sales were part of a broader asset monetization strategy and not due to concerns about AI valuations. SoftBank has previously cashed out of Nvidia but continues to rely on its technology for … Continue reading SoftBank sells its entire stake in Nvidia for $5.83 billion

The Trump administration is exploring a 50-year mortgage as a potential solution to high housing costs, Federal Housing Finance Agency Director Bill Pulte announced. The longer-term loan would significantly reduce monthly payments compared to the standard 30-year mortgage, though payments would extend two decades longer. The proposal targets affordability for first-time buyers, who are now averaging 40 years old, while low home turnover and soaring … Continue reading Trump eyes 50-year mortgage in ‘game-changing’ move for home buyers

Visa and Mastercard announced a revised settlement with merchants over accusations of overcharging for credit card acceptance, following a judge’s rejection of a previous $30 billion deal. The 20-year litigation alleged that the card networks and banks conspired to violate U.S. antitrust laws through “swipe fees” for processing transactions. Under the new accord, Visa and Mastercard would lower swipe fees by 0.1 percentage points for … Continue reading Visa, Mastercard reach revised swipe-fee settlement with merchants

A Chinese official threatened Japanese Prime Minister Sanae Takaichi with beheading after she suggested Japan could intervene if China attacked Taiwan. Takaichi had said a Chinese naval blockade of Taiwan during conflict could create a “survival-threatening situation,” prompting Japan’s Self-Defense Forces to act. China’s consul general in Osaka, Xue Jian, posted a violent threat on X (formerly Twitter), which Japan condemned as “extremely inappropriate” and … Continue reading Chinese official threatens to behead Japanese PM over Taiwan row

Total U.S. household debt reached a record $18.6 trillion last quarter, with most borrowers keeping up with payments, though young adults are under increasing strain. Serious delinquencies—90 days or more past due—rose to 3% overall, the largest quarterly increase since 2014, and hit about 5% among 18- to 29-year-olds, largely driven by student loan defaults. Other debt categories, including mortgages, auto loans, and credit cards, … Continue reading Household debt hits record $18.6T as delinquencies remain elevated

Layoff announcements surged in October to 153,074, marking a 183% increase from September and the highest October total since 2003, as companies adjust staffing amid the AI boom. The technology sector led cuts with 33,281 jobs lost, while consumer products and nonprofits also saw significant increases. Year-to-date, announced layoffs have reached 1.1 million, the highest since 2020, reflecting a combination of AI adoption, slowing consumer … Continue reading Job cuts in October hit highest level for the month in 22 years

Private-sector payrolls grew modestly in October, adding 42,000 jobs and slightly exceeding expectations, according to ADP. Gains were concentrated in large companies (250+ employees), which added 76,000 jobs, while smaller businesses lost 34,000 positions, raising concerns since small firms generate most U.S. jobs. The trade, transportation, and utilities sector led growth with 47,000 jobs, followed by education and health services (+26,000) and financial activities (+11,000), … Continue reading Private payrolls rose 42,000 in October, more than expected

McDonald’s missed Wall Street’s third-quarter earnings expectations, reporting adjusted earnings of $3.22 per share versus the $3.33 anticipated, and revenue of $7.08 billion compared with the $7.1 billion forecast. Despite this, U.S. same-store sales grew more than expected. CEO Chris Kempczinski highlighted that growth reflects the company’s ability to perform in a challenging environment, noting continued declines in traffic from lower-income consumers while higher-income consumer … Continue reading McDonald’s sales rise, but CEO expects low-income diners to spend less

Starbucks announced it will sell a controlling stake in its China operations to investment firm Boyu Capital for $4 billion, forming a joint venture in which Boyu holds up to 60% and Starbucks retains 40%. Starbucks will continue to own and license its brand and intellectual property to the new entity. The total value of Starbucks’ China business is expected to exceed $13 billion, including … Continue reading Starbucks to sell control of China business to Boyu Capital in $4 billion deal

Pizza Hut may be put up for sale as Yum Brands announced a formal review of strategic options for the struggling pizza chain. Despite a global presence of nearly 20,000 stores in over 100 countries and international sales growth of 2% in the first nine months of the year, U.S. sales—which account for nearly half of revenue—fell 7%. Challenges include large, outdated dine-in locations and … Continue reading Pizza Hut’s parent company says it’s considering selling the chain

Microsoft announced it will ship over 60,000 of Nvidia’s most advanced AI chips, including GB300 Grace Blackwell GPUs, to the United Arab Emirates under U.S. Commerce Department-approved licenses. The deal, part of Microsoft’s $15.2 billion planned tech investment in the UAE, enables AI data center operations and access to models from OpenAI, Anthropic, and others. This shipment contrasts with former President Trump’s recent claim that … Continue reading Microsoft to ship 60,000 Nvidia AI chips to UAE under US-approved deal

Amazon stock surged about 5% Monday after announcing a $38 billion deal with OpenAI, giving the ChatGPT developer access to hundreds of thousands of Nvidia AI chips through Amazon Web Services. OpenAI will run its AI workloads on Nvidia GPUs housed in Amazon’s cloud servers, scaling to the full capacity by the end of 2026. This partnership is part of OpenAI’s broader strategy, which includes … Continue reading Amazon stock jumps on $38 billion deal with OpenAI to use hundreds of thousands of Nvidia chips

Kimberly-Clark is acquiring Tylenol maker Kenvue in a $48.7 billion cash and stock deal, creating a major consumer health company. Kimberly-Clark shareholders will hold about 54% of the combined company, while Kenvue shareholders will own roughly 46%. The merger will bring together well-known brands like Kenvue’s Listerine and Band-Aid with Kimberly-Clark’s Huggies, Kleenex, and Cottonelle, generating around $32 billion in annual revenue. Kenvue, spun off … Continue reading Tylenol, Kleenex, Band-Aid and more put under one roof in $48.7 billion consumer brands deal

The Federal Reserve lowered its benchmark interest rate by 0.25 percentage points on Wednesday but did not provide a clear outlook for its December decision. Central bankers are making policy decisions without key economic data, such as inflation and jobs reports, due to the government shutdown. The lack of data complicates assessing the health of the U.S. economy, CNN has reported. If the shutdown continues, … Continue reading Federal Reserve cuts rates to lowest level in three years

Eli Lilly reported third-quarter earnings and revenue above expectations, driven by strong sales of its weight loss drug Zepbound and diabetes treatment Mounjaro. Shares rose more than 3% following the results. The company raised its full-year 2025 revenue guidance to $63–63.5 billion and adjusted profit to $23–23.70 per share, up from prior estimates, CNBC has reported. Quarterly sales for Mounjaro reached $6.52 billion, up 109% … Continue reading Eli Lilly blows past estimates, hikes guidance

Meta Platforms’ stock fell more than 10% despite strong third-quarter results, as investors worried about the company’s aggressive AI spending plans. The company raised its 2025 capital expenditure guidance to $70–72 billion to build advanced AI tools and prepare for future superintelligence opportunities. CEO Mark Zuckerberg emphasized confidence in returns from core business and stressed the importance of heavy AI investment, including $14.3 billion in … Continue reading Meta stock drops 10%

Nvidia became the first company to surpass a $5 trillion market value Wednesday after its shares jumped more than 4%, capping a surge of over 50% so far this year. The milestone underscores Nvidia’s transformation from a gaming chipmaker to a dominant force in artificial intelligence, fueled by expectations of $500 billion in AI chip orders and plans to build seven new U.S. supercomputers. The … Continue reading Nvidia becomes first company to reach $5 trillion valuation

Home price growth slowed for the seventh consecutive month in August, rising just 1.5% year-over-year—the smallest increase in over two years, according to S&P CoreLogic Case-Shiller data. The slowdown benefits buyers as mortgage rates ease and inventory grows, improving affordability after years of rapid price gains. Among major cities, New York saw the largest increase at 6.1%, while Tampa and Miami experienced declines of 3.3% … Continue reading US Home Prices Post Weakest Gain in More Than Two Years

The Federal Reserve is expected to cut its key interest rate on Wednesday, likely reducing it from 4.1% to around 3.9%, as the central bank seeks to support a slowing job market. This would be the second rate cut of the year, with another possible in December, despite inflation remaining elevated. Economic uncertainty is heightened by the government shutdown, which has delayed key jobs and … Continue reading Federal Reserve likely to cut key rate Wednesday and may signal another cut to follow