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

USDA Secretary Brooke Rollins outlined a five-point plan to lower egg prices, citing avian flu as a key factor. The USDA will invest up to $1 billion, including $500 million for poultry biosecurity and $100 million for vaccine research. Other measures include importing eggs, reviewing regulations like California’s Proposition 12, and funding farmers affected by avian flu, The Hill has reported. Rollins expects the plan … Continue reading Agriculture secretary outlines plan to lower egg prices

Denny’s has added a temporary surcharge to its egg-based meals at some locations due to the ongoing egg shortage caused by a bird flu outbreak that began in 2022. The shortage has led to higher egg prices, with the average dozen costing $4.15 in December, up from $3.65 in November. Denny’s, which has over 1,500 restaurants, is adjusting prices on a market-by-market basis. Other chains, … Continue reading Denny’s reportedly adds egg surcharge amid rising prices

Joann, the fabric retailer with around 800 locations, will close all its stores after failing to find a buyer. The company, which filed for bankruptcy in January 2024, will begin nationwide going-out-of-business sales as part of its asset auction. Despite efforts to secure a better outcome, Joann announced the closure, acknowledging the support of employees, customers, and communities over its 80-year history, NBC News has … Continue reading Joann to shutter all 800 fabric stores after failing to find a buyer to save its locations

Consumer confidence dropped in February, with the Conference Board’s Consumer Confidence Index falling to 98.3, its lowest since June 2024. This decline, the largest since August 2021, reflects growing concerns about a slowing economy, rising inflation, and uncertainties over President Trump’s planned tariffs. Consumer pessimism grew about labor market conditions and future business prospects, with inflation expectations rising to 6%. Economists fear the tariffs could … Continue reading February consumer confidence posts biggest drop since 2021

President Donald Trump announced that Elon Musk will inspect Fort Knox, the U.S. gold reserve depository, to ensure the gold is still present. Treasury Secretary Scott Bessent confirmed that an annual audit is conducted, and all gold is accounted for. Fort Knox, which has stored U.S. gold since 1937, also serves as the Army’s human resources command center and hosts its largest annual training event, … Continue reading Elon Musk to be let inside Fort Knox depository to inspect gold reserves

UnitedHealth Group’s stock dropped 7.3% after reports revealed a Justice Department investigation into the company’s Medicare billing practices, focusing on how it documents diagnoses that trigger extra payments for its Medicare Advantage plans. UnitedHealth denied the allegations, calling them “outrageous and false,” and emphasized its compliance with government reviews. The probe follows scrutiny from the Office of Inspector General for the U.S. Department of Health … Continue reading UnitedHealth Stock Falls on Report DOJ Is Probing Its Medicare Billing Practices

Palantir, a defense contractor, has seen its stock surge over 600% since the start of 2024, making CEO Alex Karp a major beneficiary. Karp sold 38 million shares, worth $1.88 billion, including 25 million shares around the 2024 presidential election. He plans to sell up to 9.98 million more shares this year, potentially netting over $1 billion. These sales are part of a pre-planned trading … Continue reading Palantir CEO Alex Karp made nearly $2 billion from selling company stock last year