On Monday, the U.S. national debt surpassed $35 trillion for the first time, reaching $35,001,278,179,208.67. This milestone follows a rapid increase, with the debt hitting $34 trillion in January 2024 and $33 trillion in September 2023. Just four decades ago, the debt was around $907 billion. The Congressional Budget Office projects that debt held by the public will reach 99% of GDP this year and … Continue reading USA National Debt Hits $35 Trillion

Federal prosecutors have charged activist short seller and analyst Andrew Left with securities fraud, accusing him of illegally profiting at least $16 million by manipulating stock market activity from 2018 to 2023. Left, a 54-year-old Florida resident known for his appearances on CNBC and other financial news channels, and his hedge fund, Citron Capital, face additional civil fraud charges from the Securities and Exchange Commission. … Continue reading Short seller Andrew Left of Citron charged with fraud by prosecutors, SEC

The number of U.S. cities where first-time homebuyers face a $1 million price tag for an average entry-level home has nearly tripled over the past five years. According to a new Zillow report, 237 cities now have starter homes valued at $1 million or more, up from 84 in 2019. This increase highlights the ongoing affordability crisis in the housing market. Zillow’s senior economist, Orphe … Continue reading A $1 million starter home is now the norm in more than 200 US cities

Asia-Pacific markets rose on Monday, led by Japan’s Nikkei 225, which gained 2.26% after a U.S. inflation report on Friday raised expectations for a potential interest rate cut. The Topix index increased by 2.02%, and the Japanese yen strengthened by 0.18% to 153.44 against the dollar. The U.S. June personal consumption expenditures price index rose 0.1% month-on-month and 2.5% year-on-year, matching economists’ estimates. This week, … Continue reading Japan stocks rebound to lead gains in Asia as traders assess U.S. inflation data

In June, the personal consumption expenditures (PCE) index, a key inflation measure for the Federal Reserve, showed a slight easing in consumer prices. Monthly prices rose by 0.1%, while annual inflation decreased to 2.5% from 2.6% in May. Both figures met economists’ expectations. Core prices, excluding food and energy, climbed 0.2% monthly and 2.6% annually, slightly above estimates. Despite a 0.2% monthly rise in service … Continue reading Inflation measure closely watched by the Fed rises 2.5% in June

On Friday, stocks surged, ending a volatile week on a high note as investors reacted to new U.S. inflation data. The Dow Jones Industrial Average gained 654.27 points (1.64%) to close at 40,589.34, the S&P 500 rose 1.11% to 5,459.10, and the Nasdaq Composite climbed 1.03% to 17,357.88. The rally was driven by a combination of oversold market conditions, a stronger-than-expected GDP report, and optimism … Continue reading Stocks soar, Dow closes 650 points higher buoyed by bullish inflation report

At the G20 finance ministers’ meeting in Rio de Janeiro, Brazil’s proposal for a global tax on the ultra-rich faced opposition, particularly from the U.S. Washington dismissed the need for an international agreement on taxing billionaires, with Treasury Secretary Janet Yellen arguing that tax policy is best handled domestically. Despite this, Brazil’s Economy Minister Fernando Haddad remained optimistic, noting that the agenda’s inclusion was a … Continue reading Plan to tax super-rich divides at G20 meet

On Wednesday, the U.S. Department of Justice revealed the finalized plea deal with Boeing, which involves the company pleading guilty to a felony charge of defrauding the government. Boeing will pay a $243.6 million fine and admitted to misleading the Federal Aviation Administration (FAA) regarding the 737 Max plane’s passenger certification. The plea deal, pending a federal judge’s approval, also requires Boeing’s board to meet … Continue reading US Department of Justice finalizes plea deal with Boeing

NextEra Energy CEO John Ketchum predicted that renewable energy demand will triple over the next seven years due to the rapid growth of data centers driven by artificial intelligence. In the second quarter, NextEra added 3,000 megawatts of renewable and storage projects to its backlog, with 860 megawatts—28%—coming from agreements with Google to power its data centers. Ketchum described this as the company’s second-best origination … Continue reading Renewable energy demand could triple as electricity consumption surges

On Tuesday, home goods and furniture retailer Conn’s Inc. filed for Chapter 11 bankruptcy protection and announced plans to close over 70 HomePlus stores across 13 states. The company filed in the U.S. Bankruptcy Court for the Southern District of Texas, estimating both assets and liabilities between $1 billion and $10 billion. Conn’s reported having 25,000 to 50,000 creditors. The filing includes Conn’s and several … Continue reading Home goods retailer Conn’s files for bankruptcy, to close over 70 stores

A new CNN poll shows nearly 40% of American adults are worried about managing their bills, amid record household debt of $17.69 trillion. Rising prices on essentials like groceries, clothing, and insurance are exacerbating financial strain. This level of concern matches the anxiety felt during the 2008 Great Recession. Bankrate’s Greg McBride notes that while inflation is slowing, it continues to impact household budgets significantly, … Continue reading 4 in 10 Americans worry about paying bills in numbers surpassing Great Recession era

In June, home prices reached a record high of $426,900, marking a 4.1% increase from the previous year. This peak occurred amid a persistent housing slump characterized by reduced buyer activity. Sales of previously occupied U.S. homes fell for the fourth consecutive month, declining 5.4% from May to an annualized rate of 3.89 million. This drop in sales also represented a 5.4% decrease compared to … Continue reading U.S. Home Prices Hit Record in June for Second Consecutive Month

Johanna Michely Garcia, 41, from Broward County, faces up to 20 years in prison after pleading guilty to leading a $190.7 million Ponzi scheme. Garcia, the former CEO of MJ Capital Funding, LLC, admitted to conspiracy charges involving mail and wire fraud. Her scheme, which defrauded investors by soliciting funds for merchant cash advances, ran from October 2020 to August 2021. The FBI shut down … Continue reading South Florida woman pleads guilty to $190.7 million Ponzi scheme

CrowdStrike Holdings Inc. shares continued to decline on Monday due to ongoing disruptions caused by a faulty software update, which affected global technology systems. The stock fell 9% in the morning following an 11% drop on Friday. Analysts, including Guggenheim’s John DiFucci and BTIG’s Gray Powell, downgraded the stock, citing potential long-term impacts on the company’s reputation and new business prospects, MarketWatch has reported. DiFucci … Continue reading CrowdStrike’s stock falls further as it draws downgrades in wake of incident

Ryanair anticipates that airfares for the summer travel season will be significantly lower than last year, following a sharp decline in profits. The airline reported a nearly 15% drop in average fares for April to June, falling to €41.93 ($45.65) from €49.07 ($53.42) the previous year. Despite strong demand in the second quarter, Ryanair’s CEO, Michael O’Leary, stated that fares are expected to be lower … Continue reading Ryanair, Europe’s biggest airline, says airfares will be ‘materially lower’ this summer

McDonald’s will extend its $5 value meal promotion beyond its initial four-week period, as the offer has been effective in attracting customers back to its restaurants. The deal, which includes a McChicken or McDouble, chicken nuggets, fries, and a drink, was initially set to end in late July but will now continue through August in most U.S. markets. The extension follows positive feedback from nearly … Continue reading McDonald’s to extend $5 value meal in most U.S. markets

Economist Steve Moore, associated with the Heritage Foundation, has raised concerns about President Biden’s proposed tax rates if re-elected. On “Mornings with Maria,” Moore criticized Biden’s trillion-dollar budget for 2025, which includes $5.5 trillion in new taxes. He highlighted several proposed increases, such as nearly doubling the capital gains tax rate, implementing a 25% minimum tax on high-net-worth households, and raising the corporate tax rate … Continue reading Economist warns Americans over Biden’s potential tax hikes

To make electric vehicles (EVs) cheaper and more efficient, automakers are exploring new manufacturing techniques like megacasting, or gigacasting, as Tesla calls it. This method involves using large molds to cast parts from molten aluminum, streamlining production by reducing the number of components. For instance, Tesla’s Model Y uses single-cast front and rear sections, unlike the Model 3’s multi-part design. Major automakers like Toyota, Ford, … Continue reading Tesla’s big bet on gigacasting has other EV makers reimagining their factories

The Treasury Department has warned that state laws limiting banks from considering environmental, social, and governance (ESG) factors could negatively impact efforts to combat money laundering and terrorism financing. A letter sent to lawmakers highlighted a Florida law signed by Gov. Ron DeSantis in May, which deems it “unsafe and unsound” for banks to factor in non-financial considerations. The Treasury Department’s letter argues that such … Continue reading Treasury warns: Anti-woke banking laws ‘national security risk’

The International Monetary Fund (IMF) has warned that persistent inflation may result in interest rates remaining high for longer than anticipated, posing fiscal and financial risks globally. The IMF’s latest World Economic Outlook highlights that high prices for services and increasing trade tensions are maintaining inflation and suggesting that interest rates will stay elevated. This situation underscores the caution of central banks in cutting rates … Continue reading Get used to high interest rates, IMF says

President Biden has announced a plan to curb rising rents by penalizing corporate landlords who increase rents by more than 5% annually. Landlords who do not comply would risk losing access to valuable tax breaks. This rule targets landlords with more than 50 units, covering over 20 million units, or about half of the rental market. The proposal requires congressional approval, which is challenging given … Continue reading Biden unveils plan to cap national rent increases at 5%

Traders are now certain that the Federal Reserve will cut interest rates by September. According to the CME FedWatch tool, there is a 93.3% chance that the Fed will lower its target range for the federal funds rate by a quarter percentage point to 5% to 5.25% in September, down from the current 5.25% to 5.50%. Additionally, there is a 6.7% chance of a half … Continue reading Traders see the odds of a Fed rate cut by September at 100%

Kroger and Albertsons, seeking to merge, plan to divest 579 stores across the U.S. to address regulatory concerns regarding their acquisition deal. C&S Wholesale Grocers is set to buy these locations after the merger’s completion. Initially, 413 stores were to be sold, but this number increased by 166 in April as part of an updated divestiture strategy. The stores are spread across various states, including … Continue reading Kroger, Albertsons identify nearly 600 locations they will sell to get merger approved

StubHub is postponing its initial public offering (IPO) until after Labor Day due to stagnant market conditions, despite previously targeting a summer launch with a valuation of at least $16.5 billion. The company, which has been preparing for the IPO with JPMorgan and Goldman Sachs for two years, has faced challenges due to the lack of recent major consumer IPOs, making it hard to assess … Continue reading StubHub delays IPO until after Labor Day

The Dow Jones Industrial Average rose significantly on Friday, driven by gains from Home Depot and Caterpillar, as investors began diversifying away from the tech-heavy market. The Dow climbed 247.15 points (0.62%) to close at 40,000.90, reaching a new all-time high of 40,257.24 during the session. Home Depot and Caterpillar rose by 1.7% and nearly 1.4%, respectively. The S&P 500 increased by 0.55%, closing at … Continue reading Dow rises more than 200 points, touches new record above 40,000