The S&P 500 reached a new record high on Monday, closing up 0.77% at 5,473.23, as Wall Street continued last week’s upward momentum. The Nasdaq Composite rose 0.95% to 17,857.02, and the Dow Jones Industrial Average gained 188.94 points, or 0.49%, to 38,778.10, ending a four-day losing streak. Megacap technology stocks significantly contributed to the S&P 500’s rally, with the information technology sector rising 1.2%. … Continue reading S&P 500 rises to record close Monday

Boeing CEO Dave Calhoun will apologize for the company’s recent safety failures and acknowledge cultural issues in his Senate testimony. However, he will refute claims that Boeing retaliated against whistleblowers who raised safety concerns. In his prepared remarks, Calhoun will admit that Boeing’s culture is imperfect but emphasize ongoing efforts to address and improve it. This comes amidst intense scrutiny following a January 5 incident … Continue reading Boeing CEO admits company has been ‘far from perfect’ after a flood of safety lapses

Home foreclosures increased in May as Americans struggle with the ongoing cost-of-living crisis, according to a report by real estate data provider ATTOM. The report identified 32,621 properties with foreclosure filings, a 3% rise from the previous month but a 7% decrease from the same time last year. ATTOM CEO Rob Barber noted that while foreclosure starts slightly increased, completed foreclosures declined, indicating resilience in … Continue reading Home foreclosures are on the rise again nationwide

Although the rate of food price increases has slowed recently, many shoppers still feel burdened by high grocery costs. According to a report by Intuit Credit Karma, 80% of Americans have noticed significant grocery price hikes in the past few years, with prices rising 25% since the pandemic began. Some consumers have had to forego necessities to afford food, with 28% sacrificing rent or bills, … Continue reading 80% of Americans say grocery costs have notably increased

In May, the Consumer Price Index (CPI) remained unchanged, signaling a slight easing of inflationary pressures on the U.S. economy, according to the Labor Department’s report released Wednesday. Compared to a year ago, the CPI increased by 3.3%, slightly below economists’ expectations of a 0.1% monthly increase and a 3.4% annual rise. In April, the CPI had risen by 0.3% month-over-month, with an annual increase … Continue reading Consumer prices unchanged in May; Up 3.3% from year ago

Ahead of the upcoming G7 summit in Italy, where supporting Ukraine and undermining Russia’s military efforts are top priorities, the Moscow stock exchange declared it would cease trading in dollars and euros starting June 13. This decision coincided with the United States imposing a fresh round of sanctions targeting Russia’s financial infrastructure. The sanctions specifically aimed to restrict financial transactions involving major Russian entities like … Continue reading Moscow stock exchange stops trading in dollars and euros

A Florida jury found Chiquita Brands International liable for financing the Colombian paramilitary group Autodefensas Unidas de Colombia (AUC), ordering the banana company to pay $38.3 million to the families of eight victims. The jury determined Chiquita knowingly provided substantial assistance to the AUC, creating a foreseeable risk of harm. Chiquita, planning to appeal, stated there was no legal basis for the claims. In 2007, … Continue reading Chiquita found liable for financing paramilitary group

Wednesday is set to be a crucial day for economic news, with significant updates on inflation and the Federal Reserve’s response. The day begins with the release of the consumer price index (CPI) for May and concludes with the Fed’s policy meeting. These events will provide key insights into the economy’s direction and the Fed’s future actions. UBS economist Jonathan Pingle noted that the day … Continue reading Fed meeting and inflation report both hit Wednesday,

Walmart has closed nine stores across the country this year, signaling a potentially bleak future for shoppers, according to retail experts. The closures and layoffs of hundreds of corporate employees come as the company pushes remote workers to return to the office. Retail analyst Neil Saunders noted that Walmart’s store closures, which began in 2016, indicate a broader trend affecting the entire retail sector. The … Continue reading Walmart store closures are a warning sign of retail apocalypse

The cost of owning a home in the United States has risen by 26% since 2020 due to increased expenses like taxes, insurance, and utilities during a period of high inflation. According to Bankrate, the average annual cost for owning and maintaining a typical single-family home, excluding mortgage payments, reached $18,118 in March. This represents an additional $1,510 per month compared to four years ago, … Continue reading Homeownership Costs Jump 26% Since Pandemic Began

Financial author and economist Harry Dent maintains his prediction of an imminent “crash of a lifetime,” warning that the current “everything” bubble has yet to burst and could result in a crash worse than the Great Recession. In a recent Fox News Digital interview, Dent highlighted the uniqueness of the current bubble, citing extensive artificial stimulus as unprecedented. He compared it to the natural bubble … Continue reading Top economist predicts ‘crash of lifetime’

American Airlines flight attendants, represented by a labor union, have rejected the company’s proposal for an immediate 17% pay raise. CEO Robert Isom had offered this wage increase earlier on Wednesday as contract negotiations continue without resolution, potentially bringing the threat of a strike closer. The airline and the Association of Professional Flight Attendants have faced challenges in reaching a new contract agreement, particularly regarding … Continue reading Flight attendant union rejects American Airlines’ proposed 17% pay raise

This summer, instead of the typical lull in market activity as investors head for vacation spots, the US stock market is experiencing significant shrinkage. Investors are withdrawing their funds at a near-record pace, signaling concerns about the US economy. This departure from the usual “sell in May and go away” trend suggests a broader shift in market sentiment. Bank of America analysts reported that their … Continue reading People are exiting the stock market in droves

Treasury Secretary Janet Yellen is set to deliver a warning to bankers and tech leaders about the dual nature of artificial intelligence (AI) during a conference on financial stability. In her speech, Yellen will acknowledge the vast rewards AI offers to the financial sector but also highlight the potential risks it poses. She will emphasize that while AI has already been leveraged for forecasting, fraud … Continue reading Janet Yellen warns AI in finance poses ‘significant risks’

A new national stock exchange, headquartered in Dallas and supported by major Wall Street players like BlackRock and Citadel, is gearing up to challenge the dominance of the New York Stock Exchange and Nasdaq. The TXSE Group, backed by over two dozen investors with $120 million in funding, plans to file for registration with the US Securities and Exchange Commission later this year. Led by … Continue reading Texas is coming for Wall Street with a new BlackRock-backed stock exchange

The European Central Bank (ECB) is set to cut interest rates ahead of the U.S. Federal Reserve, marking the eurozone as the largest wealthy economy to begin easing borrowing costs in response to receding inflation following Russia’s invasion of Ukraine. ECB President Christine Lagarde and other officials have indicated a likely quarter-point rate cut from the current record high of 4% at the upcoming governing … Continue reading Interest rates are likely headed down, at least in Europe

Atlanta Federal Reserve President Raphael Bostic indicated in an interview with FOX Business’ Liz Claman that the likelihood of an interest rate cut in July is low, citing signs of slowed inflation progress. Bostic stated that he is closely monitoring the short-term trajectory of economic indicators and does not foresee a rate cut in July. He emphasized the importance of economic strength and inflation moving … Continue reading Fed signals central bank unlikely to cut interest rates in July

The union representing flight attendants at American Airlines Group Inc has called for workers to prepare for a possible strike following failed contract negotiations with the airline. The Association of Professional Flight Attendants (APFA) stated that significant disagreements persist on key economic aspects of the deal, along with what they deem as unacceptable scheduling demands from the company. APFA anticipates that the National Mediation Board … Continue reading American Airlines faces strike threat as union negotiations stall

The Federal Reserve’s closely monitored inflation gauge, the personal consumption expenditures (PCE) index, remained unchanged in April, reflecting the ongoing burden of high prices on millions of Americans. According to the Labor Department, prices increased by 0.3% from the previous month, with a 2.7% rise on an annual basis, aligning with expectations. Core prices, excluding the more volatile food and energy components, also rose by … Continue reading Inflation measure closely watched by the Fed rises 0.3% in April

The US housing market, which has long suffered from a lack of inventory, is now seeing an increase in listings. However, buyers are not showing up in many areas, as higher mortgage rates are dampening demand during the prime season for real estate. Sellers are facing challenges as more of them are reducing asking prices due to growing inventory stagnation, as reported by Redfin Corp. … Continue reading Homebuyers Are Starting to Revolt Over Steep Prices Across US

Chipotle has denied rumors circulating on social media about customers receiving smaller portions of food. I nfluencers on TikTok have claimed that the Mexican grill chain has reduced serving sizes across items like burritos, chips, and meat in bowls. Chipotle’s chief corporate affairs officer, Laurie Schalow, stated that there have been no changes in portion sizes and that they have reinforced proper portioning with their … Continue reading Chipotle responds to social media claims about smaller portions

The U.S. consumer confidence index increased to 102 in May, up from 97.5 in April, marking the first rise after three consecutive monthly declines, according to the Conference Board. This exceeded economists’ expectations of a drop to 96. The survey component reflecting current economic conditions improved to 143.1 from 140.6, and the expectations index for the next six months rose to 74.6 from 68.8, remaining … Continue reading Consumer confidence rebounds after months of decline

China is intensifying its efforts to lead in advanced technologies by establishing its largest semiconductor state investment fund, valued at $47.5 billion. This move comes in response to the US imposing strict export restrictions on American chips and related technology to curb Beijing’s technological ambitions. The new fund, supported by six major state-owned banks including ICBC and China Construction Bank, highlights President Xi Jinping’s commitment … Continue reading China is pumping another $47.5 billion into its chip industry

Elon Musk’s AI firm, xAI, has secured $6 billion in new funding from investors, including Sequoia Capital, Andreessen Horowitz, and Saudi Prince Alwaleed Bin Talal, raising its valuation to $24 billion. The funds will be used to launch its first products, build advanced infrastructure, and accelerate R&D. Initially valued at $18 billion, xAI’s latest funding positions it as a competitor to OpenAI, the creator of … Continue reading Elon Musk’s xAI firm valued at $24 billion as investors pledge more money

Fast food, once seen as a quick and affordable meal, is now considered a luxury by many Americans due to rising menu prices, according to a LendingTree survey. The survey, which polled over 2,000 adults, revealed that nearly 80% now view fast food as a “luxury,” and 62% are eating it less often because of the higher costs. The financial strain is particularly felt by … Continue reading Nearly 80% of Americans now view fast food as a luxury