Stellantis, the parent company of Chrysler, is laying off up to 2,450 workers at its Warren Truck assembly plant near Detroit as it ends production of the Ram 1500 Classic truck. The layoffs, effective from October 8, will reduce the plant’s general assembly operations to one shift, although production of the Jeep Wagoneer will continue with two shifts. The company is shifting focus to the … Continue reading Stellantis to lay off up to 2,450 factory workers as classic Ram production ends

Candy sold at Walmart, Target, Dollar General, and other stores across the U.S. has been recalled due to potential salmonella contamination. The Palmer Candy Company is recalling its “White Coated Confectionary Items” after being alerted by its liquid coating supplier about possible contamination. The recall, classified as a “Class I” by the FDA, indicates a high risk of serious health consequences. The affected products, including … Continue reading Candy sold at Target, Walmart, Dollar General stores recalled due to salmonella threat

Boeing and the U.S. Air Force have agreed on a $2.56 billion contract to develop two prototype E-7A Wedgetail aircraft, designed as a replacement for the aging E-3 Sentry AWACS fleet. The E-7A, based on the Boeing 737, features advanced airborne early warning and control systems with a distinctive radar antenna. The aircraft will enhance airborne battle management, providing advanced situational awareness and long-range capabilities … Continue reading Boeing gets $2.5 billion Air Force contract for new airborne warning and control aircraft

The crypto markets are stabilizing after a turbulent week that tested institutional investors’ reactions to significant market swings, common in the digital currency space. A sell-off in bitcoin and ether earlier in the week wiped out $367 billion in value, but new investors showed resilience, with spot ether ETFs seeing net inflows of $120 million, particularly when prices were low. While bitcoin ETFs initially saw … Continue reading Bitcoin plunged 28%. Institutional investors bought the dip

Retailers are starting the Halloween season earlier than ever, stocking shelves with spooky items alongside back-to-school supplies, a trend dubbed “Summerween.” This early push, popularized by the show “Gravity Falls” and celebrated on TikTok, comes amid growing consumer financial stress, with rising credit card debt and shrinking savings. Despite this, Halloween spending remains strong, as consumers continue to splurge on seasonal goods, CNN has reported. … Continue reading Retailers rollout Halloween earlier-than-ever

A late-week rebound in stocks led to the biggest back-to-back market gains of 2024, nearly erasing the S&P 500’s earlier losses from a volatile week. This brief period of stability contrasts with the recent turmoil in global markets, driven by concerns over the Federal Reserve’s response to weak economic data and uncertainty surrounding Japan’s policy decisions. Despite the recovery, the S&P 500 ended its fourth … Continue reading Stocks Make Comeback at End of Dizzying Week

Asian markets posted solid gains on Wednesday, with Japanese shares reversing early losses after a Bank of Japan official downplayed the likelihood of an immediate interest rate hike. The Nikkei 225 closed 1.2% higher, recovering from a 2.5% drop earlier in the session, following comments from BOJ Deputy Governor Shinichi Uchida. Uchida stated that recent market volatility could influence the BOJ’s rate hike decisions, emphasizing … Continue reading Asian markets make solid gains following global rout

Last week, home-purchase applications surged as mortgage rates fell to their lowest level in over a year. The Mortgage Bankers Association (MBA) reported a 6.9% increase in mortgage applications for the week ending Aug. 2. The average rate for a 30-year loan dropped to 6.55% from 6.82%, marking the lowest rate since May 2023. The lower rates also led to a 16% surge in refinancing … Continue reading Mortgage demand roars back to life as rates drop to lowest level in a year

High inflation has put companies like Walmart, McDonald’s, and Kroger in the political spotlight. Senators Elizabeth Warren and Bob Casey criticized Kroger’s use of electronic shelf labels, fearing they could lead to price hikes, especially as Kroger plans a $24.6 billion acquisition of Albertsons. Both Democrats and Republicans are focusing on inflation in their campaigns. Vice President Kamala Harris targets corporate “price gouging,” while former … Continue reading As inflation fury lingers, politicians join customers in pushing companies to cut prices

The Biden administration announced a $2.2 billion investment to revamp the U.S. power grid, aiming to protect it against extreme weather events and support increasing demands from data centers. The upgrades will add nearly 13 gigawatts of capacity, facilitating more manufacturing, data centers, and renewable power transmission. The funding will support eight projects across 18 states, Reuters has reported. U.S. Secretary of Energy Jennifer Granholm … Continue reading US to invest $2.2 billion to overhaul national power grid

Elon Musk’s social media platform, X, has filed an antitrust lawsuit against The Global Alliance for Responsible Media (GARM), accusing it of illegally boycotting companies, including X. The lawsuit also targets the World Federation of Advertisers (WFA) and GARM members CVS Health, Mars, Orsted, and Unilever. X CEO Linda Yaccarino stated the lawsuit follows a House Judiciary Committee investigation that found GARM organized boycotts and … Continue reading Elon Musk’s X files antitrust lawsuit against worldwide advertising group

A wave of dip buying led to a stock rebound after a $6.5 trillion selloff. The S&P 500 rose by 1%, with all major sectors gaining as buyers capitalized on the “oversold” market. Historically, such slumps have been followed by a 6% median return over three months. The VIX saw its biggest drop since 2010. Treasuries fell as haven asset demand decreased, and expectations for … Continue reading Stock markets rally after global rout

Japan’s stock market confirmed a bear market on Monday as the Nikkei 225 and Topix both fell over 12%, continuing last week’s sell-off in Asia-Pacific markets. The indexes have dropped more than 20% from their July 11 all-time highs. The Nikkei’s 12.4% loss, closing at 31,458.42, marked its worst day since Black Monday in 1987, with a record point drop of 4,451.28, erasing all gains … Continue reading Japan’s Nikkei logs worst day since 1987 Black Monday crash

Stocks plummeted on Monday, with the Dow Jones Industrial Average experiencing its worst day in nearly two years due to concerns about the U.S. economy, triggering a global market sell-off. The Dow dropped 1,033.99 points (2.6%) to 38,703.27, the Nasdaq Composite fell 3.43% to 16,200.08, and the S&P 500 declined 3% to 5,186.33. Both the Dow and S&P 500 saw their largest daily losses since … Continue reading Dow tumbles 1,000 points in global market sell-off

A U.S. judge ruled that Google violated antitrust laws by spending billions to establish an illegal monopoly as the default search engine, marking a significant victory for federal authorities challenging Big Tech’s dominance. The decision sets the stage for a second trial to determine potential remedies, which could include breaking up Google’s parent company, Alphabet. District Judge Amit Mehta declared Google a monopolist controlling 90% … Continue reading Google has an illegal monopoly on search, US judge finds

Months after receiving $8.5 billion in federal grants to boost U.S. chipmaking, Intel announced it will cut 15% of its workforce, about 17,000 jobs, as part of a major restructuring plan. CEO Pat Gelsinger cited the need to align costs with a new operating model and address lower-than-expected revenues and high costs. Intel’s stock fell 26% after the announcement. The decision to cut jobs despite … Continue reading Intel’s massive job cuts come after it received $8.5 billion in taxpayer money

The Nasdaq 100 Index has entered correction territory, losing over US$2 trillion in value in just over three weeks due to a sharp rotation away from Big Tech stocks. The index fell 2.4% on Friday, bringing its total decline since a July 10 record to more than 10%. Despite this drop, the index is still up nearly 10% for the year. Major tech stocks, including … Continue reading Nasdaq 100 is in correction territory with AI darlings sinking

The U.S. economy is shifting focus from high inflation to concerns about the labor market. For 2½ years, the Federal Reserve and the White House prioritized combating inflation. However, a disappointing July hiring report has redirected attention to the labor market. Fed officials, aiming for a “soft landing” to reduce inflation without weakening the economy, are now questioning if the economy is settling at full … Continue reading Lousy Jobs Report Forces Fed to Reckon With Hard Landing

Record inflation is prompting some to question the value of homeownership as an investment. Home prices have been rising faster than incomes, increasing the cost of maintaining a home. Over 25% of homeowners with mortgages are “cost-burdened,” spending more than 30% of their income on housing, according to a 2023 Chamber of Commerce analysis, CNBC has reported. Experts highlight that rising property taxes and insurance … Continue reading Home valuations are rising faster than incomes

On Thursday, U.S. government debt yields fell sharply, signaling increased concern about the economy ahead of Friday’s July nonfarm payrolls report. The 10-year Treasury yield dropped to its lowest level since February, influenced by weak manufacturing data and a surge in weekly jobless claims to a near one-year high. Traders are anticipating continued softness in the labor market. Historically, lower Treasury yields can indicate a … Continue reading Sinking Treasury yields signal growing jitters

In July, U.S. job growth significantly slowed, with nonfarm payrolls increasing by only 114,000—below the Dow Jones estimate of 185,000 and a decrease from June’s revised 179,000. The unemployment rate rose to 4.3%, its highest since October 2021. Average hourly earnings increased by 0.2% for the month and 3.6% year-over-year, both below expectations. Stock market futures fell and Treasury yields dropped following the report. Despite … Continue reading Unemployment rises to 4.3%

Delta Air Lines CEO Ed Bastian criticized cybersecurity firm CrowdStrike and software provider Microsoft for their roles in a five-day service disruption that cost the airline $500 million. Bastian complained that neither company had offered compensation or effective support, blaming CrowdStrike’s flawed software update for causing widespread outages on July 19. The issues disrupted Delta’s crew tracking system, leading to the cancellation of about 30% … Continue reading Delta CEO lashes out at CrowdStrike: This cost us $500 million and they offered us nothing

Boeing appointed aerospace veteran Robert “Kelly” Ortberg as its new CEO on Wednesday, succeeding Dave Calhoun, who is retiring. Ortberg, known for his leadership at Rockwell Collins, will take over as Boeing navigates a period of reputational and financial challenges. Shares rose 2.9% in premarket trading following the announcement. Boeing also reported a $1.4 billion loss for the previous quarter, Fox Business has reported. The … Continue reading Boeing names Kelly Ortberg as new CEO

Federal Reserve Chair Jerome Powell indicated that the central bank might cut interest rates at its September meeting if economic conditions remain favorable. Recent data shows inflation moving toward the Fed’s 2% target and unemployment rising slightly above 4%. Powell emphasized that rate decisions will be based on overall data trends rather than individual data points, CNBC has reported. The Fed kept its benchmark rate … Continue reading Powell says September rate cut ‘on the table’ if inflation data continues to cool

Cryptocurrencies experienced a decline at the start of the final week of July. Bitcoin fell over 1% to $67,264.00 after briefly hitting $69,982.00, while Ether rose more than 1% to $3,311.28. Last week, Bitcoin gained 1%, but Ether dropped 7%. Traders are focused on upcoming central bank meetings, particularly the Federal Reserve, where comments from Chair Jerome Powell are anticipated. Over the weekend, former President … Continue reading Bitcoin moves toward $70,000 then dips