Inflation rose in May, with the Consumer Price Index increasing 0.5% for the month and 4.2% over the past year, driven largely by higher energy prices. Core inflation, which excludes food and energy, rose more modestly at 0.2% monthly and 2.9% annually, suggesting underlying price pressures remain softer. Energy costs surged 3.9% in May and are up sharply over the past year, while food and … Continue reading Consumer prices rose 4.2% annually in May, highest in three years

General Motors is rolling out a software update that allows some U.S. electric vehicle owners to send electricity from their cars back to the power grid, expanding its existing vehicle-to-home energy system. The feature could let drivers sell excess energy to utilities during peak demand, though GM will take a share of the payments and usage may depend on whether drivers want to keep their … Continue reading GM to offer EV owners ability to sell power to US electricity grid

A new federal report warns that Social Security’s retirement trust fund will run short of full funding by 2032, one year earlier than previously projected, while Medicare’s hospital insurance fund is expected to be depleted in 2033. After those dates, both programs would still pay benefits, but only at reduced levels due to insufficient revenue. The worsening outlook is driven by rising healthcare costs and … Continue reading Social Security’s retirement trust fund faces funding shortfall earlier than expected

Marvell Technology surged after being announced as a new addition to the S&P 500, joining on June 22 alongside Flex, while companies like Pool Corp and Campbell’s will be removed. The AI-focused chipmaker, based in Santa Clara, designs semiconductors used in cloud computing, AI, 5G, and data infrastructure. Its stock jumped sharply on the news and has already posted major gains this year, reflecting strong … Continue reading Marvell Technology jumps 10% after news it will join the S&P 500

The United States has added major Chinese companies Alibaba Group, BYD Company, and Baidu to a Pentagon list of firms it says support China’s military, expanding a blacklist that now includes 188 companies. The designation means the firms and their subsidiaries could be barred from U.S. defense contracts under rules set to take effect soon. China condemned the move as discriminatory, while Alibaba and others … Continue reading US lists China’s BYD, Alibaba, Baidu as ‘Chinese military companies’

OpenAI has filed confidential paperwork to go public on the U.S. stock market, setting the stage for what could become one of the largest IPOs in history with a potential valuation above $850 billion. The company said it submitted a confidential S-1 filing to the SEC, allowing regulators to review financial details before public disclosure, while noting the timing of the offering has not yet … Continue reading OpenAI confidentially files for initial public offering on US stock market

Target is recalling its Up & Up baby wipes nationwide after reports that they may be contaminated with bacteria that can cause serious infections in infants. The recall covers both fragrance-free and cucumber-scented versions sold in multiple package sizes at stores and online. The U.S. Food and Drug Administration identified bacterial contamination after complaints of discoloration, irritation, and possible infections. Customers are advised to stop … Continue reading Target recalls baby wipes over risk of ‘life-threatening’ bacterial infections

Bitcoin fell sharply on Friday, dropping to its lowest level since October 2024 and extending a weekly loss of about 16%. The price slid to around $59,000 after a combination of factors, including a small Bitcoin sale by Strategy, broader market liquidations, and pressure from stronger-than-expected U.S. jobs data. The decline was also linked to shifting investor sentiment, with money flowing into AI stocks and … Continue reading Bitcoin cracks $60,000, sinking to lowest level since October 2024

Brent crude oil prices jumped more than $3 per barrel on Monday after renewed Israeli strikes in Lebanon and reports of explosions in several Iranian cities raised fears of wider conflict. Brent futures rose about 3.4% to $96.24, while U.S. crude also climbed more than 3%, reversing losses from the previous session. The gains came amid heightened tensions in the U.S.–Iran conflict and concerns about … Continue reading Oil prices climb more than $3 after Israeli strikes on Lebanon

New data from the U.S. Labor Department shows jobless claims rose more than expected last week, reaching a four-month high, though economists say the labor market remains stable. The increase to 225,000 claims was partly attributed to seasonal effects around the Memorial Day holiday rather than a clear weakening in employment conditions. Analysts described the broader trend as a “low fire, low hire” environment, with … Continue reading US weekly jobless claims increase to four-month high; worker productivity revised down

Blackstone has restricted withdrawals from its $79 billion Blackstone Private Credit (BCRED) fund after a surge in investor redemption requests raised concerns about liquidity in private markets. The fund capped withdrawals at 5% of shares after requests reached 10% in the second quarter, following similar moves by other private market firms. The action comes amid broader industry volatility, with firms like Partners Group also limiting redemptions and warning … Continue reading Blackstone restricts flagship fund withdrawals as private asset fears reemerge

Lululemon Athletica reported weaker-than-expected earnings guidance and cut its full-year revenue and profit outlook, signaling a slowdown in growth. The company now expects lower revenue for both the second quarter and full year than Wall Street had forecast, citing ongoing business headwinds. Shares fell more than 11% after the announcement as investors reacted to the disappointing outlook. Incoming CEO Heidi O’Neill, a former Nike executive, will take over in … Continue reading Lululemon stock tanks after company trims full-year financial outlook

U.S. stocks edged higher on Tuesday, with all major indexes hitting record highs as momentum from the artificial intelligence boom continued to lift markets. The S&P 500 rose slightly, while the Dow Jones and Nasdaq also posted gains despite mixed intraday trading. Tech-related stocks led the rally, with Hewlett Packard Enterprise surging after strong earnings tied to AI demand. Marvell Technology jumped sharply after bullish … Continue reading Wall Street inches to more records thanks to booming AI stocks

Asia-Pacific markets rose broadly on Wednesday, with Japan’s Nikkei 225 reaching a record high despite ongoing uncertainty over U.S.–Iran tensions. Investors appeared to overlook escalating conflict risks, including reports of Iranian activity in the Strait of Hormuz, a key global oil shipping route. U.S. Secretary of State Marco Rubio said Iran has placed mines in parts of the waterway and targeted commercial shipping. A White … Continue reading Japan’s Nikkei hits record high

Nearly 1,000 United Auto Workers members went on strike at American Axle, a major General Motors supplier, after contract negotiations failed to reach an agreement before the deadline. UAW President Shawn Fain announced the strike shortly before midnight, saying workers were demanding fair wages after accepting major pay cuts during the 2008 recession to save the company. The union argues that wages have not kept … Continue reading UAW declares midnight strike at American Axle, a key GM supplier

McDonald’s unveiled a new global growth strategy called “McDonald’s > NEXT” aimed at strengthening its position as competition increases and consumer spending tightens. The plan focuses on four key areas: improved restaurant design, better food and beverages, customer-driven innovation, and stronger service. Executives said the company will prioritize menu upgrades, especially in chicken, beef, and drinks, while also using customer feedback and viral trends to … Continue reading McDonald’s unveils new global growth strategy to win over diners

Oil prices surged Monday after reports that Iran was cutting off talks with the United States to end the ongoing war, raising fears of continued supply disruptions. U.S. crude rose about 5.5% to $92.16 per barrel, while Brent climbed 4.5% to $94.98. Energy markets also pushed up fuel and bond yields, though prices eased slightly after hitting earlier highs. The jump followed renewed tensions as … Continue reading Oil prices jump after U.S.-Iran talks reportedly collapse

Anthropic has filed for an initial public offering (IPO), surprising analysts and escalating competition with OpenAI to reach public markets first. The filing will remain confidential while the Securities and Exchange Commission reviews it, and details such as share price and size have not yet been determined. The move comes after Anthropic was recently valued at about $965 billion following a major funding round. If … Continue reading Anthropic files for IPO before OpenAI

South Korea’s exports surged in May at their fastest annual pace in over four decades, driven largely by strong global demand for semiconductors fueled by AI investment. Total exports rose 53.2% year-on-year to a record $87.75 billion, marking the 12th straight month of growth. Chip exports jumped 169.4% to an all-time monthly high, while computer exports soared due to AI server demand, though automobile exports … Continue reading South Korea export growth hits four-decade high as chip sales hit record on AI boom

U.S. stocks reached new record highs on Thursday, driven by strong corporate earnings from companies like Dollar Tree, Snowflake, and Hormel Foods. The rally was also supported by optimism over a tentative U.S.-Iran ceasefire extension, which helped ease oil prices and inflation pressures. Major indexes all rose, with the S&P 500, Dow, and Nasdaq setting fresh records despite ongoing concerns about inflation and high interest … Continue reading Wall Street pushes to more records as profits keep piling up for US companies

Caesars Entertainment has agreed to be acquired by Fertitta Entertainment in a $17.6 billion all-cash deal that includes assumption of significant debt. Shareholders will receive $31 per share, and the agreement includes a short window for Caesars to consider other bids. The combined company would bring together casino resorts, online betting platforms, and Fertitta’s restaurant and hospitality businesses. Caesars Entertainment’s top executives are expected to stay on and … Continue reading Caesars Entertainment to be bought by Fertitta Entertainment in $17.6 billion deal

Anthropic has become the most valuable AI company in Silicon Valley after raising $65 billion in a Series H funding round at a $965 billion valuation. The round, led by major investors including Altimeter Capital and Sequoia Capital, nearly tripled the company’s valuation in just a few months. Strong growth has been driven by demand for its Claude AI tools, with the company reporting a … Continue reading Anthropic tops OpenAI as most valuable AI startup, nears $1 trillion valuation

AutoZone shares fell about 9% on Tuesday, marking their worst one-day drop in more than four years, even though the company beat Wall Street earnings and matched revenue expectations. Investors reacted negatively to concerns raised on the earnings call, including slowing sales, weaker international growth, and margin pressure. Executives attributed the slowdown partly to unseasonably cool weather reducing demand for heat-related products. Analysts also questioned … Continue reading AutoZone stock has worst day in four years

Shares of SK Hynix surged more than 10%, pushing the South Korean chipmaker’s market value above $1 trillion amid strong investor enthusiasm for AI-related semiconductor companies. The stock has risen roughly 250% this year, driven by booming demand for high-bandwidth memory chips used in AI systems and its role as a key supplier to Nvidia. Rival Samsung Electronics also saw gains and recently surpassed the … Continue reading SK Hynix hits $1 trillion valuation as AI boom lifts South Korean chip stocks

Ferrari unveiled its first fully electric vehicle, the Luce, marking a major shift for the luxury sports car maker. The new five-seater EV, priced at about $640,000, can reach 60 mph in roughly 2.5 seconds and has a top speed near 192 mph. CEO Benedetto Vigna described the launch as the beginning of a new chapter while emphasizing respect for both new technology and Ferrari’s … Continue reading Ferrari shares fall after carmaker unveils first fully electric vehicle