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CNN, CNN BUSINESS By Nathaniel Meyersohn, CNN Business Wealthier customers pinched by inflation are switching to Walmart for groceries, boosting sales at America’s largest retailer. Walmart on Tuesday reported annual US sales growth of 8.2% last quarter at stores open for at least a year. The results beat Wall Street analysts’ expectations, pushing Walmart’s stock
Continue ReadingBy Allison Morrow, CNN Business In the space of a week, a 30-year-old entrepreneur once hailed as a modern-day J.P. Morgan watched his digital empire, including billions of his own fortune, evaporate in a death spiral that’s shaken the foundations of the trillion-dollar crypto industry. On Thursday, Sam Bankman-Fried issued a mea culpa: “I f**ked
Continue ReadingBy Anna Bahney, CNN Business Mortgage rates have jumped back above 7%, after dropping last week. The 30-year fixed-rate mortgage averaged 7.08% in the week ending November 10, up from 6.95% the week before, according to Freddie Mac. A year ago, the 30-year fixed rate stood at 2.98%. Mortgage rates have risen throughout most of
Continue ReadingCNN By Paul R. La Monica, CNN Business Many investors are still nursing losses for the year. But stocks have come roaring back to life in the past few weeks thanks to hopes that inflation might be really peaking and that the Federal Reserve will soon reduce or slow down its interest rate increases as
Continue ReadingBy Nicole Goodkind, CNN Business The third-quarter corporate earnings season is wrapping up: We now have reports from about 450 of the S&P 500, or 90% of the index’s total membership. Results were mostly solid, with companies from Goldman Sachs to GM reporting strong profits. But it’s all about what’s next — and companies’ projections
Continue ReadingCNN, CNNBUSINESS By Alicia Wallace, CNN Business The economy was top of mind for voters in the midterm elections, exit polls showed, adding even more weight to a highly anticipated inflation report due out on Thursday. The Consumer Price Index for October, which measures the change in price of everything from pork chops to plane
Continue ReadingBy Alicia Wallace, CNN Business Americans and the Federal Reserve got some welcome news Thursday on inflation. The Consumer Price Index rose 7.7% for the year ending in October, a much slower pace of increase than the 8% economists had expected and the lowest annual inflation reading since January. The stock market skyrocketed on the
Continue ReadingBy Oliver Darcy, CNN Business The White House believes that the press has “egg on their faces, yet again.” That’s according to a White House official who spoke candidly with CNN on Wednesday about the media’s “red wave” narrative that wasn’t. Heading into Tuesday, the dominant narrative in the press — especially right-wing media —
Continue ReadingBy Chris Isidore, CNN Business Electric truckmaker Rivian delivered a mixed bag for investors in its third-quarter earnings report, after a brutal day for its shares and those of other electric vehicle makers. On the one hand, Rivian reported a smaller than expected adjusted loss of $1.4 billion, less than the $1.7 billion loss forecast
Continue ReadingBy Allison Morrow, CNN Business So, you won the lottery. Congrats! What do you do now? Once you’re done screaming and dancing in a shower of Champagne, take a moment to gather yourself and start thinking about the more pragmatic aspects of your new life as a multimillionaire (or billionaire) What will you do with
Continue ReadingBy Alicia Wallace, CNN Business The economy was top of mind for voters in the midterm elections, exit polls showed, adding even more weight to a highly anticipated inflation report due out on Thursday. The Consumer Price Index for October, which measures the change in price of everything from pork chops to plane tickets, will
Continue ReadingBy Allison Morrow, CNN Business Sam Bankman-Fried, the crypto entrepreneur known for providing a financial lifeline to struggling firms in the industry, is now in need of a bailout himself. Bankman-Fried, widely known as SBF, started this week firmly in the realm of billionaires, with an estimated fortune of more than $15 billion, according the
Continue ReadingBy Matt Egan, CNN Business Phillips 66 is cutting at least 1,100 jobs by the end of this year as the refining giant seeks to slash costs and steer a larger chunk of its soaring profits to shareholders. At its investor day meeting in New York Wednesday, Phillips 66 detailed plans to slim down in
Continue ReadingBy Nathaniel Meyersohn, CNN Business Adidas ended its sneaker partnership with Ye, formerly known as Kanye West, last month after the musician’s anti-Semitic tirade. But Adidas will continue to sell the lucrative sneaker and apparel line, stripped of the Yeezy name and branding. The company said it’s the sole owner of all Yeezy line design
Continue ReadingBy Matt Egan It’s never a great time to carry credit card debt. But right now is arguably the worst time. The Federal Reserve’s war on inflation has driven up the average credit card APR (annual percentage rate) to 19.04% as of November 9, according to Bankrate.com. That’s the highest rate since Bankrate.com’s database began
Continue ReadingBy Oliver Darcy, CNN Business Rupert Murdoch, the media mogul who controls some of the most powerful organs in conservative media, appeared to make clear Wednesday that he would prefer to cast aside former President Donald Trump in favor of Florida Gov. Ron DeSantis as the leader of the Republican party. The New York Post,
Continue ReadingBy Chris Isidore and Vanessa Yurkevich, CNN Business The threat of a freight railroad strike has been pushed back to early December, as four major unions have agreed to coordinate the date on which they could potentially go on strike. The third-largest railroad union, the Brotherhood of Maintenance of Way Employe Division, had been prepared
Continue ReadingBy Reuters Tens of thousands of British nurses will go on strike for the first time over demands for better pay, their trade union said on Wednesday, adding to pressure on Prime Minister Rishi Sunak during an economic crisis. Nurses at the majority of state-run National Health Service (NHS) employers across Britain have voted to
Continue ReadingBy Julia Horowitz, CNN Business The world may be losing the fight against the climate crisis, but investors are still willing to throw money at oil and gas companies. That’s one lesson from the initial public offering on Wednesday of Ithaca Energy, a North Sea oil and gas producer — which went ahead as world
Continue ReadingBy Danielle Wiener-Bronner, CNN Business Between warnings of a recession, high inflation and layoff fears, the news is bleak. Why not have some chocolate? Chocolate makers are reporting booming sales as stressed out customers reach for something sweet to take the edge off. In the third quarter, sales of Hershey’s chocolates, which include Reese’s, Kit
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