Money

By Krystal Hur, CNN New York (CNN) — Cyclical stocks that tend to rise and fall with the economy are rallying, the latest sign that investors are becoming more optimistic about the possibility of a “soft landing,” i.e. no recession. The Dow Jones Industrial Average index has gained 3.2% this month, outperforming the S&P 500

By Matt Egan, CNN New York (CNN) — Gas prices have suddenly jolted higher, as excessive heat and production caps have hurt supply. The US average for regular gasoline climbed another two cents on Thursday to $3.71 a gallon, according to AAA. That’s the highest level since mid-November 2022. Pump prices have now jumped by

By Laura He Hong Kong (CNN) — Volkswagen has bought nearly 5% of Chinese electric vehicle maker Xpeng for $700 million and agreed a strategic partnership to develop two new models as it attempts to reverse a decline in sales in the world’s biggest car market. Subject to final agreement, the companies will join forces

By Brian Fung, CNN Washington (CNN) — Two US senators are calling for the creation of a new federal agency to regulate tech companies such as Amazon, Google and Meta, in the latest push by members of Congress to clamp down on Big Tech. Under the proposal released Thursday by Sen. Elizabeth Warren, a Massachusetts

By Hanna Ziady, CNN London (CNN) — Shell and TotalEnergies have reported a steep drop in second-quarter profits, as oil and gas prices fell from record highs reached following Russia’s full-scale invasion of Ukraine 17 months ago. The sharp decline in earnings from two of the world’s biggest oil companies signals the end of a

By Oliver Darcy, CNN (CNN) — Variety has a mess on its hands. One day after publishing a questionable 4,000-word story that aimed to detail the behind-the-scenes drama that has gripped CNN for the last 18 months, the Hollywood trade publication is being met with calls for it to issue corrections to the piece, if

By Laura He and Candice Zhu, CNN Hong Kong (CNN) — Exhausted by the pressure to succeed as a photographer, Litsky Li accepted a better offer: quit work to become one of China’s growing legions of children paid by their families to stay home. Li, 21, now spends her days grocery shopping for her family

By Jeanne Sahadi, CNN New York (CNN) — Eleven times in 17 months. That’s how fast the Federal Reserve has hiked its overnight bank lending rate, which directly or indirectly affects many consumer rates. The Fed’s aggressive campaign is intended to beat down inflation. And it may be working. Based on the latest reading, inflation

By Parija Kavilanz, CNN New York (CNN) — Mattel, riding high on the pink wave of the box office success of the “Barbie” movie, plans to go all in to deliver a Barbie kind of Christmas this year. The “Barbie” movie, from director Greta Gerwig, scored the largest opening weekend of 2023, pulling in $155

By Jordan Valinsky and Ramishah Maruf, CNN New York (CNN) — Beer maker Anheuser-Busch said Wednesday that it will lay off positions across its US corporate staff. In a statement, an Anheuser-Busch spokesperson said the restructuring “will simplify and reduce layers within its organization.” The layoffs will not include frontline staff such as “brewery and

By Elisabeth Buchwald, CNN New York (CNN) — Roughly every six weeks Federal Reserve Chair Jerome Powell delivers a report card that rates the economy’s future performance. This comes along with each decision the central bank makes on interest rates. The latest move — to raise interest rates by a quarter point — came on

By Catherine Thorbecke, CNN (CNN) — Meta’s “year of efficiency” seems to be paying off. The Facebook-parent company on Wednesday reported revenue of $32 billion for its quarter ending in June, marking an 11% increase compared to the same period last year and beating Wall Street’s expectations. The results mark Meta’s second consecutive quarter of

By Chris Isidore, CNN New York (CNN) — UPS and the Teamsters reached a tentative deal on a new labor contract Tuesday, potentially averting what could have been a crippling strike. What it means really is up to the 340,000 rank-and-file Teamsters who work for the company who now get to vote on the deal.

By Matt Egan, CNN Business New York (CNN Business) — Larry Summers, the former Obama and Clinton official, slammed parts of President Joe Biden’s economic agenda as “increasingly dangerous” this week, saying it could end up causing higher prices for Americans. “I am profoundly concerned by the doctrine of manufacturing-centered economic nationalism that is increasingly

By Peter Valdes-Dapena, CNN Business (CNN) — Seven major automakers are coming together to create a joint venture that will build out a large electric vehicle fast-charging network in the North America, in an attempt to make electric vehicles more attractive to consumers. The companies – General Motors, BMW Group, Honda, Hyundai, Kia, Mercedes-Benz and

By Jordan Valinsky, CNN Business New York (CNN) — Gap has named a new CEO, from toy giant Mattel, nearly a year after its previous leader departed. The retailer announced Wednesday that Richard Dickson, currently Mattel’s president and chief operating officer, will assume the position. He’s been with the toymaker for a collective 20 years,

By Allison Morrow and Kara Scannell, CNN New York (CNN) — A federal judge issued a gag order on former FTX CEO Sam Bankman-Fried, restricting his ability to speak publicly about his case, after US prosecutors asked a federal judge to jail him over allegations of witness-tampering. Prosecutors accused Bankman-Fried of leaking his former girlfriend

By Matt Egan, CNN New York (CNN Business) — Prices at the gas pump are suddenly surging, causing headaches for consumers and central bankers alike. The two-day jump in gasoline prices — the biggest in a year — is combining with a rally in wheat and other agricultural commodities. A lasting spike in food and

CNN By Matt Egan, CNN New York (CNN Business) — Prices at the gas pump are suddenly surging, causing headaches for consumers and central bankers alike. The two-day jump in gasoline prices — the biggest in a year — is combining with a rally in wheat and other agricultural commodities. A lasting spike in food

By Brian Fung, CNN (CNN) — Some of the world’s top artificial intelligence companies are launching a new industry body to work together — and with policymakers and researchers — on ways to regulate the development of bleeding-edge AI. The new organization, known as the Frontier Model Forum, was announced Wednesday by Google, Microsoft, OpenAI