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By Paul R. La Monica, CNN Business New month. Same old market volatility. Stocks rallied at the end of first day of September, which is historically the worst month for stocks. The Dow and S&P 500 snapped four-day slides but the Nasdaq is now on a five-day losing streak that started with the market’s swoon
Continue ReadingBy Matt Egan and Anna Bahney, CNN Bank of America is offering zero down payment mortgages with no closing costs for first-time homebuyers in certain Black and Hispanic neighborhoods in a new program designed to chip away at inequality in the housing market. The new loan, launched this week, requires no minimum credit score nor
Continue ReadingBy Alicia Wallace, CNN Business The US economy shrank in the first half of the year, consumer sentiment plunged amid high inflation and unrest overseas, and some of the biggest names in business have cut thousands of jobs — but America’s labor market hasn’t skipped a beat. US employers announced just 20,485 layoffs in August,
Continue ReadingBy Paul R. La Monica, CNN Business The work-from-home boom may be over, and that’s not good news for one pandemic stock market darling. Zoom’s weak earnings outlook and plunging stock price raise the question of whether or not the video conferencing company is a one-trick pony that needs to be part of a larger
Continue ReadingBy Anna Bahney, CNN Business Mortgage rates continued to climb this week following comments by Federal Reserve Chairman Jerome Powell that the central bank is taking “forceful and rapid” steps to reduce inflation and slow the economy. The 30-year fixed-rate mortgage averaged 5.66% in the week ending September 1, up from 5.55% the week before,
Continue ReadingBy Kate Trafecante and Alicia Wallace for CNN Business Weekly jobless claims fell to the lowest level since late June as employers appear reluctant to part with workers in a tight labor market. According to a report from the US Department of Labor, 232,000 Americans filed first-time unemployment claims in the week ending August 27,
Continue ReadingBy Clare Duffy, CNN Business After years of users clamoring for such a feature, Twitter is finally testing edited tweets. Twitter said in — where else? — a tweet Thursday morning that some users may start seeing edited tweets in their feed because it is testing the long-awaited edit button. “This is happening and you’ll
Continue ReadingBy Rachel Metz, CNN Business In January 2021, Rachel Tobac came up with a silly take on a serious topic: A sea shanty-like video in which she sang a tale about the importance of password security and multi-factor authentication. It came complete with a hauntingly harmonized chorus that includes the words, “Soon may a criminal
Continue ReadingOpinion by Gideon Maltz for CNN Business Perspectives One year ago, the world collapsed for Sayed Kabir Kamall, an Afghan of Uzbek heritage. Kabir had worked in procurement for the US embassy in Afghanistan and, in his spare time, was a popular musician, recording music in support of the Afghan military. But by August 15,
Continue ReadingBy Zayn Nabbi and Anna Cooban, CNN Business More than two in five Black, brown and minority ethnic workers in the United Kingdom say they have faced racism on the job, according to a new study. 41% of those workers “faced racism at work in the last five years,” according to a report published Wednesday
Continue ReadingBy Brian Fung, CNN Google is preparing for a wave of misinformation surrounding the US midterm elections by elevating trustworthy information and displaying it more prominently across services including search and YouTube, the company said Thursday. As part of the effort, Google plans to launch a new tool in the coming weeks that highlights local
Continue ReadingBy Anna Chernova, Frederik Pleitgen, Chris Liakos and Julia Horowitz, CNN Business The chairman of Russian oil and gas giant Lukoil has died after falling out of the window of a hospital in Moscow, according to Russian state media. “The man fell out of the sixth-floor window and died as a result of his injuries,”
Continue ReadingBy Anna Cooban, CNN Business A leading British retailer plans to feed 88,000 workers over the winter to help them cope with the surging cost of living. John Lewis Partnership — which owns supermarkets, departments stores and provides banking services — announced on Wednesday that it would offer free food to all employees, including temporary
Continue ReadingBy Nicole Goodkind, CNN Business Markets are hard to predict right now, and that’s raising a question for some on Wall Street: Does a common measure of volatility actually work the way it should? Traders don’t have a crystal ball to measure the level of risk when they make investment decisions. Instead they depend on
Continue ReadingBy Frank Pallotta, CNN Business After much anticipation, “The Lord of the Rings: The Rings of Power” finally debuts on Amazon Prime Video on Friday. It represents one of the biggest bets in streaming history. The series, which takes place thousands of years before the events of J.R.R. Tolkien’s “Lord of the Rings” trilogy, is
Continue ReadingBy Anna Cooban, CNN Business Workers in the United Kingdom have had enough of falling living standards. Rail workers, journalists, lawyers, and postal workers have gone on strike in recent weeks to demand higher pay as inflation soars to its highest level in decades. At least 155,000 workers are currently on strike, including staff at
Continue ReadingBy Michelle Toh, CNN Business Two of America’s top chipmakers have been ordered to stop selling some of their technology to China that can be used for artificial intelligence. Nvidia and AMD said Wednesday that they had been told by the US government to halt exports of certain high-performance chips to the world’s second largest
Continue ReadingBy Jackie Wattles, CNN Business SpaceX’s partnership with NASA just got $1.4 billion sweeter, as the space agency announced Wednesday that it’s extending its deal with the company to cover five additional missions. The contract cements a long future for SpaceX and NASA as they work together to launch astronauts to and from the International
Continue ReadingBy Nathaniel Meyersohn, CNN Business Add a Sam’s Club membership to the list of subscriptions that are getting more expensive. The warehouse club, owned by Walmart, announced Wednesday that it’s raising its annual membership fee by 11% — from $45 to $50 — beginning in October. It’s the first change to the fee in nine
Continue ReadingBy Jackie Wattles, CNN Business Cruise operator Royal Caribbean is bringing SpaceX’s satellite-based internet service to its cruise ships in what it’s billing as “the biggest public deployment of Starlink’s high-speed internet in the travel industry so far.” The rollout will begin immediately across all three brands the company operates: Royal Caribbean International, Celebrity Cruises
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