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By Nicole Goodkind, CNN Business So much for the good feelings on Wall Street. US markets fell sharply Thursday, marking their worst day of the year and eviscerating all of the gains from Wednesday after the Federal Reserve’s announcement of its plans to increase in its benchmark interest rate won over investors. Fed Chair Jerome
Continue ReadingCNN, CNN BUSINESS By Nathaniel Meyersohn, CNN Business Tripped-up supply chains and a coronavirus surge in China are causing headaches for top athletic brands. Under Armour tumbled 25% Friday after the company posted a $60 million loss during its most recent quarter due to supply chain delays and recent Covid-19 lockdowns in China. Chinese authorities
Continue ReadingCNN By Jennifer Korn and Clare Duffy, CNN Business A wave of new legislation taking aim at abortion rights across the country is raising concerns about the potential use of personal data to punish people who seek information about or access to abortion services online. In some of the most restrictive states, digital rights experts
Continue ReadingBy Jennifer Korn and Clare Duffy, CNN Business Update: This story was originally published on May 6. It has been updated to reflect the Supreme Court’s final decision. The Supreme Court’s Friday ruling to overturn Roe v. Wade is almost certain to spark a wave of new state legislation taking aim at abortion rights, and
Continue ReadingBy Alicia Wallace, CNN Business US labor productivity tumbled by 7.5% in the first quarter of 2022 — the largest decline in worker output per hour since 1947, according to Labor Department data released Thursday. The report also showed that unit labor costs, or how much workers are paid per unit of output, surged by
Continue ReadingCNN, CNNBUSINESS By Anna Bahney, CNN Business Mortgage rates rose this week, continuing an upward trend that has pushed rates more than two percentage points higher this year. The 30-year fixed-rate mortgage averaged 5.27% in the week ending May 5, up from 5.10% the week before, according to Freddie Mac. It is the highest since
Continue ReadingBy Matt Egan, CNN Business The Biden administration plans to seek bids this fall to buy 60 million barrels of crude oil as the first step in a years-long process aimed at replenishing America’s emergency oil reserve, an Energy Department official told CNN. This would mark the first time since the early 2000s that the
Continue ReadingBy Anna Bahney, CNN Business Mortgage rates rose this week, continuing an upward trend that has pushed rates more than two percentage points higher this year. The 30-year fixed-rate mortgage averaged 5.27% in the week ending May 5, up from 5.10% the week before, according to Freddie Mac. It is the highest since 2009 and
Continue ReadingBy Rachel Metz, CNN Business If you believe Mark Zuckerberg, the future is virtual. Last year, Meta plowed $10 billion into Facebook Reality Labs, the part of the company that develops virtual- and augmented-reality gadgets and software. The division is responsible for bringing to life the Facebook founder’s vision of a world where virtual reality
Continue ReadingCNN By Anna Bahney, CNN Business Mortgage rates rose this week, continuing an upward trend that has pushed rates more than two percentage points higher this year. The 30-year fixed-rate mortgage averaged 5.27% in the week ending May 5, up from 5.10% the week before, according to Freddie Mac. It is the highest since 2009
Continue ReadingBy Jeanne Sahadi, CNN Business In a bid to curb high inflation, the US Federal Reserve on Wednesday increased its key short-term interest rate by half a percentage point — the first hike of that magnitude in 22 years. While the US economy is still operating in a fairly low rate environment, that won’t last
Continue ReadingBy Rachel Metz, CNN Business On a recent April afternoon I tossed a few things into a basket at Target — cereal, graham crackers, kids’ sunglasses — then sat down at the end of an aisle filled with beauty items, placed a hand into a box-like machine, and let a robot paint my fingernails. Made
Continue ReadingBy Julia Horowitz, CNN Business When the Federal Reserve decides it’s necessary to pursue the biggest interest rate hike since 2000, you wouldn’t expect a moment of celebration on Wall Street. But that’s exactly what happened on Wednesday. The S&P 500 jumped 3%, logging its best day in almost two years. The Dow rose 2.8%,
Continue ReadingBy Chris Isidore, CNN Business To buy Twitter, Elon Musk just sold a ton of stock and made a boatload of money on the sale. But because of a US tax law quirk, Musk’s stock sale could give him an enormous tax break. Musk last month sold $8.5 billion worth of Tesla shares for more
Continue ReadingBy Anneken Tappe, CNN Business The days of millions of job gains per month are behind us and the US labor market recovery has moved into a new phase, complete with new challenges: It’s not that companies don’t want to hire, it’s that there were nearly two available positions for every unemployed person as of
Continue ReadingCNN, HLN By Anneken Tappe, CNN Business The days of millions of job gains per month are behind us and the US labor market recovery has moved into a new phase, complete with new challenges: It’s not that companies don’t want to hire, it’s that there were nearly two available positions for every unemployed person
Continue ReadingBy Esha Mitra and Rhea Mogul, CNN A 13-year-old girl who was allegedly gang-raped by four men in India, was allegedly raped again by a police officer after she tried to seek his help in reporting the initial attack. Authorities in Uttar Pradesh confirmed Wednesday a police officer had been arrested in connection with the
Continue ReadingBy Laura He, CNN Business China’s gigantic services sector just contracted at the second sharpest pace on record as Covid lockdowns hit businesses hard. The Caixin purchasing managers’ index, a closely-watched indicator for assessing the state of the economy, plummeted to 36.2 in April from 42 in March, according to a survey released by IHS
Continue ReadingBy Jackie Wattles, CNN Business Three NASA astronauts and a European astronaut are returning home from the International Space Station, capping off their six-month mission during which they worked alongside Russian cosmonauts and hosted the first all-private crew to visit the orbiting outpost. The crew climbed aboard their SpaceX Crew Dragon capsule after midnight and
Continue ReadingBy Brian Fung, CNN New York City pension fund officials sued Activision Blizzard late last month in a bid to force the company to disclose records that may uncover whether CEO Bobby Kotick breached his fiduciary duty to investors, according to a newly released copy of the complaint. The complaint by the New York City
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