By Allison Morrow, CNN Business Editor’s Note: This story is part of CNN Business’ Nightcap newsletter. To get it in your inbox, sign up for free, here. Hello from the mountains of northwest Pennsylvania, where I’ve spent much of the weekend staring into the woods in the hopes of spotting my local bear. True story:
Continue Reading By Alicia Wallace, CNN Business The pandemic shone a spotlight on the vast disparities in benefits and rights among America’s workforce and helped fuel a movement to unionize more workers. And with today’s tight labor market, workers continue to have the upper hand — there are almost two job openings for every unemployed person —
Continue Reading By Anna Cooban, CNN Business Bitcoin and other cryptocurrencies continued to slide Tuesday as investors bailed out of risky assets in anticipation of sharp rises in interest rates to tackle inflation. Nerves remain raw after two of the world’s biggest cryptocurrency platforms restricted activity on Monday as the wider market meltdown continued apace. The Celsius
Continue Reading By Oliver Darcy, CNN Business A film about Matt Drudge is in the works. Prospect Park, the production company founded by entertainment industry executive Jeff Kwatinetz, told CNN that it has secured the rights to “The Drudge Revolution,” a biography on the conservative news mogul by journalist Matthew Lysiak. Lysiak, Prospect Park said, has also
Continue Reading By Oliver Darcy, CNN Business A film about Matt Drudge is in the works. Prospect Park, the production company founded by entertainment industry executive Jeff Kwatinetz, told CNN that it has secured the rights to “The Drudge Revolution,” a biography on the conservative news mogul by journalist Matthew Lysiak. Lysiak, Prospect Park said, has also
Continue Reading By Chris Isidore, CNN Business For the first time ever, a gallon of regular gas now costs $5 on average nationwide, according to AAA’s Saturday reading. The record is hardly a surprise. Gas prices have been rising steadily for the last eight weeks, and this latest milestone marks the 15th straight day that the AAA
Continue Reading By Paul R. La Monica, CNN Business Stocks plunged again Monday, extending Friday’s losses and officially pushed the S&P 500 into bear market territory. But as any savvy investor knows, you can always find winners on Wall Street, even when things seem dire. Traders flocked to safe haven consumer products companies Monday. Coca-Cola and peanut
Continue Reading Opinion by Beth Ann Bovino for CNN Business Perspectives As markets reel over fears that an inflation-induced recession is on the horizon, the jobs market acts as if everything is fine. Employers added 390,000 jobs in May; the unemployment rate is at 3.6%, only slightly higher than before the pandemic began; and workers continue to
Continue Reading Opinion by Beth Ann Bovino for CNN Business Perspectives As markets reel over fears that an inflation-induced recession is on the horizon, the jobs market acts as if everything is fine. Employers added 390,000 jobs in May; the unemployment rate is at 3.6%, only slightly higher than before the pandemic began; and workers continue to
Continue Reading By Parija Kavilanz, CNN Business Watch your pearls, ladies. The fellas are coming for them. Men are wearing pearl jewelry — necklaces, bracelets, rings, earrings — and infusing a bolder, tougher flair to the classic feminine elegance of the gem. Gentlemen are unabashedly donning pearls in all kinds of settings. Major League Baseball players are
Continue Reading By David Goldman, CNN Business US stocks plunged into bear market territory Monday morning as Wall Street investors grew increasingly nervous about the prospect of even more harsh medicine from the Fed to take the sting out of inflation. The Dow sank 825 points, or 2.7%, and the Nasdaq fell 4.3%. The broader S&P 500
Continue Reading By David Goldman, CNN Business US stocks have plunged into a bear market as Wall Street investors grew increasingly nervous about the prospect of even harsher medicine from the Fed to take the sting out of inflation. The Dow sank 876 points or 2.8%. The Nasdaq was down by 4.7% and has tumbled more than
Continue Reading By Paul R. La Monica, CNN Business Just one month ago, Federal Reserve chairman Jerome Powell said that the central bank was not “actively considering” raising interest rates by three-quarters of a percentage point to fight inflation. But after Friday’s consumer price index report showed inflation is rising faster than expected, Wall Street is worried
Continue Reading By Anna Cooban, CNN Business Bitcoin and other cryptocurrencies continued to slide Tuesday as investors bailed out of risky assets in anticipation of sharp rises in interest rates to tackle inflation. Nerves remain raw after two of the world’s biggest cryptocurrency platforms restricted activity on Monday as the wider market meltdown continued apace. The Celsius
Continue Reading By Julia Horowitz, CNN Business In recent years, when a company announced it was splitting its stock, Wall Street went wild. When Tesla revealed such plans in 2020, its shares immediately shot up. They climbed 66% over the following 12 months. But as concerns about the Federal Reserve, inflation and the economy plague investors, those
Continue Reading By Laura He, CNN Business Ikea has already shut one store in mainland China this year and could close another in Shanghai in early July. The Swedish furniture and home goods chain said Monday that it was considering shutting its store in the Yangpu district of the city in response to changing shopping patterns during
Continue Reading By Laura He, CNN Business China is urging college graduates to seek jobs in the countryside as youth unemployment in urban areas soars to the highest level in history. Local governments should attract college graduates to work as village officials, according to a joint statement issued last week by the ministries of education, finance, civil
Continue Reading By Laura He and Mark Thompson, CNN Business Global markets and US stock futures fell early Monday, indicating a downbeat start to the trading week after a broad sell-off on Wall Street following surprisingly strong US inflation data. The Dow plunged 880 points, or 2.5%, on Friday. The S&P 500 shed 2.7% and the Nasdaq
Continue Reading By Laura He and Mark Thompson, CNN Business Global markets and US stock futures fell early Monday, indicating a downbeat start to the trading week after a broad sell-off on Wall Street following surprisingly strong US inflation data. The Dow plunged 880 points, or 2.5%, on Friday. The S&P 500 shed 2.7% and the Nasdaq
Continue Reading By Ramishah Maruf, CNN Even the wealthiest Americans are starting to feel the effects of economic uncertainty, as sales of luxury homes saw their largest decline since the start of the pandemic, a Redfin analysis found. Sales of luxury homes plummeted 17.8% year over year during the three months ending April 30. That’s a much
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