Money

By Krystal Hur, CNN New York (CNN) — Tech shares slumped Wednesday as investors shed the behemoths that fueled Wall Street’s monster stock rally this year. The Nasdaq Composite index tumbled 2.8%, logging its worst day since December 2022. The S&P 500 lost 1.4%. The Dow rose 0.6%, closing at another record high and above

By Chris Isidore and Matt Egan, CNN New York (CNN) — Gas prices could soon soar across the Chicago metropolitan area after a tornado narrowly missed a major ExxonMobil refinery outside of Chicago Monday night, knocking out power to the facility. The refinery, know as ExxonMobil’s Joliet Refinery, is located in neighboring Channahon, Illinois. Channahon

By Hanna Ziady, Barbie Latza Nadeau and Lauren Kent, CNN London/Rome (CNN) — Italy’s competition authority is investigating whether Armani and Dior have misled consumers about their production processes, following reports that local companies in their supply chains pay workers too little and force them to work long hours. In a statement Wednesday, the authority

By Hanna Ziady, CNN London (CNN) — Pernod Ricard is selling most of its wine brands, as wine consumption is falling globally, and will instead focus on growing its champagne and premium spirits labels, including in the United States. The French group — which owns Absolut Vodka, Jameson Whiskey, Olmeca Tequila and Beefeater Gin — announced the sale of seven wineries

By Jordan Valinsky, CNN New York (CNN) — Supreme, the trendy streetwear clothier adored by celebrities and cool kids alike, has been sold to an eyewear manufacturer for substantially less than it sold for just four years ago. Italian company EssilorLuxottica announced Wednesday that it’s buying Supreme for $1.5 billion in cash from VF Corp.

By Jordan Valinsky, CNN New York (CNN) — The Mirage Hotel and Casino on the Las Vegas Strip is closing Wednesday, ending 34 years in business. The resort will throw a farewell event, with doors officially closing this afternoon. That will cap off a weeklong event, in which gamblers were given the opportunity to win part of

By Olesya Dmitracova, CNN London (CNN) — Amazon’s warehouses are especially dangerous for workers during the company’s annual Prime Day event, as well as the holiday season, according to an investigation by the US Senate. Prime Day, held on Tuesday and Wednesday this week, is “a major cause of injuries for the warehouse workers who

By Samantha Delouya, CNN (CNN) — Most Americans know the No. 1 rule in real estate: “location, location, location.” But for some developers, there’s a new winning strategy: “recycle, recycle, recycle.” A growing number of office buildings have found second lives as apartments, boosted by the Covid-era work-from-home movement that slashed office attendance and thinned

By Elisabeth Buchwald, CNN New York (CNN) — On Tuesday, Sen. Bob Menendez was found guilty on 16 counts including bribery, extortion, wire fraud, obstruction of justice and acting as a foreign agent. A key piece of evidence prosecutors presented to jurors during the nearly seven-week-long trial was the gold bars the FBI seized from

By Ramishah Maruf, CNN New York (CNN) — Elon Musk says he’s moving his companies out of California. In two posts on X Tuesday, the billionaire said he will move SpaceX’s HQ from Hawthorne, California, to Starbase, Texas, a company town being built in the southern part of the state. Social media platform X will

By Elizabeth Wagmeister, CNN (CNN) — In 2016, a venture capitalist and Yale law graduate named JD Vance published a memoir, “Hillbilly Elegy.” The instant bestseller turned Vance into a media star and was later adapted into an Oscar-nominated film directed by Ron Howard. Eight years after its publication, Vance’s book has found its way back onto the bestseller lists,

By Krystal Hur, CNN New York (CNN) — Stocks surged Tuesday as Wall Street raised its bets that sky-high borrowing rates could come down in the fall. The Dow surged by 743 points, or 1.9%, closing at a fresh all-time high and notching its best daily percentage gain since June 2023. The S&P 500 gained 0.6%,

By Chris Isidore, CNN New York (CNN) — At first glance, Elon Musk and Donald Trump wouldn’t seem to be natural allies. One has made cutting greenhouse emissions a major business selling point. The other questions the need to cut emissions at all, denouncing most forms of clean energy as at best unnecessary and at

CNN By Donie O’Sullivan, Brian Fung and Marshall Cohen, CNN (CNN) — Saturday’s shooting at a Donald Trump rally was the first assassination attempt of a US presidential candidate in the age of social media – and the former president had barely been hit before the internet was abuzz with all sorts of unsubstantiated explanations for

By Oliver Darcy, CNN (CNN) — The hosts of MSNBC’s “Morning Joe” rebuked the network’s leadership on Tuesday, expressing dismay over the decision to pull the flagship morning show program from the air Monday and telling viewers that they were not provided clear answers about the matter. Joe Scarborough, speaking alongside co-hosts Mika Brzezinski and

By Hanna Ziady, CNN London (CNN) — The International Monetary Fund has warned that stubborn inflation could keep interest rates higher for longer than expected, increasing fiscal and financial risks around the world. Persistently high prices for services — which include haircuts, hotels and restaurants — as well as escalating trade tensions are propping up

By Bryan Mena, CNN Washington (CNN) — It’s been a disappointing few months for American retailers, but the consumer isn’t tapping out quite yet. US retail spending has been mostly flat since the beginning of the year, holding steady in June, the Commerce Department reported Tuesday. Consumer spending is American’s main economic engine, powering two-thirds

By Anna Chernova, Lauren Kent and Rob Picheta, CNN (CNN) — Russian-American journalist Masha Gessen was sentenced to eight years in prison by a Moscow court Monday for criticizing the Russian military, becoming the latest target of a crackdown on critics of the Kremlin. Gessen was convicted in absentia on charges of disseminating “false information”

By Tami Luhby and Alicia Wallace, CNN (CNN) — In 2018, Jonathan and Trista Schmier felt the economy was so strong that they could take a big risk. They quit their property management jobs and opened a restaurant, Rustic Burger, in Fayetteville, North Carolina. Trista Schmier, who had long dreamed of owning a restaurant, designed

By Samantha Delouya, CNN (CNN) — President Joe Biden revealed a series of proposals aimed at lowering housing costs on Tuesday as inflation and elevated home prices are shaping up to be decisive issues for voters this year. The plan, which is subject to congressional approval, has two parts. The first proposal calls for withdrawing