Money

By Matt Egan, CNN New York (cnn) — Fueled by a resurgent stock market and rising home values, US household wealth hit a record $154.3 trillion during the second quarter of this year, according to federal data. Consumer wealth has now completely recovered from the recent inflation-driven drop in stock prices and real estate holdings.

By Catherine Thorbecke, CNN New York (CNN) — Tesla’s Dojo supercomputer could fuel a $500 billion jump in the electric vehicle maker’s market value, analysts at Morgan Stanley said in a note Monday. Shares of Tesla jumped more than 6% during early trading Monday morning, on the heels of the rosy prediction from Morgan Stanley’s

By Paul Glader, CNN (CNN) — Bill Gates went to see Elon Musk in 2022, hoping to convince the fellow billionaire to give away more of his money – the way the Microsoft founder had. The meeting went sideways, according to Walter Isaacson’s new biography, “Elon Musk,” which hits stores Tuesday. CNN obtained an early

By Jordan Valinsky, CNN Business New York (CNN) — Hostess, the maker of Twinkies and Ho Hos, is being purchased by J.M. Smucker in a $5.6 billion deal. The two companies announced the transaction Monday, with the jelly maker saying that the purchase expands Smucker’s offerings of “beloved brands in growing categories and accelerates its

By Olesya Dmitracova, CNN London (CNN) — Mounting climate risks, illustrated by the extreme heat, wildfires and floods that ravaged parts of Europe this summer, could hurt the region’s economy as soon as this year, the European Commission warned Monday. In its latest economic forecast, the European Union’s executive arm downgraded its predictions for growth

By Jordan Valinsky, CNN New York (CNN) — Instacart’s latest valuation is tens of billions of dollars below what the company was once worth just a year ago, as the company attempts an initial public stock offering in a challenging climate for online delivery. The grocery delivery company revealed in an updated IPO filing that

By Jennifer Korn and Marie Barbier, CNN New York (CNN) — The iPhone redefined the term “cell phone.” Apple’s trademark product revolutionized the mobile phone industry, shifting from flip phones and keyboards to large screens and powerful cameras. With 1.2 billion units reportedly sold, the iPhone is arguably the most popular tech device in the

By Anna Cooban, CNN London (CNN) — BMW announced Monday that it would invest £600 million ($750 million) in building two new electric versions of the Mini in the United Kingdom. Production of the three-door Mini Cooper and the Mini Aceman, a compact crossover, is due to begin at BMW’s factories in Oxford and Swindon

CNN By Michelle Toh and Mihir Melwani, CNN Hong Kong (CNN) — President Joe Biden left Vietnam Monday after a visit that deepened economic ties between Washington and Hanoi as part of efforts to reduce America’s reliance on China. The former foes formally upgraded diplomatic ties to a “comprehensive strategic partnership,” a symbolic yet highly

By Chris Isidore, CNN New York (CNN) — Time is running short to avoid a strike at America’s three unionized automakers, and the distance between the United Auto Workers union and the companies remains large. The contracts with the three automakers all run out at 11:59 pm Thursday, and UAW President Shawn Fain insists the

By Laura He, CNN Hong Kong (CNN) — Daniel Zhang, the outgoing chairman and CEO of Alibaba, has stepped down from his position running the company’s cloud division in a surprise move announced just months after he assumed the pivotal role. Alibaba’s stock tumbled 3% on Monday in Hong Kong following the announcement. Zhang will

By Michelle Toh and Mihir Melwani, CNN Hong Kong (CNN) — President Joe Biden left Vietnam Monday after a visit that deepened economic ties between Washington and Hanoi as part of efforts to reduce America’s reliance on China. The former foes formally upgraded diplomatic ties to a “comprehensive strategic partnership,” a symbolic yet highly important

Brian Fung, CNN (CNN) — Google will face off in court Tuesday against government officials who have accused the company of antitrust violations in its massive search business, kicking off a long-anticipated legal showdown that could reshape one of the internet’s most dominant platforms. The trial beginning this week in Washington before a federal judge

By Samantha Murphy Kelly, CNN Business (CNN) — Apple is expected to debut its iPhone 15 lineup Tuesday at the company’s annual September keynote event, and it could introduce the biggest change to the phone’s design in 11 years. The press event, which Apple teased with a “wonderlust” tagline, will take place at the company’s

By Bryan Mena, CNN Washington, DC (CNN) — US inflation has slowed markedly over the past year as the Federal Reserve raised interest rates aggressively to cool demand and slow price increases. The job market hasn’t cooled as much and there’s always speculation over what the latest monthly jobs report means for the Fed. The

By Peter Valdes-Dapena, CNN (CNN) — If you’re thinking about buying a new car, you might be warily watching news about a possible United Auto Workers strike. And, yes, experts say, there could be some serious downside for those shopping for certain models of cars, trucks or SUVs, at least in the longer term. There’s

By Samantha Delouya, CNN (CNN) — People aren’t buying furniture like they used to. Last week, a pair of furniture retailers said they are experiencing a massive sales slump compared to last year. On Thursday, luxury furniture brand RH reported a 19% drop in second-quarter revenue, while on Friday, Hooker Furnishings, a Virginia-based furniture manufacturer

By Bryan Mena, CNN Washington, DC (CNN) — On a warm Saturday morning in July, as Kathie Leonard planned to set out on her boat for a day on the water off the coast of Maine, her phone rang. The call was from the head of the Maine Department of Economic and Community Development, asking

By Chris Isidore, CNN Lordstown, Ohio (CNN) — The massive Lordstown Assembly factory in Ohio, nearly the size of the Pentagon, more than 50 years old and nearly empty, is a reminder of the past strength of both General Motors and the United Auto Workers union. The much smaller, new electric vehicle battery factory next

By Jeanne Sahadi, CNN New York (CNN) — US work culture revolves around employees putting in eight hours a day, five days a week — a schedule immortalized by Dolly Parton in her 1980 song “9 to 5.” It’s just the norm, many assume. Same as it ever was. Except, it wasn’t always so. It