Money

By Julia Horowitz, CNN Business The pound may have paused its headlong crash toward parity with the US dollar, but the damage to the UK economy sparked by Prime Minister Liz Truss’ huge tax-cutting gamble is still rippling through financial markets. Sterling stabilized early Tuesday to trade near $1.08, bouncing off Monday’s record low of

By Paul R. La Monica, CNN Business Fans of the cult classic movie “The Hudsucker Proxy” will remember that the main character kept describing his invention of the hula hoop as being, “you know, for kids.” But top toy companies are looking beyond the youth demographic this holiday season and plan to pitch more of

By Matt McFarland, CNN Business Hertz and BP plan to build a network of thousands of electric vehicle chargers in North America, the companies said Tuesday. Over the past year, the rental car behemoth has announced its intention to purchase hundreds of thousands of electric vehicles from various automakers. It has said that it aims

By Frank Pallotta, CNN Business It looks like “Don’t Worry Darling” didn’t have that much to worry about. The Warner Bros. film starring Florence Pugh generated a lot of off-screen drama due to a pretty wild press tour and behind the scenes gossip, but that didn’t seem to hurt its box office totals. The psychological

By Anna Cooban, CNN Business Millions of mortgage borrowers in the United Kingdom are bracing themselves for huge hikes to their monthly payments as a consequence of the run on the pound. Markets have been in turmoil since UK finance minister Kwasi Kwarteng announced the biggest tax cuts in 50 years on Friday, together with

By Anna Bahney, CNN Business New home sales bounced back in August despite high prices and rising mortgage rates that have pushed some buyers away. Sales of newly constructed homes jumped 28.8% in August from July and were down just 0.1% from a year ago, according to a joint report from the US Department of

Martha C. White for CNN Business Consumer confidence rose for a second straight month in September, as moderating gas prices and the hope that inflationary pressures might be easing helped lift the nation’s collective mood. The Conference Board reported on Tuesday that its baseline index rose to 108 from a revised 103.6 in August, the

By Nicole Goodkind, CNN Business So much for turnaround Tuesday on Wall Street. Stocks finished a volatile day mixed after rallying at the open. The Dow and S&P 500 are at their lowest levels since November 2020 and are both on a six-day losing streak. The Dow, which slid deeper into a bear market, fell

By Anna Bahney, CNN Business US home prices continued to climb in July. But the market showed signs of cooling as rising mortgage rates pushed more prospective buyers to the sidelines. Home prices rose 15.8% in July from the year before, a smaller jump than the 18.1% growth seen in June, according to the S&P

By Jordan Valinsky, CNN Business The Hamburglar is back at McDonald’s. But this time, it’s just for adults. McDonald’s is bringing back its family of recognizable figurines in a new adult Happy Meal, which, yes, includes the toys. Beginning October 3, customers can order a Cactus Plant Flea Market Box — a Big Mac or

By Nicole Goodkind, CNN Business The British pound hit a record low against the dollar on Monday after UK Prime Minister Liz Truss, a fan of “trickle-down economics,” announced a sweeping spending and tax cut plan to rescue the British economy from recession on Friday. What’s happening: Investors were taken aback by the new government’s

By Diksha Madhok, CNN Business Indian billionaire Gautam Adani says that China “will feel increasingly isolated” and the “foremost champion of globalization” would find it hard to bounce back from a period of economic weakness. Speaking at a conference in Singapore on Tuesday, Adani said “increasing nationalism, supply chain risk mitigation, and technology restrictions,” as

By Matt Egan, CNN There is growing evidence that Americans are struggling to keep up with crushing inflation. Nearly three in four (71%) employees say the cost of living is outpacing their salary and wages, according to a Bank of America-sponsored survey shared first with CNN on Tuesday. That’s up from 58% in February. The