By Paul R. La Monica, CNN Business Stocks ended the day lower in a volatile session Friday. A solid jobs report was not enough to fully convince investors to look for bargains following Thursday’s more-than-1,000-point plunge. The Dow fell nearly 100 points, or 0.3%. Nike was one of the biggest drags on the blue chips,
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By Anneken Tappe, CNN Business After an electric economic recovery from the pandemic, the job market is showing signs of returning to normal. It’s still growing at a remarkably strong pace, but the months of millions of jobs added are probably over. America’s employers added 428,000 jobs in April, the same as in March, the
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By Julia Horowitz, CNN Business This newsletter yesterday highlighted warnings that market enthusiasm after the Federal Reserve’s latest meeting was misplaced. Investors quickly came to the same conclusion. What’s happening: After the S&P 500 rallied 3% on Wednesday, logging its best day in almost two years, it plunged 3.6% in an ugly trading session on
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By Anna Cooban, CNN Business Adidas on Friday blamed poor sales in China for a sharp drop in first quarter profit. The German sportswear giant reported net profit of €310 million ($327 million) in the first three months of 2022, down 38% on the same period last year. The company said the decline was caused
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By Parija Kavilanz, CNN Business Russia’s continuing assault in Ukraine has devastated the country and the lives of millions of its citizens. The youngest among them — Ukraine’s children — have been robbed of the ability to attend school and learn in a classroom, sitting next to their peers and friends. Since Russia invaded Ukraine
Continue Reading By Anneken Tappe, CNN Business After an electric economic recovery from the pandemic, the job market is showing signs of returning to normal. It’s still growing at a remarkably strong pace, but the months of millions of jobs added are probably over. America’s employers added 428,000 jobs in April, the same as in March, the
Continue Reading By Anneken Tappe, CNN Business The days of millions of monthly job gains are behind us: America’s employers added 428,000 jobs in April, the same as in March, the Bureau of Labor Statistics reported Friday. Although that was more than the 391,000 that economists had predicted, the slowdown in job growth is no surprise. It
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By Laura He, CNN Business Global shipping was just starting to recover from the chaos of the pandemic. Now port congestion and delays are back and could be around for a while. Covid lockdowns in China have wreaked havoc at Shanghai, the world’s biggest container port, and are now causing problems at other major ports
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By Laura He and Mark Thompson, CNN Business Global markets slid Friday after Wall Street suffered its worst day of the year. Major European indexes dropped in early trading. They followed stocks in Asia, which sold off as China’s pledge to stick to its zero-Covid policy stoked concerns about the world’s second biggest economy. Hong
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By Jackie Wattles, CNN Business Three NASA astronauts and a European astronaut splashed down aboard their SpaceX Crew Dragon capsule off the coast of Florida after midnight Friday morning, 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 of
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By Jeanne Sahadi, CNN Business Bitcoin is notoriously volatile. But it may also prove politically vexing for Fidelity, which is getting blowback from two senators for its recent decision to offer bitcoin as an investment option on its 401(k) platform. Massachusetts Sen. Elizabeth Warren and Minnesota Sen. Tina Smith sent a letter to Fidelity this
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By Sara Ashley O’Brien, CNN Business DoorDash, which went public amid a pandemic-fueled delivery craze in late 2020, said its business continues to boom even as people increasingly return to their lives outside the home. The on-demand delivery company said its order volume grew 23% to 404 million in the first three months of this
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By Sara Ashley O’Brien, CNN Business DoorDash, which went public amid a pandemic-fueled delivery craze in late 2020, said its business continues to boom even as people increasingly return to their lives outside the home. The on-demand delivery company said its order volume grew 23% to 404 million in the first three months of this
Continue Reading By Julia Horowitz, CNN Business This newsletter yesterday highlighted warnings that market enthusiasm after the Federal Reserve’s latest meeting was misplaced. Investors quickly came to the same conclusion. What’s happening: After the S&P 500 rallied 3% on Wednesday, logging its best day in almost two years, it plunged 3.6% in an ugly trading session on
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By Clare Duffy, CNN Business Meta said Thursday it is cutting back on hiring. The move is one of several shifts the Facebook parent company is making following a period of slower-than-usual growth. “We regularly re-evaluate our talent pipeline according to our business needs and in light of the expense guidance given for this earnings
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By Kathryn Vasel, CNN Business Airbnb recently told employees they can work remote permanently, but when they do return to the office it’ll likely look different. “I think an office as we know it is kind of an outdated notion,” Airbnb co-founder and CEO Brian Chesky said at the Wall Street Journal’s CEO Council Summit
Continue Reading Opinion by Paul Hockenos for CNN Business Perspectives Russia’s announcement last week that it was halting all gas deliveries to Poland and Bulgaria may have sounded like a bombshell, perhaps even presaging a complete suspension of gas flows to all of Europe. This certainly was Russian president Vladimir Putin’s intent: to strike fear into the
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By Clare Duffy, CNN Business Elon Musk has raised just over $7 billion in additional equity financing to help fund his purchase of Twitter. The new investors include Oracle founder Larry Ellison, cryptocurrency platform Binance and venture capital firm Sequoia Capital, according to a new Securities and Exchange Commission disclosure Musk filed Wednesday. Musk last
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By Brian Fung, CNN The president of the Amazon Labor Union warned Sen. Lindsey Graham on Thursday that he risks ignoring the concerns of workers at his own political peril. At the opening of a Senate Banking Committee hearing focused on Amazon (AMZN), in which Graham used his initial remarks to blast the “demonization of
Continue Reading By Brian Fung, CNN The president of the Amazon Labor Union warned Sen. Lindsey Graham on Thursday that he risks ignoring the concerns of workers at his own political peril. At the opening of a Senate Banking Committee hearing focused on Amazon (AMZN), in which Graham used his initial remarks to blast the “demonization of
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