By Alicia Wallace, CNN Business Inflation may be showing signs that it’s easing, but the high-cost environment still has American consumers wary about the direction of the economy. The Conference Board’s consumer confidence index dipped slightly to 106.4 in May, down from a revised 108.6 in April, according to data released Tuesday. The decline was
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By Frank Pallotta, CNN Business “Top Gun: Maverick” took off at the box office this weekend — setting a new record in the process. The sequel to the 1986 blockbuster, which has Tom Cruise reprise his most iconic role as Pete “Maverick” Mitchell, made an estimated $156 million domestically for its four-day opening weekend, according
Continue Reading By Frank Pallotta, CNN Business “Top Gun: Maverick” took off at the box office this weekend — setting a new record in the process. The sequel to the 1986 blockbuster, which has Tom Cruise reprise his most iconic role as Pete “Maverick” Mitchell, made an estimated $156 million domestically for its four-day opening weekend, according
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By Anna Bahney, CNN Business US home prices continued to surge higher in March, as buyers raced to lock in homes before the average mortgage rate hit 5%. Home prices rose 20.6% in March from the year before, an even higher rate than the 20% growth seen in February, according to the S&P CoreLogic Case-Shiller
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By Allison Morrow, CNN Business The machines are officially winning. Investors who’ve relied on a standard 60/40 portfolio this year have taken a bath as stocks and bonds have tumbled. Crypto traders aren’t faring well, either. Even gold, the go-to safe haven in volatile times, is underperforming. But for a small subset of specialized hedge
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By Diksha Madhok, CNN Business India’s appetite for cheap Russian oil is swelling, even as the West continues to hit Moscow with unprecedented sanctions. Russian Crude flows to India are expected to reach 3.36 million metric tonnes in May, according to estimates from Refinitiv. This is nearly 9 times higher than the 2021 monthly average
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By Matt Egan, CNN President Joe Biden plans to discuss high inflation in a meeting on Tuesday with Federal Reserve Chairman Jerome Powell, a White House official tells CNN. Biden is scheduled to meet with Powell at a time when prices are rising rapidly on everything from gasoline and food to housing. The president plans
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By Niamh Kennedy, CNN The European Union has agreed on a partial ban on Russian oil imports, according to European Council chief Charles Michel. “Agreement to ban export of Russian oil to the EU. This immediately covers more than 2/3 of oil imports from Russia, cutting a huge source of financing for its war machine,”
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By Anna Cooban, CNN Business Denmark and the Netherlands could become the latest European countries to have their deliveries of Russia’s natural gas cut off. On Monday, Danish energy company Ørsted and Dutch gas trading firm GasTerra warned Russia could turn off the taps as soon as Tuesday because they had refused to make payments
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By Jack Guy, Pierre Bairin and Dalal Mawad, CNN A French journalist has been shot and killed in Ukraine, according to French President Emmanuel Macron. “Journalist Frederic Leclerc-Imhoff was in Ukraine to show the reality of the war. On board a humanitarian bus, alongside civilians forced to flee to escape the Russian bombs, he was
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By Matt Egan, CNN Millions of Americans traveling this holiday weekend are being greeted by unprecedented prices at the gas pump. The national average for regular gasoline rose to a fresh record of $4.62 a gallon on Monday, according to AAA. That’s up by a penny from Sunday and 44 cents more expensive than a
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By Ramishah Maruf, CNN Many businesses, government offices and schools will be closed on Monday, May 30 because of Memorial Day — a federal holiday honoring members of the US armed forces who have died serving the country. The holiday is observed on the last Monday of May. Here’s what’s open and closed on Memorial
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By Anna Bahney, CNN Business The pandemic changed the way people lived and, for many, where they lived. Working from home was a significant driver of this “Great Reshuffling” and accounted for more than half of the steep increases in home prices seen during the pandemic, new research has found. Remote work allowed some people
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By Anna Cooban and James Frater, CNN Business Europe’s united front against Moscow is being put to the test as countries struggle to agree a ban on Russian oil imports. European Union diplomats failed to reach consensus Sunday on the terms of an embargo, but held further talks Monday in preparation for a summit of
Continue Reading By Anna Cooban and James Frater, CNN Business Europe’s united front against Moscow is being put to the test as countries struggle to agree a ban on Russian oil imports. European Union diplomats failed to reach consensus Sunday on the terms of an embargo, but held further talks Monday in preparation for a summit of
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By Michelle Toh, CNN Business China’s richest and most international city is trying to return to business as usual after a two-month lockdown, but some restrictions will remain in place. Shanghai authorities on Sunday pledged to allow all businesses to open up from Wednesday. The city’s deputy mayor, Wu Qing, announced the easing of restrictions
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By Ramishah Maruf, CNN There’s a growing debate among journalists over how to report on the victims of mass shootings. Some argue that if lawmakers and American citizens were able to see the graphic images of dead bodies in classrooms, there could be a shift in how some in the country approach gun rights. Temple
Continue Reading By Ramishah Maruf, CNN There’s a growing debate among journalists over how to report on the victims of mass shootings. Some argue that if lawmakers and American citizens were able to see the graphic images of dead bodies in classrooms, there could be a shift in how some in the country approach gun rights. Temple
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By Frank Pallotta, CNN Business “Top Gun: Maverick” felt the need for speed at the box office this weekend. The sequel to the 1986 blockbuster, which has Tom Cruise reprise his most iconic role of Pete “Maverick” Mitchell, made an estimated $124 million domestically for its three day opening weekend, according to Paramount. That not
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By Nicole Goodkind, CNN Business To most investors, navigating today’s stock market is as treacherous as walking the plank. But for luxury investors, it’s more like strutting down the catwalk. The United States may very well be hurtling toward a recession and the Nasdaq is suffering its worst 100-day performance on record. But luxury spending
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