By Anna Bahney, CNN Business Mortgage rates moved higher this week, continuing an upward trend that has kept rates above 5% since mid-April. The 30-year, fixed-rate mortgage averaged 5.30% in the week ending May 12, up from 5.27% the week before, according to Freddie Mac. It is the highest since 2009 and well above the
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By Allison Morrow, CNN Business Within the often head-scratching world of cryptocurrencies, there’s a small but growing sub-species known as “algorithmic stablecoins” that have some investors and regulators ringing alarm bells. This week, one popular so-called algo coin cratered, wiping out billions of dollars’ worth of value in just a few days. The coin, called
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By Nicole Goodkind, CNN Business Economists, CEOs, Wall Street and Main Street are sounding the recession alarm bell. Most agree a recession could start to take shape in the United States over the next few months. The question is what shape that recession will take. Recessions and recoveries come in shapes and sizes as varied
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By Anneken Tappe, CNN Business Economists and investors are hopeful that we’re past the pandemic inflation peak, as another key price index showed a slower increase in April. The Producer Price Index, which measures wholesale inflation before goods and services reach consumers, rose 11% over the 12 months ending in April, not adjusted for seasonal
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Opinion by Jennifer Sherer for CNN Business Perspectives This year, workers at Amazon, Starbucks and other major corporations are winning a wave of union elections, often in the face of long odds and employer resistance. These wins are showing it’s possible for determined groups of workers to break through powerful employers’ use of union-busting tactics,
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By Brian Fung, CNN A federal appeals court will allow Texas’s new social media law to take effect after striking down a preliminary injunction by a lower court, according to a judicial order in the case. The Texas law, known as HB 20, allows private parties to sue tech platforms over allegations of censorship. The
Continue Reading By Brian Fung, CNN A federal appeals court will allow Texas’s new social media law to take effect after striking down a preliminary injunction by a lower court, according to a judicial order in the case. The Texas law, known as HB 20, allows private parties to sue tech platforms over allegations of censorship. The
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By Julia Horowitz, CNN Business Investors in stocks, bonds and commodities are all on edge right now. But in the market for cryptocurrencies, unease has morphed into full-on panic, catching the attention of regulators in Washington tasked with maintaining financial stability. What’s happening: As of last Friday, the price of bitcoin had plunged almost 50%
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By Paul R. La Monica, CNN Business It’s been a brutal year for Robinhood. The twin plunges of stocks and bitcoin have crushed the online brokerage’s sales. The company also reported a loss and drop in users. The stock has plummeted 40% this year and Robinhood recently announced a big round of layoffs. But there
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By Rachel Metz, CNN Business If you’re a newcomer to virtual reality, you’ll notice something odd about your appearance: Depending on the app, you may look down to see you’re represented by an avatar that’s just a floating torso or nothing but a pair of hands. While wireless headsets and handheld controllers laden with sensors
Continue Reading By Rachel Metz, CNN Business If you’re a newcomer to virtual reality, you’ll notice something odd about your appearance: Depending on the app, you may look down to see you’re represented by an avatar that’s just a floating torso or nothing but a pair of hands. While wireless headsets and handheld controllers laden with sensors
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By Jordan Valinsky, CNN Business The Cosmopolitan of Las Vegas surprised its more than 5,000 employees on Wednesday with a one-time $5,000 bonus. The resort said it gave an “unprecedented” $27 million to its workers during a festive event that was capped off with a “climatic drumroll” and confetti when Cosmopolitan CEO Bill McBeath made
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By Michelle Toh, CNN Business SoftBank’s mega tech funds lost more than $27 billion in the last fiscal year, by far their worst performance on record. The world’s biggest tech investor said Thursday that its Vision Funds had recorded a loss of 3.5 trillion yen ($27.5 billion) in the year ended March. That was a
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By Michelle Toh, CNN Business Saudi Aramco has overtaken Apple as the world’s most valuable company, underscoring the recent surge in oil prices that have boosted the energy giant this year. Aramco is now worth about $2.43 trillion, compared with Apple’s $2.37 trillion, according to data from Refinitiv. Market capitalizations fluctuate frequently: earlier this year,
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By Chris Isidore, CNN Business Electric truck maker Rivian delivered some much needed assurance to Wall Street Wednesday, even as it reported a larger than expected first quarter loss. The company said that it had 7,000 new orders for its R1 electric pickup in the last two months, bringing total net orders up to 90,000
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By Rishi Iyengar and Rachel Metz, CNN Business Google on Wednesday unveiled an expanded lineup of hardware products in the latest sign it remains committed to moving beyond its core advertising business and competing with the likes of Apple. At its first in-person developer conference in three years, Google announced three new smartphones and its
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By Anneken Tappe, CNN Business Reproductive rights activists are worried about women losing abortion access in parts of the United States. Economists are worried, too, because restricting reproductive freedom comes at an economic cost to the nation. The US Supreme Court may be poised to overturn the landmark 1973 Roe v. Wade ruling as soon
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By Frank Pallotta, CNN Business Disney’s streaming numbers were under the microscope on Wednesday after Netflix’s stock tanked last month following its first subscriber loss in a decade. Luckily for the House of Mouse and its investors, Disney+ grew. The streaming service now has 137.7 million subscribers — a gain of roughly 8 million in
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By Peter Valdes-Dapena, CNN Business The Scout, a one-time competitor to Ford Broncos and Jeeps that was last sold more than four decades ago, is being resurrected by Volkswagen as a line of all-electric trucks and SUVs. Scout will become its own separate brand offering off-road-oriented electric trucks and SUVs in North America. A Scout
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By Nathaniel Meyersohn, CNN Business The pitchforks have been out for Kohl’s over the past year. Activist investors have criticized the department store’s strategy, blasted its CEO and tried to replace its board of directors. Kohl’s has beaten them back — for now. Kohl’s said Wednesday that it re-elected all 13 of its board of
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