Money

By Krystal Hur, CNN New York (CNN) — Stocks tumbled Tuesday after a slew of economic data stoked fears about the US economy’s cloudy outlook and further interest rate hikes from the Federal Reserve. The benchmark S&P 500 index slid 1.5%, logging its lowest close since June. The Dow Jones Industrial Average fell 388 points,

By Jordan Valinsky, CNN New York (CNN) — Men, apparently, can’t stop thinking about the Roman Empire. Panera Bread fans can’t stop thinking about their broccoli cheddar soup. Now, the two are coming together with the chain selling a “Roman Empire” menu, which is a cheeky response to the viral TikTok trend. Although the menu

By Matt Egan, CNN New York (CNN) — JPMorgan Chase CEO Jamie Dimon is raising the specter of the war on inflation getting worse before it gets better. In an interview with the Times of India published on Tuesday, Dimon warned that if the Federal Reserve has to keep raising interest rates to cool inflation,

By Brian Fung, CNN (CNN) — The US government and 17 states are suing Amazon in a landmark monopoly case reflecting years of allegations that the e-commerce giant abused its economic dominance and harmed fair competition. The groundbreaking lawsuit by the Federal Trade Commission and 17 attorneys general marks the government’s sharpest attack yet against

By Brian Fung, CNN (CNN) — European Union officials on Tuesday called on large social media platforms to step up their enforcement against online mis- and disinformation, particularly about the war in Ukraine. In prepared remarks Tuesday, European Commission Vice President Vera Jourova particularly criticized X, the platform formerly known as Twitter, as having the

By Anna Cooban, CNN London (CNN) — Alibaba said Tuesday that it would spin off Cainiao, its logistics arm, in what will be the conglomerate’s first initial public offering since it announced a sweeping revamp of its business earlier this year. Alibaba Group (BABA) said in a regulatory filing that it had received regulatory approval

By Anna Bahney, CNN Washington, DC (CNN) — New home sales dropped in August from the month before, as mortgage rates topped 7% and rose to the highest levels in more than 20 years. Sales of newly constructed homes fell 8.7% in August to a seasonally adjusted annual rate of 675,000 from a revised rate

By Alicia Wallace, CNN Minneapolis (CNN) — Rising gas prices and high interest rates contributed to greater economic uncertainty and dampened consumer confidence in September, dropping the key economic indicator to the lowest level in four months, according to data released Tuesday. The Conference Board’s Consumer Confidence Index fell for a second consecutive month, dropping

By Lauren del Valle, CNN New York (CNN) — JPMorgan Chase has reached a settlement with the US Virgin Islands over a lawsuit alleging the bank enabled Jeffrey Epstein’s sex-trafficking crimes. The settlement includes “significant commitments” by JPMorgan Chase to curtail human trafficking, and a $75 million payment to the US Virgin Islands. The USVI

By Alicia Wallace, CNN Minneapolis (CNN) — Buy Now, Pay Later installment payment offerings appear to be disproportionately used by people facing financial difficulties, raising concerns about the potential for greater money trouble, according to research from the Federal Reserve Bank of New York released Tuesday. Buy Now, Pay Later offerings have grown in popularity

By Jordan Valinsky, CNN New York (CNN) — McDonald’s is spicing up its sauces. Beginning October 9, the fast food chain is adding two new dipping sauces to its menu for a limited time, joining its lineup of six sauces that include barbecue, ranch and sweet and sour. The first new addition is a sweet

By Anna Bahney, CNN Washington, DC (CNN) — US home prices continued to rise in July, hitting a new record high and marking the sixth successive month of gains, as historically low inventory pushes up the cost of a home. Prices rose 0.6% from the month before, according to seasonally adjusted data from the S&P

By Brian Fung, CNN (CNN) — The US government aims to restore sweeping regulations for high-speed internet providers such as AT&T, Comcast and Verizon, reviving “net neutrality” rules for the broadband industry — and an ongoing debate about the internet’s future. The proposed rules from the Federal Communications Commission will designate internet service — both

By Laura He, CNN Hong Kong (CNN) — Evergrande Group has just missed another bond payment, casting further doubt over the future of the embattled property developer at the epicenter of China’s real estate crisis. Hengda Real Estate, Evergrande’s flagship unit in mainland China, missed principal and interest payments on Monday on an onshore 4

By Michelle Toh and Wayne Chang, CNN Hong Kong/Taipei (CNN) — China and the European Union have agreed to exchange information on export controls as part of efforts to dial down tension over trade imbalances and geopolitical issues. Europe’s trade chief said the relationship was at a “crossroads” and the bloc’s exporters needed better access

By Anna Cooban, CNN London (CNN) — Global demand for oil, natural gas and coal is likely to peak by 2030 — an “encouraging” development but “not nearly enough” to limit the rise in global temperatures to 1.5 degrees Celsius, the International Energy Agency said Tuesday. Planet-heating pollution from the energy sector is also set

By Kevin Dotson, CNN (CNN) — The surprise attendance of pop superstar Taylor Swift at Sunday’s Kansas City Chiefs game also brought an unexpected surge in sales of Chiefs’ tight end Travis Kelce’s jersey, according to sports retailer Fanatics. “Yesterday, Travis Kelce was one of the top five selling NFL players and saw a nearly

By Ramishah Maruf, CNN (CNN) — 3M has agreed to pay almost $10 million to settle apparent violations of Iranian sanctions, the US Office of Foreign Assets Control said last week. The agency said 3M had 54 apparent violations of OFAC sanctions on Iran. It said between 2016 and 2018, a 3M subsidiary in Switzerland

By Vanessa Yurkevich, CNN (CNN) — United Auto Workers union President Shawn Fain will join President Joe Biden on the picket line Tuesday in Wayne County, Michigan, according to a source familiar with the situation. The source provided no specifics about the exact location. The UAW, however, is not involved with former President Donald Trump’s

By Jackie Wattles, CNN (CNN) — Jeff Bezos’ space tourism and rocket company is replacing its chief executive officer with a longtime Amazon executive. The current Blue Origin CEO, Bob Smith — a former Honeywell executive who took over the role in 2017 — will step down and make way for Dave Limp, the senior