Opinion by Beth Ann Bovino for CNN Business Perspectives As markets reel over fears that an inflation-induced recession is on the horizon, the jobs market acts as if everything is fine. Employers added 390,000 jobs in May; the unemployment rate is at 3.6%, only slightly higher than before the pandemic began; and workers continue to
Continue Reading By Parija Kavilanz, CNN Business Watch your pearls, ladies. The fellas are coming for them. Men are wearing pearl jewelry — necklaces, bracelets, rings, earrings — and infusing a bolder, tougher flair to the classic feminine elegance of the gem. Gentlemen are unabashedly donning pearls in all kinds of settings. Major League Baseball players are
Continue Reading By David Goldman, CNN Business US stocks have plunged into a bear market as Wall Street investors grew increasingly nervous about the prospect of even harsher medicine from the Fed to take the sting out of inflation. The Dow sank 876 points or 2.8%. The Nasdaq was down by 4.7% and has tumbled more than
Continue Reading By David Goldman, CNN Business US stocks plunged into bear market territory Monday morning as Wall Street investors grew increasingly nervous about the prospect of even more harsh medicine from the Fed to take the sting out of inflation. The Dow sank 825 points, or 2.7%, and the Nasdaq fell 4.3%. The broader S&P 500
Continue Reading By Paul R. La Monica, CNN Business Just one month ago, Federal Reserve chairman Jerome Powell said that the central bank was not “actively considering” raising interest rates by three-quarters of a percentage point to fight inflation. But after Friday’s consumer price index report showed inflation is rising faster than expected, Wall Street is worried
Continue Reading By Anna Cooban, CNN Business Bitcoin and other cryptocurrencies continued to slide Tuesday as investors bailed out of risky assets in anticipation of sharp rises in interest rates to tackle inflation. Nerves remain raw after two of the world’s biggest cryptocurrency platforms restricted activity on Monday as the wider market meltdown continued apace. The Celsius
Continue Reading By Julia Horowitz, CNN Business In recent years, when a company announced it was splitting its stock, Wall Street went wild. When Tesla revealed such plans in 2020, its shares immediately shot up. They climbed 66% over the following 12 months. But as concerns about the Federal Reserve, inflation and the economy plague investors, those
Continue Reading By Laura He, CNN Business Ikea has already shut one store in mainland China this year and could close another in Shanghai in early July. The Swedish furniture and home goods chain said Monday that it was considering shutting its store in the Yangpu district of the city in response to changing shopping patterns during
Continue Reading By Laura He, CNN Business China is urging college graduates to seek jobs in the countryside as youth unemployment in urban areas soars to the highest level in history. Local governments should attract college graduates to work as village officials, according to a joint statement issued last week by the ministries of education, finance, civil
Continue Reading By Laura He and Mark Thompson, CNN Business Global markets and US stock futures fell early Monday, indicating a downbeat start to the trading week after a broad sell-off on Wall Street following surprisingly strong US inflation data. The Dow plunged 880 points, or 2.5%, on Friday. The S&P 500 shed 2.7% and the Nasdaq
Continue Reading By Laura He and Mark Thompson, CNN Business Global markets and US stock futures fell early Monday, indicating a downbeat start to the trading week after a broad sell-off on Wall Street following surprisingly strong US inflation data. The Dow plunged 880 points, or 2.5%, on Friday. The S&P 500 shed 2.7% and the Nasdaq
Continue Reading By Ramishah Maruf, CNN Even the wealthiest Americans are starting to feel the effects of economic uncertainty, as sales of luxury homes saw their largest decline since the start of the pandemic, a Redfin analysis found. Sales of luxury homes plummeted 17.8% year over year during the three months ending April 30. That’s a much
Continue Reading By Ramishah Maruf, CNN “Squid Game” is officially coming back. Netflix announced Sunday that the wildly popular South Korean show is green lit for a second season. “And now, Gi-hun returns,” director, writer and executive producer Hwang Dong-hyuk said in a letter to fans. “The Front Man returns. Season 2 is coming.” “Squid Game” is
Continue Reading By Ramishah Maruf, CNN Writer Vladimir Kara-Murza is an outspoken critic of Vladimir Putin. He has made numerous television appearances, including one on CNN, denouncing the Russian president’s “regime of murderers.” Criticizing the Kremlin comes at a high price, and on the heels of that interview in April, Kara-Muzra was arrested and is still behind
Continue Reading By Ramishah Maruf, CNN Writer Vladimir Kara-Murza is an outspoken critic of Vladimir Putin. He has made numerous television appearances, including one on CNN, denouncing the Russian president’s “regime of murderers.” Criticizing the Kremlin comes at a high price, and on the heels of that interview in April, Kara-Muzra was arrested and is still behind
Continue Reading By Frank Pallotta, CNN Business The end of the Jurassic era arrived with a deafening roar at the box office. “Jurassic World: Dominion,” the sixth and supposedly last film in the Jurassic Park franchise, brought in an estimated $143.3 million for its North America opening this weekend. The Universal Pictures’ film took the top spot
Continue Reading By Jeanne Sahadi, CNN Business Anyone expecting inflation to have peaked by now got a rude surprise last week. The latest inflation report showed prices in May rose 8.6% from a year ago — the fastest rate in 40 years. Add to that declining stocks, climbing interest rates and global economic troubles caused by Russia’s
Continue Reading By Allison Morrow, CNN Business Cardi B is asking the million-dollar question (Or the 20-trillion-dollar question, more precisely). “When y’all think they going to announce that we going into a recession?” the rapper tweeted this week. We wish we knew the answer, Cardi. After all, recession forecasting has become the national pastime of economists, market
Continue Reading By Paul R. La Monica, CNN Business The Federal Reserve is widely expected to raise interest rates by a half of a percentage point for the second consecutive time at the end of its next meeting on June 15. After that, all bets are off. Bigger rate hikes could be in the cards as consumer
Continue Reading by Chiara Grimes Americans are facing grocery store price hikes at levels not seen since the inflation-soaked 1970s, with double-digit increases on everything from eggs to poultry, according to the latest Consumer Price Index from the Labor Department. Friday’s inflation report was a triple-whammy for consumers, with massive price hikes in food, shelter and energy
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