Money

CNN By Bryan Mena, CNN Washington, DC (CNN) — US consumers have been feeling a whole lot better this summer as inflation has continued to slow. Consumer sentiment tracked by the University of Michigan rose 11% in July from the prior month, reaching its highest level since October 2021, according to a final reading of

By Alicia Wallace, CNN Minneapolis (CNN) — Another key economic report further propped up the idea that a soft landing is not only possible, but also in motion: The Federal Reserve’s preferred inflation gauge continued its deceleration in June while consumers kept the US economic engine running. Commerce Department data released Friday showed that the

By Chris Isidore, CNN New York (CNN) — ExxonMobil’s profit fell sharply in the second quarter on lower oil and natural gas prices, leaving earnings below Wall Street forecasts. The company earned $7.9 billion, or $1.94 a share, down 56% from a year earlier. Analysts surveyed by Refinitiv had forecast earnings of $2.01 a share.

By Mark Thompson, CNN (CNN) — Solid economic growth in France and Spain, and a very modest recovery in Germany could be enough to confirm that the euro area has already exited a recession that started in the final quarter of 2022. Official data showed that French GDP was up 0.5% in the April-June period,

By Rhea Mogul, CNN New Delhi (CNN) — A Bollywood film has been accused of trivializing the murder of millions during the Holocaust with flippant dialogue and a storyline that uses the Nazi’s death camps as a metaphor for relationship woes, prompting a prominent Jewish rights group to call for its removal from streaming platforms.

By Ramishah Maruf, CNN New York (CNN) — The maker of Oreo and Cadbury Dairy Milk chocolate is thanking an increased demand for sweets in the first half of the year for its positive forecast, Mondelez (MDLZ) International said in its second quarter earnings call Thursday. “We feel good about continued consumer confidence,” the company

By Danielle Wiener-Bronner, CNN New York (CNN) — Chick-fil-A is testing out two new restaurant concepts — a four-lane drive thru with a kitchen above and a walk-up store for digital orders — as it becomes the latest chain to try to get customers to skip the dining room. The drive-thru is set to open

By Elisabeth Buchwald, CNN New York (CNN) — US bank regulators advanced proposals on Thursday aimed at safeguarding the nation’s largest banks in the wake of three regional bank failures earlier this year. The new rules proposed by the Federal Reserve, Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation would

By Allison Morrow, CNN New York (CNN) — A woman is suing the billionaire investor Leon Black, accusing him of raping her at Jeffrey Epstein’s Manhattan townhouse when she was 16 years old. The lawsuit describes in gruesome detail the woman’s account of a sexual assault that left her bleeding and sobbing. Her lawyers say

By Chris Isidore, CNN New York (CNN) — Losses are going up on Ford’s electric vehicle business, but profit from its traditional internal combustion engine vehicles allowed it to beat Wall Street expectations. The company earned 72 cents a share in the second quarter on an adjusted basis, up from 68 cents a share and

By Clare Duffy, CNN Video by John General, Deborah Brunswick and Hazel Tang, CNN New York (CNN) — In mid-July at the construction site at 1 Java Street in Brooklyn, New York, the outside temperatures can reach sweltering highs in the 90s. But 500-feet underground, it’s 55 degrees all year round. That stable, underground temperature

By Danielle Wiener-Bronner, CNN New York (CNN) — McDonald’s is planning to test out a new restaurant idea, called “CosMc’s.” CosMc’s is named for a little-known McDonald’s character. He is an alien. “CosMc’s is a small format concept with all the DNA of McDonald’s but its own unique personality,” CEO Chris Kempczinski said during an

By Chris Isidore, CNN New York (CNN) — The costs to Norfolk Southern from the February derailment in East Palestine, Ohio, are now approaching $1 billion, the company reported Thursday. The company disclosed it had taken another $416 million charge against its second-quarter earnings, mostly to cover the estimated ongoing clean-up costs at the derailment

By Matt Egan, CNN New York (CNN Business) — “Barbie” and “Oppenheimer” have been such blockbuster movies that their impact appears to be showing up in economic statistics. Bank of America cardholders increased their non-gasoline spending by 1.9% year over year during the week ending July 22, the bank said Thursday. While spending in many

By Anna Cooban, CNN London (CNN) — Some of Europe’s biggest banks are setting aside more cash to absorb potential losses on loans, as rising interest rates increase pressure on borrowers. UK-based Barclays reserved £896 million ($1.2 billion) in the first half of this year to cover possible defaults by borrowers, more than double the

By Krystal Hur, CNN New York (CNN) — The Dow slipped on Thursday, snapping a 13-day winning streak. The blue-chip index fell 237 points after being on track to close higher for a 14th consecutive session. That would have marked the Dow’s longest run of consecutive gains since May 1897. If the Dow had closed

By Anna Bahney, CNN Washington, DC (CNN) — US mortgage rates moved higher this week following the Federal Reserve’s rate hike, after dropping last week. The 30-year fixed-rate mortgage averaged 6.81% in the week ending July 27, up from 6.78% the week before, according to data from Freddie Mac released Thursday. A year ago, the

By Chris Isidore, CNN New York (CNN) — The end may be close for Yellow Corp, a nearly century-old trucking company with 30,000 employees. The company narrowly avoided a fatal strike by the Teamsters earlier this week after Yellow missed payments to pensions and healthcare funds, as the union agreed to give it extra time