By Nicole Goodkind, CNN Business The results of Tuesday’s midterm elections will set the agenda for the next Congress. That could mean changes to fiscal policy, which uses taxes and government spending to influence a country’s economy. But when it comes to the stock market, this election ranks fairly low on the list of things
Continue Reading By Nicole Goodkind, CNN Business The results of Tuesday’s midterm elections will set the agenda for the next Congress. That could mean changes to fiscal policy, which uses taxes and government spending to influence a country’s economy. But when it comes to the stock market, this election ranks fairly low on the list of things
Continue Reading By Catherine Thorbecke, CNN Business Facebook parent company Meta on Wednesday said it is laying off 11,000 employees, marking the most significant job cuts in the tech giant’s history. The job cuts come as Meta confronts a range of challenges to its core business and makes an uncertain and costly bet on pivoting to the
Continue Reading By Nathaniel Meyersohn, CNN Business If residents of Alabama, Utah, Alaska, Hawaii or Nevada wanted a chance to win this week’s record Powerball jackpot, they had to travel to another state to buy a ticket. These five states do not offer government-operated lotteries or participate in interstate drawings with rollover jackpots such as Powerball or
Continue Reading By Eoin McSweeney and Ella Nilsen, CNN China and the other 104 members of the Asian Infrastructure Investment Bank are “deeply committed” to their net-zero targets, says the chief of the continent’s largest multilateral development bank. “All of the members are committed to net zero, particularly many developing countries who certainly have a lot of
Continue Reading By Chris Isidore, CNN Business Elon Musk sold $3.95 billion worth of Tesla stock since completing his purchase of Twitter late last month. Musk’s Tesla stock sales, totaling 19.5 million shares, have been widely anticipated ever since the Tesla CEO reached a deal to buy Twitter for $44 billion. Musk had sold blocks of Tesla
Continue Reading By Paul R. La Monica, CNN Business US stocks were mostly unchanged in premarket trading as results from Tuesday’s midterm elections rolled in. Investors have been betting on a big Republican wave in the elections. If Republicans take at least one chamber of Congress, that will likely result in more gridlock, which the market usually
Continue Reading By Paul R. La Monica, CNN Business US stocks were mostly unchanged in premarket trading as results from Tuesday’s midterm elections rolled in. Investors have been betting on a big Republican wave in the elections. If Republicans take at least one chamber of Congress, that will likely result in more gridlock, which the market usually
Continue Reading By Swati Gupta, Rhea Mogul, Sandi Sidhu and Mohit Lathiya, CNN A marigold garland hangs across a photo frame with the faces of 12 members of the Bodha family who died when a bridge collapsed beneath them during a family outing in Gujarat, eastern India. “There have been a lot of deaths,” said grandfather Sundarji
Continue Reading By Brian Fung, CNN A new verification mark intended to better identify prominent Twitter accounts has instead become the latest source of chaos at the company under new owner Elon Musk. Just hours after the feature’s debut, Musk abruptly said Wednesday he had “killed” a new, gray verification badge designed to label government accounts, major
Continue Reading By Catherine Thorbecke, CNN Business Meta CEO Mark Zuckerberg told company executives that major layoffs at the tech giant will begin on Wednesday morning, the Wall Street Journal reported Tuesday afternoon. Meta declined to comment to CNN on the report, which said Zuckerberg told the executives at Facebook’s parent company that he is accountable for
Continue Reading By Frank Pallotta, CNN Business Disney’s fourth quarter earnings were a mix of good and bad news for the company. The good: the company added 12.1 million new Disney+ subscribers, for a total of 164.2 million global subscribers, exceeding Wall Street’s expectations. The bad: Disney missed projections for other aspects of its business, including revenue.
Continue Reading By Paul R. La Monica, CNN Business #RedWave? #VoteBlue? Wall Street saw green on this midterm Election Day. Stocks ended Tuesday with solid gains, extending Wall Street’s winning streak to a third straight day. The Dow finished up almost 335 points, or 1%. The Nasdaq and S&P 500 rose 0.5% and 0.6% respectively. The Dow
Continue Reading By Matt Egan, CNN Business Wall Street is waiting for the results of Tuesday’s midterm election like the rest of the world, but traders say this week’s inflation report may prove to be far more consequential to markets. “Obviously this midterm election — because democracy is on the ballot — is a big deal in
Continue Reading By Brian Fung, CNN Business The European Union is taking a closer look at Microsoft’s proposed $68.7 billion purchase of video game giant Activision Blizzard, citing concerns the deal could hurt competition in the video game industry. A preliminary review of the deal found that Microsoft could try to withhold the games it’s acquiring from
Continue Reading By Paul R. La Monica, CNN Business #RedWave? #VoteBlue? Wall Street saw green on this midterm Election Day. Stocks ended Tuesday with solid gains, extending Wall Street’s winning streak to a third straight day. The Dow finished up almost 335 points, or 1%. The Nasdaq and S&P 500 rose 0.5% and 0.6% respectively. The Dow
Continue Reading By Peter Valdes-Dapena, CNN Business California has long been a leader among states, and even countries, in promoting a shift to electric cars, including with its plans to ban the sale of purely gas-powered cars by 2035. But California voters appear to have rejected a ballot proposal that, its proponents claimed, what have helped accelerate
Continue Reading By Hanna Ziady, CNN Business Three years ago, a hurricane devastated the Bahamas, claiming dozens of lives. Today, the country is building what it claims to be the world’s first carbon-negative housing community to reduce the likelihood of future climate disasters and to ease the shortage of homes caused by the storm. Rick Fox, a
Continue Reading By Paul R. La Monica, CNN Business Many political experts are predicting big Republican wins in the midterm elections that could give the GOP control of at least one, if not both, chambers of Congress. Investors have taken notice too. The blank check firm that might merge with former President Donald Trump’s media company has
Continue Reading By Allison Morrow, CNN Business In an unexpected twist, the cryptocurrency exchange Binance said it is buying its smaller rival FTX after the firm faced a liquidity crisis that rattled digital assets and sparked contagion fears. “This afternoon, FTX asked for our help,” tweeted Zhao “CZ” Changpeng on Tuesday. “There is a significant liquidity crunch.
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