Money

By Olesya Dmitracova, CNN London (CNN) — Nike will lay off about 2% of its employees, or close to 1,700 people, as the sportswear behemoth looks to cut as much as $2 billion in costs. “The actions that we’re taking put us in the position to right-size our organization to get after our biggest growth

By Anna Bahney, CNN Washington, DC (CNN) — US homebuilding dropped significantly in January, as winter storms and higher mortgage rates stymied progress on the housing shortage. Housing starts, a measure of new home construction, fell by 14.8%, compared with the previous month, according to data released Friday by the Census Bureau. It was the biggest

By Alicia Wallace, CNN New York (CNN) — Wholesale inflation, as measured by the Producer Price Index, rose more than expected in January, adding to what has so far been a disappointing inflation picture for the month. The Producer Price Index rose 0.3% last month, resulting in an annual increase of 0.9%, according to Bureau

By Matt Egan, CNN New York (CNN) — You’re not imagining it: Gasoline prices are moving swiftly higher across the country. The national average has climbed 11 cents in the past week alone, to $3.28 a gallon, according to AAA. That means millions of Americans hitting the roads this Presidents’ Day weekend will be greeted

By Elisabeth Buchwald, CNN New York (CNN) — And just like that, two of the world’s largest economies are in technical recessions. On Thursday, Japan and the UK both reported their second consecutive negative quarters of gross domestic product, fitting the widely agreed-upon definition of a recession. Could the US, the world’s largest economy, be

By Matt Egan, CNN New York (CNN) — A congressional committee investigating campus antisemitism took the unprecedented step of issuing multiple subpoenas to Harvard University on Friday, compelling the Ivy League school to turn over documents lawmakers are seeking. Rep. Virginia Foxx, the Republican chairwoman of the House Education and Workforce Committee, said she decided

By Juliana Liu and Diksha Madhok, CNN Hong Kong/New Delhi (CNN) — Japan’s stock market defied gloomy economic data to rally Friday, lifting broader Asian shares and ending the week on a buoyant note. Japan’s benchmark Nikkei 225 index closed above 38,000 points for the second day in a row, just a whisker off its

By Samantha Murphy Kelly, CNN (CNN) — Artificial intelligence leader OpenAI introduced a new AI model called Sora which it claims can create “realistic” and “imaginative” 60-second videos from quick text prompts. In a blog post on Wednesday, the company said Sora is capable of generating videos up to 60 seconds in length from text

By Matt Egan, CNN New York (CNN) — Months after leaving the White House, former President Donald Trump began plotting his return to Wall Street. That return, delayed by years of regulatory and legal hurdles, is now on the verge of becoming a reality — and it could make Trump a fortune. US regulators have

By Nicole Goodkind, CNN New York (CNN) — Warren Buffett’s Berkshire Hathaway sold off 10 million shares of Apple stock in the final three months of 2023, representing about 1% of its holdings in the company. The tech titan has become a major holding for the Oracle of Omaha’s company and is known as one

By Ramishah Maruf, CNN New York (CNN) — They’re soft, cuddly, and heading into a legal battle. The owners of Squishmallows, the popular egg-shaped stuffed animals, filed an intellectual property lawsuit against Build-A-Bear on Monday, claiming its new “Skoosherz” line is a knock-off version of its own. Build-a-Bear fired back with its own legal complaint,

By Anna Bahney, CNN Washington, DC (CNN) — After treading water for months, US mortgage rates jumped higher Thursday following a string of strong employment and inflation reports. The 30-year fixed-rate mortgage averaged 6.77% in the week ending February 15, up from 6.64% the previous week, according to data from Freddie Mac. A year ago,

By Tami Luhby, CNN New York (CNN) — Some Americans may have to shell out more this year for Ozempic and Mounjaro, two wildly popular diabetes medications also used for weight loss. Drugmakers raised the list prices of the two drugs, along with roughly 900 other brand-name medications, in January, according to 46brooklyn, a nonprofit

By Jordan Valinsky, CNN New York (CNN) — Target is taking aim at budget-conscious customers with a new inexpensive brand with prices for everyday basics that start at less than $1, underscoring the way inflation has squeezed Americans and hit Target’s sales in recent quarters. A new in-house value brand called “Dealworthy” is rolling out

By Elisabeth Buchwald, CNN New York (CNN) — US markets reeled on Tuesday after January’s Consumer Price Index showed inflation came in hotter than expected, leaving investors to believe that interest rate cuts are off the table for the near future. Markets aside, the data was confirmation that prices are indeed still high and are

By Chris Isidore, CNN New York (CNN) — Electric vehicles are finally turning a profit for Stellantis, CEO Carlos Tavares said Thursday, and, in contrast to some rivals, it will not cut back on producing EVs. The announcement marks an important milestone for electric vehicles and for traditional automakers, which have struggled to make money

By Peter Valdes-Dapena, CNN (CNN) — Imagine if you could drive at night with your high beams on all the time, bathing the road ahead in bright light but without ever blinding other drivers. In Europe and Asia, many cars offer adaptive driving beam headlights that can do this. ADB is a lighting technology that

By Bryan Mena, CNN Washington, DC (CNN) — Spending at US retailers tumbled much more than expected in January as cold weather across the United States kept shoppers at home after a robust holiday spending season. Retail sales, which captures spending on all goods and food services, fell 0.8% in January, the Commerce Department reported

By Jordan Valinsky, CNN New York (CNN) — Starbucks customers who use a Bank of America card will now get additional cash back for their purchases as part of a new partnership between the two companies. Beginning Thursday, Bank of America credit and debit cardholders who are also part of the Starbucks Rewards loyalty program