By Julia Horowitz, CNN Business The tech-heavy Nasdaq Composite was a huge beneficiary of the stock market’s epic recovery from the pandemic. Now, it’s facing ever deeper losses as investors fear that fast-growing companies are running out of steam. What’s happening: The Nasdaq dropped almost 4% on Tuesday, sending the index to its lowest level
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By Parija Kavilanz, CNN Business It’s proposal season, and engagements are on the rise. So are factory-made diamond sales. Not that you’d know the difference. Man-made diamonds look the same as naturally occurring ones. The only noticeable difference is the price tag. “The result is really stunning,” said Edahn Golan, an independent diamond industry analyst.
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By Jordan Valinsky, CNN Business Members of Walmart’s discount program will get a bit of relief at the gas pump. Beginning Wednesday, Walmart+ subscribers will get 10 cents off a gallon of gas at participating fuel stations. Walmart previously offered a discount of just 5 cents a gallon to Walmart+ subscribers, and only at 2,000
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By Michelle Toh, CNN Business DJI, the world’s top drone maker, will temporarily stop doing business in Russia and Ukraine. The move marks a rare exit from Russia by a prominent Chinese company since the war started, and comes after Ukrainian authorities claimed that DJI’s drones were being used by the Russian military. In a
Continue Reading By Michelle Toh, CNN Business DJI, the world’s top drone maker, will temporarily stop doing business in Russia and Ukraine. The move marks a rare exit from Russia by a prominent Chinese company since the war started, and comes after Ukrainian authorities claimed that DJI’s drones were being used by the Russian military. In a
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By Nicole Goodkind, CNN Business Maybe that avocado toast isn’t so bad, after all. Millennials are way ahead of Baby Boomers when it comes to saving for retirement, according to a new study by investment firm Charles Schwab. That younger generation is already stashing away funds in their mid-20s, beating their parents by about a
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By Laura He, CNN Business China is about to embark on a new infrastructure spending spree in a bid to fix an economy nearing breaking point because of Covid lockdowns. President Xi Jinping told a meeting of senior economic officials Tuesday that “all out efforts” must be made to boost construction to increase domestic demand
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By Jackie Wattles, CNN Business A SpaceX capsule carrying four astronauts — including the first Black woman to join the International Space Station crew — successfully docked with the ISS Wednesday evening, kicking off a five-month mission. The astronauts had spent 16 hours orbiting aboard their SpaceX Crew Dragon spacecraft after a pre-sunrise launch from
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By Jackie Wattles, CNN Business SpaceX has been on a tear in 2022, notching 18 rocket launches and two astronaut splashdowns in just the first 130 days of the year — an unprecedented pace for the company and the commercial launch industry. The latest is scheduled for Friday evening with the launch of 53 of
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By Paul R. La Monica, CNN Business Even the world’s richest person needs financial advice. That’s great news for Morgan Stanley, the investment bank of choice for Elon Musk. Morgan Stanley advised the Tesla CEO on his $44 billion acquisition of Twitter. The bank also helped secure $25.5 billion in funding for the deal, including
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By Oliver Darcy, CNN Business A version of this article first appeared in the “Reliable Sources” newsletter. You can sign up for free right here. Los Angeles County Sheriff Alex Villanueva is the subject of national scrutiny right now. On Tuesday he alarmed press freedom advocates by lashing out at a press conference and indicating
Continue Reading By Oliver Darcy, CNN Business A version of this article first appeared in the “Reliable Sources” newsletter. You can sign up for free right here. LA County Sheriff Alex Villanueva is the subject of national scrutiny right now. On Tuesday he alarmed press freedom advocates by lashing out at a press conference and indicating that
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A dating app scam has been brought to the Holts Summit Police Department’s attention after the scammer called the victims using a phone number that appeared to be associated with the police department.
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By Ramishah Maruf, CNN Up to a quarter million Ford Explorers are being recalled due to a mechanical problem that can cause the SUV to roll away while it’s parked, according to documents from the National Highway Traffic Safety Administration. The document said a bolt in the rear axle mounting could fracture and cause the
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By Nicole Goodkind, CNN Business Robinhood CEO Vlad Tenev announced Tuesday afternoon that the online trading platform will lay off 9% of its workforce as shares of the company’s stock hit a new low. In a blogpost, Tenev wrote that Robinhood’s financial position was strong, with over $6 billion in cash on its balance sheet.
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By Sugam Pokharel and Mark Thompson, CNN Business Russia has cut off natural gas supplies to Poland and Bulgaria, dramatically escalating its response to Western sanctions imposed on Moscow over the war in Ukraine. Russian state energy giant Gazprom said in a statement Wednesday that it had fully halted supplies to Polish gas company PGNiG
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By Matt Egan, CNN Business The Senate voted on Tuesday to confirm Lael Brainard as the Federal Reserve’s vice chair, approving a key Biden nominee empowered to help lead the central bank’s fight against high inflation. Brainard, currently a governor at the Fed, received some bipartisan support, with multiple Republicans supporting her nomination to a
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By Chris Isidore, CNN Business The first all-electric Ford F-150 Lightning rolled off the assembly line in Detroit on Tuesday, with a great deal riding on its launch for both the company and electric vehicles overall. Interest and demand in the vehicles have been very strong, with Ford taking 200,000 preorders for the electric version
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By Nicole Goodkind, CNN Business Inflation is at a 40-year high, and Americans are feeling it. A gallon of gas costs about double what it cost in January 2021. Home prices were up a whopping 19.8% year-over-year in February. And, in March, groceries cost 10% more than they did a year earlier. Thankfully some analysts
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By Jackie Wattles, CNN Business SpaceX’s Falcon 9 rocket and Crew Dragon spacecraft are headed back to the launch pad, kicking off the second astronaut mission for SpaceX in just one month. On board will be four professional astronauts, destined for the International Space Station, including the first Black woman to join the ISS crew.
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