By Chris Isidore, CNN Business High prices and rising interest rates are putting used cars out of reach for a growing number of car shoppers. That’s bad news for CarMax, the nation’s largest used car dealer. CarMax reported Thursday that its earnings plunged 54% as the number of cars it sold in the quarter fell
Continue Reading By Nathaniel Meyersohn, CNN Business You may not be anywhere close to ready for the holidays — but retail chains certainly are. Christmas trees are already on sales floors at Costco and Lowe’s, Walmart’s year-end holiday sales start October 1 and Target is offering its “earliest access ever” to holiday deals beginning October 6. Amazon
Continue Reading By Catherine Thorbecke, CNN Business Amazon said Thursday it plans to hire 150,000 new employees across the United States to meet demand ahead of the busy holiday shopping season. The openings, which include full-time, seasonal and part-time roles, range from packing and picking to sorting and shipping, the company said. The announcement comes just days
Continue Reading By Alicia Wallace, CNN Business The number of first-time claims for unemployment benefits dropped considerably last week, underscoring how employers are holding on tightly to workers as the labor market remains full of opportunities for job hunters. Initial claims for unemployment insurance were 193,000 for the week ended September 24, down 16,000 from a downwardly
Continue Reading By Alicia Wallace, CNN Business The US economy shrank by 0.6% during the second quarter of the year, according to the latest gross domestic product estimate from the Bureau of Economic Analysis released Thursday. That matches the most recent GDP estimate and shows the economy was in contraction for the entire first half of the
Continue Reading By Nicole Goodkind, CNN Business The global bond market is having a historically awful year. The yield on the 10-year US Treasury bond, a proxy for borrowing costs, briefly moved above 4% on Wednesday for the first time in 12 years. That’s a bad omen for Wall Street and Main Street. What’s happening: This hasn’t
Continue Reading By Nathaniel Meyersohn, CNN Business We have all heard of Band-Aid, Tylenol, Benadryl and Johnson’s baby powder. We have never heard of the new made-up word Kenvue. But Kenvue will be the new corporate parent of these familiar consumer health brands next year. Johnson & Johnson, the owner of these labels, is in the process
Continue Reading By Michelle Toh, CNN Business Hong Kong has finally secured commitments from some of the world’s biggest banks to participate in a long-awaited summit, as it seeks to reaffirm its status as a global financial hub. The Hong Kong Monetary Authority (HKMA) announced Thursday that it would welcome executives including Goldman Sachs CEO David Solomon,
Continue Reading By Paul R. La Monica, CNN Business Stocks kicked off October with more treats than tricks for investors. The market rallied to begin the fourth quarter, despite growing worries about the financial health of European banking giant Credit Suisse and weak economic data. The Dow rose 765 points, or 2.7%. That was its biggest gain
Continue Reading By Laura He, CNN Business China’s yuan hovered near record lows against the US dollar on the offshore market on Thursday, as major currencies around the world continue to tumble after the Federal Reserve’s aggressive hikes. The yuan — also known as the renminbi —has been declining for months despite interventions by China’s central bank.
Continue Reading By Oliver Darcy, CNN Business Donald Trump berated ABC News anchor George Stephanopoulos, descending into a profanity-laced tirade after the journalist asked him in a 2016 interview about Russia, according to a forthcoming book set for release next week. The book, “Confidence Man” by Maggie Haberman of The New York Times, details the stunning behind-the-scenes
Continue Reading By Oliver Darcy, CNN Business Donald Trump berated ABC News anchor George Stephanopoulos, descending into a profanity-laced tirade after the journalist asked him in a 2016 interview about Russia, according to a forthcoming book set for release next week. The book, “Confidence Man” by Maggie Haberman of The New York Times, details the stunning behind-the-scenes
Continue Reading By Matt McFarland and Anna Cooban, CNN Business Shares of Porsche gained as much as 5% on their stock market debut in Frankfurt after Volkswagen spun out the premium sports car maker in one of Europe’s biggest listings on record. Volkswagen priced the Porsche initial public offering (IPO) at €82.50 ($80) a share, raising approximately
Continue Reading By Parija Kavilanz, CNN Business Billionaire philanthropist MacKenzie Scott has filed for divorce from her second husband after less than two years of marriage. Scott, one of the world’s richest people, married Seattle-based science teacher Dan Jewett last year after divorcing Amazon founder Jeff Bezos in 2019. Scott filed a petition for divorce in the
Continue Reading By Danielle Wiener-Bronner and Matt Egan Hurricane Ian is the latest natural disaster to impact food prices. The storm hitting Florida is already forcing orange juice futures to rise, and it may soon squeeze the country’s fertilizer supply — which could have a far-reaching impact. Prices for frozen concentrate orange juice contracts hit roughly $1.92
Continue Reading By Rob Picheta, CNN Western nations have said leaks in two Russian gas pipelines, Nord Stream 1 and 2, are likely the result of sabotage. On Monday, leaks were discovered in the pipelines, prompting investigations by European authorities that determined powerful underwater explosions had occurred just before the pipelines burst in several places. The pipelines
Continue Reading By Danielle Wiener-Bronner and Matt Egan Hurricane Ian is the latest natural disaster to impact food prices. The storm hitting Florida is already forcing orange juice futures to rise, and it may soon squeeze the country’s fertilizer supply — which could have a far-reaching impact. Prices for frozen concentrate orange juice contracts hit roughly $1.92
Continue Reading By Catherine Thorbecke, CNN Business Amazon is temporarily pausing operations at some of its facilities as Hurricane Ian barrels towards Florida, the company confirmed to CNN on Wednesday. The storm, just shy of Category 5 strength, is expected to make landfall in southwestern Florida on Wednesday afternoon. It is already delivering ruinous winds and rain
Continue Reading By Samantha Murphy Kelly, CNN Business Shares of Apple fell 4% in early trading Wednesday amid concerns about demand for the company’s latest lineup of iPhones. Apple is said to have abandoned efforts to increase production of its iPhone 14 lineup by 6 million units in the second half of this year after lower-than-expected demand,
Continue Reading By Samantha Murphy Kelly, CNN Business Shares of Apple fell 4% in early trading Wednesday amid concerns about demand for the company’s latest lineup of iPhones. Apple is said to have abandoned efforts to increase production of its iPhone 14 lineup by 6 million units in the second half of this year after lower-than-expected demand,
Continue Reading