By Anna Cooban and Matt Egan, CNN Drivers in the United States can breathe a small sigh of relief — average gas prices have dropped below $4 a gallon for the first time since March. The national average price for regular gasoline fell to $3.99 a gallon on Thursday, according to AAA. Gas prices hit
Continue Reading By Anna Bahney, CNN Business Mortgage rates climbed above 5% again, after dipping below that threshold for the first time in months a week earlier. While the volatility in mortgage rates remains, there are signs that the housing market is starting to stabilize. The 30-year fixed-rate mortgage averaged 5.22% in the week ending August 11,
Continue Reading By Parija Kavilanz, CNN Business As parents and teachers prepare for students to return to classrooms this fall, they’re grappling with how much more the most basic school supplies will cost. From glue, markers, pens and tape to backpacks, sneakers, even underwear, price tags on these necessities have jumped over the last year as inflation
Continue Reading Opinion by Mark Wolfe for CNN Business Perspectives The Inflation Reduction Act, the Democrats’ tax, climate and health care bill that the Senate just passed, sets the nation on a path to meet its climate goals, and provides a set of practical initiatives that will help lower-income Americans who have fewer resources than other households
Continue Reading Martha C. White for CNN Business A benchmark measure of inflation slowed in July after surging in the previous month, offering a glimmer of hope that the painful inflation Americans are facing could moderate in the coming months. The Producer Price Index, which captures prices paid to producers for their goods and services, was 9.8%
Continue Reading By Catherine Thorbecke, CNN Business Meta’s new chatbot can convincingly mimic how humans speak on the internet — for better and worse. In conversations with CNN Business this week, the chatbot, which was released publicly Friday and has been dubbed BlenderBot 3, said it identifies as “alive” and “human,” watches anime and has an Asian
Continue Reading By Michelle Toh, CNN Business Forget taking two to three Covid shots a year. Moderna hopes to roll out a single-dose annual booster to cover the coronavirus, the flu and another common respiratory virus within the next five years. As Covid-19 continues to mutate, Moderna will need to keep updating the vaccines that turned it
Continue Reading By Michelle Toh, CNN Business Forget taking two to three Covid shots a year. Moderna hopes to roll out a single-dose annual booster to cover the coronavirus, the flu and another common respiratory virus within the next five years. As Covid-19 continues to mutate, Moderna will need to keep updating the vaccines that turned it
Continue Reading By Nicole Goodkind, CNN Business Prices in the US stayed the same last month. That’s a cause for celebration: it’s the first time they haven’t gone up since November 2020. It could also mean that the Fed’s efforts to curb inflation are finally working and that a soft landing, where inflation is limited without toppling
Continue Reading By Nicole Goodkind, CNN Business A dollar just isn’t worth what it used to be. At the grocery store, you’re getting about 11 cents less than you did just a year ago. That dollar covers 15 cents less on utility bills and it’s worth six cents less on your rent and housing costs. That adds
Continue Reading By Anna Cooban and Matt Egan, CNN Drivers in the United States can breathe a small sigh of relief — average gas prices have dropped below $4 a gallon for the first time since March. The national average price for regular gasoline fell to $3.99 a gallon on Thursday, according to AAA. Gas prices hit
Continue Reading By Laura He, CNN Business SoftBank is set to gain more than $34 billion by cutting its stake in Alibaba, the crown jewel of its investment portfolio, after posting record losses on its tech bets this year. The Japanese company said Wednesday that it would reduce its stake in the Chinese e-commerce giant to 14.6%
Continue Reading By Anna Bahney for CNN Business Rents in Manhattan have hit a record high for the sixth month in a row. Median rent for an apartment in Manhattan climbed to $4,150 a month in July, surging 29% from a year ago, according to a monthly report from brokerage firm Douglas Elliman and Miller Samuel Real
Continue Reading By Allison Morrow, CNN Business It seems the Elon Musk mystique — whatever combination of wealth, carefully cultivated charm and A-plus lawyers that have helped him emerge unscathed from countless scandals — is starting to unravel. Here’s the deal: Federal regulators just announced that Musk’s private space tourism company, SpaceX, will no longer receive nearly
Continue Reading By Jackie Wattles, CNN Business In a high-stakes decision, federal regulators announced Wednesday that SpaceX will not receive nearly $900 million in subsidies that the company was awarded in December, citing the fact that its satellite-based service is “still developing technology” and the company “failed to demonstrate that [it] could deliver the promised service.” The
Continue Reading By Peter Valdes-Dapena, CNN Business General Motors is selling three years of OnStar service as a $1,500 “option” on all Buick and GMC vehicles, as well as on Cadillac Escalade SUVs. But this is an option you can’t refuse. A three-year OnStar subscription is now simply standard equipment on all these models, GM spokesman Patrick
Continue Reading By Frank Pallotta, CNN Business Disney+ just got more expensive. Unless you’re willing to watch ads. The Disney+ new ad-supported subscription tier will debut in the US on December 8 at a cost of $7.99 a month, the company announced on Wednesday. If that price point looks familiar, it should. That’s what consumers are paying
Continue Reading By Danielle Wiener-Bronner, CNN Business Inflation may be slowing overall, but food prices are still sky-high. Over the last 12 months, grocery prices soared 13.1% — the largest annual increase since the year ending in March 1979, the Bureau of Labor Statistics said Wednesday. The prices of nearly every grocery item have ballooned over the
Continue Reading By Sara O’Brien and Clare Duffy, CNN Business A Nebraska mother and her 18-year-old daughter are facing multiple charges in a case that involved police obtaining Facebook messages between the two that authorities allege show evidence of an illegal self-managed medication abortion, as well as a plan to hide the remains. Norfolk police began investigating
Continue Reading By Sara O’Brien and Clare Duffy, CNN Business A Nebraska mother and her 18-year-old daughter are facing multiple charges in a case that involved police obtaining Facebook messages between the two that authorities allege show evidence of an illegal self-managed medication abortion, as well as a plan to hide the remains. Norfolk police began investigating
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