Breaking News: Economy
Watch live: Fed Chair Powell faces questions on rate cut, inflation and Trump
Labor market doesn’t contribute significantly to price growth, Powell says Fed Chair Jerome Powell said the job market is not a key driver of inflation. “The labor market is not a source of significant inflationary pressures,” Powell said. The Fed chair said payroll expansion has slowed in recent months, while the unemployment rate has increased […]
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Stocks making the biggest moves midday: Warner Bros. Discovery, AppLovin, Wolfspeed, Lyft and more
Check out the companies making headlines in midday trading. Dutch Bros — The stock popped more than 32% following the coffee chain’s better-than-expected third-quarter results. Dutch Bros earned 16 cents per share on revenue of $338 million for the period, while analysts surveyed by LSEG had penciled in 12 cents per share and $325 million […]
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Steve Madden to slash China sourcing by as much as 45% as Trump’s tariff plan looms
The logo of the label Steve Madden at the fashion fair Premium. ens Kalaene | Picture Alliance | Getty Images Steve Madden said Thursday that it will slash the goods it imports from China by as much as 45% over the next year as it braces for President-elect Donald Trump to carry out his pledge […]
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Former Treasury Secretary Mnuchin says Trump’s top priorities will be tax cuts, Iran sanctions and tariffs
President-elect Donald Trump likely will return to cornerstones of his previous economic platform such as tariffs, lower taxes and sanctions when he assumes office in January, his former Treasury secretary said Thursday. Steven Mnuchin, who held the post throughout Trump’s first term from 2017-21, told CNBC that he sees those items as critical to the […]
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Trump’s proposed tariffs could raise prices for consumers and slow spending
Shoppers walk through the Fashion Centre at Pentagon City, a shopping mall in Arlington, Virginia, February 2, 2024. Saul Loeb | Afp | Getty Images For retailers and consumers finally feeling some relief from inflation, President-elect Donald Trump’s tariffs proposal introduces fresh uncertainty around how prices could change during his presidency, analysts said Wednesday. Trump, […]
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Trump vow on new trade war sends shockwaves through supply chain, importers scramble to move up orders
Retailers and manufacturing companies have been increasingly calling logistics partners, both in the days leading up to presidential election and on Election Night, about “front loading” shipments ahead of any changes in tariff policy to be pursued by President-elect Donald Trump, who campaigned on an aggressive expansion of existing U.S. tariffs on cross-border trade. Trump […]
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Stocks making the biggest moves premarket: Tesla, DJT, CVS Health, Dollar Tree and more
Check out the companies making headlines before the stock market opens: Crypto stocks — Shares of Coinbase surged 12% as investors cheered the prospect of a more supportive regulatory environment for cryptocurrency businesses under a second Donald Trump presidency. MicroStrategy , which trades as a high-beta play on the bitcoin price, gained 11% as bitcoin […]
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More Iran sanctions and ‘drill baby, drill’: Oil market’s future is still uncertain under Trump
Offshore workers examine hydrocarbon samples aboard the Chevron Corp. Jack/St. Malo deepwater oil platform in the Gulf of Mexico off the coast of Louisiana, U.S., on Friday, May 18, 2018. Luke Sharrett | Bloomberg | Getty Images U.S. oil producers are looking forward to less regulations on crude production under a Donald Trump presidency, meaning […]
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Europe praises Trump’s victory amid wider fears of an impending economic nightmare
Donald Trump (L), President of the USA, and Emmanuel Macron, President of France, join hands during the final press conference of the G7 Summit on 26 August 2019, in Biarritz, France. NurPhoto | NurPhoto | Getty Images European officials have been quick to congratulate Donald Trump after he defeated his Democratic rival Kamala Harris to […]
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Labor strikes shut down operations at Canada’s container ports from East to West Coast, with U.S. trade left in limbo
Key ports on Canada’s West Coast, including its largest container port in Vancouver and the Port of Prince Rupert, were shut down by a labor strike on Monday. The International Longshore and Warehouse Union Ship & Dock Foreman Local 514 began striking on Monday morning, stopping containers and cargo immediately. According to the Greater Vancouver Board […]
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