Business Headlines
AI stocks keep falling, while oil prices keep climbing
NEW YORK (AP) — More swings for computer chip companies and other winners of the artificial-intelligence boom are yanking stock markets lower Friday. Oil prices, meanwhile, continue to climb because of the war with Iran. The S&P 500 fell 0.7% after dropping as much as 1.4% in the morning. It’s on track for its first losing week in the last three and only its third since March, just a couple days after it climbed within 0.5% of its all-time high. The Dow Jones Industrial Average was down 13 points, or less than 0.1%, as of 11:30 a.m. Eastern time, after veering between an early loss of 566 points and a modest gain. The Nasdaq composite fell 1.4%. Chip stocks once ... Read More
Slumping AI stocks drag down markets around the world
NEW YORK (AP) — Drops for computer chipmakers and other winners of the artificial-intelligence boom dragged down stock markets worldwide on Thursday. The S&P 500 fell 0.5%, even though more stocks rose within the index than fell. The Dow Jones Industrial Average dipped 105 points, or 0.2%, and the Nasdaq composite sank 1.5%. Nearly three out of every four stocks rose within the S&P 500 after more of the country’s biggest companies reported better earnings for the latest quarter than analysts expected. Abbott jumped 10.7% after the healthcare company delivered a fatter profit than expected and raised its forecast for earnings over the full year. J.B. Hunt Transport Services climbed 8% after the freight company likewise topped analysts’ expectations for ... Read More
Warren Buffett explains why his kids, not the Gates Foundation, will now give away all his fortune
OMAHA, Neb. (AP) — Billionaire Warren Buffett said Wednesday that his decision to cut the Gates Foundation out of his charitable giving is more about believing his three kids are ready to handle giving away his entire fortune than it is about Bill Gates ' ties to convicted sex offender Jeffrey Epstein. Buffett told CNBC that Gates’ association with Epstein was “distasteful,” but the 95-year-old investor suggested that Gates’ actions weren’t much different from mistakes he himself had made over the years in hiring the wrong person or in choosing friends. “No one bats a thousand in the business of choosing people,” Buffett said on CNBC. Buffett read up on Gates’ ties to Epstein Buffett said he “read a great ... Read More
AI stocks slump again worldwide, while oil prices tick higher
NEW YORK (AP) — Computer chipmakers and other winners of the artificial-intelligence boom are slumping again Thursday and weighing on stock markets worldwide. They’re drowning out strength for most of the rest of Wall Street, leaving U.S. stock indexes close to flat. The S&P 500 was virtually unchanged, a day after it pulled within 0.5% of its all-time high set last month. The Dow Jones Industrial Average was up 81 points, or 0.2% as of 10:30 a.m. Eastern time, and the Nasdaq composite was 0.5% lower. The majority of stocks on Wall Street rose after several of the country’s biggest companies reported better profits for the latest quarter than analysts expected. Abbott jumped 11.8% after the healthcare company delivered a ... Read More
Stocks and oil prices drift, while South Korean AI darling SK Hynix leaps in its Wall Street debut
NEW YORK (AP) — U.S. stocks and oil prices are drifting toward a quiet finish of the week Friday following their earlier fireworks on worries about how the war with Iran will affect the global flow of crude. The S&P 500 was virtually unchanged in midday trading and on track to close out its fourth winning week in the last five. The Dow Jones Industrial Average was up 101 points, or 0.2%, as of 11:45 a.m. Eastern time, and the Nasdaq composite was 0.2% lower. Oil prices eased following earlier fluctuations as a series of unclaimed airstrikes hit Iran after the United States said it finished its attacks. The price for a barrel of Brent crude oil, the international standard, ... Read More
Oil prices climb and stocks fall after Trump says he thinks Iran agreement ‘over’
Shot of oil pumps (Olga Rolenko/Getty Images)(NEW YORK) -- Oil prices climbed and stocks closed lower on Wednesday after President Donald Trump said he believes an agreement with Iran is "over" amid an exchange of strikes in the Middle East.Brent crude, the benchmark measure for worldwide oil trading, climbed more than 6% on Wednesday, pushing the price up to about $79 a barrel.Oil prices stand above pre-war levels, though they have fallen from a high of as much as $118 reached earlier in the conflict.Stock prices fell in response to the heightened tensions and rising oil prices.The Dow Jones Industrial Average closed down 575 points, or 1%, while the S&P 500 declined 0.2%. The tech-heavy Nasdaq fell 0.2%.The war prompted the Iranian closure of ... Read More
Do heat waves damage the economy? Experts explain
Melting street thermometer against bright summer sun.High temperature.Summer heat. (Dmitriy83/Getty Images)(NEW YORK) -- A heat wave blanketed a vast swathe of the United States over the 4th of July weekend, threatening the health of tens of millions of people and the power supply for thousands of homes.A lesser-known risk of extreme heat, meanwhile, may hammer pocketbooks.Heat waves threaten an array of costs for the economy, sapping the productivity of outdoor workers, shutting some shoppers inside their homes and driving up utility payments, some analysts told ABC News. All in all, they added, those effects could shrink output and hike some costs in areas impacted by heat waves."Extreme heat has economic consequences," Justin Mankin, a professor of geography at Dartmouth University, ... Read More
SpaceX joins the Nasdaq 100, clearing way for potential investment influx. Here’s what to know
SpaceX founder and CEO Elon Musk speaks via video at the Nasdaq Marketsite in Times Square during the launch of the SpaceX initial public offering (IPO) on the Nasdaq on June 12, 2026, in New York City. (Spencer Platt/Getty Images)(NEW YORK) -- Elon Musk-led rocket and AI company SpaceX joined the Nasdaq 100 on Tuesday, clearing the way for a potential influx of investment as funds pegged to the major index were expected to add the firm.SpaceX will all but certainly become a part of many individuals’ 401(k) accounts soon. Those accounts often hold index funds, which track indexes like the Nasdaq 100.Until recently, newly listed companies were barred from major indexes until after an extended waiting period. But the Nasdaq issued ... Read More
Microsoft is laying off 4,800 workers: ‘AI is changing how work gets done’
A logo sits outside the Microsoft pavilion during the second day of the Mobile World Congress 2015 at the Fira Gran Via complex on March 3, 2015 in Barcelona, Spain. (David Ramos/Getty Images)(NEW YORK) -- Microsoft said on Monday it will lay off 4,800 employees and that the job cuts would be especially pronounced in its Xbox department.The layoffs will affect 2.1% of Microsoft's global workforce, Amy Coleman, executive vice president and chief people officer, said in a public memo to employees.Coleman attributed the layoffs in part to a shakeup in the tech sector wrought by artificial intelligence. None of the terminated roles will be replaced by AI, Coleman noted. At the same time, she acknowledged: "AI is changing how work ... Read More
The Dow hits a record as most of Wall Street rises, but slumping AI stocks keep indexes mixed
NEW YORK (AP) — Most U.S. stocks rose on Thursday, and the Dow Jones Industrial Average rallied to another record, but more drops for computer chip companies and other winners of the artificial-intelligence boom kept indexes mixed. The S&P 500 finished the day virtually unchanged and edged up by less than 0.1%, even though seven out of every 10 stocks within the index rose. The Dow jumped 594 points, or 1.1%, while the Nasdaq composite dropped 0.8% after erasing an early gain. Stocks broadly got some help from a report showing that U.S. employers added 57,000 jobs to their payrolls last month. That’s growth, which is good for the economy, but it was also short of the 100,000 jobs that ... Read More
Mortgage rates fall to lowest level since May
Crude oil tankers, bulk carriers and vessels sit anchored around Qaboos Port June 22, 2026, in Muscat, Oman. The Strait of Hormuz, a vital shipping route for the region's oil and gas. (Elke Scholiers/Getty Images)(NEW YORK) -- Mortgage rates have dropped to their lowest level since May as negotiations between the United States and Iran ease financial markets.The average interest rate on a 30-year fixed mortgage stands at 6.43%, down from last week's rate of 6.49%, Freddie Mac data on Thursday showed.Still, mortgage rates register above their level before the war with Iran. Prior to the Middle East conflict in late February, a 30-year fixed mortgage clocked in at an average just below 6%.“Rates did drop, which does provide some relief. But they’re still high,” Julia ... Read More
Hiring worse than expected in June amid elevated inflation
HR recruitment manager holding resume in hands while having an interview in a modern office. (Xavier Lorenzo/Getty Images)(NEW YORK) -- Hiring slowed markedly in June, falling short of economists' expectations and displaying a wobbly labor market amid elevated inflation set off by the Iran war.The U.S. added 57,000 jobs in June, according to the federal government's monthly jobs report, which marked a decline from 172,000 jobs added in May.The sluggish pace recorded in June departs from strong performance for the labor market so far in 2026. Employers added a robust average of about 114,000 jobs each month from January to May, Bureau of Labor Statistics (BLS) data showed.The unemployment rate fell slightly from 4.3% in May to 4.2% in June, ... Read More
What to know about the Social Security fix proposed by Sens. Elizabeth Warren and Bernie Moreno
Ranking member Sen. Elizabeth Warren (D-MA) delivers an opening statement during the Senate Committee on Banking, Housing, and Urban Affairs confirmation hearing for Kevin Warsh, U.S. President Donald Trump's nominee for Chair of the Federal Reserve, in the Dirksen Senate Office Building on April 21, 2026 in Washington, DC. (Photo by Andrew Harnik/Getty Images)(NEW YORK) -- The Social Security fund will run out of money in as little as six years, a shorter time frame than previously estimated, according to a report released earlier this month by the programs' trustees.News of the funding cliff prompted a pair of lawmakers to reach across the aisle and propose a rescue plan in an opinion piece last week for the New York Times.Sen. ... Read More
‘Revolution’: Fed Chair Kevin Warsh says US likely ‘big winner’ in AI race
Businessman typing on laptop computer keyboard at desk in office. (tadamichi/Getty Images)(NEW YORK) -- Federal Reserve Chair Kevin Warsh on Wednesday voiced optimism about artificial intelligence, describing the technology as a "paradigm shift" that would likely make the United States a "big winner in the medium-term.""We are in the first or second inning of this revolution," Warsh said in Sintra, Portugal, at a conference organized by the European Central Bank.Warsh, who took the helm of the Fed last month, weighed in on the bullish side of an ongoing debate among policymakers, investors and the general public about the potential impact of AI on the labor market and wider economy.The technology could create jobs and boost productivity, strengthening the economy of ... Read More
How Mamdani-aligned House candidates say they plan to fight wealth inequality
New York City Mayor Zohran Mamdani and NYC Congressional candidate Claire Valdez embrace during a primary-night watch party, June 23, 2026, in Brooklyn. (Michael M. Santiago/Getty Images)(NEW YORK) -- A trio of progressive Democrats sharply criticized billionaires on their way to victory in House primaries in New York City.The clean sweep for candidates endorsed by far-left New York City Mayor Zohran Mamdani on Tuesday drew attention to economic populism as affordability remains a top issue for voters ahead of the midterm elections.In Manhattan and Brooklyn's 10th District, incumbent Rep. Dan Goldman lost in a landslide to former comptroller Brad Lander, who vowed to "put working people first – not billionaires."Darializa Avila Chevalier, a community organizer, defeated incumbent Rep. Adriano Espaillat ... Read More
Rebound in tech shares pushes world markets higher, while oil prices fall
[caption id="attachment_1518182" align="alignnone" width="1024"] People walk past a monitor showing Japan's Nikkei 225 index at a securities firm in Tokyo, Tuesday, June 23, 2026. (AP Photo/Hiro Komae)[/caption]BANGKOK (AP) — World shares were mostly higher Thursday, led by tech-driven gains in Japan and South Korea as major computer chipmakers’ stocks surged following upbeat earnings reports from U.S. giants like Qualcomm and Micron Technology. Oil prices slipped closer to where they were before the war with Iran began. Qualcomm’s share price surged nearly 7% in afterhours trading after the company announced it had raised its forecast for revenue this year to $40 billion from $22 billion. It also announced a new computer chip for data centers called Dragonfly C1000 CPU that Meta ... Read More
Global oil prices fall to lowest level since before the Iran War
A cargo ship remains anchored on May 16, 2026 in the Strait of Hormuz near Larak Island, Iran. (Majid Saeedi/Getty Images)(NEW YORK) -- Global oil prices on Wednesday fell to their lowest level since before the outbreak of the Iran war.Brent crude futures, the benchmark index for worldwide trading, dropped to $73.50 a barrel. That figure, which amounted to a nearly 5% decline on Wednesday, marked the lowest price since Feb. 27, the day before the Middle East conflict began.Stock prices, meanwhile, ticked higher Wednesday after a down day Tuesday. The Dow Jones Industrial Average jumped 105 points, or 0.2%, while the S&P 500 increased 0.2%. The tech-heavy Nasdaq rose 0.2%. Gas prices fell below $4 per gallon last week, crossing the milestone as oil ... Read More
US stocks rise as falling oil prices help take pressure off the market
NEW YORK (AP) — Stocks rose on Wall Street Wednesday as falling bond yields and lower oil prices helped ease pressure on the market. The S&P 500 climbed 0.8%. The Dow Jones Industrial Average added 432 points, or 0.8%, as of 11:03 a.m. Eastern. The Nasdaq composite rose 0.9%. Technology stocks were gaining ground after two days of losses that weighed on the market. That helped push indexes higher as gains broadened out to other sectors, including retailers and industrial companies. Apple rose 1%, Amazon jumped 3% and Caterpillar rose 1.6%. Nvidia rose 0.6% following a 4.1% drop on Tuesday. Micron Technology, which reports its latest results later Wednesday, fell 0.4% following its 13.2% plunge on Tuesday. Google’s parent company ... Read More
US stocks drift after oil prices ease and Big Tech stocks fall
NEW YORK (AP) — U.S. stocks drifted through a mixed day of trading on Monday after oil prices eased and falling Big Tech stocks weighed on Wall Street. The S&P 500 slipped 0.4%, coming off its 11th winning week in the last 12, and pulled 1.8% below its all-time high set early this month. The Dow Jones Industrial Average added 148 points, or 0.3%, and the Nasdaq composite slumped 1.3%. In the oil market, prices fell following talks over the weekend between the United States and Iran on their war. U.S. Vice President JD Vance said they created a “good foundation for a successful final deal.” An end to the war could clear the Strait of Hormuz for oil tankers ... Read More
Alan Greenspan, longtime chairman of the Federal Reserve, dies at 100
In this June 27, 2016 file photo Alan Greenspan, former chairman of the Federal Reserve and president and founder of Greenspan Associates, speaks during a Bloomberg Television interview in Washington, D.C. (Andrew Harrer/Bloomberg via Getty Images, FILE)(NEW YORK) -- Alan Greenspan, the longtime chairman of the Federal Reserve, has died, his wife confirmed. He was 100 years old."Alan passed away at our home this morning at the age of 100 from complications of Parkinson’s Disease,” Andrea Mitchell, his wife and a chief correspondent at NBC News, said in a statement published by the network on Monday.The economist is remembered for leading the American central bank amid periods of historic U.S. economic expansion, while critics have also said his policies contributed ... Read More
Stocks rise on Wall Street, erasing much of their loss from a day earlier
NEW YORK (AP) — Stocks rose on Wall Street Thursday and erased most of their losses from a day earlier to notch weekly gains. The market’s reversal was powered by sharp gains for big technology companies. The decline on Wednesday was driven by anticipation that the Federal Reserve will likely raise interest rates this year in an effort to fight inflation. On Thursday, stocks faced less pressure as bond yields eased and oil prices spent most of the day falling. The S&P 500 rose 80.48 points, or 1.1%, to 7,500.58. The Dow Jones Industrial Average rose 72.15 points, or 0.1%, to 51,564.70. The Nasdaq composite surged 496.28 points, or 1.9%, to 26,517.93. Every major index notched weekly gains. U.S. markets ... Read MoreStocks rise on Wall Street, erasing much of their loss from a day earlier
NEW YORK (AP) — Stocks rose on Wall Street Thursday, taking back most of their losses from a day earlier, and are on track to notch weekly gains. The S&P 500 rose 1.1%. The Dow Jones Industrial Average rose 302 points, or 0.6%, as of 10:49 a.m. Eastern. The Nasdaq composite jumped 1.4%. Every major index is on track for weekly gains. U.S. markets will be closed Friday for Juneteenth. The gains are helping to cut losses from a day earlier that were driven by anticipation that the Federal Reserve will likely raise interest rates this year in an effort to fight inflation. Bond yields are pulling back. That, along with falling oil prices, is relieving much of the pressure ... Read More
Oil drops below $80 per barrel, while tech stocks weigh on a mixed Wall Street
NEW YORK (AP) — Oil prices sank again Tuesday and dropped below $80 per barrel for the first time since early March, while U.S. stocks drifted near their all-time highs in mixed trading. The S&P 500 slipped 0.6% and pulled 1.3% below its record set earlier this month. The market was nearly evenly split between stocks rising and falling, and the Dow Jones Industrial Average added 328 points, or 0.6%, to set a record for the second straight day. But drops for some influential tech stocks pulled the Nasdaq composite down 1.2%. Stocks that had benefited from the boom in artificial-intelligence technology weighed on the market in particular following vicious swings over the last couple weeks. They’ve been leading the ... Read More
Oil prices fall below $80 per barrel, while US stocks drift
NEW YORK (AP) — Oil prices are sinking again Tuesday and pulled back below $80 per barrel for the first time since early March, while the U.S. stock market drifts near its all-time high. The S&P 500 slipped 0.2% following a rally that’s brought it back within 1% of its record set earlier this month. The Dow Jones Industrial Average was up 502 points, or 1%, as of 12:46 p.m. Eastern time, and the Nasdaq composite was 0.5% lower. With optimism continuing that a tentative U.S.-Iran deal on their war will reopen the Strait of Hormuz at the end of the week and get the global flow of oil going again, the price for a barrel of Brent crude fell ... Read More
Fed set to make interest rate decision as inflation hits 3-year hig
Kevin Warsh, Chair of the Federal Reserve, on April 21, 2026 in Washington, DC. (Photo by Andrew Harnik/Getty Images)v(WASHINGTON) -- The Federal Reserve is set to announce its latest decision on interest rates on Wednesday as the central bank weathers the highest inflation in three years.The announcement will mark the first possible adjustment of the benchmark interest rate since Trump nominee Kevin Warsh began his four-year term as Fed chair last month.The policy move is also set to arrive at a moment of flux for the nation’s economy, just days after an agreement between the United States and Iran offered hope for some price relief.The U.S.-Iran accord, set to be formally signed on Friday, came as gasoline prices fell below ... Read More
Stocks leap worldwide, and oil prices drop after the US and Iran reach a tentative deal on their war
NEW YORK (AP) — Stock markets rallied worldwide Monday, and oil prices eased after the United States and Iran reached a tentative deal to extend their ceasefire and reopen the Strait of Hormuz to get the global flow of crude going again. The S&P 500 rose 1.7% on hopes that this time, the announcement of an Iran-U.S. agreement will mean a long-term fix to a conflict that has worsened inflation around the world. The Dow Jones Industrial Average climbed 468 points, or 0.9%, to a record, and the Nasdaq composite jumped 3.1%. Stocks got a lift after the price for a barrel of Brent crude oil fell 4.8% to $83.17, back to where it was in early March. While that’s ... Read More
Oil prices fall to lowest level since March after US announces Iran deal
A pumpjack stands idle in the Huntington Beach oil field on April 23, 2026 in Huntington Beach, California. (Mario Tama/Getty Images)(NEW YORK) -- Oil prices on Monday fell to their lowest level since March after U.S. officials announced an agreement between the United States and Iran.West Texas Intermediate futures price, the benchmark index for U.S. trading, registered at about $80.40. That figure, which amounted to a 5% drop on Monday, marked the lowest price since March 5, just a week after the outbreak of the Iran war.Stock prices, meanwhile, climbed on hopes of a resolution to the Iran war. The Dow Jones Industrial Average jumped 530 points, or 1%, while the S&P 500 increased 1.4%. The tech-heavy Nasdaq rose 2.3%.Gas prices have fallen toward ... Read More
Consumer sentiment improves but stays near all-time low, survey shows
Fuel prices are displayed at a gas station on June 09, 2026 in Chicago, Illinois. (Scott Olson/Getty Images)(NEW YORK) -- Consumer sentiment improved in June for the first time since the outbreak of the Iran war as gasoline prices eased in recent weeks, but shopper attitudes remained near their worst level on record, University of Michigan survey data on Friday showed. The reading exceeded economists' expectations.The survey snapped three consecutive months of dampening consumer sentiment, recovering from an all-time low in May, data showed. The University of Michigan has conducted the survey for the past 80 years.This improvement in sentiment was widespread, seen across age, education and political party, Surveys of Consumers Director Joanne Hsu said in a statement. Overall assessments and expectations of ... Read More
SpaceX IPO could make Elon Musk the first-ever trillionaire
Elon Musk is photographed at Space X in Brownsville, Texas, May 27, 2025. (Marvin Joseph/The Washington Post via Getty Images)(NEW YORK) -- Elon Musk, the wealthiest person alive, could become the first-ever trillionaire when SpaceX goes public on Friday.The company's founder and CEO is set to own roughly four out of every 10 SpaceX shares after the initial public offering (IPO). If SpaceX were to achieve its target valuation of $1.75 trillion, Musk would accrue hundreds of millions of dollars in new wealth, at least on paper.SpaceX builds and operates spacecraft, including thousands of satellites deployed in support of its Starlink satellite internet service. Earlier this year, the Texas-based firm merged with xAI, a Musk-led artificial intelligence company that offers ... Read More
Inflation hits highest level since 2023, as the Iran war pushes up prices
A customer shops for produce at an H-E-B grocery store on May 11, 2026 in Austin, Texas. (Brandon Bell/Getty Images)(NEW YORK) -- Inflation jumped for a third consecutive month as the Iran war continued to drive up prices in May, surpassing 4% for the first time in three years. The reading matched economists' expectations.Prices rose 4.2% in May compared to a year earlier, marking an increase from a year-over-year inflation rate of 3.8% in the prior month, U.S. Bureau of Labor Statistics data showed.As recently as February, inflation clocked in just a few ticks above the Federal Reserve's target level of 2%.The Middle East conflict prompted the Iranian closure of the Strait of Hormuz, a maritime trading route that facilitates the transport of about ... Read More
Top of page
