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Economy

The Dow just hit 40,000. Here’s a look at how it got here.

May 18, 2024

The Dow Jones Industrial Average reached a milestone Thursday that seemed unfathomable a year ago. A trader at the New York Stock Exchange on Thursday, May 16, 2024, as the DOW reached 40,000.Courtney Crow / NYSE The 30-stock benchmark broke above 40,000 for the first time. The move comes as investors cheer the prospects of artificial intelligence […]

Economy

As Tesla layoffs continue, here are 600 jobs the company cut in California

May 18, 2024

As part of Tesla’s massive restructuring, the electric-vehicle maker notified the California Employment Development Department this week that it’s cutting approximately 600 more employees at its manufacturing facilities and engineering offices between Fremont and Palo Alto. The latest round of layoffs eliminated roles across the board — from entry-level positions to directors — and hit an array […]

Economy

UAW loses Alabama union vote seen as bellwether for organizing autoworkers in the South

May 18, 2024

Workers at two Mercedes-Benz factories in Alabama have voted against joining the United Auto Workers, the largest autoworkers union in the U.S., a blow to an effort to strengthen the presence of organized labor in the South. The Friday vote was seen as a bellwether for the ability of newly resurgent labor groups to successfully […]

Economy

Here’s what has driven the Dow rally to 40,000, and why it could keep going

May 18, 2024

Passing major milestones such as the 40,000 barrier the Dow Jones Industrial Average eclipsed this week makes for a nice headline, but market experts do not take much else from the move. What really matters is what underpins the market, namely, whether companies are seeing sustainable profits, where monetary and fiscal policy is positioned and […]

Economy

Wayfair to open its first large store, as physical locations make a comeback

May 18, 2024

What retail apocalypse? Online home goods retailer Wayfair is opening its first namesake store, near Chicago, following a string of other digitally native companies that have turned to brick-and-mortar for growth. In an ironic twist for a company that became a $12 billion powerhouse by persuading consumers to buy couches and beds online, Wayfair is leaning into […]

Economy

The Mirage casino, which ushered in an era of Las Vegas Strip megaresorts in the ’90s, is closing

May 18, 2024

LAS VEGAS — The iconic Mirage hotel-casino on the Las Vegas Strip will shut its doors this summer, the end of an era for a property credited with helping transform Sin City into an ultra-luxury resort destination. The July 17 closure will clear the way for major renovations and construction on the 80-acre (32-hectare) property, […]

Economy

Under Armour is laying off workers as retailer says North America sales will plunge this year

May 17, 2024

Under Armour announced a broad restructuring plan on Thursday as it said sales in its largest market, North America, plunged 10% and predicted the trend will get worse throughout its current fiscal year. The athletic apparel retailer also saw profits sink by more than 96% during its fiscal fourth quarter, compared with the year-ago period. It’s […]

Economy

Rent up, groceries down: Inflation cooled slightly in April, but consumers still face a mixed bag

May 17, 2024

The consumer price index, the most-watched inflation measurement put out by the U.S. government, declined slightly to 3.4% on a 12-month basis in April as price growth in the economy remained elevated. Compared with March, prices climbed 0.3%, with rent and gasoline contributing 70% of the monthly increase, according to the Bureau of Labor Statistics. […]

Economy

Tesla’s Chinese rival Nio launches a new brand and car that undercuts the Model Y by $4,000

May 17, 2024

Chinese electric car company Nio revealed Wednesday that the first car for its new, lower-priced brand, Onvo, will be about $4,000 cheaper than Tesla’s comparable Model Y. Deliveries for Onvo’s first car, the L60 SUV, are set to begin in September, the company said. Pre-sales began after Wednesday’s launch event. Nio CEO William Li said he expects Onvo to […]

Economy

McDonald’s $5 value meal is coming in June — and staying for just a month

May 17, 2024

McDonald’s is set to offer a $5 value meal in the U.S., but only for a limited time. The promotion will include four items for $5 — a McChicken or McDouble, four-piece chicken nuggets, fries and a drink — and will run for roughly a month, beginning on June 25, according to a person familiar with […]

Economy

Netflix ad-supported tier has 40 million monthly users, nearly double previous count

May 17, 2024

Netflix’s cheaper, ad-supported tier has amassed 40 million global monthly active users, the company said Wednesday. That’s nearly double the 23 million figure the streaming giant shared in January. Separately, Netflix announced it would launch its own advertising platform and no longer partner with Microsoft for that technology. The tech giant will remain a programmatic advertising partner. […]

Economy

Walmart says more diners are buying its groceries as fast food gets pricey

May 17, 2024

Forget the drive-thru. Walmart wants diners to find a value meal in its grocery aisles. As fast food gets pricier, the nation’s largest grocer sees a sales opportunity. On a call with CNBC on Thursday, Walmart Chief Financial Officer John David Rainey said some of the discounter’s sales growth in the recent quarter came from customers who turned to […]

Economy

United Airlines says FAA cleared it to start adding new aircraft, routes after safety review

May 17, 2024

United Airlines said the Federal Aviation Administration has cleared it to start adding new aircraft and routes months after the regulator stepped up its scrutiny of the carrier following several safety incidents. “Today, we got some good news: after a careful review and discussion about the proactive safety steps United has taken to date, our FAA Certificate Management […]

Economy

Walmart is laying off and relocating hundreds of corporate workers

May 16, 2024

Walmart is laying off hundreds of corporate workers across the country as it relocates many employees to its Arkansas headquarters. The big-box retailer confirmed the layoffs and relocations in a memo sent to employees Tuesday. In the memo, Chief People Officer Donna Morris said the move is meant to bring more of its employees back to […]

Economy

Meme stock mania is back: Why everyone is talking about GameStop, AMC and more again

May 16, 2024

Meme stocks are back. One day after an account associated with the phenomenon posted for the first time in years on the X social media platform, shares in companies that have been linked to speculative trading activity are soaring in value. Leading the way is video game retailer GameStop, whose shares have soared approximately 180% […]

Browse category by Economy

The Dow just hit 40,000. Here’s a look at how it got here.

As Tesla layoffs continue, here are 600 jobs the company cut in California

UAW loses Alabama union vote seen as bellwether for organizing autoworkers in the South

Here’s what has driven the Dow rally to 40,000, and why it could keep going

Wayfair to open its first large store, as physical locations make a comeback

The Mirage casino, which ushered in an era of Las Vegas Strip megaresorts in the ’90s, is closing

Under Armour is laying off workers as retailer says North America sales will plunge this year

Rent up, groceries down: Inflation cooled slightly in April, but consumers still face a mixed bag

Tesla’s Chinese rival Nio launches a new brand and car that undercuts the Model Y by $4,000

McDonald’s $5 value meal is coming in June — and staying for just a month

Netflix ad-supported tier has 40 million monthly users, nearly double previous count

Walmart says more diners are buying its groceries as fast food gets pricey

United Airlines says FAA cleared it to start adding new aircraft, routes after safety review

Walmart is laying off and relocating hundreds of corporate workers

Meme stock mania is back: Why everyone is talking about GameStop, AMC and more again

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