U.S. stocks end higher Friday to snap 3-day losing run, but book weekly losses
U.S. stocks closed higher Friday, snapping three straight...
U.S. stocks closed higher Friday, snapping three straight days of declines as investors parsed a reading on inflation from the Federal Reserve’s preferred gauge that was in line with Wall Street’s expectations.
The Dow Jones Industrial Average rose 0.7%, while the S&P 500 gained 0.6% and the Nasdaq Composite climbed 0.4%, according to preliminary data from FactSet, at last check. All three U.S. equities benchmarksbooked weekly declines, taking a breather after notching record peaks on Monday.
For the week, the Dow fell 0.2%, the S&P 500 shed 0.3% and the technology-heavy Nasdaq Composite retreated 0.7%, the preliminary data from FactSet data showed.
Energy Secretary Chris Wright said the US is negotiating with South Korean,...
Energy Secretary Chris Wright said the US is negotiating with South Korean, Japanese and other Asian firms to invest in the $44 billion Alaska LNG project, designed to move North Slope gas to southern Alaska for export. He added the Trump administration will "probably" extend federal credit support to jumpstart the long-delayed project, with construction likely to start within a year.
Fed-preferred PCE gauge shows U.S. inflation rising — but not alarmingly
The numbers: A key measure of inflation rose...
The numbers: A key measure of inflation rose at a slightly elevated pace in August, but not enough to suggest much bigger increases tied to U.S. tariffs are on the way.
The latest price report is likely to reassure top officials at the Federal Reserve that inflation is still relatively well contained despite an uptick since the spring, stemming in part from much higher U.S. tariffs.
The Fed gives more weight to the so-called core price index that omits food and gas. It rose a somewhat slower 0.2% and matched the Wall Street forecast.
The 12-month rate of inflation rose a tick to 2.7%, leaving it above the Fed’s long-term goal of 2%.
The yearly rate of core inflation was unchanged at 2.9%. The core rate is a better predictor of future inflation.
The Trump administration said this week that federal workers ...
The Trump administration said this week that federal workers should be dismissed en masse if the government runs out of cash and shuts down next week. And that’s an increasingly likely outcome as congressional Republicans and Democrats appear miles apart on a spending bill that they’d have to pass to keep the government open past an Oct. 1 deadline.
In previous lockouts, many federal employees were furloughed, but returned to work with back pay once lawmakers agreed on a funding plan. But this time, the Office of Management and Budget raised the stakes by directing agencies to prepare permanent layoffs in programs that don’t have alternative funding sources and aren’t “consistent with the President’s priorities.”
The economy would be the biggest loser
Though vital programs like Social Security and Medicare typically run uninterrupted during shutdowns, basic economics can tell you that a beltway belt-tightening is no bueno:
Hundreds of thousands of federal workers going without pay would shrink consumer spending.
Uncle Sam’s hibernation could disrupt applications to federal social assistance programs and pause federal loans to small businesses.
A shutdown could also hamstring financial regulators, freezing the IPO market and delaying key economic data releases that investors use to make decisions.
Microsoft cut off some cloud services for the Israeli military. The...
Microsoft cut off some cloud services for the Israeli military. The tech giant disabled certain services for a division of Israel’s Ministry of Defense after it said it found evidence that the unit was using its Azure cloud platform to surveil Palestinians. The internal Microsoft investigation follows an August report in The Guardian that the Israeli Defense Forces were using Microsoft infrastructure to track Palestinians’ phone calls. Last month, Microsoft fired five employees who were protesting the company’s relationship with Israel after some of them broke into and occupied Microsoft President Brad Smith’s office in Redmond, Washington.
Former FBI Chief James Comey was indicted on charges of lying to Congress and obstruction, days after President Trump publicly urged the Justice Department to pursue Comey and other perceived political foes.
Secretary of Defense Pete Hegseth ordered a “rare, urgent” meeting of hundreds of US generals and admirals next week in Quantico, Virginia, for reasons that were unclear, the Washington Post reported.
Disney shareholders reportedly sent a letter to the company demanding that it turn over records related to its suspension of late-night host Jimmy Kimmel.
Vice President JD Vance said the deal to sell TikTok’s US operations to a group of American investors values the new company at $14 billion.
Delta said it would replace power units on more than 300 Airbus jets after the Wall Street Journal reported that toxic fumes had leaked into the air supply.
Former top US economic leaders, including past heads of the Federal Reserve and Treasury, urged the Supreme Court to block President Trump’s attempted firing of Fed Governor Lisa Cook.
Starbucks is cutting 900 corporate jobs and closing unprofitable stores as part of a $1 billion restructuring plan.
