On Tuesday, U.S. stocks experienced a significant decline, driven by struggles in the technology sector and renewed concerns about the economy. The Dow Jones Industrial Average dropped 460 points (1.1%), the S&P 500 fell 1.4%, and the Nasdaq Composite decreased by 2.4%. A key factor in this downturn was the sharp 6% drop in Nvidia’s… Continue reading Dow tumbles 400 points to start September trading as slowdown fears pick up again: Live updates

Sports team owners, particularly in the NFL, are facing increasing challenges as they manage the soaring values of their franchises alongside the complexities of succession planning and tax liabilities. With the average age of team owners rising and team valuations now in the billions, owners and leagues are becoming more focused on ensuring smooth ownership… Continue reading Soaring sports team values create new pressure for owners on taxes, succession

Lululemon recently reported its first revenue miss in over two years and subsequently lowered its full-year guidance due to a botched product launch and slowed growth in the Americas. The company now anticipates full-year net revenue between $10.38 billion and $10.48 billion, down from previous estimates of $10.7 billion to $10.8 billion. Earnings per share… Continue reading Lululemon cuts guidance, misses sales estimates after botched product launch

In July, inflation edged slightly higher, according to the personal consumption expenditures (PCE) price index, a key measure closely watched by the Federal Reserve. The Commerce Department reported that the PCE index rose by 0.2% for the month, marking a 2.5% increase from the same period a year ago, in line with expectations. Excluding volatile… Continue reading The Fed’s favorite inflation indicator increased 0.2% in July, as expected

Dollar General shares experienced a significant drop of 23% after the discount retailer lowered its sales and profit guidance for the full fiscal year, highlighting the economic struggles faced by its lower-income customer base. The company, which primarily serves rural areas, adjusted its expectations for same-store sales growth in fiscal 2024 to a range of… Continue reading Dollar General shares crater 20% as retailer cuts outlook, blaming ‘financially constrained’ customers

In March 2023, UBS, one of Europe’s largest banking institutions, acquired its struggling rival, Credit Suisse, for $3.2 billion after a weekend of intense negotiations. While the deal presented an attractive purchase price, it also raised significant concerns among investors regarding UBS’s ability to manage the complex integration, particularly given Credit Suisse’s troubled investment banking… Continue reading UBS veteran boss Ermotti may have pulled off the deal of the decade with the Credit Suisse rescue

Apple has announced a press event scheduled for Monday, September 9, at its Cupertino, California headquarters, where the company is widely expected to unveil new iPhone and Apple Watch models. The event will be streamed on Apple’s website and YouTube, continuing the trend of pre-recorded video presentations that the company has favored since 2020. This… Continue reading Apple announces iPhone event for Sept. 9

General Motors (GM) is laying off over 1,000 salaried employees worldwide within its Software and Services division as part of an effort to streamline operations and boost efficiency. The move, affecting about 1.3% of GM’s global salaried workforce, includes roughly 600 job cuts at the company’s technical campus near Detroit. These layoffs follow leadership changes… Continue reading GM lays off more than 1,000 salaried software and services employees

Goldman Sachs has lowered its probability forecast for a U.S. recession to 20%, a change from its earlier raised estimate of 25%, based on recent labor market data. Initially, the bank had increased its recession probability from 15% to 25% after the U.S. July jobs report showed weaker-than-expected nonfarm payroll growth of 114,000 jobs, significantly… Continue reading Goldman Sachs cuts odds of U.S. recession to 20% after retail and jobs data

Starbucks has offered its incoming CEO and Chair, Brian Niccol, a highly lucrative compensation package to entice him from his previous role as CEO of Chipotle Mexican Grill. Niccol, set to officially take over Starbucks on September 9, is tasked with addressing challenges such as declining sales, enhancing customer experience, and reviving the company’s struggling… Continue reading Starbucks is giving incoming CEO Brian Niccol $85 million in cash and stock as he departs Chipotle

Walmart has raised its full-year forecast after a strong second-quarter performance, with revenue growing by nearly 5%. The company attributed this growth to increased store and website visits, along with a recovery in sales outside of the grocery department. Walmart beat Wall Street’s expectations for both sales and profits, causing its shares to rise by… Continue reading Walmart beats estimates, raises outlook as it sees stable consumer health

The recent rapid unwinding of yen-funded carry trades has raised concerns among market strategists, who caution that the process may still have further to go. Carry trades, where investors borrow in low-interest currencies like the Japanese yen to invest in higher-yielding assets, have been popular due to the historically low interest rates in Japan. However,… Continue reading The big ‘carry trade’ unwind is far from over, strategists warn