Business Headlines
US stocks rally as Trump signals thaw in trade war, Tesla shares soar
Spencer Platt/Getty Images) (NEW YORK) -- U.S. stocks rallied in early trading on Wednesday, one day after President Donald Trump said tariffs on China would âcome down substantially.âTrump also appeared to soften previous attacks on the Federal Reserve, saying late Tuesday he has "no intention" of firing top central banker Jerome Powell.The Dow Jones Industrial Average jumped 625 points, or 1.6%, while the S&P 500 climbed 2.5%. The tech-heavy Nasdaq increased 3.4%.Shares of electric carmaker Tesla surged 6.5% in the first trading since CEO Elon Musk said his time devoted to the Department of Government Efficiency would "drop significantly" next month, paving the way for his return to the company. Still, Tesla shares have fallen by nearly half since a ... Read More
Seniors lost $4.8 billion to scammers in 2024: FBI
Karl-Josef Hildenbrand/picture alliance via Getty Images(NEW YORK) -- Seniors lost $4.8 billion in 2024 to scammers, according to a report released Wednesday by the FBI.In total, people in the United States lost $16.6 billion in 2024, representing a 33% increase in losses from 2023 to 2024."Every number in this report represents a real person, a victim whose trust was betrayed, whose financial security was compromised and whose voice deserves to be heard," Christopher Delzotto, the section chief of the FBI's Criminal Investigative Division, told reporters during a conference call.Investment scams are when someone is tricked into investing in stocks, bonds, real estate or other assets with a return that is almost too good to be true, and losses among the ... Read More
Tesla profits drop 71% amid anti-Musk backlash
Photo by Chip Somodevilla/Getty Images(NEW YORK) -- Tesla's profits fell 71% over the first three months of this year, a company earnings release on Tuesday showed. The company's performance fell short of analysts' expectations.The decline coincided with a sales slump and stock woes at the electric carmaker, and comes amid worldwide protests against CEO Elon Musk over his role in the Trump administrationTotal revenue decreased by 9% from one year earlier, to $19.3 billion, while revenue derived from car sales plunged 20% over the first three months of 2025 compared to a year ago, the earnings showed.In a statement, Tesla cautioned about business impacts as result of the "current tariff landscape," saying the company is "taking actions to stabilize the business in the medium ... Read More
Tesla earnings to show whether anti-Musk backlash damaged bottom line
Smith Collection/Gado/Getty Images(WASHINGTON) -- Worldwide protests against Tesla CEO Elon Musk over his role in the Trump administration have coincided with a sales slump and stock woes at the electric carmaker.Little will be known about the precise impact on Teslaâs bottom line, however, until the company releases its earnings report on Tuesday afternoon. That announcement holds implications for Musk, the worldâs richest person, who derives much of his wealth from his Tesla holdings.The release of the new financial details arrives as some shareholders have called on Musk to step down from his White House role and return full-time to the helm of Tesla.Musk, whose temporary status as a government employee expires next month, will likely face questions about his plans ... Read More
5 million student loan borrowers face mandatory collections starting May 5
(WASHINGTON) -- Some 5 million Americans with defaulted student loan payments will have their loans sent for collections on May 5, the Department of Education announced on Monday.Next month, for the first time since student loan payments were paused due to the onset of the COVID-19 pandemic, the Education Department will collect the debts from borrowers who had defaulted -- which means they hadnât paid their debts for around nine months or 270 days -- before the pandemic.The announcement comes as scores of Federal Student Aid (FSA) employees have been terminated at the Department of Education as part of President Donald Trump's efforts to shutter the agency, which creates uncertainty for borrowers and the future of the student loan system, ... Read More
Stocks slide as Trump escalates criticism of Fed Chair Powell
Matteo Colombo/Getty Images(NEW YORK) -- U.S. stocks tumbled in early trading on Monday as President Donald Trump escalated his criticism of the Federal Reserve, urging the central bank to immediately lower interest rates and questioning the policy approach of Fed Chair Jerome Powell.The comments came days after Trump said he was eager for Powellâs "termination" despite a longstanding norm of political independence at the central bank.The Dow Jones Industrial Average plunged 1,050 points, or 2.6%, while the S&P 500 fell 2.7%. The tech-heavy Nasdaq declined 3%.Last week, Powell voiced alarm about Trumpâs tariff policy, saying it would likely hike inflation and slow economic growth. Powell indicated that the Fed may approach interest rates with restraint as policymakers observe the economic effects of Trump's tariffs.In a social media post ... Read More
These companies said they will raise prices in response to Trump’s tariffs
(97/Getty Images)(NEW YORK) -- President Donald Trump this month slapped tariffs on most products that enter the United States. Economists widely expect the policy to raise prices for U.S. shoppers as importers pass along a share of the tax burden.An across-the-board 10% tariff applies to nearly all imports, except for semi-conductors, pharmaceuticals and some other items. Those levies come on top of specialized tariffs on steel, aluminum and autos. China, the third-largest U.S. trading partner, faces cumulative tariffs of a whopping 145%.Plans for price hikes have already taken shape at an array of companies, ranging from fast-fashion retailer Shein to luxury sports car manufacturer Ferrari.Here are the companies that have announced price increases as a result of Trump's tariffs:Shein and ... Read More
‘No one is exempt’: How tariffs could impact sales of new vehicles
Hyundai vehicles on display at the New York International Auto Show on April 16, 2025 in New York City. (Photo by Adam Gray/Getty Images)(NEW YORK) -- This weekend, consumers and auto enthusiasts will poke, prod and pepper brand specialists with questions about the latest vehicles on display at the Javits Center.The annual New York International Auto Show, which officially opened to the public on Friday, is smaller and more condensed than previous years. There are still plenty of vehicles to check out up close, such as the 2026 Hyundai Palisade, Kia K4 Hatchback and EV4, plus Genesis, Toyota, Subaru and Volkswagen introduced new vehicles and concepts.Of course, one overarching theme looms large: Will these new vehicles be subject to the ... Read More
Google is monopolist in online advertising tech, judge rules
Matthias Balk/picture alliance via Getty Images(NEW YORK) -- Alphabet's Google illegally dominated two markets for online advertising technology, according to a federal judge.Judge Leonie Brinkema of the U.S. District Court for the Eastern District of Virginia said in a ruling Thursday that Google had broken the law to build its dominance over the largely invisible system of technology that places advertisements on pages across the web."Plaintiffs have proven that Google has willfully engaged in a series of anticompetitive acts to acquire and maintain monopoly power in the publisher ad server and ad exchange markets for open-web display advertising," the judge wrote in his ruling. "For over a decade, Google has tied its publisher ad server and ad exchange together through contractual policies ... Read More
Trump says he’s eager for Fed Chair Jerome Powell’s ‘termination’
ABC News(WASHINGTON) -- President Donald Trump on Thursday sharply criticized Federal Reserve Chair Jerome Powell, urging the central bank to lower interest rates and saying Powellâs âtermination cannot come soon enough.âIt was not clear whether Trumpâs comments indicated a desire to remove Powell from his position or an eagerness for the completion of Powellâs term as Fed chair in 2026. The Fed is an independent government agency established by Congress.The remarks came a day after Powell voiced alarm about Trumpâs tariffs policy, saying it would likely hike inflation and slow economic growth. Powell indicated that the Fed may approach interest rates with restraint as policymakers observe the economic effects of Trump's tariffs.âJerome Powell of the Fed, who is always TOO ... Read More
‘I’m in ruins,’ teary Mike Lindell tells judge in Smartmatic sanctions hearing
Win McNamee/Getty Images (WASHINGTON) -- Election denier and MyPillow CEO Mike Lindell continues to refuse to pay more than $50,000 in sanctions he has been ordered to pay to voting software company Smartmatic over "frivolous" election claims -- alleging he's left with no money after numerous legal battles."I'm in ruins," a teary Lindell said through a Zoom screen during a motion hearing in the U.S. District Court in Washington on Wednesday, pleading to Judge Carl Nichols to allow him to wait until after the final judgement comes out to make any payment in the case, which he has already lost.Last month, Smartmatic filed a motion to hold Lindell in contempt, alleging the MyPillow CEO has been dodging his court-ordered payment of ... Read More
Fed Chair Powell sounds alarm on tariffs, sending stocks lower
Win McNamee/Getty Images(WASHINGTON) -- Federal Reserve Chair Jerome Powell said Wednesday that he expects President Donald Trump's tariffs policy to cause higher inflation and slower economic growth, complicating potential central bank efforts to ease the fallout."The level of the tariff increases announced so far is significantly larger than anticipated. The same is likely to be true of the economic effects, which will include higher inflation and slower growth," Powell told the audience at the Economic Club of Chicago.Powell's remarks immediately sent stocks lower as investors digested the top central banker's concern about the tariffs.Within minutes, the Dow Jones Industrial Average fell 690 points, or 1.7%, more than tripling losses suffered over the course of the day before Powell's comments. At ... Read More
Meta claims it has ‘no monopoly’ as landmark antitrust trial gets underway
Andrew Harnik/Getty Images(WASHINGTON) -- Lawyers for Meta told a federal judge on Monday that the social media company founded by billionaire Mark Zuckerberg is not a monopoly, countering a landmark lawsuit brought against it by the Federal Trade Commission accusing the tech giant of gobbling up its competitors to corner the market."Meta has no Monopoly,â Mark Hansen, an attorney for the company argued in U.S. District Court in Washington, D.C., as the trial got underway.The case marks the first significant opportunity for President Donald Trump's administration to follow through on the president's campaign promise to take on Big Tech.In court filings, the FTC argued that Meta purposefully and illegally undercut smaller rivals to "neutralize perceived competitive threats."The FTC lawsuit, originally ... Read More
US stocks close down slightly amid tariff uncertainty
manusapon kasosod/Getty(NEW YORK) -- U.S. stocks closed down slightly on Tuesday as investors weathered ongoing uncertainty about President Donald Trump's tariff plans.The Dow Jones Industrial Average ticked down 156 points, or 0.3%, at the close of trading. The S&P 500 fell 0.1%, while the tech-heavy Nasdaq declined 0.05%.The U.S. has received about 15 proposals for trade agreements, White House Press Secretary Karoline Leavitt told reporters on Tuesday. Trump issued a 90-day pause of so-called "reciprocal tariffs" last week, saying he plans to negotiate trade agreements with roughly 75 countries targeted by the levies.The remarks from Leavitt came a day after Trump signaled a willingness to ease auto tariffs, while saying he plans to impose new tariffs on computer chips and ... Read More
US stocks climb, shrugging off China trade war and consumer fears
Michael M. Santiago/Getty Images(NEW YORK) -- U.S. stocks climbed on Friday, shrugging off new Chinese tariffs on American goods that intensified a trade war between the two largest economies in the world.The Dow Jones Industrial Average jumped 808 points, or 2%, while the S&P 500 surged 2.1%. The tech-heavy Nasdaq increased 2.1%.Meanwhile, a selloff of 10-year Treasuries sent yields climbing to 4.46%. That figure neared a recent high attained hours before President Donald Trump announced on Wednesday a 90-day delay of so-called "reciprocal tariffs" for most U.S. trade partners.A University of Michigan survey of shopper sentiment on Friday showed consumer attitudes fell more than expected in April, dropping to a level lower than any recorded during the Great Recession.The market turmoil Friday morning came after China issued a ... Read More
Fed cuts interest rate by half a point
WASHINGTON (AP) ââŹâ The Federal Reserve on Wednesday cut its benchmark interest rate by an unusually large half-point, a dramatic shift after more than two years of high rates that helped tame inflation but also made borrowing painfully expensive for American consumers. The rate cut, the FedââŹâ˘s first in more than four years, reflects its new focus on bolstering the job market, which has shown clear signs of slowing. Coming just weeks before the presidential election, the FedââŹâ˘s move also has the potential to scramble the economic landscape just as Americans prepare to vote. The central bankââŹâ˘s action lowered its key rate to roughly 4.8%, down from a two-decade high of 5.3%, where it had stood for 14 months as ... Read MoreWynn Resorts paying $130M for letting illegal money reach gamblers at its Las Vegas Strip casino
LAS VEGAS -- Casino company Wynn Resorts Ltd. has agreed to pay $130 million to federal authorities and admit that it let unlicensed money transfer businesses around the world funnel funds to gamblers at its flagship Las Vegas Strip property. The publicly traded company said a non-prosecution settlement reached Friday represented a monetary figure identified by the U.S. Justice Department as ââŹĹfunds involved in the transactions at issueââŹÂ at the Wynn Las Vegas resort. In statements to the media and to the federal Securities and Exchange Commission, the company said the forfeiture wasnââŹâ˘t a fine and findings in the decade-long case didnââŹâ˘t amount to money laundering. U.S. Attorney Tara McGrath in San Diego said the settlement showed that casinos are ... Read More
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