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By David Goldman, CNN Business US stocks have plunged into a bear market as Wall Street investors grew increasingly nervous about the prospect of even harsher medicine from the Fed to take the sting out of inflation. The Dow sank 876 points or 2.8%. The Nasdaq was down by 4.7% and has tumbled more than

By Anna Cooban, CNN Business Bitcoin and other cryptocurrencies continued to slide Tuesday as investors bailed out of risky assets in anticipation of sharp rises in interest rates to tackle inflation. Nerves remain raw after two of the world’s biggest cryptocurrency platforms restricted activity on Monday as the wider market meltdown continued apace. The Celsius

By Julia Horowitz, CNN Business In recent years, when a company announced it was splitting its stock, Wall Street went wild. When Tesla revealed such plans in 2020, its shares immediately shot up. They climbed 66% over the following 12 months. But as concerns about the Federal Reserve, inflation and the economy plague investors, those

By Laura He, CNN Business Ikea has already shut one store in mainland China this year and could close another in Shanghai in early July. The Swedish furniture and home goods chain said Monday that it was considering shutting its store in the Yangpu district of the city in response to changing shopping patterns during

By Laura He, CNN Business China is urging college graduates to seek jobs in the countryside as youth unemployment in urban areas soars to the highest level in history. Local governments should attract college graduates to work as village officials, according to a joint statement issued last week by the ministries of education, finance, civil

By Laura He and Mark Thompson, CNN Business Global markets and US stock futures fell early Monday, indicating a downbeat start to the trading week after a broad sell-off on Wall Street following surprisingly strong US inflation data. The Dow plunged 880 points, or 2.5%, on Friday. The S&P 500 shed 2.7% and the Nasdaq

By Ramishah Maruf, CNN Writer Vladimir Kara-Murza is an outspoken critic of Vladimir Putin. He has made numerous television appearances, including one on CNN, denouncing the Russian president’s “regime of murderers.” Criticizing the Kremlin comes at a high price, and on the heels of that interview in April, Kara-Muzra was arrested and is still behind

By Frank Pallotta, CNN Business The end of the Jurassic era arrived with a deafening roar at the box office. “Jurassic World: Dominion,” the sixth and supposedly last film in the Jurassic Park franchise, brought in an estimated $143.3 million for its North America opening this weekend. The Universal Pictures’ film took the top spot

by Chiara Grimes Americans are facing grocery store price hikes at levels not seen since the inflation-soaked 1970s, with double-digit increases on everything from eggs to poultry, according to the latest Consumer Price Index from the Labor Department. Friday’s inflation report was a triple-whammy for consumers, with massive price hikes in food, shelter and energy

By Emmy Abbassi, CNN Uber has released a list of items that passengers left behind in cars and it includes some truly bizarre things, like tater tots and grandma’s teeth. The ride-share company published its “2022 Lost and Found Index” on June 3, near the end of Mercury in retrograde, which astrologists believe influences forgetfulness,

By Chris Isidore, CNN Business For the first time ever, a gallon of regular gas now costs $5 on average nationwide, according to AAA’s Saturday reading. The record is hardly a surprise. Gas prices have been rising steadily for the last eight weeks, and this latest milestone marks the 15th straight day that the AAA

By Ramishah Maruf, CNN Business Inflation is hitting everyone hard — even Snoop Dogg. On Tuesday, the rapper tweeted that even his professional blunt roller got a raise. “Inflation,” Snoop Dogg tweeted in response to a post by UberFacts, which said his full-time blunt roller makes between $40,000 to $50,000 a year. “Their salary went

By David Goldman, CNN Business Tesla shares are about to get three times less expensive. The company announced Friday that its board approved a 3-for-1 stock split, its first split since August 2020.The split would need to be approved by shareholders at the company’s annual meeting in August. Tesla closed Friday at a little over

By Brian Stelter, CNN Business More than 20 million TV viewers tuned in to Thursday’s prime-time presentation about the January 6 attack, and it reached a far larger number through all manner of social and old-school media. According to early Nielsen estimates, nine of the channels that carried the hearing averaged a combined 19 million

By Nicole Goodkind, CNN Business It’s been yet another week of losses for US markets after steep drops on Friday. The Dow plunged after a key inflation report missed estimates and showed a higher-than-anticipated increase in the price of consumer goods, closing down 880 points for the day, or 2.5%. The S&P 500 shed 2.7%

By Allison Morrow, CNN Business Supply chain problems and inflation have hit virtually all consumer goods, but women who menstruate are now facing an added strain as a shortage of period products hits the United States. Top retailers and manufacturers acknowledged the shortages this week, confirming complaints that have been circulating on social media for

By Paul R. La Monica, CNN Business Tech stocks have been obliterated this year. The Nasdaq is down more than 26%, putting that index in a bear market. Unfortunately for investors, analysts at Goldman Sachs see more pain ahead for some (but not all) tech heavyweights. Goldman Sachs analysts downgraded shares of Netflix, eBay and

By Chris Isidore, CNN Business Next stop, $5. The US average for the price of a gallon of regular gas hit $4.99 according to the most recent reading from AAA Friday. It marked the 14th straight day, and the 31st time in the last 32 that gas has set a record in America. Gas prices

By Oliver Darcy, CNN Business The Washington Post on Thursday fired Felicia Sonmez, the reporter who has been extraordinarily critical of her colleagues and the newspaper’s leadership over the last several days, two people familiar with the matter told CNN on Thursday. The Post’s termination notice, a copy of which was seen by CNN, said

By Gregory Wallace Federal investigators are expanding their probe of Teslas that have slammed into parked first responders’ vehicles. The National Highway Traffic Safety Administration said Thursday its investigation now encompasses 830,000 vehicles with similar driver assist technology. Investigators have reviewed approximately 200 Tesla crashes and are focusing on 16 crashes involving emergency or road

By Oliver Darcy, CNN Business A New York State judge on Wednesday dismissed a lawsuit filed last year against Michael Corn, the former “Good Morning America” boss who was accused of sexual assault in a case that rocked ABC News and left staffers up in arms. Judge Barbara Jaffe ruled that the statute of limitations

By Tami Luhby, CNN Americans’ wealth took a nosedive early this year as the stock market plummeted. The net worth of households and nonprofit organizations dropped $0.5 trillion to $149.3 trillion in the first quarter, according to Federal Reserve Bank data released Thursday. That’s a notable turnaround from the robust gains in wealth that began

By Paul R. La Monica, CNN Business Most chief executive officers, when asked if their firm is for sale, would give a boring, lawyer-approved response about how their company does not comment on rumors or speculation. Not Credit Suisse’s Thomas Gottstein. When asked at a Goldman Sachs conference Thursday about chatter circulating on Wall Street

By Anna Cooban, CNN Business A fire at one of the world’s biggest suppliers of liquefied natural gas has thrown Europe’s fragile energy security into doubt and spooked global gas markets. Freeport LNG, a liquefied natural gas (LNG) producer in Texas, will shut its doors for at least three weeks, the company confirmed to CNN

By Chris Isidore, CNN Business The two new Air Force One jets currently being built by Boeing are facing costly delays. Now there is a new potential problem to contend with: the paint job that former President Donald Trump ordered. Trump had criticized the jet’s current color scheme, which has changed little since the Kennedy

By Jeanne Sahadi, CNN Business The latest “crypto winter,” which sent the values of Bitcoin and other digital currencies plummeting, served as a healthy reminder that cryptocurrencies are highly risky investments. But that risk is by no means limited to price volatility. Should the company holding your crypto assets declare bankruptcy or otherwise be unable

By Christine Romans, CNN Business More than 200 business leaders, representing employees in all 50 states, sent a joint letter to the Senate on Thursday, demanding “bold urgent action” to address gun violence in the wake of the killing of 19 children and two teachers at Robb Elementary School in Uvalde, Texas last month. “Like

By Nicole Goodkind, CNN Business The Covid-19 pandemic changed the nature of work in innumerable ways, some of which may not be fully discerned for years. But one casualty is already clear: The era of the leaning-in “girl boss” is over. The girl boss movement, born shortly after Sandberg’s Lean In and coined by online

By Anna Cooban and Julia Horowitz, CNN Business The European Central Bank held off on raising interest rates on Thursday, but confirmed plans for a hike next month in a bid to fight inflation. The bank announced that it would raise the cost of borrowing by 25 basis points in July — its first rate

By Frank Pallotta, CNN Business “Jurassic World: Dominion” hits theaters this weekend, and it features one of the most successful movie stars in Hollywood today: Chris Pratt. Pratt — who plays dinosaur handler Owen Grady — has transformed himself from an actor best known for playing chubby goofballs into a ripped and bankable action star

By Matt Egan, CNN Business Treasury Secretary Janet Yellen on Wednesday defended the Biden administration’s 2021 stimulus package against criticism that it is to blame for high inflation. In her second straight day of testimony, Yellen told lawmakers during a hearing before the House Ways and Means Committee that the American Rescue Plan, signed into

By Anna Bahney, CNN Business Mortgage giants Freddie Mac and Fannie Mae announced Wednesday a series of actions that aim to make it easier to buy a home and close the racial homeownership gap, in which 72% of White Americans are homeowners while only 42% of Black Americans own a home. The sweeping changes include

By Matt Egan, CNN Business The Biden administration has issued new investment restrictions that prohibit Americans from buying Russian stocks and bonds. The ban is the latest step by US officials to crank up the financial pressure on Russia in response to Moscow’s invasion of Ukraine. New guidance issued Monday by the Treasury Department explains

By Angela Dewan, CNN Members of the European Parliament voted Wednesday to ban the sale of new combustion engine cars by 2035, in what would be one of the world’s strongest laws to phase out gasoline vehicles, if approved by the European Council. While the measure must still be debated by the Council and passed

By David Goldman, CNN Business Vishal Garg, the Better.com CEO who fired 900 employees over Zoom just before Christmas, has been sued by a former executive for allegedly misleading investors. The SoftBank-backed online mortgage company agreed to a $7.7 billion merger with a blank-check firm to take the company public just over a year ago,

By Julia Horowitz, CNN Business For years, ExxonMobil struggled to court investors as fears about the climate crisis and criticism of its business strategy kept would-be shareholders at bay. Now, the oil giant is staging a dramatic comeback. What’s happening: Shares of Exxon climbed above $100 apiece on Tuesday for the first time since 2014.

By Michelle Toh, CNN Business Nike is deactivating its Run Club app in China, becoming the latest Western company to reconfigure its business in the world’s second largest economy. The US sportswear giant posted a notice to runners in mainland China, saying the app will “cease service and operation” there starting July 8. In a

By Frank Pallotta, CNN Business “Jurassic World: Dominion,” the latest film in the Jurassic Park franchise, stomps into theaters this weekend. The sixth film in the dinosaurs-run-amok series could be one of the biggest of the summer — if not the entire year. This shouldn’t come as a surprise. The Jurassic Park franchise has been

By Oliver Darcy, CNN Business A version of this article first appeared in the “Reliable Sources” newsletter. You can sign up for free right here. Sally Buzbee has had enough. The Washington Post executive editor sought to rein in her newsroom with a memo on Tuesday that carried a far firmer tone than her note

By Alicia Wallace, CNN Business Americans are continuing to lean on credit cards and loans, as consumer credit surged by $38 billion in April amid the highest inflation in 40 years. The latest Federal Reserve data on outstanding consumer credit, released Tuesday afternoon, comes after March’s record increase of $52.4 billion. That figure has since

By Chris Isidore, CNN Business No matter where you live in the United States, gas prices are uncomfortably high. Filling up a car for $60, $70 or $80 is a painful experience wherever you are. But not all Americans are feeling pain at the pump equally. You might think drivers in California are struggling the

By Allison Morrow, CNN Business The agency that oversees Wall Street is weighing major changes to the way millions of everyday investors buy and sell stocks. That could be bad news for so-called free-trading apps like Robinhood as well as the lesser known firms that underpin their business models. Today, when you buy or sell

By Paul R. La Monica, CNN Business You can add the World Bank to the growing chorus sounding recession alarm bells. In its latest outlook, World Bank president David Malpass said “for many countries, recession will be hard to avoid.” Malpass joins many others on Wall Street and at central banks around the globe who