Reported 2 months ago
Apartment construction is experiencing robust growth, with predictions indicating over 500,000 rental units will be completed by the end of 2024, a 9% increase from last year. New York City is set to be the frontrunner in this new rental supply, potentially leading to lower monthly rents for tenants. Yahoo Finance's housing reporter, Dani Romero, provides further analysis on this housing trend.
Source: YAHOO
Reported 2 months ago
Paramount Global announced the closure of its TV studio as part of broader cost-cutting measures in anticipation of a merger with Skydance Media. The decision, as communicated in a memo to staff, reflects significant changes in the TV and streaming landscape rather than poor performance of the studio. The move will result in layoffs, aiming for a 15% reduction in the workforce, as the company restructures and prepares for the merger, which is expected to be finalized in 2025.
Source: YAHOO
Reported 2 months ago
Home Depot is projecting a significant decline in sales, citing a 3.3% drop in comparable sales from the previous quarter, alongside broader consumer hesitance influenced by high inflation and interest rates. CEO Ted Decker indicates that while current economic conditions are challenging consumer spending on home improvement, the fundamental demand for such improvements remains strong. The company expects store sales to decrease by 3% to 4% this fiscal year, indicating a shift in consumer priorities and spending habits.
Source: YAHOO
Reported 2 months ago
Recent polls show Vice President Kamala Harris surpassing Donald Trump in voter trust regarding economic management, with 42% favoring Harris. This shift occurs despite a stagnant economy and challenges associated with inflation, suggesting voters may be looking for change in economic policy since her recent campaign ascendance following President Biden's withdrawal. Importantly, 60% of voters desire Harris to create distinct economic strategies, hinting at both opportunities and expectations for her candidacy.
Source: YAHOO
Reported 2 months ago
Federal Reserve Bank of Atlanta President Raphael Bostic expressed the need for more data before supporting interest rate cuts, indicating a cautious approach to avoid reversing course prematurely. He anticipates being ready to implement rate reductions by year-end but is concerned about rising unemployment, which he attributes to an increase in worker supply rather than a lack of demand. Recent inflation trends are encouraging, and the Fed's upcoming symposium may shed further light on future monetary policy.
Source: YAHOO
Reported 2 months ago
Stifel's Chief Strategist Barry Bannister warns investors to be cautious despite a recent stock market rebound, citing concerns of a potential recession and sticky inflation that could lead to a significant market correction. He anticipates a 10% pullback, projecting the S&P 500 to hit 5,000 by October as the Federal Reserve's 2% inflation target remains unrealistic.
Source: YAHOO
Reported 2 months ago
Huawei is developing a new artificial intelligence chip aimed at competing with Nvidia's AI chips amid increased U.S. export restrictions on semiconductor technology. While some analysts believe Huawei's chip could significantly reduce Nvidia's market share in China, others argue that the impact may be limited due to existing trade restrictions already affecting Nvidia. The situation underscores the ongoing geopolitical tensions and their implications for the semiconductor market.
Source: YAHOO
Reported 2 months ago
A Jewish ex-employee of Intel has filed a lawsuit against the company, alleging he was fired after raising concerns about his supervisor's antisemitic behavior, including promoting anti-Israel rhetoric and celebrating Hamas. The plaintiff, who previously served in the Israeli military, claims his dismissal was a retaliatory act following his complaints. Intel has not commented on the ongoing litigation but has reiterated its commitment to diversity and non-tolerance of hate speech.
Source: YAHOO
Reported 2 months ago
Home Depot (HD) had a mixed second quarter, with revenue below expectations while earnings exceeded estimates. The home improvement retailer also reduced its guidance for full-year comparable store sales, highlighting the impact of elevated interest rates on consumer spending for home improvement projects.
Source: YAHOO
Reported 2 months ago
Source: WSJ
Reported 2 months ago
Homeowners are postponing major home renovation projects as high interest rates continue to affect the housing market, prompting a 40% decline in housing turnover. Home Depot's CEO noted that customer interest in financing large projects is low, with the company expecting a sales decline of 3% to 4% this year. As mortgage rates trend downwards, there is hope for increased remodeling activity, although economic concerns may temper consumer confidence in making significant purchases.
Source: YAHOO
Reported 2 months ago
A recent report by Sorbet reveals that 62% of Americans did not use all their paid time off (PTO) in 2023, primarily due to rising inflation and increased travel costs. Sorbet Co-Founder and CEO Veetahl Eilat-Raichel emphasizes the importance of utilizing PTO for stress reduction and productivity enhancement, urging workers to prioritize their time off despite economic pressures.
Source: YAHOO
Reported 2 months ago
Following Donald Trump's recent appearance on X, Trump Media & Technology Group has faced significant challenges, resulting in a $3 billion drop in market value over the past month. The company's stock has fallen 40% since mid-July, struggling with stagnant user numbers and substantial losses, including over $16 million in the second quarter with minimal revenue. Despite Trump's support for the platform, user engagement has not met expectations, contributing to investor concerns about its future.
Source: YAHOO
Reported 2 months ago
Source: BARRONS
Reported 2 months ago
As Wall Street prepares for the release of July's Consumer Price Index (CPI), key details about ongoing inflationary pressures in the US will be highlighted. Host Seana Smith examines 2024's CPI trends, areas where Americans are feeling the most price increases, and implications for the nation's economic outlook.
Source: YAHOO
Reported 2 months ago
As demand for GLP-1 weight-loss drugs rises, Ro has introduced the GLP-1 Insurance Coverage Checker, enabling patients to verify if their employer provides coverage for these medications. This tool aims to alleviate the uncertainty and financial concerns patients face, as 34% of employers are now offering coverage, an increase from previous years. Ro's CEO, Zach Reitano, emphasizes that understanding coverage can significantly impact patients' decision to seek treatment.
Source: YAHOO
Reported 2 months ago
Housing affordability poses a challenge for first-time buyers, but regions in the Southeast and Midwest offer opportunities to purchase spacious 4 to 5-bedroom homes under $300,000, thanks to lower land and labor costs. Despite this, rising home prices are expected nationwide due to market demand and mortgage approval hurdles.
Source: YAHOO
Reported 2 months ago
US stock markets surged after the Producer Price Index rose only 0.1% in July, aligning closely with the Federal Reserve's inflation target. However, Chipotle's CEO Brian Niccol's resignation to join Starbucks led to contrasting stock movements, with Starbucks shares climbing approximately 20% while Chipotle's dropped nearly 10%. Trending stocks include Nike, Home Depot, and Sea Limited, with several notable guests featured on finance segments.
Source: YAHOO
Reported 2 months ago
Collectible banknotes featuring King Charles III from the Bank of England have achieved remarkable auction success, selling for up to 12 times their face value. With over £914,000 raised for charities, collectors showed a keen interest in early editions and low serial numbers, significantly increasing their worth. The new notes' launch marks a historic shift in the UK's banknote design after the passing of Queen Elizabeth II.
Source: YAHOO
Reported 2 months ago
David Wagner, a portfolio manager at Aptus Capital Advisors, emphasizes the importance of investing in the 'Magnificent Seven' tech stocks amid rising recession fears and market volatility. He suggests that these companies exhibit strong resilience and profit margins, making them a safer option for investors looking to navigate potential market downturns. Wagner predicts ongoing capital flow into these stocks due to their solid financial fundamentals, especially if economic indicators such as the Consumer Price Index lead to a decline in interest rates.
Source: YAHOO
Reported 2 months ago
Source: BARRONS
Reported 2 months ago
Source: BARRONS
Reported 2 months ago
In July, Boeing achieved a notable sales milestone by outperforming Airbus with 72 new plane orders compared to Airbus’s 59. However, Boeing still lags behind in overall orders for the year, raising alarms about its reputation due to ongoing safety issues, including a concerning incident in January. Year-to-date, Boeing recorded only 228 gross orders, significantly trailing Airbus's figures, as it struggles with delivery rates and attempts to regain profitability after substantial financial losses.
Source: YAHOO
Reported 2 months ago
The United Auto Workers Union has filed complaints with the National Labor Relations Board against Donald Trump and Elon Musk, accusing them of attempting to intimidate workers. This follows a conversation in which Trump appeared to endorse harsh tactics against striking workers, while Musk criticized the UAW's leadership. The UAW aims to send a political message as they support Democratic candidate Kamala Harris in key states like Michigan, where union members traditionally favor Democratic candidates.
Source: YAHOO
Reported 2 months ago
Google has launched its latest Pixel smartphone series, featuring the Pixel 9, Pixel 9 Pro, Pixel 9 Pro XL, and the new Pixel 9 Pro Fold, during its Made by Google event. The foldable model boasts a lightweight design, improved displays, and enhanced camera capabilities, while all models run on Android 14 with the AI-powered Gemini platform. The Pixel 9 starts at $799, with the Pro models priced higher, as Google aims to compete with Apple's upcoming iPhone 16 lineup.
Source: YAHOO