Reported 9 days ago
The U.S. Postal Service has reported a $9.5 billion net loss for the fiscal year ending September 30, prompting warnings that without further cost cuts and revenue enhancement, it may require a government bailout to avoid financial collapse. Since 2007, the Postal Service has lost over $100 billion and is implementing a 10-year restructuring plan to address projected losses, despite falling first-class mail volume and a need for continued operational adjustments.
Source: YAHOO
Reported 9 days ago
Ford has been fined up to $165 million by the National Highway Traffic Safety Administration (NHTSA) for moving too slowly in recalling 600,000 vehicles with defective rearview cameras, including models such as the 2020 Ford Edge and Expedition. The NHTSA determined that Ford violated federal regulations by failing to notify the agency promptly about vehicle defects and not submitting timely progress reports on the recall. While no injuries or fatalities were reported in connection with the recall, Ford must pay an initial $65 million, with additional fees contingent upon its adherence to a consent order aimed at enhancing recall processes and compliance.
Source: YAHOO
Reported 9 days ago
Investors are advised to observe crucial updates on Friday, including a speech by New York Federal Reserve President John Williams, along with the release of October US retail sales data. Additionally, Alibaba Group is expected to report earnings amid concerns of weak consumer and business sentiment affecting its results.
Source: YAHOO
Reported 9 days ago
In the latest market developments, stocks reacted to Federal Reserve Chair Jerome Powell's comments, indicating no rush to lower interest rates, which raised uncertainty about future Fed rate cuts amid the new presidential administration. Additionally, market movements were influenced by President-elect Trump's appointments, including Elon Musk and Vivek Ramaswamy in government roles, and Robert F. Kennedy Jr. as Secretary of Health and Human Services, leading to declines in government contractor and healthcare stocks.
Source: YAHOO
Reported 9 days ago
Berkshire Hathaway, led by Warren Buffett, acquired approximately 1.3 million shares in Domino's Pizza and a 1% stake in Pool Corp. during the third quarter, valued at $550 million and $152 million respectively. This move comes as Buffett reduced stakes in some long-time investments, including a significant sell-off in Apple and Bank of America, contributing to a cash reserve that now totals a record $325.2 billion.
Source: YAHOO
Reported 9 days ago
Source: BARRONS
Reported 9 days ago
In a recent interview, Jamie Dimon, CEO of JPMorgan Chase, and President-elect Donald Trump both stated they would not be joining forces in Trump's administration. Dimon expressed his desire to remain independent, having not had a boss for 25 years, while Trump confirmed on social media that Dimon would not be part of his Cabinet. As Trump assembles his team, mostly favoring loyalists, economic positions are expected to be filled shortly, although Dimon is unlikely to be among them.
Source: YAHOO
Reported 9 days ago
Suze Orman suggests that establishing a Roth IRA for children can significantly boost their financial futures, potentially allowing them to amass over a million dollars by retirement if they invest consistently. She highlights the benefits of compound interest and tax-free growth, making it an ideal vehicle for building wealth. Parents can enhance the appeal by offering matching contributions and focusing on long-term stock investments, setting their kids up for success while reinforcing the importance of saving.
Source: YAHOO
Reported 9 days ago
Source: INVESTORS
Reported 9 days ago
Jay Powell reaffirmed his intention to complete his term as Federal Reserve Chair until May 2026, emphasizing that the central bank is not rushed to lower interest rates due to the current strength of the economy. He stated that the Fed will closely monitor inflation while maintaining a careful approach to monetary policy, highlighting recent data that shows inflation remains below the 2% target. Powell also acknowledged potential challenges ahead but remains focused on how incoming economic data will influence the Fed's decisions.
Source: YAHOO
Reported 9 days ago
Tesla's stock experienced a 5.7% decline as the influence of Trump's post-election rally waned and fears arose over potential cuts to electric vehicle tax credits under the incoming administration. Reports indicate that plans are being discussed to eliminate the $7,500 incentive under Trump's tax reform, contributing to a further drop in shares. Despite a challenging year, stock performances remained 25% higher year-to-date, but the company's latest recall of Cybertruck models adds to ongoing concerns.
Source: YAHOO
Reported 9 days ago
US stock markets fell on Thursday, with the Dow Jones down 0.5%, S&P 500 down 0.6%, and Nasdaq down 0.7%, as Federal Reserve Chair Jerome Powell indicated that the Fed is not in a hurry to lower interest rates due to the economy's strength. Powell's remarks led to investor uncertainty amid mixed signals on inflation, while sectors like vaccine stocks also saw declines. The Republican party retained a slim House majority, raising questions about policy impacts on the market.
Source: YAHOO
Reported 9 days ago
Disney CEO Bob Iger stated that the company isn't looking to acquire more assets for competitive strength in the streaming landscape, highlighting that they have already consolidated resources with the acquisition of 21st Century Fox. He emphasized that while they remain open to opportunities, they are not interested in selling existing assets, unlike some competitors facing operational challenges. Following a fiscal quarter that surpassed earnings expectations, Disney's stock responded positively.
Source: YAHOO
Reported 9 days ago
Donald Trump's proposed tariffs of 10%-20% on all imports and 60% on Chinese goods could significantly increase consumer prices, with estimates suggesting the average American household might pay an additional $2,600 to $7,600 annually. This could particularly burden low-income families, as they spend a larger portion of their income on apparel and toys. Essential items such as jeans and home appliances could see prices rise substantially, affecting U.S. spending power by up to $78 billion. Economic experts warn that the ripple effects of these tariffs could lead to broader inflationary pressures.
Source: YAHOO
Reported 9 days ago
Gold prices have experienced a sharp decline from record highs just two weeks ago, primarily due to expectations of a more restrictive U.S. monetary policy and a decrease in geopolitical tensions under President Trump. As the dollar strengthens, investing in gold has become less attractive, leading to its fifth consecutive session of losses, with prices falling over 8% since their peak. Analysts suggest that the outlook for gold has shifted significantly, despite ongoing demand from foreign central banks.
Source: YAHOO
Reported 9 days ago
New York City plans to introduce a $9 toll for motorists entering parts of Manhattan starting January 5, 2025, as part of a revised congestion pricing plan pushed by Governor Kathy Hochul. This initiative aims to mitigate traffic congestion and generate revenue for the Metropolitan Transportation Authority (MTA) to fund aging transit infrastructure. Despite Hochul reducing the toll from an initially proposed $15, opposition from President-elect Donald Trump and potential lawsuits pose significant challenges to the plan's implementation.
Source: YAHOO
Reported 9 days ago
The latest edition of Wealth discusses the decrease in initial jobless claims, highlights from Disney's fiscal earnings, and offers tax-saving tips for cryptocurrency investors. Experts also provide insights on Health Savings Accounts (HSAs) and financial planning for college students, along with budget-friendly advice for Thanksgiving meals.
Source: YAHOO
Reported 9 days ago
High mortgage rates and limited housing inventory are significantly contributing to the current affordable housing crisis in the United States. Vistria Group’s Senior Partner Margaret C. Anadu discusses these fundamental issues in an interview with Yahoo Finance, shedding light on the challenges many prospective homeowners face.
Source: YAHOO
Reported 9 days ago
The application period for the Free Application for Federal Student Aid (FAFSA) for the 2025-2026 school year begins on December 1. FAFSA assists students in obtaining resources to fund their education. Mike Ramirez, a financial planning expert, emphasizes the importance of preparation, advising families to create an FSA ID and gather necessary financial documents ahead of time to ensure a smooth application process. Further insights on this topic can be found in the accompanying video.
Source: YAHOO
Reported 9 days ago
Tesla and Bitcoin experienced a decline in value following the Trump election victory, which triggered a significant stock market rally. As Republicans gained control over Congress, investors are now focused on Jerome Powell's upcoming speech. Popular stocks among investors include Disney, Super Micro Computer, and ASML.
Source: YAHOO
Reported 9 days ago
With the start of the Affordable Care Act's open enrollment in November, it's an ideal time to explore health insurance options. Financial consultant Ryan Viktorin clarifies common misconceptions about Health Savings Accounts (HSAs) with Wealth Anchor Brad Smith, highlighting their benefits and proper usage. For more insights, watch the accompanying video.
Source: YAHOO
Reported 9 days ago
Mortgage rates have seen a minor decrease, with the thirty-year fixed rate dropping to 6.78% from 6.79% and the fifteen-year fixed rate falling to 5.99% from 6%, according to Freddie Mac. This shift in rates is discussed by Yahoo Finance's Senior Housing Reporter Claire Boston and host Brad Smith, highlighting implications for the housing market during the Federal Reserve's easing cycle.
Source: YAHOO
Reported 9 days ago
In a recent discussion on the 'Living Not So Fabulously' podcast, hosts David and John Auten-Schneider shared financial discipline tips for the holiday season, emphasizing the importance of assessing the 'true value' of expenditures. They suggest a two-step approach: first, conducting a spending analysis, and then rating each expense on a scale of 1-5 to determine its 'return on happiness.'
Source: YAHOO
Reported 9 days ago
In a recent market update, Yahoo Finance's Akiko Fujita reports that the stock market is stalling after a rally driven by the US presidential election. The US dollar has stabilized after recent inflation concerns, while Intuitive Machines' stock faces pressure following poor earnings. Additionally, Norfolk Southern narrowly avoids a proxy battle.
Source: YAHOO
Reported 9 days ago
Tax attorney Andrew Gordon emphasizes that cryptocurrency investors are taxed on gains only when they sell or exchange their assets. He suggests strategies to minimize taxes, such as offsetting bitcoin gains with losses from other investments and holding crypto long-term to benefit from lower tax rates. By adopting these tactics, investors can potentially decrease their overall tax obligations.
Source: YAHOO