Mortgage rates rose this week to the highest level in a year, mortgage buyer Freddie Mac said Thursday. Freddie Mac’s latest Primary Mortgage Market Survey, released Thursday, showed the average rate on the benchmark 30-year fixed mortgage climbed to 6.66% from last week’s reading of 6.58%. The average rate on a…
The Federal Reserve’s preferred inflation gauge fell in June, as the pace of price growth pulled back amid volatility in energy markets. The Commerce Department on Thursday reported that the personal consumption expenditures (PCE) index declined 0.1% on a monthly basis in June and was up 3.7% from a year ago. Both…
This story about the advance estimate of second-quarter GDP will be updated with further details. U.S. economic growth slowed unexpectedly in the second quarter of the year, according to the Commerce Department’s advance estimate.The Bureau of Economic Analysis (BEA) on Thursday released its advance estimate of second-quarter GDP, which showed the…
Visa on Tuesday announced plans to cut 7% of its workforce, or about 2,600 jobs, as the payment processor moves forward with a push to operate more efficiently. The job cuts are expected to primarily affect technology and product teams.”I have deep conviction that we are doing what is right…
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Since early June, Wall Street’s major stock indexes have all rallied to fresh record highs. While artificial intelligence (AI) is…
United Airlines reportedly approached Delta Air Lines last year about a potential merger that would have combined two of the…
Ford is planning to integrate Apple software into its next-generation fleet of electric vehicles, which will in turn help power…
Tesla said Wednesday that its robotaxi fleet has logged more than 380,000 unsupervised miles across six cities in two states…
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Shares in the Magnificent 7 tech stocks have slumped this week amid investors’ concerns about massive spending by hyperscalers on artificial intelligence infrastructure amid uncertainty about the global economy due to the resumption of hostilities in the Iran war. The so-called Magnificent Seven tech stocks…
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Americans in the market for buying a new home are seeing the markets in some parts of the country turn in their favor after years of seller’s markets prevailing. Realtor.com on Tuesday released the second-quarter edition of its market clock report, which analyzes national and metro-level housing conditions based on…
More than 300,000 empty lots listed for sale could help reduce America’s housing shortage, according to new research from Zillow. The real estate company said 300,242 empty lots of five acres or fewer were listed for sale on Zillow in June, accounting for 17.4% of all for-sale listings.Building one home…
Google reportedly expanded its office presence in Miami this year after two of its co-founders purchased houses in South Florida. Alphabet, the parent company of Google, signed a lease expanding its existing 10,000-square-foot satellite office in Miami’s financial district by an additional 45,000 square feet, two people familiar with the…
ARK Invest CEO Cathie Wood is defending her fund’s stake in SpaceX, declaring the aerospace and satellite network pioneer could become the “most important company in global history” despite the stock’s recent slide and an upcoming $116 billion share unlock. During an interview on “Mornings with Maria” Wednesday, Wood explained…
Icahn Enterprises on Tuesday announced that the company reached a deal to sell Pep Boys to Mavis, one of the largest independent tire and service providers in the country, in a $700 million deal. Pep Boys has nearly 800 locations around the country and offers auto services including tires, repairs,…
Ford is recalling nearly 388,000 SUVs because an issue with the second-row easy-entry seats could increase the risk of injury, according to federal regulators. A total of 387,911 vehicles are affected, including certain 2020-2026 Ford Explorer and 2020-2027 Lincoln Aviator models, the National Highway Traffic Safety Administration (NHTSA) said in…
Student loan defaults are up to a record high, with 9.5 million borrowers in default, meaning they are more than 270 days behind on loan payments, according to data from the Office of Federal Student Aid. The near-10 million borrowers in default represent a record-high and nearly double the number…
JPMorgan Chase CEO Jamie Dimon said in an interview on Monday that he wouldn’t buy stocks or long-term Treasury bonds at their current prices as he thinks investors aren’t accounting fully for risks that could cause turmoil in equity and debt markets. Dimon said in an interview with CNBC that…
The AAA national average price for regular gas is back above $4 again amid the U.S. war with the Islamic Republic of Iran. As of July 21, the AAA national average for regular fuel is $4.019, up from yesterday’s average of $4.003, the week-ago average of $3.859, and the month-ago…
A group representing America’s manufacturers on Tuesday released a report marking one year since the enactment of the 2025 tax law that includes examples of the legislation’s impact on the manufacturing sector in all 50 states. The One Big Beautiful Bill Act (OBBBA) was passed by Republicans in Congress and…
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