The Dow falls nearly 800 points as inflation hits 40-year high
CNN
The Dow dropped more than 700 points on Friday morning after a key inflation report missed estimates and showed a higher-than-anticipated increase in the price of consumer goods.
The May consumer price index rose 8.6% year-over-year, its highest level since 1981. Economists had forecast an 8.3% increase.
That higher number further stoked investors' worries about a possible economic downturn and an increase in interest rate hikes by the Federal Reserve. The central bank is expected to announce a half-percent interest rate hike next week, but it could decide to go higher based on this news.
Ruth Marcus, who recently resigned as a Washington Post columnist after four decades, said she parted ways with the paper following a spiked opinion piece on the paper’s billionaire owner because her job is to tell readers “what I think, not what Jeff Bezos thinks I should think.”
CNN is tracking price trends for various household staples each month as new factors threaten to increase costs.
Inflation slowed in February for the first time in four months, but that progress may be short lived as President Donald Trump ramps up his trade war, which threatens to increase prices for Americans.
With his chaotic trade policy, President Donald Trump is digging himself into an economic and political hole so deep, it may prove impossible to climb out.
American consumers – and their wallets – are the engine of the economy. But they’re now showing the strain of inflation, President Donald Trump’s tariffs and a stock market plunge.
Elon Musk has secured a major win in India by signing two back-to-back deals to bring SpaceX’s Starlink satellite internet services to the country.
President Donald Trump imposed a sweeping 25% tariff on all steel and aluminum imported into the United States early Wednesday, a move that threatens to drive up prices on a broad range of consumer and industrial goods for Americans.
Meta is once again facing allegations from a former employee that a growth-at-all-costs culture has caused offline harm.
It was almost an extraordinary scene in front of the White House. As Tesla shares have been tanking since the year began, President Donald Trump held remarks outside of the White House with the company’s CEO and Department of Government Efficiency Head Elon Musk – all in front of a line of shiny Tesla vehicles.
A Florida circuit judge on Monday denied the Pulitzer Board’s request to pause a defamation lawsuit from Donald Trump until the president is out of office.
US markets dropped again Tuesday after President Donald Trump doubled down on his threat to levy a new round of hefty tariffs on Canada.
President Donald Trump on Tuesday threatened a sharp escalation in the budding trade war with Canada in retaliation for Ontario’s export surcharge on US electricity.
Months after ditching its open seating policy, Southwest Airlines is ending its most recognizable perks: Free checked baggage.