Cyber Monday sales on track to break record despite U.S inflation
Shoppers less concerned about COVID-19 returned to stores for more of their shopping, which blunted online sales growth, according to Adobe.
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Powell to set stage for slowing Fed rate hikes amid hawkish tone
Chair Jerome H. Powell is expected to this week cement expectations that the Federal Reserve will slow its pace of interest-rate increases next month, while reminding Americans that its fight against inflation will run into 2023.
U.S. business equipment orders rebounded sharply in October
The data suggest companies are largely adhering to capital spending plans as they seek to improve productivity and help counter lingering cost pressures.
Fed seen sticking with higher peak rate despite cooler inflation
Economists largely stuck to their forecasts that the Federal Reserve will raise interest rates to 5% by March and hold them there for most of 2023, even after inflation slowed last month by more than forecast.
Roche’s Alzheimer’s drug fails in fresh blow to fraught field
Gantenerumab’s demise is a boost for Indianapolis-based Eli Lilly and Biogen, which are also developing treatments for Alzheimer’s, said Tim Anderson, an analyst at Wolfe Research. Lilly shares were up 1.8% at midday.
Twitter deals with users impersonating major companies—including Eli Lilly
A Twitter user posing as Indianapolis-based Eli Lilly falsely tweeted that insulin was now free, prompting an apology from the actual company.
Bed Bath & Beyond suppliers halt shipments despite new financing
Suppliers say they remain concerned about the retailer’s survival and have cut off or cut back on merchandise they ship to the company.
U.S. jobs top forecasts, unemployment up in mixed picture for Fed
The report suggests demand for workers remains robust despite rapid interest-rate hikes and a darkening economic outlook. Layoffs, while rising, are still historically low, and competition to fill millions of vacant positions has driven rapid wage gains.
First-time U.S. home buyers oldest on record, least diverse since 1997
About 88% of all home buyers were white/Caucasian, 6 percentage points more than in 2021.
U.S. services gauge hits lowest level since May 2020 as orders cool
U.S. service providers expanded in October at the slowest pace since May 2020 as orders growth and business activity moderated, suggesting the broader economy continues to cool.
Car loan rates head for 14-year high in new barrier for buyers
The average annual percentage rate on new-car loans was 6.3% last month, the highest since April 2019, according to Edmunds.
U.S. manufacturing nears stagnation as price gauge hits 2-year low
Ten manufacturing industries reported a contraction in October, led by furniture, wood products, paper products and textiles. Eight industries expanded.
Shein’s U.S. expansion starts with distribution center in Indiana
The apparel company founded in China is pushing to get its ultra-low priced merchandise on doorsteps more quickly by opening more North American distribution centers, including a major hub in Whitestown.
Clock ticking for private equity to spend through tougher times
Rising interest rates, inflation and recession risks have eroded consumer confidence and left buyout firms facing a new reality of higher financing costs and potentially lower returns.
Fed seen aggressively hiking rates again, triggering global recession
Federal Reserve officials will maintain their resolutely hawkish stance next week, laying the groundwork for interest rates reaching 5% by March 2023, moves that seem likely to lead to a U.S. and global recession, economists surveyed by Bloomberg said.
AutoNation’s CEO warns of used-car price drop as rising rates curb demand
The biggest U.S. chain of car dealerships said used-vehicle prices are softening as rising interest rates curb demand from more price-sensitive buyers.
Congress probes telecom giants’ tactics in U.S. internet aid program
A leading congressional committee opened a probe of AT&T, Charter, Dish Network, T-Mobile and Verizon on Wednesday, aiming to explore if these and other telecom giants are “abiding by the law” in administering a federal aid program.
Biden hails bid to curb bank ‘junk fees’ as boon to consumers
The guidance announced Wednesday by the Consumer Financial Protection Bureau could deal a significant blow to banks that earned nearly $8.5 billion from the charges last year.
Inflation starts to drag on consumers powering U.S. economy
Most economists expect Americans to keep spending at a relatively lackluster pace through the end of the year. Overall uncertainty about consumer spending is weighing on a range of companies.
White House set to tap oil reserve again amid high fuel prices
Gasoline prices, one of the most visible signs of inflation, are a political headache for President Biden, who in recent weeks has repeatedly warned oil companies against raising costs.