WASHINGTON—The U.S. economy grew at a lackluster 1.3 percent annual rate from January through March as businesses wary of an economic slowdown trimmed their inventories, the government said Thursday in a slight upgrade from its initial estimate. The government had previously estimated that the economy grew at a 1.1 percent annual rate last quarter. The…
US Economic Growth for Last Quarter Is Revised Up to a Still-Tepid 1.3 Percent Annual Rate
Facebook Owner Meta Slashes Business Operations Staff in Final Round of Mass Layoffs
May 25, 2023
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Business & MarketsCompaniesEuropeFacebookinstagramInternationalIrelandMark ZuckerbergMarketsMedia & Big TechmetaMeta layoffsMeta Platforms IncSocial MediastocksTechTech NewsWhatsappWorld
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Meta Platforms Inc., owner of Facebook, Instagram, and WhatsApp, slashed jobs across its business and operations units on Wednesday as part of a plan announced last fall to eliminate 10,000 jobs in the course of a broader restructuring program. Dozens of Meta employees from enterprise engineering, marketing, corporate communications, site security, program management, and content…
Nasdaq Jumps at Open as Nvidia Forecast Sparks AI-driven Rally
The Nasdaq rose at open on Thursday as Nvidia shares soared on a blowout forecast from the chipmaker that also helped drive an AI rally, while progress in U.S. debt ceiling talks further boosted sentiment. The Nasdaq Composite rose 222.28 points, or 1.78 percent, to 12,706.44 at the opening bell. The Dow Jones Industrial Average…
Euro Slips as Germany Enters Recession, Dollar Hits 2-month Peak
LONDON—The euro dropped on Thursday as Europe’s largest economy Germany was confirmed to be in a recession, while the dollar hit a two-month peak, benefitting from safe-haven demand as worries mounted about a U.S. default. The latest concern was raised by ratings agency Fitch, who put the United States’ “AAA” debt ratings on negative watch,…
Oil Eases as Russia Downplays Additional OPEC+ Cuts
LONDON—Oil prices fell on Thursday after Russian Deputy Prime Minister Alexander Novak played down the prospect of further OPEC+ production cuts at its meeting next week. Brent crude futures was down 41 cents, or 0.5 percent, to $77.95 a barrel at 0815 GMT. U.S. West Texas Intermediate crude (WTI) fell 51 cents, or 0.7 percent,…
Stock Market Today: World Shares Decline on Worries Over US Debt; Germany Slips Into Recession
May 25, 2023
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World shares declined Thursday as investors watched for signs of progress on a deal to avert a default on U.S. government debt. U.S. futures were mixed and oil declined. Germany slipped into recession as its economy contracted 0.3 percent in the first quarter of the year. The data from the Federal Statistical Office showed a…
Fitch Warns Continued Partisanship on Debt Ceiling Will Hurt AAA Credit Rating
May 25, 2023
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Business & Marketscongressdebt ceilingeconomic policieseconomyExecutive BranchFitch ratingMarketsPolicies & ImpactsPoliticsUSUS News
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Fitch Ratings placed the United States’ AAA credit rating on “rating watch negative” on May 25, citing concerns about a possible downgrade due to the ongoing political deadlock over the debt ceiling. As negotiations between House Republicans and The White House stretch into a third week, Fitch expressed concern about brinkmanship in the debt ceiling talks…
Stock Market Today: Wall Street Sinks as Stocks Tumble Worldwide
NEW YORK—Wall Street fell again Wednesday as stocks tumbled worldwide on worries about the economy. The S&P 500 dropped 0.7 percent after House Speaker Kevin McCarthy said Republicans and Democrats remain “far apart” in their efforts to prevent a potentially disastrous default on the U.S. government’s debt. The main U.S. stock index is on track…
How Major US Stock Indexes Fared Wednesday
Wall Street fell again, part of a worldwide swoon for stocks as worries about the economy pile higher. The S&P 500 fell 0.7 percent Wednesday after House Speaker Kevin McCarthy said Republicans and Democrats remain far apart in efforts to prevent a default on the U.S. government’s debt. The main U.S. stock index is on…
Closing Prices for Crude Oil, Gold, and Other Commodities (May 24)
May 24, 2023
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Benchmark U.S. crude oil for July delivery rose $1.43 to $74.34 a barrel Wednesday. Brent crude for July delivery rose $1.52 to $78.36 a barrel. Wholesale gasoline for June delivery rose 6 cents to $2.72 a gallon. June heating oil rose 5 cents to $2.41 a gallon. June natural gas rose 8 cents to $2.40…
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