Amazon shares climbed more than 3% in intraday trading on Wednesday, pushing the company’s market cap past $2 trillion for the first time. In crossing the milestone, Amazon join Nvidia, Apple, Alphabet and Microsoft, all of which are worth $2 trillion or more. Investors have piled into tech stocks recently as excitement around generative artificial intelligence has reached a fever pitch. ...
Even while carrying $1.13 trillion in credit card debt, many Americans are still willing to splurge on travel and entertainment. But this summer it will cost even more thanks to “funflation,” a term economists use to explain the increasing price tags of live events as consumers hanker for the experiences they lost during the Covid years. “It’s hard to overstate the impact of ...
An important economic measure for the Federal Reserve showed Friday that inflation during May slowed to its lowest annual rate in more than three years. The core personal consumption expenditures price index increased just a seasonally adjusted 0.1% for the month and was up 2.6% from a year ago, the latter number down 0.2 percentage point from the April level, ...
If you were looking for a sign of weakness in the U.S. economy, you’re not going to find it at the airport. The Transportation Security Administration reported this week that it screened a record 2.99 million passengers on Sunday — a new high that may not last long. This post appeared first on NBC NEWS ...
It’s been almost 20 years since the founding of Alphabet’s YouTube, and Hollywood still doesn’t really know what to do with it. YouTube, which effectively invented user-generated content, claims a daunting share of overall media consumption. And it’s no longer just dominating the internet, it’s dominating the living room, too. YouTube made up 9.7% of all viewership on connected and traditional TVs ...
A jury in U.S. District Court ordered the NFL to pay nearly $4.8 billion in damages Thursday after ruling that the league violated antitrust laws in distributing out-of-market Sunday afternoon games on a premium subscription service. The jury awarded $4.7 billion in damages to the residential class and $96 million in damages to the commercial class. The lawsuit covered 2.4 ...
Walgreens is planning potentially sweeping store closures as it faces what its CEO called a “challenging” environment for pharmacies and U.S. consumers. The pharmacy chain announced quarterly earnings Thursday morning that fell short of Wall Street expectations. Walgreens’ stock price dropped 22% on the day. In an interview with CNBC, CEO Tim Wentworth said the company now forecasts weaker consumer ...
Warren Buffett on Friday made his biggest annual donation to date, giving $5.3 billion worth of Berkshire Hathaway shares to five charities. The legendary investor, who’s turning 94 in August, converted 8,674 of his Berkshire Class A shares to donate more than 13 million Class B shares, according to a statement Friday. A total of 9.93 million shares went to the Bill & ...
Walgreens is planning potentially sweeping store closures as it faces what its CEO called a “challenging” environment for pharmacies and U.S. consumers. The pharmacy chain on Thursday morning announced quarterly earnings that fell short of Wall Street expectations. Walgreens’ stock price dropped 22% on the day. In an interview with CNBC, CEO Tim Wentworth said the company now forecasts weaker ...
The Biden administration on Wednesday said it will impose inflation penalties on 64 prescription drugs for the third quarter of this year, lowering costs for certain older Americans enrolled in Medicare. President Joe Biden has made lowering U.S. drug prices a key pillar of his health-care agenda and reelection platform for 2024. A provision of Biden’s Inflation Reduction Act requires drugmakers to pay rebates to Medicare, the federal health program ...