The Philadelphia Fed saw its primary gauge measuring the sector jump from 0.3 in June to 21.8, far better than Wall Street estimates of 5 and the highest in a year.Economyread more
Netflix blames its content slate, regional price increases and a "pull-forward effect" of its strong Q1 growth for the miss.Technologyread more
Netflix lost paid U.S. subscribers for the first time in eight years and fell below analyst estimates for international subscriber growth.Tech Driversread more
Stocks fell for a third straight day on Thursday as Wall Street digested a mixed batch of corporate earnings results.US Marketsread more
Jeffrey Epstein, a former friend of presidents Donald Trump and Bill Clinton, had asked a judge to release him on a bond of as high as $100 million or more.Politicsread more
Revenue of $10.24 billion exceeded the consensus estimate by almost $250 million.Financeread more
Southwest joints United and American in taking the Boeing 737 Max out of its schedules through early November with no end in sight to the federally mandated grounding of the...Airlinesread more
Treasury Secretary Steven Mnuchin says if the call goes well, he would expect in-person meetings to take place.Marketsread more
Morgan Stanley highlighted 20 companies including Uber and American Express that it expects earnings will drive the stock price in the near-term.Investingread more
The filing came a day after the judge in Michael Cohen's criminal case ordered their release, saying that the end of a probe into those payments to alleged sexual partners of...Politicsread more
Despite a disappointing earnings report, Wall Street analysts are sticking by the stock and looking ahead to the third quarter.Marketsread more
Tax relief for the middle class is the "heart" of the Republican tax plan expected to become law in the coming days, President Donald Trump said Wednesday.
Moments after touting middle-class benefits, however, Trump noted that slashing the corporate tax rate is "probably the biggest factor" in the GOP legislation.
"Our plan also lowers the tax on American business from 35 percent all the way down to 21 percent. That's probably the biggest factor in this plan," he said at a Cabinet meeting. "We've become competitive all over the world. Our companies won't be leaving our country any longer because our tax burden is so high."
The president called it "above all else a jobs bill," contending that changes to the business tax structure would encourage more companies to relocate operations to the U.S. and hire more workers. While hiring is a major piece of the GOP argument for the tax cuts, some company executives have already signaled businesses are more likely to use their tax savings for share repurchases rather than for hiring or worker wage increases.
House and Senate Republicans have promoted the legislation passed by both chambers of Congress this week as primarily a tool to increase wages and take-home pay for workers.
The bill would permanently chop taxes on businesses while temporarily reducing the burden on most, but not all, individual taxpayers. While congressional and independent analyses project most income groups would get a tax cut next year, their benefits under the plan would dissipate as most individual tax cuts expire after 2025.
Republican congressional leaders say they plan to extend those cuts. Democrats have accused them of prioritizing tax breaks for corporations over those for individuals.
After the Senate approved the bill early Wednesday, Senate Majority Leader Mitch McConnell said Americans would "value and appreciate" the plan.
"If we can't sell this to the American people we ought to go into another line of work," he said.