The Business Roundtable, led by Jamie Dimon, gives a new definition of the "purpose of a corporation."Marketsread more
Stocks rose sharply on Monday as Treasury yields rebounded, quelling fears of a possible recessionUS Marketsread more
Powell will have the opportunity if not to walk back the "midcycle" assessment then to at least provide some further explanation about what it means.Economyread more
J.P. Morgan estimates the average annual tariff cost per household will be $1,000 with the new round of Trump's tariffs.Marketsread more
Twitter and Facebook have suspended numerous accounts that are believed to be tied to a state-backed information campaign originating from inside China.Technologyread more
Leaked documents from Google give fresh ammo to conservative lawmakers who have already accused Google and other tech companies of political bias.Technologyread more
Sequoia's Michael Moritz says that direct listings worked for Spotify and Slack and will become more common for companies with "courage and intelligence."Technologyread more
Shares of embattled utility PG&E plummeted after a judge ruled that a jury can decided whether it should pay up to $18 billion in damages.Marketsread more
The attacks come after state and local ransomware attacks in New York, Louisiana, Maryland and Florida resulted in the loss of significant sums.Technologyread more
Since its IPO 15 years ago, Google has become more and more powerful. Today, that power is being highly scrutinized.Technologyread more
In a statement Monday, Barr said he will name Kathleen Hawk Sawyer the new director of the Federal Bureau of Prisons.Politicsread more
U.S. retail sales declined last month, as Americans cut back their spending on clothes, appliances, and home and garden supplies.
Sales dropped 0.2% in April, the Commerce Department said Wednesday, after a big 1.7% jump in March. The March figure was revised upward from the originally reported figure of 1.6%.
Car sales dropped 1.1% last month and sales at electronics and appliance stores dropped 1.3%.
Economists are having a difficult time gauging the mood of consumers this year. Retail sales have been on a seesaw pattern, rising at a healthy pace in January, then falling in February, followed by the big jump in March and now a drop in April. The data suggests Americans are reluctant to spend freely, despite steady job gains and modest wage increases. Retail sales are closely watched because they make up about one-third of consumer spending, which drives most economic activity.
Overall consumer spending, which includes spending on services such as haircuts and travel, jumped in March by the most in nearly a decade, but that followed small increases in the previous two months. As a result, even though the economy grew a healthy 3.2% at an annual rate in the first quarter, consumer spending grew at a modest pace and was not a primary driver of that growth.
The weakness sales last month was widespread. Sales at clothing stores fell 0.2% and plunged 1.9% at home and garden supply stores. Furniture store sales were unchanged. Even the category that includes online retailers dropped. Excluding the volatile auto and gas categories, retail sales also fell 0.2%.
The sales report dragged major U.S. markets down before the opening bell Wednesday.U.S. retail sales unexpectedly fell in April as motor vehicle purchases slumped, government data showed on Wednesday.