Simone Del Rosario
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Wholesale prices rise 10.8% in May, Wall Street braces for hawkish Fed
In one more sign inflation isn’t budging, wholesale prices surged 10.8% in May from a year ago, near a record annual pace. The producer price index measures inflation before it reaches consumers. Consumer prices were also hot in May, rising 8.6% over the year, a fresh 40-year high. As for wholesale goods, the Bureau of… -
S&P drops 3.9%, Wall Street enters bear market in wake of inflation report
The Wall Street hangover from last week’s shocking inflation report continued into the new week, as Wall Street officially entered a bear market. The S&P 500 dropped 3.9% Monday, and is now down more than 20% from the record high it set in January. Monday marked the first time the S&P 500 has confirmed a… -
‘More pain in our future’ as gas prices top $5 per gallon: GasBuddy economist
For the first time ever, the national average price of gas surpassed $5 per gallon, according to gas price trackers GasBuddy and American Automobile Association. As of Monday, the price hovered around $5.01, AAA reported. After the price of a gallon of gas surged nearly $2 in the past year, though, experts warn we haven’t… -
Inflation still climbing: Prices rise 8.6% in May, the fastest rate in 40 years
Consumer prices in May proved inflation still has a stranglehold on the country, rising 8.6% from one year ago — the fastest pace in 40 years. May’s data exceeds expectations with analysts believing prices had peaked in March at 8.5% before falling to 8.3% in April, but rising energy and food prices continue to burden… -
Popcorn, pilot and lifeguard shortages weigh on summer fun
It’s summertime, which means it’s time to put on those shades, get outside and crank up the boombox (that’s an old-school device for playing music) for fun in the sun. But beware, supply chain issues and a lack of workers could rain on that parade. Here are some of the biggest shortages this summer in… -
Walmart-owned Sam’s Club to deploy self-driving delivery trucks in Texas
Autonomous vehicle startup Gatik announced this week it will start delivering paper goods like toilet paper and Dixie products to 34 Walmart-owned Sam’s Club locations in the Dallas-Forth Worth area. The company said its self-driving trucks will help double the number of weekly runs between Georgia-Pacific fulfillment centers and the warehouse chain from 1-2 per… -
Janet Yellen answers to Congress after admitting ‘I was wrong’ about inflation
Treasury Secretary Janet Yellen is facing Congress one week after her headlining confession on cable news, admitting, “I was wrong [in 2021] about the path that inflation would take.” While her committee appearances in front of the Senate on Tuesday and House on Wednesday are to go over the president’s budget proposal, there’s something more… -
Why Amazon stock is the cheapest it’s been in more than a decade
Amazon’s stock got a lot more affordable Monday after a 20-1 stock split sent shares to their lowest price since 2010. It’s the first time the trillion-dollar company has split shares this millennium. In turning one share into 20, the price of a share went from $2,447 to $122.35, but buzz over the split had… -
Shakira, Justin Timberlake among biggest artists to sell catalogs
The COVID-19 pandemic gave rise to a number of trends across the entertainment industry. We saw live performances from home, big budget Hollywood blockbusters hitting streaming services at the same time as theaters, and it seems like everyone has a podcast. But one that may have the biggest lasting effect: Prolific musicians selling the rights… -
Good news for home buyers: Real estate market shows signs of cooling
The tides are changing in the housing market, which has been solidly seller-friendly for the past couple of years. Now, homeowners are seeing a smaller window to cash in on market gains while prospective home buyers are already bowing out over heated prices and rising mortgage rates. On Thursday, Redfin advised prospective sellers to list… -
Tesla CEO Elon Musk declares war on ‘work from home’
The world’s richest man is not a fan of work from home and now he’s given his executive staff an ultimatum: Return to the office or find another job. Tesla CEO Elon Musk reportedly sent the demand in a leaked email to his executive staff Tuesday. The email, which has circulated online, reads, “Anyone who… -
Vegas, Austin, Boise top most overvalued housing markets
The housing market has been red hot over the last two years and prices are at all-time highs. With mortgage rates climbing, sales are starting to plunge and the housing bubble alarm is going off. Here are the most overvalued housing markets in this week’s Five For Friday. #5: Atlanta Homes in Atlanta are fetching a… -
Apple hiking retail pay amid inflation pressures and union threats
Apple retail workers are getting a big pay boost as the company announced plans to raise wages by 10% or more this year, bringing the starting pay for retail workers to at least $22 an hour. The tech company is reckoning with the worst inflation in decades, a historically tight labor market and fighting union…
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Scandal-plagued Illinois ‘super mayor’ defeated in re-election bid
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Phoenix Mercury legend Diana Taurasi retires after 20 seasons in WNBA
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Texas rancher killed by IED near southern border, officials suspect cartel
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US Supreme Court declines to hear Tennessee drag show case
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House narrowly passes budget resolution, keeping Trump’s agenda alive
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