Dow tumbles 500 points on hot inflation data
CNN
Stocks fell on Tuesday after fresh data revealed that inflation eased somewhat but stayed stubborn in January.
Stocks tumbled on Tuesday after fresh data revealed that inflation eased somewhat but stayed stubborn in January. That comes after the Dow Jones Industrial Average on Monday notched a record high close, while the S&P 500 retreated somewhat from a record high. The Dow slid 527 points, or 1.4%. The S&P 500 declined 1.4% and the Nasdaq Composite lost 1.7%. The Consumer Price Index revealed that prices rose by 3.1% for the 12 months ended in January, according to Bureau of Labor Statistics data released Tuesday. On a monthly basis, CPI rose by 0.3% last month. Both measures came in hotter than expected: Economists expected inflation to ease to 0.2% from December and slow to 2.9% annually, according to FactSet. Traders now largely expect the Federal Reserve to first cut rates in June or July, according to the CME FedWatch Tool.
A major congressional watchdog has opened an investigation into Federal Housing Finance Agency Director Bill Pulte, who has helped spark probes into several of President Donald Trump’s perceived political enemies, over possible misuse of authority.
The lawsuit, set to be filed in federal court in Washington, DC, names the Defense Department, Defense Secretary Pete Hegseth and the chief Pentagon spokesman, Sean Parnell, as defendants.
The “CBS Evening News” needs a new anchor — and soon.
President Donald Trump is pushing for an extension of soon-to-expire enhanced Obamacare subsidies – a key Democratic demand that Republicans fought fiercely and that was the basis for the longest-ever government shutdown.
The biggest event in New Zealand Thursday may have been the opening of a furniture store.
Even if you believe you haven’t yet been directly impacted by climate change, your wallet will feel its effects soon, according to a new study.
Small businesses are “starting to crack” amid a weakening economy, rising inflation and fickle consumers; and they drove job losses in the US private sector in November, new data showed Wednesday.
Prepare for automotive sticker shock next year – again.
Constellation Brands, the US owner of Modelo Especial and Corona, bet big on Latino customers for growth. But that strategy is unraveling under the Trump administration’s mass deportation push.
The European Union agreed Wednesday to phase out Russian natural gas imports by late 2027 as part of an effort to end the bloc’s decade-long dependency on Russian energy.
US wireless carrier AT&T said in a letter to the US telecoms regulator that it had committed to ending diversity, equity and inclusion programs, a move that comes as it seeks approval from the Trump administration to buy wireless spectrum assets.
Larry Summers has been banned for life from the American Economic Association, a professional organization for economists, with more than 17,000 members, over his ties to the late sex offender Jeffrey Epstein.
The US labor market has weakened over the course of the year as hiring has stalled across many industries. The national unemployment rate has ratcheted higher in the process, hitting 4.4% in September.