The Week's Top Stories is a guided tour through the biggest market stories of the week, from winning stocks to brutal dips to the facts and forecasts generating buzz on Wall Street.
RATE HIKE READY
At the Jackson Hole Economic Symposium Friday, Federal Reserve Chairman Jerome Powell said the U.S. should prepare for more interest rate hikes. The Fed has implemented a pretty steady stream of increases since March 2022 when it was near zero to 5.4 percent, the highest it has been in 22 years. The inflation rate has dropped significantly during that period, from 9.1 percent to 3.2 percent, but it's still too far above the target rate of 2 percent for the Fed. Employment levels have remained strong throughout this period. The real estate seems to have taken the brunt of the impact, with mortgage rates hitting a new 22-year high average of 7.23 percent for a 30-year fixed-rate.
UPS AVOIDS STRIKE
There was good news for online shoppers this week: UPS struck a deal with workers that will avoid a strike. In the five-year deal, the shipping giant has agreed to increase and standardize pay, end forced overtime on drivers' days off, and add air conditioning to more trucks. The same cannot be said for the United Auto Workers union at the moment. This week autoworkers overwhelmingly voted to allow union leaders to call a strike if negotiations with General Motors, Ford and Stellantis don't start making some serious headway before the current contract expires on September 14.
DOLLAR TREE CHALLENGES
Dollar Tree has plenty of work on its hands. Its earnings report released this week beat Wall Street expectations, but the stock sunk as the company reported a difficult economy ahead. The discount store chain, which also owns Family Dollar, cited theft as a major issue. This week, Dollar Tree also received an order from the Labor Department giving it two years to turn around institutional failures that have created safety concerns in stores throughout the country. The company will have to figure out what is causing stores to do things like block emergency exits and stack boxes to dangerously tall heights - and then figure out how to fix it in all locations.
NVIDIA SOARS ON AI
Nvidia revealed an incredible quarter in this week's earnings report. The computer chip giant made nine times more revenue than it did a year ago, largely thanks to the AI companies that are relying on its technology, and it expects to triple sales this quarter. The news sent the stock up 6 percent - just another milestone for the stock which has tripled in value this year.
PELOTON PLUNGES
Peloton stock dropped more than 20 percent on Wednesday after the company admitted it is struggling to keep up with demand for replacement seat posts that were recalled over safety concerns. While riders are without functional bikes, 20,000 of them have paused their subscriptions, which is a critical part of the company's business plan. In a letter to shareholders, President and CEO Barry McCarthy also noted consumers seem to be turning more toward travel and experiences, which is tough for a stay-at-home bike company.
On this episode of ChedHER: Founder and CEO of IvyWise discusses how the higher education industry has evolved over the past 20 years; CEO and Founder of Stax Payments breaks down how to get more female founders to break $1 million in revenue; Chief Impact Officer & SVP at The Minneapolis Foundation explains how the foundation is driving action for the greatest civic, social, and economic needs.
On this episode of Cheddar Innovates: President of The Pillow Bar breaks down how everyone can benefit from a pillow customized to their unique way of sleeping; CEO of H2Pro explains how to bring environmentally friendly hydrogen to scale; Cheddar gets a look at Curiosity Stream's 'Suppressed Science.'
On this episode of Cheddar Reveals, Andrea Swift, Chair of NYFA Documentary Department, discusses the documentary filmmaking process and why they remain so important in 2022; Nina Gilden Seavey, Founding Director, The Documentary Center Research at George Washington University, dissects the evolution of documentaries in the streaming age; Cheddar gets a look at Curiosity Stream's 'Nature Through Her Eyes.'
On this episode of ChedHER: Founder and CEO at Allara Health discusses how she's creating a platform for women with Polycystic Ovary Syndrome or PCOS; General Manager of the Run/Train Business Unit at Puma breaks down how Puma is approaching a hybrid work model, and ways to empower women in the workplace; Founder and CEO of Mi Golondrina explains how she's empowering over 600 artisans from Mexico.
On this episode of Cheddar Innovates: Gardenuity CEO breaks down how gardening can improve your wellbeing; Augmedix CEO discusses how this technology is helping doctors fight burnout; Cheddar gets a look at Curiosity Stream's 'Suppressed Science.'
Sheila Goffe, VP of Government Relations of the American Kennel Club, joins Cheddar Reveals to discuss the efficacy of police, military, and other working dogs, and how they're trained.
On this episode of Cheddar Reveals, Sheila Goffe, VP of Government Relations of the American Kennel Club, discusses the efficacy of police, military, and other working dogs, and how they're trained. Paul Mundell, Executive Director of the American Service Dog Access Coalition, breaks down why emotional support, therapy, and service dogs are important; Cheddar gets a look at Curiosity Stream's 'Secrets of a Dog's Nose.'
On this episode of ChedHER; Amanda Carlson Phillips, Senior Vice President of Exos' performance team, breaks down how wellness programs can fight burnout; Deena LaMarque Piquion, Chief Marketing Officer at Xerox, explains why and how women should stop saying 'sorry' so often;
Marylyn Harris, President of Harrland Healthcare Consulting, talks about how her experience in the military prepared her for a cybersecurity career, and how she's paving the way for women of color in the industry.
On this episode of Cheddar Innovates: Atom Limbs CEO breaks down how the Atom Touch prosthetic is different from other prosthetics on the market; CEO & Chief Scientific Officer of MyMD explains how the MYMD-1 is on track to be the first FDA-approved drug to treat aging and age-related diseases; A look at Curiosity Stream's 'The Future of Warfare.'
On this episode of Cheddar Reveals Clay Routledge, Professor of Business and author of "Nostalgia: A Psychological Resource", discusses the psychology of nostalgia: why we have it, and why it may be good for our mental health; Patrick Metzger, Writer and Technologist, breaks down how nostalgia has influenced pop culture, why it remains in a trend loop for every generation, and why that trend is likely never going to end; Cheddar gets a look at Curiosity Stream's 'The Year That Rocked the World.'
