The Week's Top Stories: Bed, Bath Goes Beyond, Bank Earnings & Inflation Slows

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.

BANKS REPORT EARNINGS

Some of the biggest U.S. banks released their quarterly earnings Friday morning, marking the unofficial start to earnings season. Overall, the banks, including Wells Fargo, Bank of America, and JPMorgan Chase, performed relatively well.  JPMorgan Chase, Bank of America, and Wells Fargo all beat Wall Street estimates, while also signaling that 2023 could bring economic headwinds in the form of a recession and higher unemployment. Stock prices fluctuated after the release but are on track for a winning week. 

DECEMBER DEFLATION 

Consumers and investors alike rejoiced after the latest consumer price index showed prices falling 0.1 percent in December. While inflation has trended down for months, this is the first negative month-over-month read since prices started climbing in 2021. The report helped along the rally that began earlier in the week in anticipation of the data, which was roughly in line with Wall Street's estimates. For context, the year-over-year rate remains historically high at 6.5 percent, and the Federal Reserve is still expected to move forward with more rate hikes. 

BED BATH & BUMPIN'  

Looming bankruptcy? No problem, say gung-ho Bed Bath & Beyond investors. Shares of the embattled home goods retailer shot up as much as 300 percent this week, before losing some steam on Friday. The stock is still up over 200 percent in the last five days though, and it appears that retail investors are behind the rally. Just last week the company admitted that bankruptcy was on the table as cash flow was beginning to fall behind expenses. The retailer has struggled through the pandemic to keep shelves filled and draw in customers, while at the same time seeing successive retail investor-fueled rallies sparked by the meme stock craze. 

COINBASE CLIMBS

Shares of Coinbase are up around 40 percent for the week, despite the dismal state of the crypto market. That's largely because Cathie Wood-led investment firm Ark Invest has spent $7.5 million on shares. Why the bullishness? It's one of the last major crypto exchanges left in the market, and it recently announced plans to expand into Europe.

More In Business

Mother Jones Publisher Sues OpenAI and Microsoft For “Exploitation”

Another news organization is suing ChatGPT maker OpenAI and its business partner Microsoft for alleged copyright infringement.

US Economic Growth for Q1 Revised Up to 1.4%

The American economy expanded at a 1.4% annual pace from January through March, the slowest quarterly growth since spring 2022, in a slight upgrade.

Which Retailers Are Out & Proud... And Which Are Not

Find out which brands and retailers have embraced Pride in 2024 and which are quietly taking steps back. Watch!

Good News? Your Bank Is Prepared for Economic Disaster

While consumers might be worried about their finances, the country's biggest banks are prepared to avoid collapse, according to the Fed's stress test.

Watchdog Slams IRS Identity Theft Case Delays as “Unconscionable”

An independent watchdog within the IRS reports that while taxpayer services have vastly improved, the agency is still too slow to resolve identity theft cases. And National Taxpayer Advocate Erin Collins says those delays are “unconscionable.” Erin M. Collins said in the report released Wednesday that overall the 2024 filing season went smoothly, though IRS delays in resolving identity theft victim assistance cases are worsening. It took nearly 19 months to resolve self-reported identity theft cases as of January, and Wednesday's report states that now it takes 22 months to resolve these cases.

A.I. Investments Carry Amazon Over $2 Trillion Valuation Threshold

Amazon.com Inc. surpassed $2 trillion in market value for the first time in afternoon trading on Wednesday. The push higher for Amazon’s stock market valuation comes a little more than a week after Nvidia hit $3 trillion and briefly became the most valuable company on Wall Street. Nvidia’s chips are used to power many AI application and its valuation has soared as a result. Amazon has also been making big investments in AI as global interest has grown in the technology. Most of the company’s focus has been on business-focused products.

The Costs of Extreme Heat Go Far Beyond Higher AC Bills

Climate change doesn’t just mean more extreme weather – it also leads to billions of dollars in lost productivity, tourism, and stresses infrastructure.

How Worried Should Nvidia Be About Their Stock?

Nvidia's shares are on a roller coaster, losing lost billions in market value last week. What's next for the ride?

The Federal Government Is Making Sure Banks Are Prepared for the Worst

It’s an annual tradition: the Fed’s banking ‘stress test.’ A year after the regional banking crisis, there are good reasons to make sure they’re prepped.

Budget-Friendly Tips for Your Swiftie Summer Adventures

Summer is upon us, which means weddings, trips overseas, and trips to see Taylor Swift. Avoid a “Cruel Summer” with these budget-friendly tips and tricks.

Load More