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. 

BUDGET DRAMA

House Speaker Kevin McCarthy has yet to secure the Republican votes for a bill that would raise the federal debt ceiling to avoid default until at least March 31, 2024. That means more uncertainty for the stock market next week, as the prospect of a default on the national debt hangs over the economy. The debt fight on Capitol Hill is also raising the cost of credit default swaps, which gauge the risk of a default on U.S. Treasury bills. 

NETFLIX'S WILD RIDE 

Shares of Netflix slipped on Tuesday after the company reported mixed earnings in the first quarter, including a lower-than-expected forecast for the coming quarter.  The streaming giant also announced that it was ending its DVD mailing service. "We are growing, not as fast as we believe we can, not as fast as we would want to, but we are growing and we are profitable," co-CEO Ted Sarandos told investors during an earnings call. "We have a clear path to reaccelerate growth in both revenue and profit and we are executing on it."

AT&T DROPS

AT&T's stock saw its biggest sell-off since 2000 after reporting a miss on revenue and cash flow. The telecommunications company added 424,000 postpaid phone subscribers, but free cash flow was well below estimates. AT&T said it expects those factors to normalize next year. Rival companies Verizon and T-Mobile are set to report next week. 

PROCTER & GAMBLE POPS 

Finishing out the week, shares of Procter & Gamble popped nearly 4 percent after the company reported that it raised prices around 10 percent across its brands in the first quarter. P&G had raised prices roughly 10 percent the prior quarter as well, suggesting incredible pricing power, which investors rewarded

Share:
More In Business
Klarna shares jump 30% on Wall Street debut
Swedish buy now, pay later company Klarna is making its highly anticipated public debut on the New York Stock Exchange Wednesday, the latest in a run of high-profile initial public offerings this year. The offering priced at $40 Tuesday, above the forecasted range of $35 to $37 a share, valuing the company at more than $15 billion. The valuation easily makes Klarna one of the biggest IPOs so far in 2025, which has been one of the busier years for companies going public. Other popular IPOs so far this year include the design software company Figma and Circle Internet Group, which issues the USDC stablecoin..
Musk loses crown as world’s richest to software giant Larry Ellison
Oracle co-founder Larry Ellison wrested the title of the world’s richest man from longtime holder Elon Musk early Wednesday as stock in his software giant rocketed more than a third in a stunning few minutes of trading. That is according to wealth tracker Bloomberg. A college dropout, the 81-year-old Ellison is now worth $393 billion, Bloomberg says, several billion more than Musk, who had been the world’s richest for four years. The switch in the ranking came after a blockbuster earnings report from Oracle. Forbes still has Musk as the richest, however, valuing his private businesses much higher.
Load More