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.
DEBT CEILING UPDATE
Lawmakers reportedly made some progress on debt talks, with Republicans and Democrats working toward a potential deal to raise the federal ceiling but largely limit spending over the next two years. On the table are defense spending and contoversial investments in the IRS. The Biden administration is also working out a contingency plan to potentially delay payments to the U.S. Treasury. The Dow Jones jumped over 300 points going into Memorial Day weekend as hopes rose that the federal government would not default.
NVIDIA SPARKS RALLY
The stock market also got a boost on Thursday after chipmaker Nvidia reported a 20 percent jump in revenue from the previous quarter, mostly due to the artificial intelligence boom fueling demand for high-end semiconductors. The company's shares surged more than 25 percent following the report and helped spark a rally across the tech sector. “The computer industry is going through two simultaneous transitions — accelerated computing and generative AI,” CEO Jensen Huang in a statement.
DUMPING DOLLAR TREE
Meanwhile, Dollar Tree's stock fell more than 16 percent after the company disappointed on earnings and lowered its profit outlook for the year. The earnings miss reflects a number of headwinds facing the discount retailer, among them higher levels of shrink and a shift to lower-margin consumables. These challenges have been felt across the sector, which has struggled with changes to consumer demand post-pandemic.
BEST BUY BEATS
Bucking the trend, however, is Best Buy. The technology retailer's stock is up nearly 5 percent for the week on the back of an earnings report that beat Wall Street estimates. Tempering the rally though is the fact that Best Buy is still expecting weaker spending on consumer electronics in the coming year. “What we would say is we’ve been seeing a consumer who is — whether or not you call it a recession — exhibiting some recessionary behaviors,” CEO Corie Barry told investors.
With an increasing demand for mental health services, one person wanted to change the therapy game. In 2017, CEO Alex Katz founded Two Chairs, a company that uses technology to match patients with the right therapist.
Not only is April Financial Literacy Month, it’s also the kickoff of the spring homebuying season. So now is the time to make sure you have a financial plan in place – and why it might not be wise for that to include buying your first home.
While the U.S. may slowly be on the path to lowering inflation (and therefore interest rates), Europe has thoroughly trounced America, putting it on the path to lower rates by this summer.
April's release of the monthly Housing Starts and Building Permits reports by the Census Bureau provides crucial insights into the construction activity in the housing market. These reports are an economic indicator, shedding light on the current state of the housing market and its broader economic impact.
Caitlin Clark is heading to the Indiana Fever, the number one draft pick and the highest-scoring college basketball player of all time. And while she may not be getting millions from the WNBA, there's a few ways she'll net compensation for her generational talents.
Author of 'Clean Meat,' Paul Shapiro joins Cheddar to discuss how the cellular agricultural revolution helps lower rates of foodborne illness and greatly improves environmental sustainability. Plus, how his company The Better Meat Co. is bringing healthier food options to the table.
Recent headlines might make it sound like World War III is imminent, but when it comes to your finances, it's not the time to panic. The market is coming off its longest winning streak since 2011.
You may have noticed fewer new venture capital-backed startups (like Airbnb or Uber) lately. The market slowed to a crawl after 2021, but things are expected to take off again in 2025.
Corporate earnings season is underway, that time when companies share their billions in sales or double-digit profits. But the data shows even companies are struggling with high inflation and interest rates.
Boeing continues their terrifying trend of having their planes fall apart mid-flight, inflation — checks notes — is still up and the future of AI looks terrifying. Cheery!
