Number 2023, cash dollar banknotes and stock market indicators (money, economy, business, finance, inflation, crisis)
The U.S. economy grew at a lackluster 1.3% annual rate from January through March as businesses wary of an economic slowdown trimmed their inventories, the government said Thursday, a slight upgrade from its initial estimate.
The government had previously estimated that the economy grew at a 1.1% annual rate last quarter.
The Commerce Department's revised measure of growth in the nation's gross domestic product — the economy’s total output of goods and services — marked a deceleration from the second half of 2022.
Despite the first-quarter slowdown, consumer spending, which accounts for around 70% of America's economic output, rose at a healthy pace.
With mortgage rates having doubled over the past year, the real estate market has already taken a beating: Investment in housing fell from January through March. In April, sales of existing homes were 23% below their level a year earlier.
Rep. Earl Blumenauer (D-Ore. 3rd District), the co-chair of the Congressional Cannabis Caucus, joined Cheddar's "Cannabiz" to discuss the state of marijuana legalization on the federal level as more states continue to greenlight medical and adult use. He stated that there couldn't be a better time to revise the old policies on marijuana with more than 90 percent of Americans, including a majority of Republicans, on board. "This tidal wave of support continues. There were five states that approved in the last general election, and I think, rather than one single event, it is this momentum and the demonstration of broad public support that is making the difference," Blumenauer said.
Disney is warning YouTube TV subscribers that networks under its umbrella, like ABC and ESPN, could be removed from the platform this week if the two companies cannot find a solution to their fight over carriage fees.
Vox Media and Group Nine are expected to merge to form a digital media powerhouse. Some companies under the newly formed umbrella would include New York Magazine, The Verge, SB Nation, The Dodo, and NowThis.
Kroger is eliminating some of its pandemic-era benefits for unvaccinated workers as the grocery chain looks to encourage more of its staff to get the COVID shots. Among the changes, unvaccinated employees will not receive emergency paid leave if they contract the virus.
Apple is on the verge of becoming the world's first-ever $3 trillion company as shares of the iPhone maker are inching closer to $182.86. Joel Hawthorne, head trader and CEO of The Morning Snapshot, joined Cheddar to discuss Apple's success and how the tech giant will continue to innovate. "One thing that we have to keep in mind is this stock somewhat moves like its own ETF," he said, describing the company as almost a "safe bet" for long-term investors.
Spoiler alert: And Just Like That... Peloton fired back. Over the weekend, the fitness giant posted a video featuring a character from the new 'Sex and the City' reboot, 'And Just Like That,' who had supposedly died following the use of a Peloton bike. Following the show's premiere last week, Peloton actually saw a drop in shares as a result of the character death. Mark Lehmann, CEO at JMP Securities, discusses why the character death may not have been such a marketing nightmare for Peloton after all.
Gabe Pincus, president of the investment advisor GA Pincus Funds, joined Wake Up With Cheddar to break down what's happening with meme stocks, as retail trader favorites AMC, GameStop, and Bed Bath & Beyond all moved sharply lower on Monday. He noted that even with the drop there is still room for the meme stocks to tumble even more. "They're still up 500 percent, 800 percent, 900 percent from their all-time lows, so there's plenty more room for them to go down," said Pincus.
