Investments and Business

On the busy streets of New York City, amid the daily hustle and bustle, a storefront displays a sign that simply reads “Jobs.” This sign, captured on August 2, 2024, could symbolize a sea change in the U.S. labor market. Initial jobless claims fell more sharply than expected last week, suggesting resilience in an otherwise uncertain labor market. According to the latest data from the Labor Department, new jobless claims fell to a seasonally adjusted 233,000, down 17,000 from the previous week’s revised figure. That number not only beat expectations, but also fell below the 240,000 forecast by the Dow…

Disney reported earnings for its fiscal third quarter on Wednesday, beating Wall Street forecasts as its overall streaming business turned profitable sooner than expected. According to LSEG data, Disney's financial performance exceeded expectations: Adjusted earnings per share: $1.39 vs. $1.19 expected Revenue: $23.16 billion, above forecast of $23.07 billion The business segment saw a 19% increase in total operating income to $4.225 billion over the previous year, driven by its entertainment business, particularly its streaming services. For the first time, the conglomerate’s collective streaming entities — Disney+, Hulu, and ESPN+ — turned a profit overall, marking a significant milestone a…

Unemployment rates among white, black and Hispanic women rose in June, in line with broader economic trends, according to data released Friday by the Labor Department. White adult women saw a slight increase in unemployment, from 3.0% in May to 3.1% in June. Black women saw their unemployment rate increase from 5.2% to 5.7%, while Hispanic women saw an increase from 4.1% to 4.5%. Overall, the national unemployment rate rose to 4.1%, from 4.0% last month. In contrast, unemployment rates for men in all three racial groups declined. The rate for white men fell to 3.2 percent from 3.4 percent,…

July marked an unprecedented milestone for exchange-traded funds (ETFs), with inflows hitting a record $127 billion, according to State Street Global Advisors. That not only made it the best July on record, but also the second-largest monthly inflow on record. Matt Bartolini, head of SPDR Americas research, discussed the factors behind the rally on CNBC’s “ETF Edge” on Thursday. “Part of this is just the market,” Bartolini explained. “Investors are putting money that’s been sitting on the sidelines for years. We’re seeing a concerted effort to continue buying into this rally, along with a broadening of market participation.” Bartolini also…

Washington DC — Sports streaming service Venu, priced at $42.99 a month, faces a major marketing challenge: finding its audience. Venu, jointly owned by Disney, Fox and Warner Bros. Discovery, announced Thursday that it will launch this fall. While it’s more expensive than services like NetflixMax and Peacock, it costs less than YouTube TV at $73 a month or a standard cable package, but those include a wider variety of entertainment, not just sports. Venu will provide access to a selection of networks: ESPN, ESPN2, ESPNU, SECN, ACCN, ESPNEWS, ABC, Fox, FS1, FS2, BTN, TNT, TBS, and truTV. Subscribers will…

Here are some of the stocks that saw significant mid-day fluctuations: Shake Shack: The popular fast food chain saw a significant move in its stock price as investors reacted to its recent earnings reports and market trends. Italian: The logistics company's shares have seen some volatility, influenced by industry developments and financial performance updates. Mobileye Global: The technology company's shares have seen considerable activity, driven by new product announcements and strategic partnerships. Stay tuned for more updates on these and other key headlines throughout the trading day.

The U.S. labor market is expected to show signs of cooling in July, due to the gradual economic slowdown and the impact of Hurricane Beryl on hiring rates. The Labor Department’s July nonfarm payrolls report, due Friday at 8:30 a.m. ET, is expected to reflect this slight decline. However, the expected decline is in line with the Federal Reserve’s strategy for a controlled economic slowdown. “If the Fed was aiming for a soft landing, it looks like it’s done it,” said Mike Reynolds, vice president of investment strategy at Glenmede. “We’re seeing some weakness in the labor market, but nothing…

DALY CITY, CA — Shares of Carvana rose as much as 14% in after-hours trading Wednesday after the company beat Wall Street expectations for the second quarter and forecast record adjusted earnings for 2024. Second Quarter Performance Highlights Carvana reported solid second-quarter results, significantly beating analysts’ forecasts as compiled by LSEG: Earnings per share (EPS): 14 cents versus an expected loss of 7 cents Income: $3.41 billion versus the expected $3.24 billion This solid performance was fueled by a 32.5% year-over-year increase in retail sales, with more than 101,400 Carvana vehicles sold during the quarter. Share Offering Announcement Concurrent with…

A key inflation gauge for the Federal Reserve showed a modest increase in June from a year earlier, potentially setting the stage for an expected interest rate cut in September. The personal consumption expenditures (PCE) price index, a key measure of inflation, rose 0.1% in June and is up 2.5% year over year, matching Dow Jones estimates, the Commerce Department reported Friday. That follows a 2.6% year-over-year increase in May, with the monthly measure unchanged. The Federal Reserve relies heavily on the PCE index to measure inflation, which remains above the central bank's long-term target of 2%. Core inflation, which…

Wholesale prices rose modestly in June, slightly beating expectations, as Wall Street ponders when the Federal Reserve might be inclined to cut interest rates. The Bureau of Labor Statistics reported Friday that the producer price index (PPI) rose 0.2% last month. That was higher than the 0.1% increase economists surveyed by Dow Jones had expected. On a year-over-year basis, the PPI rose 2.6%. The PPI measures the prices producers receive for their goods and services in the marketplace. In June, the index's rise was driven by higher service costs, which offset a decline in goods prices. This reading was an…