Category Archives: CNN – Business

Jerome Powell faces his biggest test yet in high-profile speech

Jerome Powell faces his biggest test yet in high-profile speech

Federal Reserve Chairman Jerome Powell will face his most serious test in the job yet when he speaks Friday at the annual economic powwow in Jackson Hole, Wyoming. He is facing tremendous political pressure from President Donald Trump, and expectations from many investors, to deliver more rate cuts. Powell will need to assure markets —…MORE

Overstock CEO resigns after his ‘deep state’ comments sparked stock selloff

Overstock CEO resigns after his ‘deep state’ comments sparked stock selloff

The outspoken CEO of online home goods retailer Overstock.com resigned Thursday, days after he issued a press release entitled “Comments on Deep State” that claimed he helped the FBI carry out “political espionage.” The strange post from longtime Overstock chief Patrick Byrne triggered a steep decline in Overstock’s stock price last week. The company’s stock…MORE

Dick’s is still figuring out what to do with its gun business

Dick’s is still figuring out what to do with its gun business

Dick’s Sporting Goods said it is still reviewing whether to continue to sell firearms as it weighs results from 135 stores which no longer carry guns. The nation’s largest sporting goods-only retailer reported strong results from its other businesses: athletic equipment, clothing and footwear. Its sales were not significantly hit in stores where it replaced…MORE

America’s manufacturing sector shrank for the first time in nearly a decade

America’s manufacturing sector shrank for the first time in nearly a decade

The manufacturing sector has become the problem child of the US economy. American manufacturing activity is slowing as rising tariffs have made materials more expensive. The sector shrunk for the first time since September 2009, according to IHS Markit. Markit’s flash manufacturing purchasing managers’ index for August fell just below 50, indicating a contraction. It…MORE

Sarah Sanders becomes the latest ex-Trump official to join Fox News

Sarah Sanders becomes the latest ex-Trump official to join Fox News

Former White House press secretary Sarah Sanders has joined Fox News as a contributor, the network announced on Thursday. It is the latest sign of the revolving door relationship between Fox and the Trump administration. Sanders, who exited the White House in June, will make her debut before a live studio audience episode of “Fox…MORE

Carlos Ghosn’s wife asks French President Macron to help her husband

Carlos Ghosn’s wife asks French President Macron to help her husband

Carole Ghosn, the wife of embattled auto executive Carlos Ghosn, has for months been blasting Japanese authorities for how they have handled her husband’s case. Now she wants French President Emmanuel Macron to step in. In a statement on Thursday, Carole Ghosn asked Macron to discuss her husband’s case with Japanese Prime Minister Shinzo Abe.…MORE

Dow ekes out gain as bond market flashes another recession warning

Dow ekes out gain as bond market flashes another recession warning

The Dow and US stocks were all over the place in choppy Thursday trading, after the bond market once again flashed warning lights that a recession could be coming. Investors are also eagerly awaiting Federal Reserve Chairman Jerome Powell’s speech in Jackson Hole on Friday, as they search for direction about the future of US…MORE

US manufacturing looks weak. That’s a problem

US manufacturing looks weak. That’s a problem

Happy Thursday. A version of this story first appeared in CNN Business’ Before the Bell newsletter. Not a subscriber? You can sign up right here. Consumers are key to averting a US recession. One big reason: Weakness in manufacturing, which has been hurt by the trade war and the global economic slowdown. “If American households…MORE

Stock buybacks exploded after the tax cuts. Now they’re slowing down

Stock buybacks exploded after the tax cuts. Now they’re slowing down

Corporate America’s epic buyback mania may finally be succumbing to gravity. The 2017 corporate tax cut left US businesses flush with cash. S&P 500 companies responded by rewarding shareholders with record amounts of buybacks in 2018, with each quarter setting an all-time high. However, that record-shattering pace appears to be slowing. S&P 500 companies executed…MORE