GDP: US economy contracts again, fueling recession fears

GDP: US economy contracts again, fueling recession fears

Gross domestic product, a wide-ranging measure of economic activity, fell by 0.9% on an annualized basis from April through June. That decline marks a key symbolic threshold for the most commonly used — albeit unofficial — definition of a recession as two consecutive quarters of negative economic growth. The hotly anticipated data release has taken … Read more

Biden shrugs off recession talk, talks up fighting inflation

Biden shrugs off recession talk, talks up fighting inflation

WASHINGTON (AP) — President Joe Biden and his administration went all out Thursday to play down a troubling new economic report that added to the evidence of a recession, trying to pull focus instead to major legislative progress on measures to tame inflation, reduce debt and preserve America’s competitive edge. The desire to accentuate the … Read more

The Fed’s preferred inflation measure set a new 40-year high in June

The Fed's preferred inflation measure set a new 40-year high in June

The Personal Consumption Expenditures price index, which measures the change in the prices of goods and services purchased by consumers, rose by 6.8% in June as compared to the same period last year, according to data released Friday by the Bureau of Economic Analysis. That surpasses the previous 40-year high of 6.6% in March of … Read more

Roku, Amazon, First Solar, Intel, Apple & more

Roku, Amazon, First Solar, Intel, Apple & more

People pass by a video sign display with the logo for Roku, a Fox-backed video streaming firm, that held it’s IPO at the Nasdaq Marketsite in New York, September 28, 2017. Brendan McDermid | Reuters Check out the companies making headlines in midday trading Friday. Amazon — Shares of the e-commerce giant jumped more than … Read more

Federal Reserve hikes interest rates for the fourth time this year

Federal Reserve hikes interest rates for the fourth time this year

The Federal Reserve took an aggressive step on Wednesday to combat soaring inflation with the announcement of another larger than usual, three-quarters of a percentage point interest rate hike. The increase comes as central banking officials face a tough balancing act: bringing down rising prices amid growing concerns of an economic downturn. The latest increase … Read more

China says closely tracking rocket debris hurtling towards Earth | Space News

China says closely tracking rocket debris hurtling towards Earth | Space News

Beijing says uncontrolled re-entry of rocket debris poses little risk to anyone on the ground. Remnants of a large Chinese rocket are expected to streak through the atmosphere this weekend in an uncontrolled re-entry that Beijing says it is closely tracking but poses little risk to anyone on Earth. The Long March 5B rocket blasted … Read more

Biden fights talk of recession as key economic report looms

Biden fights talk of recession as key economic report looms

Facing a potentially grim report this week on the economy’s overall health, President Joe Biden wants to convince a skeptical public that the U.S. is not, in fact, heading into a recession. The Commerce Department on Thursday will release new gross domestic product figures. Top forecasts such as the Atlanta Federal Reserve’s GDPNow are predicting … Read more

5 things to know before the stock market opens Tuesday, July 26

5 things to know before the stock market opens Tuesday, July 26

Traders work on the floor of the New York Stock Exchange (NYSE), July 25, 2022. Brendan McDermid | Reuters Here are the most important news items that investors need to start their trading day: 1. Stock futures slide U.S. equities markets were set to decline Tuesday morning after Walmart cut its profit outlook Monday (see … Read more

‘Big Short’ investor Michael Burry blasts WH for calling recession ‘unlikely’

'Big Short' investor Michael Burry blasts WH for calling recession 'unlikely'

“Big Short” investor Michael Burry ripped the Biden administration on Monday after officials claimed a US recession is “unlikely” even if the economy shrinks for a second consecutive quarter. Burry accused the White House of attempting damage control ahead of the closely watched release of the second-quarter GDP report later this week. While two straight … Read more