Business News

(NEW YORK) -- A heat wave blanketed a vast swathe of the United States over the 4th of July weekend, threatening the health of tens of millions of people and the power supply for thousands of homes.A lesser-known risk of extreme heat, meanwhile, may hammer pocketbooks.Heat waves threaten an array of costs for the economy, sapping the productivity of outdoor workers, shutting some shoppers inside their homes and driving up […]

(NEW YORK) -- Elon Musk-led rocket and AI company SpaceX joined the Nasdaq 100 on Tuesday, clearing the way for a potential influx of investment as funds pegged to the major index were expected to add the firm.SpaceX will all but certainly become a part of many individuals’ 401(k) accounts soon. Those accounts often hold index funds, which track indexes like the Nasdaq 100.Until recently, newly listed companies were barred from major […]

(NEW YORK) -- Microsoft said on Monday it will lay off 4,800 employees and that the job cuts would be especially pronounced in its Xbox department.The layoffs will affect 2.1% of Microsoft's global workforce, Amy Coleman, executive vice president and chief people officer, said in a public memo to employees.Coleman attributed the layoffs in part to a shakeup in the tech sector wrought by artificial intelligence. None of the terminated roles […]

(NEW YORK) -- Mortgage rates have dropped to their lowest level since May as negotiations between the United States and Iran ease financial markets.The average interest rate on a 30-year fixed mortgage stands at 6.43%, down from last week's rate of 6.49%, Freddie Mac data on Thursday showed.Still, mortgage rates register above their level before the war with Iran. Prior to the Middle East conflict in late February, a 30-year fixed mortgage clocked in at an […]

U.S. President Donald Trump speaks during a Cabinet meeting in the Cabinet Room of the White House on May 27, 2026 in Washington, DC. (Win McNamee/Getty Images) (NEW YORK) -- A court filing shows how businesses are getting money back from the U.S. government after the Supreme Court ruled many of President Donald Trump's tariffs were illegal.The Trump administration has sent out $20.6 billion in tariff refunds so far, according […]

(NEW YORK) -- Hiring slowed markedly in June, falling short of economists' expectations and displaying a wobbly labor market amid elevated inflation set off by the Iran war.The U.S. added 57,000 jobs in June, according to the federal government's monthly jobs report, which marked a decline from 172,000 jobs added in May.The sluggish pace recorded in June departs from strong performance for the labor market so far in 2026. Employers […]

(NEW YORK) -- The Social Security fund will run out of money in as little as six years, a shorter time frame than previously estimated, according to a report released earlier this month by the programs' trustees.News of the funding cliff prompted a pair of lawmakers to reach across the aisle and propose a rescue plan in an opinion piece last week for the New York Times.Sen. Bernie Moreno, R-Ohio, […]

(NEW YORK) -- Federal Reserve Chair Kevin Warsh on Wednesday voiced optimism about artificial intelligence, describing the technology as a "paradigm shift" that would likely make the United States a "big winner in the medium-term.""We are in the first or second inning of this revolution," Warsh said in Sintra, Portugal, at a conference organized by the European Central Bank.Warsh, who took the helm of the Fed last month, weighed in […]

(NEW YORK) -- A trio of progressive Democrats sharply criticized billionaires on their way to victory in House primaries in New York City.The clean sweep for candidates endorsed by far-left New York City Mayor Zohran Mamdani on Tuesday drew attention to economic populism as affordability remains a top issue for voters ahead of the midterm elections.In Manhattan and Brooklyn's 10th District, incumbent Rep. Dan Goldman lost in a landslide to […]