Business News

(NEW YORK) -- Consumer prices rose 3% in September compared to a year ago, extending a monthslong uptick that has sent inflation to its highest level since January, government data on Friday showed. The reading came in lower than economists' expectations.The fresh data marked a slight increase from a 2.9% year-over-year increase recorded a month prior. An acceleration of price increases over recent months has coincided with a flurry of tariffs issued […]

(NEW YORK) -- Car buyers may face elevated prices and a shortage of some vehicles due to a supply chain snarled by tariffs and challenges accessing crucial materials, some industry experts told ABC News.A shortage of aluminum halted production at plants operated by Jeep and Ford earlier this month, pausing the output of some Jeep SUVs and Ford trucks, the Wall Street Journal reported. Meanwhile, a trade spat between the […]

(NEW YORK) -- The Federal Reserve cut its benchmark interest rate a quarter of a percentage point on Wednesday, opting for its first interest rate cut this year in an effort to revive the flagging labor market.The central bank delivered a policy long-sought by President Donald Trump, though the size of the rate cut all but certainly fell short of Trump's desired outcome. The Federal Open Market Committee (FOMC), a […]

(NEW YORK) -- Target CEO Brian Cornell will step down early next year after more than a decade at the helm of the $107 billion retail giant, the company said on Wednesday.In recent years, Target has suffered sluggish sales as the company weathered consumer boycotts over its Pride collection and a rollback of its diversity, equity and inclusion policies.Michael Fiddelke, who currently serves as chief operating officer, will assume the role of CEO […]

(NEW YORK) -- Elon Musk-owned xAI on Monday sued tech giants Apple and OpenAI over an alleged scheme to illegally dominate the artificial intelligence industry through a collaboration that equipped iPhones with AI tools.The exclusive agreement between the world's largest smartphone producer and a top AI firm effectively shut other AI companies out of an opportunity to reach tens of millions of customers, according to the lawsuit filed in a […]

(NEW YORK) -- The United States and European Union on Thursday released new details of their trade agreement, including tariff levels for consumer staples like pharmaceuticals and autos.Prior to the agreement last month, the European Union faced the prospect of a 30% tariff rate. Instead, products from one of the largest U.S. trade partners will be slapped with a 15% tariff.In exchange, the EU will remove tariffs on U.S. goods and European […]

(NEW YORK) -- SpaceX's Starship is about to face its 10th test flight following explosions on previous launches. SpaceX CEO Elon Musk has promised that the world's most powerful rocket and spacecraft will one day take humans to Mars and beyond. But leading up to its 10th launch, scheduled for Sunday at 7:30 p.m. ET, Starship has yet to achieve all its mission goals. And the last three flight tests, plus […]

(WASHINGTON) -- Federal Reserve Governor Lisa Cook sued President Donald Trump on Thursday over his move to fire her, saying she should retain her position as a top policymaker at the central bank.The lawsuit, filed in U.S. District Court for the District of Columbia, describes Trump's effort as "illegal and unprecedented," claiming Cook's ouster violates the independence of the Fed, a cornerstone of the nation's economy.Trump's action violates Cook's constitutional […]

(NEW YORK) -- Chip giant Nvidia delivered more revenue than expected over a recent three-month period, the company said on Wednesday, defying concern among some prominent figures about a possible bubble in the artificial intelligence industry.The California-based company recorded $46.7 billion in sales over three months ending in July, which exceeded analyst expectations of $46.2 billion. The jump in revenue marked 56% growth compared to the same quarter a year […]