Markets and Business News Review

Washington Watch: Top Democrats use default scare to push new debt-ceiling overhaul bill

Fri, 09 Jun 2023 17:46:00 -0400

Leading Democrats in the House and Senate will advance a bill aimed at overhauling the debt-ceiling process, according to a report.

: As the Equal Pay Act turns 60, ‘an uneven playing field’ remains. Here’s where pay equity stands.

Fri, 09 Jun 2023 17:45:00 -0400

Women working full time are paid about 84 cents for every dollar paid to men, according to the federal government.

Allina Health Pauses Policy of Cutting Off Care for Patients in Debt

Sarah Kliff and Jessica Silver-Greenberg — Fri, 09 Jun 2023 17:29:27 -0400

Allina Health, a large health system in the Midwest, had withheld care for patients who had $4,500 in medical bills.

: Smoke gets in your eyes? High-tech masks help you breathe easier — for a price.

Fri, 09 Jun 2023 17:19:00 -0400

N95 masks are the most cost-effective option, but almost anything is cheaper than the Dyson Zone air-purifying headset.

Personal Finance Daily: Want to fight your office’s return-to-work mandate? The law isn’t on your side and why wildfire smoke is so dangerous for the lungs

Fri, 09 Jun 2023 17:12:00 -0400

Friday's top personal finance stories.

: FDA advisers vote in favor of Biogen and Eisai’s collaborative Alzheimer’s treatment

Fri, 09 Jun 2023 17:12:00 -0400

If granted full FDA approval, which could come in early July, treatment could boost annual Medicare spending by nearly $9 billion, analysis shows.

Economic Report: Banks increase lending for third straight week

Fri, 09 Jun 2023 17:05:00 -0400

Total bank lending rose by $4.6 billion to $12.1 trillion in the week ending May 31, the Federal Reserve said Friday.

US stocks edge higher in thin trading ahead of Fed decision next week

Fri, 09 Jun 2023 17:01:23 -0400

Tesla shares gained after electric-car maker struck charger deal with General Motors

I've been forced out over Partygate report, says Boris Johnson - BBC

Fri, 09 Jun 2023 16:56:52 -0400

I've been forced out over Partygate report, says Boris Johnson BBC
Boris Johnson resigns as MP, accusing Commons investigation of attempting to ‘drive me out’ CNN
Boris Johnson resigns as an MP The Independent
So long then, Nadine Dorries – we can't say you'll be missed | Tom Peck The Independent
Boris Johnson Resigns From Parliament The New York Times
View Full Coverage on Google News

Putin says Ukraine’s counteroffensive is under way

Fri, 09 Jun 2023 16:52:16 -0400

The Ukrainian Army Lost Bradley Fighting Vehicles And A Leopard 2 Tank Trying And Failing To Breach Russian Defenses In Southern Ukraine

David Axe, Forbes Staff https://www.forbes.com/sites/davidaxe/ — Fri, 09 Jun 2023 16:49:54 -0400

The 33rd and 47th Brigades' debacle near Mala Tokmachka might be Kyiv’s first big defeat of the counteroffensive. But losses don’t necessarily mean strategic defeat.

The Ukrainian Army Lost Bradley Fighting Vehicles And A Leopard 2 Tank Trying And Failing To Breach Russian Defenses In Southern Ukraine - Forbes

Fri, 09 Jun 2023 16:49:54 -0400

‘Transformers: Rise Of The Beasts’ Owns Friday With $25M, But Fierce Weekend Battle Ahead With ‘Spidey’ – Box Office - Deadline

Fri, 09 Jun 2023 16:48:00 -0400

Market Extra: S&P 500 exits longest bear market since 1948. What stock-market history says about what happens next.

Fri, 09 Jun 2023 16:45:00 -0400

The S&P 500 ends its longest bear-market run since 1948. Here's a look at how the benchmark has fared after waving goodbye to past bears.

Market Snapshot: U.S. stocks end higher, S&P 500 books longest weekly win streak since August 2022 after bear-market exit

Fri, 09 Jun 2023 16:43:00 -0400

U.S. stocks ended slightly higher Friday, with the S&P 500 index edging up after exiting bear-market territory a day earlier.

Bond Report: Two-year Treasury yields end at 3-month highs as investors eye approaching Fed decision

Fri, 09 Jun 2023 16:37:00 -0400

U.S. bond yields advance on Friday as investors weigh what could be next for interest rates ahead of the Federal Reserve’s June 13-14 policy meeting.

ETF Wrap: Small-cap ETFs may look attractive as recession concerns fade, but blindly chasing the rally is not without risk

Fri, 09 Jun 2023 16:35:00 -0400

U.S. small-cap shares are finally starting to join the stock-market rally this week as hopes for a soft landing help drive gains in some of 2023’s worst performers, while megacap technology stocks are taking a breather from its artificial intelligence-driven advance.

Nate Paul, close associate of Texas Attorney General Ken Paxton, faces eight felony counts - CNN

Fri, 09 Jun 2023 16:34:00 -0400

William E. Spriggs, Economist Who Pushed for Racial Justice, Dies at 68

Ben Casselman — Fri, 09 Jun 2023 16:31:18 -0400

An educator who served in the Obama administration, he championed workers, especially Black workers, and challenged his profession’s racial assumptions.

Why Biden is going about his normal routine as Trump is indicted again - CNN

Fri, 09 Jun 2023 16:26:00 -0400

Apple And Amazon Must Face Lawsuit Over IPhone And IPad Pricing

Fri, 09 Jun 2023 16:25:28 -0400

The suit argues an arrangement between the two tech giants that only allowed Apple-authorized resellers to sell on Amazon functioned to artificially inflate prices.

In One Chart: Here’s the main driver of the S&P 500’s bull-market rally, according to Fundstrat’s Tom Lee

Fri, 09 Jun 2023 16:25:00 -0400

The S&P 500's 2023 rally and the collapse of a closely followed Wall Street volatility gauge go hand in hand, says FundStrat's Tom Lee. Here's what's next.

Tesla jumps as GM deal makes its charging network closer to US standard - Reuters

Fri, 09 Jun 2023 16:15:00 -0400

Mike Batayeh dead: Breaking Bad actor dies aged 52 - BBC

Fri, 09 Jun 2023 16:14:56 -0400

Mike Batayeh dead: Breaking Bad actor dies aged 52 BBCView Full Coverage on Google News

The Ratings Game: Firefly AI sends Adobe’s stock to highest price in more than a year

Fri, 09 Jun 2023 16:14:00 -0400

Adobe shares close at their highest price since April 2022 on Friday after one Wall Street analyst upgraded the stock ahead of earnings.

Kaley Cuoco And Chris Messina Became Best Pals Filming ‘Based On A True Story’

Dana Feldman, Senior Contributor https://www.forbes.com/sites/danafeldman/ — Fri, 09 Jun 2023 16:11:29 -0400

Kaley Cuoco and Chris Messina had never met before working on Peacock's 'Based On A True Story' but the on screen chemistry and real-life friendship were immediate.

: The six most serious allegations in the 37-count, classified-documents indictment against Donald Trump

Fri, 09 Jun 2023 16:03:00 -0400

The allegations run from storing secret documents in hallways and bathrooms to plotting to not return them when the government demanded them back.

S&P 500 finishes week at highest level since August, as Nasdaq logs 7th-straight winning week: Stock market news today - Yahoo Finance

Fri, 09 Jun 2023 16:02:58 -0400

S&P 500 finishes week at highest level since August, as Nasdaq logs 7th-straight winning week: Stock market news today Yahoo Finance
S&P 500 in a bull market, narrow tech rally churns on Yahoo Finance
5 things to know before the stock market opens Friday CNBC
Stocks pop after S&P 500 enters bull market: Stock market news today Yahoo Finance
Markets sending bearish signals as S&P 500 enters bull market Yahoo Finance
View Full Coverage on Google News

: Why some Broadway shows spend up to $1 million to campaign for a Tony Award

Fri, 09 Jun 2023 16:02:00 -0400

Broadway shows typically cost $10 million to produce --- and end up losing money. Winning a Tony can mean the difference between being in the black or red.

Washington Watch: Latest Trump indictment could help him in the 2024 GOP primary but not in the general election, analysts say

Fri, 09 Jun 2023 16:02:00 -0400

Former President Trump has been indicted again, this time over his handling of classified documents. What does it mean for the 2024 White House race?

Ukraine war live updates: Putin says Ukrainian counteroffensive has begun; Kyiv says it has proof Russia blew up Kakhovka dam - CNBC

Fri, 09 Jun 2023 16:01:00 -0400

Stray Kids Join BTS And Blackpink With Another Hit Single

Hugh McIntyre, Contributor https://www.forbes.com/sites/hughmcintyre/ — Fri, 09 Jun 2023 16:00:53 -0400

Alongside the album's success, their lead single, "S-Class," has also joined the U.K. songs chart, further solidifying their presence in the country.

Bull market in US stocks fails to lift investors’ mood

Fri, 09 Jun 2023 16:00:39 -0400

Blue-chip S&P 500 index is 20% above October 2022 low but shareholders are not celebrating

Microsoft to move AI experts from China to Canada

Fri, 09 Jun 2023 16:00:39 -0400

Beijing-based researchers apply for visas to move to Vancouver amid geopolitical tensions

Students manage funds to learn on the job

Fri, 09 Jun 2023 16:00:39 -0400

Funds with a particular focus on social impact have grown significantly in recent years

Trump Indicted On 37 Felony Counts In Mar-A-Lago Documents Case

Fri, 09 Jun 2023 15:59:15 -0400

Former President Donald Trump faces 37 federal felony charges for allegedly mishandling classified documents, according to a Justice Department indictment unsealed Friday.

Cracker Barrel Has ‘Fallen’? Folksy Southern Food Chain Becomes Latest Unlikely Target Of Anti-LGBTQ Crusade

Conor Murray, Forbes Staff https://www.forbes.com/sites/conormurray/ — Fri, 09 Jun 2023 15:59:14 -0400

The boycott over a benign social media post sparked many “Cracker Barrel has fallen” memes on social media.

Boris Johnson Resigns From Parliament After Allegedly Misleading MPs

Brian Bushard, Forbes Staff https://www.forbes.com/sites/brianbushard/ — Fri, 09 Jun 2023 15:56:38 -0400

Johnson had faced the possibility of suspension or expulsion from Parliament if fellow MPs found he intentionally misled them.

: More than 203,000 global tech employees have lost their jobs since the start of 2023

Fri, 09 Jun 2023 15:55:00 -0400

Layoffs.fyi’s tally of 2023 global tech layoffs has shown that redundancies have gone up almost eightfold since mid-January.

Goldman, Exane and Schroders cut ties with Odey Asset Management after assault claims

Fri, 09 Jun 2023 15:50:34 -0400

Hedge fund reels after 13 women accuse Crispin Odey of sexual harassment or assault

: Uber announces Carshare, a feature that allows people to loan out their car for money

Fri, 09 Jun 2023 15:50:00 -0400

Carshare will launch in North America, beginning in Boston and Toronto.

These 13 States Have Multi-Billion Dollar Gun Economies

Christopher Lange — Fri, 09 Jun 2023 15:41:10 -0400

The National Shooting Sports Foundation estimates that Americans bought roughly 18.5 million firearms in 2021 (the second most ever in a year), and while this might seem like a lot for a country of about 330 million, it is actually down from 21 million in 2020.

With these back-to-back years of record gun sales, someone is profiting big, and some states are raking in the most money from these sales.

To identify the states that make the most money from guns, 24/7 Wall St. reviewed the National Shooting Sports Foundation’s Firearm and Ammunition Industry Economic Impact report for 2022. States are ranked by the overall economic output from gun sales, which include direct contributions such as jobs, wages, and business taxes as well as indirect contributions. The federal gun business tax, total gun jobs, and total and average gun job wages also come from the report. We also added a state’s overall economic output (gross domestic product) for 2021 using data from the Bureau of Economic Analysis.

A few interesting trends stand out from the industry’s group data. Perhaps not surprising, in the more populous states, the economic output from the gun industry tends to be greater. It is worth pointing out that this also tracks consistently with the number of gun-related jobs in each state. The report also notes that the industry contributed to over 375,000 job growth since 2008, over 169,000 of them added directly by the industry. (Here are the states where people buy the most guns.)

Separately, taxes are also a factor in the economic contribution the industry makes in a state, but there are some distinctions. Some states heavily tax the firearm industry, while others are more laissez-faire. For example Texas only has a 6.25% tax on firearms, its regular sales tax, while California is looking to mirror the Federal excise tax on gun and ammunition sales of 10%-11%.

Even though there is much controversy surrounding the gun industry, there is no doubt that it is a cash cow, and in addition to contributing mainly to gun makers and sellers revenue, it also adds to state coffers. There are, however, other costs to consider. Here are states where the most murders are committed with a gun.

Here’s a look at states that make the most money from guns.

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Dany Garcia On The XFL And Her Business Relationship With Ex-Husband Dwayne Johnson

Juliet Muir, Forbes Staff https://www.forbes.com/sites/julietmuir/ — Fri, 09 Jun 2023 15:40:47 -0400

Forbes' Jabari Young sat with Dany Garcia, Chairwoman and Owner of the XFL at the 2023 XFL Championship in Sant Antonio, Texas.

Dwayne Johnson On Why Owning The XFL Was So Important

Juliet Muir, Forbes Staff https://www.forbes.com/sites/julietmuir/ — Fri, 09 Jun 2023 15:40:32 -0400

Forbes' Jabari Young sat with XFL owner Dwayne Johnson at the 2023 XFL Championship in Sant Antonio, Texas to chat about what let the Hollywood star and former WWE Champion to owning a football league.

Key Words: Mark Zuckerberg says Meta could be ‘primary beneficiary’ of Apple Vision Pro release

Fri, 09 Jun 2023 15:38:00 -0400

"A lot of people aren't going to find that to be affordable," Meta CEO Mark Zuckerberg said about the $3,499 price of Apple's Vision Pro VR headset.

Trump Admits Taking ‘Secret’ Document About Iran Attack Without Declassifying It In Audio Recording, Report Says

Fri, 09 Jun 2023 15:35:30 -0400

Former President Donald Trump admitted on tape he held on to a “highly confidential” military document after leaving office and acknowledged he did not have the authority to declassify it, CNN reported.

Therese Poletti's Tech Tales: Will generative AI complete the cloud transition? One prominent executive thinks so

Fri, 09 Jun 2023 15:35:00 -0400

There have been a lot of pronouncements about the capabilities of generative AI, but one that Box CEO Aaron Levie made recently merited a further look.

Help My Career: What Google, Martha Stewart, Amazon and others have gotten so wrong about the remote-work debate

Fri, 09 Jun 2023 15:34:00 -0400

How did a 'perk' for office workers and pandemic-era safety measure turn into an company-employee standoff?

Novak Djokovic reaches French Open final after beating injury-stricken Carlos Alcaraz - CNN

Fri, 09 Jun 2023 15:34:00 -0400

What Do Binance.US’s New Rules on Trading Dollars Mean for Customers?

David Yaffe-Bellany — Fri, 09 Jun 2023 15:31:33 -0400

The company said that it would no longer allow trades with U.S. dollars on its platform. Customers were urged to withdraw funds by Tuesday.