Business Headlines
US stocks slip, but markets worldwide hold steadier after oil prices ease a bit
[caption id="attachment_1489752" align="alignnone" width="1024"] Traders work on the floor at the New York Stock Exchange in New York, Thursday, March 19, 2026. (AP Photo/Seth Wenig)[/caption]NEW YORK (AP) — Wall Street is stumbling toward the finish line of a fourth straight losing week on Friday, but an ease in oil prices is taking some of the pressure off stock markets worldwide. The S&P 500 fell 0.5% in early trading and was on track for its longest weekly losing streak in a year. The Dow Jones Industrial Average was down 126 points, or 0.3%, as of 9:35 a.m. Eastern time, and the Nasdaq composite was 0.8% lower. U.S. stocks slipped under the weight of another rise for yields in the bond market. ... Read More
Oil and gas prices surge as Iran escalates strikes on Gulf refineries
A picture of Qatar Energy's operating facilities on March 3, 2026 in Ras Laffan Industrial City, Qatar. Qatar Energy announced a complete halt to liquefied natural gas (LNG) production at its Ras Laffan and Mesaieed facilities on March 2, 2026, after Iranian attacks targeted energy facilities. (Photo by Getty Images)(NEW YORK) -- Iranian attacks on significant energy infrastructure and refineries in several Gulf countries pushed oil and gas prices higher in volatile trading on Thursday.Brent crude oil prices, a benchmark for global trading, climbed about 2%, hitting nearly $110 a barrel for contracts to purchase oil in May. The price rose as high as $119 early Thursday but pared some of its gains by the afternoon.The benchmark for European gas also surged ... Read More
Fed holds interest rates steady in 1st move since war with Iran spiked oil prices
A television station broadcasts the Federal Reserve's decision to hold rates after a Federal Open Market Committee meeting on the floor of the New York Stock Exchange. (Michael Nagle/Bloomberg via Getty Images)(NEW YORK) -- The Federal Reserve held interest rates steady on Wednesday at its first meeting since the U.S.-Israeli war with Iran drove up gasoline prices and risked a wider bout of inflation.The central bank's move marked the second consecutive time it has opted to maintain interest rates at current levels since the outset of 2026. Before that, the Fed cut interest rates a quarter-point three straight times. The decision on Wednesday matched market expectations."The implications of developments in the Middle East for the U.S. economy are uncertain," the ... Read More
Inflation held steady in February before war with Iran sent gas prices surging
President Donald J. Trump disembarks Marine One at Valley International Airport in Harlingen, Texas Tuesday, Jan. 12, 2021, and boards Air Force One en route to Joint Base Andrews, Md. (Official White House Photo by Shealah Craighead. Via Flickr)(NEW YORK) -- Inflation held steady in February, maintaining price increases at elevated levels in the weeks before the U.S.-Israeli war with Iran sent gasoline prices surging and stoked heightened concern about affordability. The reading matched economists' expectations.Prices rose 2.4% in February compared to a year earlier, leaving the inflation rate unchanged from January, U.S. Bureau of Labor Statistics data showed. Inflation stands slightly higher than the Federal Reserve's target rate of 2%.Oil prices have surged since the war with Iran late ... Read More
War with Iran delivers another shock to the global economy
WASHINGTON (AP) — The war with Iran is doing collateral damage to the world economy. The conflict is driving up energy and fertilizer prices; threatening food shortages in poor countries; destabilizing fragile states such as Pakistan; and complicating options for the inflation fighters at central banks like the Federal Reserve. Causing much of the pain: the Strait of Hormuz — through which a fifth of the world’s oil passes — was effectively shut down after the U.S. and Israel launched missile strikes Feb. 28 that killed Iranian leader Ayatollah Ali Khamenei. “For a long time, the nightmare scenario that deterred the U.S. from even thinking about an attack on Iran and which got them to urge restraint on Israel was ... Read More
Anthropic sues Trump administration after clash over AI use
The Anthropic logo displayed on the stage during the company's Builder Summit in Bengaluru, India, on Monday, Feb. 16, 2026. (Samyukta Lakshmi/Bloomberg via Getty Images)(NEW YORK) -- Artificial-intelligence firm Anthropic sued the Trump administration on Monday over the Pentagon's choice to designate it a "supply-chain risk," legal filings show.A spokesperson for Anthropic said the legal action "does not change our longstanding commitment to harnessing AI to protect our national security, but this is a necessary step to protect our business, our customers, and our partners."A Department of Defense spokesperson told ABC News: "As a matter of Department of War policy, we do not comment on litigation."This is a developing story. Please check back for updates. Copyright © 2026, ABC Audio. All ... Read More
Stocks close higher, reversing sharp losses after oil prices fall
Traders work on the floor of the New York Stock Exchange. (Photo by Michael M. Santiago/Getty Images)(NEW YORK) -- Stocks closed higher on Monday, recovering from sharp losses earlier in the day as markets whipsawed in response to developments in the U.S.-Israeli war with Iran.The dramatic reversal on Wall Street came after U.S. oil prices turned lower on Monday afternoon. Crude prices settled at about $85 per barrel, unwinding a surge hours earlier that had reached as high as nearly $120 a barrel.The Dow Jones Industrial Average closed up 230 points, or 0.4%, while the S&P 500 jumped 0.8%. The tech-heavy Nasdaq increased 1.3%.The Dow had fallen as much as 750 points on Monday morning, before reversing those losses in the afternoon.Oil prices fell ... Read More
Dow closes down 450 points as Iran war sends oil prices surging
Traders work on the floor of the New York Stock Exchange (NYSE) in New York City. (Photo by Spencer Platt/Getty Images)(NEW YORK) -- The Dow Jones Industrial Average closed down 450 points on Friday as the Iran war continued to spike oil prices.The Dow fell 453 points, or 0.9%, while the S&P 500 dropped 1.3%. The tech-heavy Nasdaq declined 1.5%.In a post on social media on Friday morning, President Donald Trump appeared to rule out a compromise with Iran.Trump said there would be "no deal with Iran except UNCONDITIONAL SURRENDER!"Oil prices soared as traders feared a prolonged blockade of the Strait of Hormuz, a trading route that facilitates the transport of about one-fifth of the global oil supply.U.S. crude oil prices topped $90 on ... Read More
US lost 92,000 jobs as markets roil, gas prices surge: Report
Jerome Powell, chairman of the US Federal Reserve, speaks during a news conference following a Federal Open Market Committee (FOMC) meeting in Washington, DC, US, on Wednesday, Jan. 28, 2026. (Photographer: Kent Nishimura/Bloomberg via Getty Images)(NEW YORK) -- The U.S. economy lost jobs in February, marking a major reversal of fortunes for the labor market and nearly erasing all of the job gains delivered a month earlier, government data on Friday showed. The reading came in well below economists' expectations.The U.S. lost 92,000 jobs in February, according to the report from the U.S. Bureau of Labor Statistics (BLS), which marked a significant dropoff from 130,000 jobs added in the previous month.The unemployment rate ticked up from 4.3% in January to ... Read More
Investors send stocks tumbling, Dow plunges 900 points
Traders work on the floor of the New York Stock Exchange during morning trading on February 24, 2026 in New York City. (Michael M. Santiago/Getty Images)(NEW YORK) -- The Dow Jones Industrial Average plunged 900 points on Thursday as the war with Iran escalated and oil prices continued to climb.The Dow fell 908 points, or 1.8%, while S&P 500 dropped 1%. The tech-heavy Nasdaq declined 0.9%.This is a developing story. Please check back for updates.Copyright © 2026, ABC Audio. All rights reserved. ... Read More
Dow falls 1,000 points as Iran War escalates
Photo of Wall Street (Matteo Colombo/Getty Images)(NEW YORK) -- The Dow Jones Industrial Average plunged more than 1,000 points in early trading on Tuesday as the ongoing U.S.-Israeli war with Iran prompted a major selloff.The Dow fell 1,075 points, or 2.2%, while the S&P 500 dropped 2%. The tech-heavy Nasdaq plummeted 2%.Investor reaction on Tuesday sharply departed from the muted response a day earlier, when the major indexes closed essentially flat.Oil prices, meanwhile, spiked for the second consecutive day as traders feared a prolonged blockade of the Strait of Hormuz, a trading route that facilitates the transport of about one-fifth of global oil supply.The national average price of gasoline in the U.S. soared about 11 cents overnight to $3.11, AAA ... Read MoreStocks slide after Iran attack
An ATACM long-range missile is fired towards Iran from an undisclosed location, Feb. 28, 2026. (U.S. Central Command)(NEW YORK) -- Stocks slid on Monday morning in the first trading session after the U.S.-Israeli attack on Iran over the weekend.The Dow Jones Industrial Average fell 280 points, or 0.5%, while the S&P 500 dropped 0.5%. The tech-heavy Nasdaq declined 0.5%.The strikes early Saturday morning prompted Iranian drone attacks and missile fire targeting U.S. military bases and Gulf countries. Tit-for-tat strikes rapidly widened into a regional war.Four U.S. service members have been killed in action, U.S. Central Command said on Monday. At least 555 people have been killed in the U.S.-Israeli strikes on Iran, the Iranian Red Crescent Society said.Oil prices spiked on Monday amid fears ... Read More
US and Israeli strikes on Iran could rattle oil markets
A plume of smoke rises after an explosion on February 28, 2026 in Tehran, Iran. (Photo by Majid Saeedi/Getty Images)(NEW YORK) -- The U.S. and Israel's large-scale strikes on Iran Saturday are expected to rattle oil markets when trading resumes Sunday evening, with analysts anticipating an immediate price reaction and impact on gas prices.The central concern isn't just Iran's oil production, but its influence over the Strait of Hormuz, one of the world’s most important checkpoints for oil.According to the U.S. Energy Information Administration, roughly 20% of the world's oil passes through the strait, making Iran’s threats to close the waterway a significant risk. The U.S. is trying to control for this situation by vowing to "annihilate" Iran's navy. Saudi Arabia ... Read More
Fintech company Block lays off 4,000 of its 10,000 staff, citing gains from AI
BANGKOK (AP) — Shares in the financial technology company Block soared more than 20% in premarket trading Friday after its CEO announced it was laying off more than 4,000 of its 10,000 plus employees, reconfiguring to capitalize on its use of artificial intelligence. “The core thesis is simple. Intelligence tools have changed what it means to build and run a company,” Jack Dorsey said in a letter to shareholders in Block, the parent company to online payment platforms such as Square and Cash App. “A significantly smaller team, using the tools we’re building, can do more and do it better,” he said. Dorsey’s comments explicitly naming AI as a key driver behind the move were also posted on X, or ... Read More
US mortgage rates drop below 6% for the 1st time in nearly 4 years
In an aerial view, two-story single family homes line the streets of neighborhood on January 13, 2026 in Thousand Oaks, California. (Kevin Carter/Getty Images)(NEW YORK) -- The rate on a 30-year fixed mortgage dropped below 6% for the first time in nearly four years, according to new data from Freddie Mac.Rates have been hovering around 6% this year and averaged 6.76% last February."For the first time in three and a half years, the 30-year fixed-rate mortgage dropped into the 5% range, falling even lower than last week's milestone,” Sam Khater, Freddie Mac’s chief economist, said in a statement. "This rate, combined with the improving availability of homes for sale, is meaningful and will drive more potential buyers into the market ... Read More
What do the remaining tariffs mean for prices? Experts explain
US President Donald Trump speaks during a press conference at the White House, Washington, D.C., US on February 20, 2026. Kyle Mazza/Anadolu via Getty Images(NEW YORK) -- President Donald Trump rushed to enact new tariffs and vowed to preserve others after a recent Supreme Court ruling knocked out most of his levies.Businesses and consumers now face a different set of tariffs, which amount to taxes paid by importers for goods shipped into the U.S. Oftentimes, importers pass along tariff-related costs to consumers, raising retail prices.The nation's overall tariff rate has dropped, meaning some products have gained relief from tariff-related price pressures, some analysts told ABC News. But levies remain in place for nearly all imported goods, including duties as high as 50%, hiking costs ... Read More
Trump’s 10% global tariff takes effect
President Donald Trump speaks during a press conference in the Brady Press Briefing Room of the White House in Washington, February 20, 2026. (Aaron Schwartz/Getty Images)(NEW YORK) -- A 10% global tariff took effect on Tuesday, marking the first duty enacted by President Donald Trump after a recent Supreme Court decision invalidated most of his levies.Within hours of the high court's ruling on Friday, Trump signed an executive order imposing a 10% tariff on nearly all imports for up to 150 days. The directive called for enforcement of the duty to begin at 12:01 a.m. ET on Tuesday, Feb. 24.Soon after signing the order, Trump vowed to hike the global tariff to 15%. As of Tuesday, however, the president had ... Read More
Stocks tick lower after Trump ratchets up tariffs
Photo of Wall Street (Matteo Colombo/Getty Images)(NEW YORK) -- Stocks slid on Monday morning in the first trading session since President Donald Trump announced a new 15% tariff on most imported goods, intensifying his effort to impose levies that were struck down by the Supreme Court.The Dow Jones Industrial Average fell 90 points, or 0.1%, while the S&P 500 dropped 0.1%. The tech-heavy Nasdaq declined 0.1%.Cryptocurrency prices tumbled in early trading on Monday. The price of bitcoin fell nearly 2%, putting it at about $66,075.Gold prices jumped to their highest level in three weeks as investors sought the safe-heaven asset amid heightened uncertainty.In a social media post on Monday, Trump reiterated his criticism of the Supreme Court.The Supreme Court, Trump ... Read MoreMark Zuckerberg takes the stand in landmark trial over social media addiction claims
Mark Zuckerberg (R), CEO of Meta testifies before the Senate Judiciary Committee at the Dirksen Senate Office Building on January 31, 2024 in Washington, DC. (Anna Moneymaker/Getty Images)(WASHINGTON) -- Mark Zuckerberg took the stand on Wednesday in a landmark Los Angeles trial alleging that major social media platforms were intentionally designed to be addictive for children and teens.The case, which began last Monday in Los Angeles County Superior Court, centers on claims against Meta -- the parent company of Facebook and Instagram -- and YouTube, which is owned by Google. Plaintiffs argue the companies knowingly built features that encouraged compulsive use among young users, contributing to long-term mental health harm.The lawsuit was brought by a now-20-year-old woman identified as "Kaley" and her mother, ... Read MoreWhat is Section 230? Landmark social media lawsuit spotlights legal shield
Meta CEO Mark Zuckerberg arrives to the Los Angeles Superior Court at United States Court House on February 18, 2026 in Los Angeles, California. (Jill Connelly/Getty Images)(LOS ANGELES) -- A landmark trial over social media addiction has drawn fresh scrutiny to a decades-old legal shield: Section 230.The case, which began last Monday in Los Angeles County Superior Court, centers on claims against Meta -- the parent company of Facebook and Instagram -- and YouTube, which is owned by Google. Plaintiffs argue the companies knowingly built features that encouraged compulsive use among young users, contributing to long-term mental health harm.The case is the first of more than 1,500 similar lawsuits nationwide to go before a jury, potentially setting a precedent for ... Read More
‘On the right path’: Housing market offers glimmers of hope, some analysts say
Phillip Spears/Getty Images(NEW YORK) -- A thaw in the housing market may deliver relief for homebuyers left out in the cold over recent years, analysts told ABC News.After the pandemic, a rapid rise in home prices coincided with stubbornly high mortgage rates, shutting out potential buyers.Glimmers of hope have started to emerge, however. Mortgage rates are falling, wages are rising faster than home prices and homebuyers are scooping up their biggest discounts in years, some analysts told ABC News."Housing is becoming more affordable. Are we there yet? No. But we're on the right path," Ken Johnson, a real estate economist at the University of Mississippi, told ABC News.The average interest rate on a 30-year fixed mortgage stands at 6.09%, Freddie ... Read More
Valentine’s Day shoppers face soaring chocolate prices
Heart shaped boxes of chocolate are displayed for sale in Key West. (Jen Golbeck/SOPA Images/LightRocket via Getty Images)(NEW YORK) -- Valentine's Day shoppers may feel jilted by runaway chocolate prices.Chocolate prices soared 14.4% over the initial weeks of 2026 when compared to the same period a year earlier, nearly doubling the pace of price increases at the start of 2025, according to findings shared with ABC News by intelligence firm Datasembly.The sharp rise in chocolate prices owes to a cocoa shortage caused primarily by adverse weather and crop disease in West Africa, which accounts for about 70% of the world’s cocoa, some analysts told ABC News.The dearth of cocoa, analysts said, has ratcheted up input costs for chocolate makers and ... Read More
Inflation cooled in January, dropping to lowest level in 9 months
: Federal Reserve Chair Jerome Powell speaks during a press conference following the Federal Open Markets Committee meeting at the Federal Reserve on January 28, 2026 in Washington, (Photo by Kevin Dietsch/Getty Images)(NEW YORK) -- nflation cooled in January, dropping price increases to their lowest level in nine months, new data from the Bureau of Labor Statistics showed. The lower-than-expected reading defied fears of a tariff-induced hike in overall costs.Prices rose 2.4% in January compared to a year earlier, according to the Consumer Price Index.Inflation stands at its lowest level since May, but it remains nearly a half-percentage point higher than the Fed’s target rate of 2%.Affordability remains a concern for many Americans as the political calendar turns closer to election season.White House ... Read More
Hiring increased sharply at outset of 2026, blowing past economists’ expectations
Federal Reserve Chair Jerome Powell speaks during a press conference following the Federal Open Markets Committee meeting at the Federal Reserve on January 28, 2026 in Washington, DC. (Kevin Dietsch/Getty Images)(NEW YORK) -- Hiring increased sharply at the outset of 2026, the year's first jobs report said, blowing past economists' expectations and besting sluggish performance from the previous year.The U.S. added 130,000 jobs in January, according to the report, which marked a sharp increase from 50,000 jobs added in the previous month.The unemployment rate dropped to 4.3% in January from 4.4% in December, the Bureau of Labor Statistics (BLS) said. Unemployment remains low by historical standards.The labor market slowed sharply last year, prompting interest rate cuts at the Federal Reserve and concern among some observers ... Read More
Dow closes above 50,000 for the first time ever
The Dow Jones Industrial Average logo appears on the screen of a smartphone in Reno, United States, on December 1, 2024. (Photo by Jaque Silva/NurPhoto via Getty Images)(NEW YORK) -- The Dow Jones Industrial Average closed above 50,000 for the first time ever on Friday.A surge in markets reversed a selloff that hammered tech stocks earlier in the week.The Dow closed up 1,206 points, or 2.4%, while the S&P 500 climbed 1.9%. The tech-heavy Nasdaq increased 2.1%.In a post on social media, President Donald Trump touted the high-water mark for the Dow, celebrating the feat as "the first time in History."“CONGRATULATIONS AMERICA!” Trump said.Shares of some tech companies worldwide plummeted in recent days after Anthropic unveiled an artificial intelligence tool viewed by ... Read More
Consumer sentiment brightens, defying economists’ expectations
Grocery Store Shopping Supermarket (Oscar Wong/Getty Images)(NEW YORK) -- Consumer sentiment ticked higher in February for the second consecutive month as inflation fears appeared to ease, though shopper attitudes remained well below levels registered a year ago, University of Michigan data on Friday showed. The reading exceeded economists' expectationsAt its low point in November, consumer sentiment fell close to its worst level since a pandemic-era bout of acute inflation. Modest gains in recent months indicate some positive momentum for shoppers.Year-ahead inflation expectations dropped from 4% in January to 3.5% in February, the data showed. The outcome anticipated by respondents would put inflation above its current level of 2.7%.The labor market has slowed in recent months, while inflation has hovered above the Federal Reserve's target rate of ... Read More
Bitcoin plunges to lowest level since October 2024
Bitcoin signage on the exhibition floor during the Plan B Forum Bitcoin conference in San Salvador, El Salvador, on Friday, Jan. 30, 2026. The conference brings together world leaders, technologists, and entrepreneurs to discuss nation-state Bitcoin adoption, economics, financial freedom, and freedom of speech. (Photographer: Camilo Freedman/Bloomberg via Getty Images)(NEW YORK) -- The price of bitcoin plunged more than 10% on Thursday, sinking the world's largest cryptocurrency to its lowest level since October 2024 and erasing sizable gains made since then.That was weeks before the election of President Donald Trump, a crypto supporter whose return to the nation's highest office helped propel bitcoin to record highs.Bitcoin clocked in at a price of about $66,100 on Thursday afternoon, leaving it 48% below an all-time high of about ... Read More
EEOC alleges anti-white discrimination at Nike, seeks court enforcement of subpoena
A Nike logo is seen at the Nike flagship store, Dec. 20, 2019, in New York. (Stephanie Keith/Getty Images)(WASHINGTON) -- The federal agency that investigates workplace discrimination is seeking court enforcement of a subpoena it has issued to Nike as it pursues allegations that the athletic apparel maker has been discriminating against its white employees in its corporate diversity policies. The Equal Employment Opportunity Commission (EEOC) filed its motion this week in U.S. District Court for the Eastern District of Missouri, where Nike has a factory that produces its famous AIR footwear technology. The agency's charges against Nike date to 2024, when commission member, and current Trump-appointed chair, Andrea Lucas alleged that Nike had been engaging in a pattern of discriminatory practices, including “race-based ... Read More
Disney names Josh D’Amaro CEO, Dana Walden president and chief creative officer
James Gorman, Chairman of The Walt Disney Company Board of Directors stands with newly named CEO of The Walt Disney Company, Josh D'Amaro, newly named President and Chief Creative Officer of The Walt Disney Company Dana Walden and current CEO of The Walt Disney Company, Robert A. Iger. (Disney)(NEW YORK) -- The Walt Disney Company announced on Tuesday that Josh D'Amaro will become the company's next CEO in March, replacing current chief executive Bob Iger when he steps down from the role this year. Dana Walden will become the company's president and chief creative officer.D’Amaro, chair of Disney’s experiences unit, oversees a global network of theme parks and hotel resorts. He also leads the company’s cruise ships and consumer products, ... Read More
Trump accounts, deductions for tips: What’s new for tax filing this year
A 2024 tax year 1040 form. (Photo by John Moore/Getty Images)(NEW YORK) -- Tax season kicked off this week as the U.S. Internal Revenue Service began allowing filers to submit completed tax forms.Americans can file anytime before April 15. The IRS said earlier this month that it expects more than 164 million individual tax returns to be filed by that deadline.Refunds are typically sent within 21 days, the agency says. For paper returns, the IRS says turnaround time can last more than four weeks.Some tax filers can avail themselves of new options associated with the "One Big Beautiful Bill" enacted last year."Tax season 2026 brings some of the most significant tax code changes we've seen in years," Alison Flores, director of the Tax Institute at ... Read More
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