Business Headlines
Wall Street drifts lower as bond yields rise and oil prices swing
NEW YORK (AP) — Wall Street capped an up -and- down week Friday with a mixed finish for U.S. stock indexes, as elevated bond yields and oil prices weighed on the market. The S&P 500 inched 0.2% higher after drifting between modest gains and losses for much of the day. The benchmark index also posted its second straight weekly loss. The Dow Jones Industrial Average slipped 0.2%, and the Nasdaq composite added 0.4%. The majority of stocks on Wall Street fell, and helping to weaken them was rising pressure from the bond market. The yield on the 10-year Treasury climbed to 5% from 4.94% late Thursday after it topped the 5% level early this week for the first time since ... Read More
Toys R Us planning major comeback ahead of holiday season
Toys R Us Grand Opening at Macy's Herald Square on Oct. 13, 2022, in New York City. (Eugene Gologursky/Getty Images for Macy's, Inc.)(NEW YORK) -- Toys R Us is planning a major expansion in the U.S. with the addition of 120 new standalone stores by the end of 2026.The toy retailer, which currently has 40 standalone stores and Toys R Us shops inside Macy's stores across the country, announced the strategic move, which is being carried out in partnership with Go! Retail Group, on Thursday."This is a major moment for [Toys R Us] as we significantly expand our presence across the United States," Jamie Uitdenhowen, executive vice president of Toys R Us at WHP Global, said in a statement. "Together ... Read More
Warren Buffett steps down as Berkshire Hathaway chairman
Warren Buffett attends 'Becoming Warren Buffett' World Premiere at The Museum of Modern Art on Jan. 19, 2017, in New York City. (Jamie McCarthy/Getty Images)(NEW YORK ) -- Warren Buffett has stepped down as chairman of Berkshire Hathaway, the company announced in a statement published early on Friday, having served in the role since 1970.Buffett, 96, is now chairman emeritus of the company and will remain a director, Berkshire Hathaway said.His son, Howard Buffett, will take over as Berkshire Hathaway's new chairman, the statement added. Howard Buffett has been a member of the company's board since 1993.This is a developing story. Please check back for updates.Copyright © 2026, ABC Audio. All rights reserved. ... Read More
Diesel prices at record highs amid Strait of Hormuz disruption, Russia-Ukraine war
Gas prices are displayed at a Pilot gas station on Sept. 17, 2026, in Newark, New Jersey. (Michael M. Santiago/Getty Images)(NEW YORK) -- The average price for a gallon of diesel was still hovering around a record-high of $6.43 as of Friday morning, according to the latest data published by GasBuddy.The historic increase in the price of diesel comes amid continued disruption in the Strait of Hormuz -- sparked by the U.S.-Israeli attack on Iran in February -- and Russia's ongoing invasion of Ukraine, which in recent years has seen an intensification of long-range Ukrainian attacks on Russian oil facilities.The sustained increases in oil and diesel prices have prompted concerns of rising costs across all sectors of the economy -- ... Read More
Wall Street drifts as bond yields rise and oil prices swing
NEW YORK (AP) — Wall Street is drifting toward the finish of an up -and- down week on Friday, and U.S. stock indexes are mixed as bond yields rise and oil prices swing. The S&P 500 fell 0.1% in morning trading. The Dow Jones Industrial Average was down 235 points, or 0.5%, as of 11:03 a.m. Eastern time, and the Nasdaq composite was nearly unchanged. The majority of stocks on Wall Street fell, and helping to weaken them was rising pressure from the bond market. The yield on the 10-year Treasury climbed to 5.00% from 4.94% late Thursday after it topped the 5% level early this week for the first time since 2023. Higher yields slow the overall economy by ... Read More
US stocks rally to their best day in 6 weeks after oil prices and bond yields ease
NEW YORK (AP) — The U.S. stock market rallied to its best day in six weeks Thursday after falling oil prices and easing pressure from the bond market helped Wall Street reverse many of its moves from the prior day. The S&P 500 jumped 1.1% for just its second rise in the last nine days. The Dow Jones Industrial Average added 316 points, or 0.6%, and the Nasdaq composite climbed 1.7%. Stocks got a boost after the price for a barrel of Brent crude oil slid 1% to settle at $104.82. That’s down from the nearly $110 it reached earlier in the week on worries that the war with Iran will keep oil bottled up in the Middle East instead ... Read More
Uber ordered to pay $40M to parents of woman fatally struck after being left on freeway
Emily Normandin-Parker is seen in this photo. Her parents Carol Normandin and Ken Parker were awarded $40 million in arbitration after their daughter was struck and killed after her Uber driver left her along a Southern California freeway. (Courtesy Panish Shea Ravipudi LLP)(NEW YORK) -- The parents of a 23-year-old woman who was struck and killed after her Uber driver left her along a Southern California freeway are speaking out after being awarded $40 million in an arbitration against Uber and the driver.Carol Normandin and Ken Parker, the parents of Emily Normandin-Parker, sat down exclusively with "Good Morning America" in an interview aired on Thursday to discuss their daughter's death and the arbitration award.Asked if they believe Uber put profits over their ... Read More
Wall Street holds steady ahead of the Fed’s decision as oil prices and bond yields ease
NEW YORK (AP) — Wall Street is holding steady Wednesday as it waits to hear from the Federal Reserve, which traders expect will announce a hike to interest rates later in the day to help get the nation’s high inflation under control. The S&P 500 rose 0.4% was on track for just its second gain in the last eight days. The Dow Jones Industrial Average was down 34 points, or 0.1%, as of 11 a.m. Eastern time, and the Nasdaq composite was 0.8% higher. Stocks got help from some easing for oil prices and pressure from the bond market. The price for a barrel of Brent crude, the international standard, fell 2.5% to $106.07. had gotten to nearly $110 early ... Read More
US stocks slip after oil prices and the bond market crank up the pressure
NEW YORK (AP) — U.S. stocks slipped Tuesday after oil prices and the bond market cranked up the pressure on Wall Street. The S&P 500 fell 0.4%. The Dow Jones Industrial Average dropped 328 points, or 0.6%, and the Nasdaq composite sank 0.8%. They felt pressure as the yield on the 10-year Treasury, which is the centerpiece of the U.S. bond market, climbed to 5.00% from 4.97% late Monday and briefly touched 5.04% overnight. It’s been jumping to its highest level in years, and Monday was the first time it breached 5% since 2023. Higher yields mean everyone from the U.S. government to households to businesses must pay more in interest to borrow money, which slows the overall economy. They ... Read More
US stocks slip after oil prices and the bond market crank up the pressure
NEW YORK (AP) — The U.S. stock market is slipping Tuesday as oil prices and the bond market crank up the pressure on Wall Street. The S&P 500 fell 0.4%. The Dow Jones Industrial Average was down 440 points, or 0.8%, as of 11:45 a.m. Eastern time, and the Nasdaq composite was 0.7% lower. They felt pressure as the yield on the 10-year Treasury, which is the centerpiece of the U.S. bond market, climbed to 4.99% from 4.97% late Monday and briefly touched 5.04% overnight. It’s been jumping to its highest level in years, and Monday was the first time it breached 5% since 2023. Higher yields mean everyone from the U.S. government to households to businesses must pay more ... Read More
AI stocks drop on calls for a slowdown as rising oil prices push the 10-year yield to 5%
NEW YORK (AP) — Artificial-intelligence stocks are sliding worldwide Monday after leaders of the industry warned a slowdown is needed for the safety of humanity. Another jump in oil prices, meanwhile, briefly sent the bond market to its latest pressure-raising milestone as the yield on the 10-year Treasury touched 5% for the first time since 2023. Despite all the downers for Wall Street, gains for many stocks outside AI helped limit the market’s losses. So did a midday tempering of oil prices, and the S&P 500 fell a relatively modest 0.3% as more stocks rose within the index than fell. The Dow Jones Industrial Average was down 74 points, or 0.1%, as of noon Eastern time, and the Nasdaq composite ... Read More
How some influencers are reacting to followers’ economic woes
(Getty Images stock photo/Keeproll)(NEW YORK) -- If you're a millennial, you may remember the beauty and lifestyle influencers of the 2000s and 2010s. Back then, influencers were maximalists, competing to out-consume one another with walk-in closets filled with designer bags and shoes, and entire rooms dedicated to their makeup collections.But in 2020, the economy began rapidly changing in response to the COVID-19 pandemic, and the culture around influencers has followed suit.According to recent Pew Research Center polling, only 24% of Americans rate the economy as excellent or good, and 66% are worried about the price of food and consumer goods. As their economic realities change and everyday necessities become harder to afford, people are moving away from content centered on over-consumption at ... Read More
Apple announces first-ever foldable iPhone, starting at $1,999
Apple CEO John Ternus speaks during the keynote address at Apple’s “Surprise and Shine” event at the company's corporate headquarters on Sept. 9, 2026, in Cupertino, California. (Benjamin Fanjoy/Getty Images)(NEW YORK) -- Apple announced its first-ever foldable iPhone at its annual products event on Wednesday as customers worldwide watched for fresh products, as well as the debut of Apple CEO John Ternus.The foldable smartphone, called iPhone Duo, folds open like a book, producing one continuous screen that is 80% larger than the company's latest version of the iPhone Pro, the company said, adding that when opened it will also be the thinnest iPhone ever.The screen will be compatible with the iPhone Pencil, currently available only for iPad users, and can also be ... Read More
US-Canada trade war threatens economic fallout in key midterm states
U.S. President Donald Trump (R) and Canadian Prime Minister Mark Carney speak to reporters in the Oval Office of the White House on Oct. 7, 2025, in Washington, DC. (Anna Moneymaker/Getty Images)(NEW YORK) -- Barters Island Bees, a honey seller in Maine with flavors like "Gentle Ginger" and "Blueberry Lemon," grew year after year -- until a trade dispute broke out between the United States and Canada, chief executive Garret Denniston said.Sales shrank last year after a drop-off in Canadian tourists hammered business at farmers’ markets and fairs, Denniston said. But revenue has bounced back, he added, surging 75% this year compared to the same period in 2025, in part due to an uptick in Canadian customers as tensions appeared to thaw.“We ... Read More
Oil prices climb over $100 per barrel as US war in Iran continues
The sprawling BP refinery is shown on Sept. 8, 2026, in Whiting, Indiana. (Scott Olson/Getty Images)(LONDON) -- The global price of oil topped $100 a barrel on Wednesday for the first time since July, as continued tensions between Iran and the United States added to uncertainty over future supply.The rise followed a statement on Tuesday by U.S. Central Command, which said that its forces destroyed five Islamic Revolutionary Guard Corps oil tankers.The IRGC followed those strikes by issuing a warning that all oil tankers in Kuwaiti and Bahrani waters should be evacuated.Brent crude oil prices, a benchmark for global trading, climbed about 2.7%, trading at about $100.57 a barrel for contracts with November deliveries.U.S. oil traded at about $95 a barrel, up ... Read More
Canada’s retaliatory tariffs hit US products as Trump warns of escalation
Selection of products target by Canada’s retaliatory tariffs. (Government of Canada)(WASHINGTON) -- Retaliatory tariffs issued by Canada hit some imports from the United States at one minute after midnight Eastern Time on Tuesday, intensifying a trade war between the longtime allies and risking an escalation from President Donald Trump.Levies as high as 50% apply to hundreds of U.S. products, ranging from aluminum foil to raincoats to cheese. U.S. elected officials in states bordering Canada, including Republican Sen. Susan Collins of Maine, have warned the trade dispute will hurt local businesses and consumers.Canadian officials said the retaliatory measure would target about $20 billion worth of U.S. products, mirroring the size of a recent batch of U.S. levies. The targeted goods amount to nearly 6% of annual ... Read More
Oil prices keep rising and weigh on Wall Street
NEW YORK (AP) — U.S. stocks are weakening Tuesday in their return to trading from a three-day weekend after the latest fighting in the war with Iran pushed oil prices higher. The S&P 500 fell 0.4%. The Dow Jones Industrial Average was down 520 points, or 1%, as of 10 a.m. Eastern time, and the Nasdaq composite was 0.3% lower. In the oil market, the price for a barrel of Brent crude rose 1% to $97.95 after briefly climbing as high as $99.46. It’s jumped from roughly $72 over the last two months as increased fighting in the Middle East erodes hopes for a deal to reopen the Strait of Hormuz to oil tankers and get the global flow of ... Read More
TSA launches program allowing non-travelers past security
Airport TSA PreCheck lines. (Douglas Rissing/Getty Images)(NEW YORK) -- The Transportation Security Administration has launched a new program that allows some people without a plane ticket to go through airport security.The program, called Gateside by TSA PreCheck, allows eligible TSA PreCheck members to enter the secure area of participating airports to meet or see off friends and family at their gate, meet someone during a layover, or visit airport restaurants and shops.Gateside is currently available at 13 airports across the United States, including Los Angeles International Airport, Dallas Fort Worth International Airport, Harry Reid International Airport in Las Vegas and San Diego International Airport.The other participating airports are Phoenix-Mesa Gateway Airport, John Glenn Columbus International Airport, Detroit Metropolitan Wayne County ... Read More
Hiring blew past expectations in August, jobs report shows
Sectors that added jobs in August. (U.S. Bureau of Labor Statistics)(NEW YORK) -- Hiring grew far more than expected in August, bouncing back from a decline in employment a month earlier, according to the federal government's monthly jobs report.Employers added 162,000 jobs in August, which marked a major improvement from 23,000 jobs lost in July, the U.S. Bureau of Labor Statistics data showed.Hiring came in well above a monthly average gain of 31,000 jobs over the previous 12 months.The unemployment rate held steady at 4.1%, a low level by historical standards.Employment surged in restaurants and bars, which added 59,000 jobs in August, after averaging just 12,000 jobs gained each month over the past year. Hiring also grew in manufacturing, continuing a period of steady ... Read More
Diesel prices hit record high, raising supply costs for many products
Ships are anchored in the Strait of Hormuz on Aug. 10, 2026, off the coast of Bandar Abbas, Iran. (Ali Saeedi/Getty Images)(NEW YORK) -- Diesel prices hit a record high in the United States on Friday, jumping to an average of $5.85 a gallon as the Iran war choked global oil supply.Gasoline prices also climbed on Friday, registering at an average of $4.14 a gallon, the highest price ever recorded at this time of year, AAA said.High diesel prices push up transport costs for many everyday products, including groceries, clothes and furniture.The average price of a gallon of diesel has soared 55% since the outbreak of the Iran war in late February set off a historic oil shock, AAA data showed. The conflict ... Read More
TikTok announces new ways to comment, including voice messages and polls
(Getty Images stock photo/lixu)(NEW YORK) -- TikTok is giving users new ways to join conversations on the platform.The social media company on Thursday announced several new comment features that will allow people to leave voice messages, vote in polls and share multiple photos under videos.More than 1.7 billion comments are shared on TikTok each day, according to the company.Among the updates is Voice Comments, a new feature that TikTok says it will allow users to record and post audio messages directly under videos."Sound and music have shaped TikTok from the very beginning, turning songs into trends and audio clips into jokes shared across the app," TikTok said in its announcement.To leave a voice comment, users can tap the microphone icon in the comment ... Read More
Stocks rise on Wall Street as bond yields ease some more, even while oil prices continue to climb
NEW YORK (AP) - Gains in big technology stocks and easing bond yields helped lift Wall Street on Thursday even as oil prices marched higher as the U.S. war with Iran escalates. The S&P 500 was up 0.9%. The Dow Jones Industrial Average added 579 points, or 1.1%, as of 11:22 a.m. Eastern time. The Nasdaq composite rose 1.2%. The indexes are coming off their first gain after a three-day slide. Gains in big technology and communication services stocks led the way higher. Their large market values tend to give them more influence over the broader market’s direction. Microsoft rose 3.2%, Apple gained 1.5% and Meta climbed 4.4%. Giant chip maker Nvidia, whose high-end chips have emerged as AI’s best ... Read More
Wall Street rises as tech stocks climb and oil prices, bond yields hold relatively steady
NEW YORK (AP) -U.S. stocks snapped a three-day losing streak Wednesday as gains by big technology companies and relatively steady oil prices and bond yields helped lift the market after a downbeat start to the week. The S&P 500 index rose 0.5%. The Dow Jones Industrial Average rose 0.6%, and the Nasdaq composite gained 0.5%. The market has been under pressure this week from rising oil prices and a bond-market sell-off. The rocky start to September follows a mostly positive August during which every major index notched a gain for the month. While Wall Street remains gripped by anxiety over rising prices, government debt and the impact of global conflicts on the U.S. and the global economy, investors got a ... Read More
Southwest announces its 1st lounges at these 4 airports
Southwest Airlines airplanes sit on the tarmac at the Baltimore/Washington International Thurgood Marshall Airport on Nov. 26, 2025, in Baltimore, Maryland. (Anna Moneymaker/Getty Images)(NEW YORK) -- For the first time ever, Southwest Airlines is joining the airport lounge race with plans to open lounges in four cities next year.The airline announced Wednesday it will open lounges in Austin (Austin-Bergstrom International Airport), Baltimore (Baltimore/Washington International Thurgood Marshall Airport), Honolulu (Daniel K. Inouye International Airport) and Nashville (Nashville International Airport) in 2027.At least seven more lounges are expected to open over the next several years, according to Southwest.The Dallas, Texas-based carrier is partnering with Chase on the lounges, and travelers will need to have a Southwest credit card to access them.The card, the Southwest ... Read More
US oil reserve hits 44-year-low amid Iran war, global energy shortage
In an aerial view, the Strategic Petroleum Reserve storage at the Bryan Mound site is seen on Oct. 19, 2022, in Freeport, Texas. (Brandon Bell/Getty Images)(NEW YORK) -- The U.S. Strategic Petroleum Reserve has dropped to its lowest level since 1982, Department of Energy data this week showed, revealing the continued drawdown of emergency oil as the nation weathers a global energy shortage.The reserve shrank by more than 3 million barrels of oil over the week ending on Aug. 28, the DOE said, leaving the stockpile at 286.6 million barrels or about 40% of overall capacity.The largest global oil supply disruption on record has catapulted U.S. gasoline prices above $4 a gallon, rekindled inflation and helped set the stage for November's midterm elections.At one point, ... Read More
Stocks slip on Wall Street under pressure from rising oil prices, bond sell-off
NEW YORK (AP) — Stocks fell on Wall Street Tuesday as oil prices continued climbing and stoked worries about stubbornly high inflation. The S&P 500 index fell 0.4%. The Dow Jones Industrial Average fell 164 points, or 0.3%, as of 10:51 a.m. Eastern time. The Nasdaq composite fell 0.7%. The weak start to September follows a shaky but mostly positive month for Wall Street. Every major index notched monthly gains in August. The same worries continue to hang over Wall Street, though, including anxiety over rising prices, government debt, and the impact of global conflicts on the U.S. and the global economy. Technology stocks were among the heaviest weights on the market. Nvidia fell 1.2% and Advanced Micro Devices fell ... Read More
Ontario’s premier says trade war would be ‘devastating’ for US and Canada
Ontario Premier Doug Ford gives remarks at a press conference on March 10, 2025, in Toronto, Canada. (Katherine KY Cheng/Getty Images)(WASHINGTON) -- Ontario Premier Doug Ford expressed firm opposition to President Donald Trump's tariffs on Canada this weekend, saying that the result of a trade war could be harmful to both countries."Everyone's feeling bullied by President Trump, and this is the worst thing you could do for the American economy," Ford told ABC News' "This Week" co-anchor Martha Raddatz. "I just don't see the purpose. It's absolutely backwards."The U.S. and Canada -- two usually close allies -- are once again locked in a trade war. Trump announced he would add 50% tariffs to many Canadian goods after trade talks between the two ... Read More
US stocks rise with expectations for the Fed to hike rates to get inflation under control
NEW YORK (AP) — U.S. stocks are ticking higher Friday as expectations rise for the Federal Reserve to hike interest rates soon to get the nation’s high inflation under control. The S&P 500 added 0.4% and pulled closer to its all-time high set earlier this month. The Dow Jones Industrial Average was up 208 points, or 0.4%, as of 11:30 a.m. Eastern time, and the Nasdaq composite was 0.5% higher. The bond market had more of a reaction following Kevin Warsh’s first time speaking as chairman of the Fed at an annual economic symposium in Jackson Hole, Wyoming. The mountain setting has been the backdrop for major Fed policy announcements in the past, and the pressure was on Warsh. Worries ... Read More
Trump signs proclamation to pause some beef tariffs despite backlash from farmers, GOP
Packages of ground beef are displayed in a cooler at a store, Aug. 24, 2026, in Los Angeles. (Justin Sullivan/Getty Images)(WASHINGTON) -- President Donald Trump has formally signed a proclamation temporarily lifting tariffs on some foreign imports of beef beginning Sept. 1, despite the firestorm of backlash he has received from farmers and Republican lawmakers over the action. This action only applies to lean beef trimmings "to combine with U.S. beef" for ground beef, the White House said. These meat parts already entered the U.S. at a low tariff, but this action expands the amount to 300,000 metric tons.The proclamation does not specify any countries by name that this action applies to -- something the administration has been tight-lipped about. On Tuesday, Agriculture ... Read More
Connecticut sues Kalshi to block alleged unlicensed sports gambling
An app for Kalshi, an online prediction market site, is shown on Feb. 25, 2026, in Chicago. Online prediction market platforms allow people to place bets on wide-ranging subjects such as sports, finance, politics and currents events. (Photo Illustration by Scott Olson/Getty Images)(NEW YORK) -- The state of Connecticut sued Kalshi on Thursday to block alleged unlicensed sports gambling offered by the online prediction platform, the Office of the Attorney General said.According to Attorney General William Tong, Kalshi allows customers to bet on a variety of real-world events, but its sports-related wagers constitute a violation of Connecticut's consumer protection laws prohibiting sports gambling.In the statement, the Office of the Attorney General said the platform "offers sports event contracts that resemble sports wagers" ... Read More
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