The U.S. stock market is falling from its records and joining a worldwide drop for stocks, as higher oil prices send a shiver through the bond market. The S&P 500 fell 1.1% Friday from its all-time high. The Dow Jones Industrial Average dropped 426 points, and the Nasdaq composite sank 1.8% from its own record. Technology stocks led the market lower, particularly AI winners. They had shot so high that some critics said they had gone too far. Oil prices continued rising as the war with Iran drags on. Yields jumped in the bond market on worries about how much more it will worsen inflation.
Retail sales growth slowed in April from March as higher gas cost leaves less room for nonessentials
Shoppers tempered their spending in April as higher gas prices fueled by the Iran war meant less money left over for some nonessentials like clothing and furniture. But they’re still buying, thanks to more generous tax refunds. Still, economists worry that spending will fall off more dramatically in the coming months as benefits from the refunds dissipate, and shoppers continue to grapple with the cumulative impact of rising gas prices at the pump. Retail sales rose 0.5% in April, a slowdown from the revised growth level of 1.6% in March, according to Commerce Department data released Thursday. March marked the largest one-month increase in retail spending in more than three years, largely because gas prices spiked higher rapidly.
From the gas pump to the grocery aisle, rising prices are forcing many central Illinois residents to rethink how they spend their money and fi…
From the gas pump to the grocery aisle, rising prices are forcing many Central Illinois residents to rethink how they spend their money and find creative ways to stretch their budgets.
U.S. President Donald Trump has arrived in Beijing for his highly anticipated summit with Chinese leader Xi Jinping at a restless moment for a world worried about war, trade and artificial intelligence. The visit occurs at a delicate moment for Trump’s presidency, as his popularity at home has been weighed down by the U.S. and Israel’s war with Iran and rising inflation as a consequence of that conflict. The president is seeking a win by signing deals with China to buy more American food and aircraft, saying he’ll be talking with Xi about trade “more than anything else.”
A rebound for technology stocks led Wall Street to records, even though the majority of U.S. stocks fell following another discouraging update on inflation. The S&P 500 rose 0.6% Wednesday and topped its prior all-time high set early this week. The Dow Jones Industrial Average dipped 0.1%, and the Nasdaq composite climbed 1.2% to its own record. Nvidia and other tech stocks led the way, a day after stumbling in an industrywide swoon. Most other stocks weakened after a report showed inflation at the U.S. wholesale level was significantly worse last month than economists expected.
Americans paid more for their groceries in April, but high gas prices were only one of the reasons why. Government figures released on Tuesday showed prices for food eaten at home rose 2.9% last month compared to a year earlier. That was the highest year-over-year inflation for the category since August 2023. Rising fuel prices were a factor. But tariffs and extreme weather also have weighed on U.S. food prices. Two Purdue University economists say the costs to produce, process, store and transport food can take up to six months to show up on supermarket shelves. That means the full impact of rising energy costs on food likely hasn't hit retail grocery prices yet.
Republicans want voters to think of working-class tax cuts when they weigh the economy and the 2025 law that President Donald Trump calls his “big beautiful bill.” But Democrats point to inflation on everything from groceries and gas to health care and housing. They want voters to blame Trump's policies, including his war in Iran. Those dividing lines are at the center of North Carolina's U.S. Senate contest that has become a microcosm of the national fight. Democrat Roy Cooper, a former governor, is battling Republican Michael Whatley, a Trump ally and former Republican national chairman. The state has leaned Republican in Senate contests, but Democrats think they have a shot here and to win control of Congress in November.
McDonald’s posted better-than-expected sales in the first quarter but said high gas prices and consumer anxiety could dent sales this spring. McDonald’s Chairman and CEO Chris Kempczinski said the company has been making progress bringing lower-income customers back into its stores with combo meal deals and value pricing. But he said gas prices will disproportionately impact lower-income consumers. McDonald’s global same-store sales rose 3.8% in the January-March period, which was better than Wall Street was expecting. But same-store sales slid in April. McDonald's said its revenue rose 9% to $6.52 billion in the first quarter, which also beat Wall Street's expectations
Wall Street rallies to records after oil prices ease and corporate profits keep topping expectations
The U.S. stock market rose to records after oil prices eased and companies kept reporting bigger profits for the start of the year than analysts expected. The S&P 500 climbed 0.8% Tuesday and topped its prior all-time high set at the end of last week. The Dow Jones Industrial Average added 0.7%, and the Nasdaq composite gained 1% to set its own record. Stocks got a boost after oil prices gave back much of their big jumps from Monday, and Brent crude fell 4%. DuPont rallied after the chemical giant led another cavalcade of companies reporting better profits than analysts expected.