12:22 p.m. Today12:22 p.m. Feb. 25, 2021
- By Elisabeth Buchwald
'I will continue happily shopping there forever': Costco customers react to retailer's new $16 minimum wageSome 180,000 U.S.-based Costco employees will begin earning $16 an hour starting next week, the warehouse retailer's CEO announced Thursday.
11:47 a.m. Today11:47 a.m. Feb. 25, 2021
- By Chris Matthews
Democrats press case for SEC action on climate change, income inequalityHouse Democrats assembled a panel of experts to make the case that U.S. financial regulators must take bold action to combat climate change, economic and racial inequality because of the "fundamental threat" these forces pose to America's financial system during a hearing before the Subcommittee on Investor Protection, Entrepreneurship and Capital Markets Thursday.
11:36 a.m. Today11:36 a.m. Feb. 25, 2021
- By Jeffry Bartash
The Trump tariffs aren't going away quickly, Biden's top trade nominee signals The Biden White House is in no rush to roll back the stiff tariffs former President Trump imposed on China, Europe and other countries.
9:50 a.m. Today9:50 a.m. Feb. 25, 2021
Costco to Raise Minimum Hourly Wage to $16, as Congress Debates $15
The retailer tops Amazon and splits with Walmart, which is keeping starting pay at $11 an hour.
9:19 a.m. Today9:19 a.m. Feb. 25, 2021
- By Myra P. Saefong
Gold marks third straight session decline as 10-year Treasury yields tap 1.5%Gold futures mark a third straight session decline on Thursday as government bond yields extended their climb to the highest level in a year, raising the opportunity cost of owning nonyielding gold over sovereign debt.
9:16 a.m. Today9:16 a.m. Feb. 25, 2021
Republican leader of Michigan Senate says Capitol riot was a hoax and 'the far left' is trying to 'cancel' him The state Senate's majority leader, Mike Shirkey, having issued and stood by a false claim that the central role of supporters of then-President Donald Trump in the deadly U.S. Capitol riot was a "hoax," is now claiming to be a victim of leftists seeking to "cancel" him and other Michigan Republicans.
8:24 a.m. Today8:24 a.m. Feb. 25, 2021
Senate confirms former Michigan Gov. Jennifer Granholm as energy secretaryFormer Michigan Gov. Jennifer Granholm won Senate confirmation Thursday to be President Joe Biden’s energy secretary. The vote was 64-35.
8:19 a.m. Today8:19 a.m. Feb. 25, 2021
Fate of federal $15 minimum wage rests in hands of Senate parliamentarian Elizabeth MacDonoughCharged with determining whether Senate independent Bernie Sanders and Democratic leader Chuck Schumer are correct that a minimum-wage hike qualifies to be addressed in a bill passed by a bare majority under budget-reconciliation rules.
8:03 a.m. Today8:03 a.m. Feb. 25, 2021
- By Jon Swartz
House members assail Big Tech (again), consider changes to antitrust lawThe House Judiciary Subcommittee on Antitrust, Commercial, and Administrative Law held the first in a planned series of hearings to 'consider legislative proposals to address the rise and abuse of market power online and to modernize the antitrust laws.'
6:24 a.m. Today6:24 a.m. Feb. 25, 2021
- By Tonya Garcia
Costco raising its minimum wage for U.S. workers to $16 per hourCostco Wholesale Corp. Chief Executive Craig Jelinek announced Thursday that the warehouse retailer will raise the minimum wage for its U.S. workers to $16 per hour. "Two years ago we moved our starting hourly wage to $15 everywhere in the US, effective next week, the starting wage will go to $16," Jelinek said at a Senate hearing on minimum wage. Costco joins Signet Jewelers Ltd. , which that it will be raising its minimum wage to $15. Costco shares have gained 11.3% over the last year while the S&P 500 index is up 24.6% for the period.
Additional reporting by
5:19 a.m. Today5:19 a.m. Feb. 25, 2021
Republicans seek show of unified opposition to Biden's $1.9 trillion pandemic relief bill Koch network reportedly mount campaign to build public opposition to Biden plan.
1:15 a.m. Today1:15 a.m. Feb. 25, 2021
New Zealand Has a Lesson for the Fed on House Prices and Inflation
The method the U.S. uses to include housing costs in the consumer-price index understates how rapidly home prices have risen.
11:58 p.m. Feb. 24, 2021
U.S. and EU prepare new rounds of sanctions against RussiaThe Biden administration is preparing sanctions against Russia over the SolarWinds hack attack.
2:45 p.m. Feb. 24, 2021
Former aide says Andrew Cuomo kissed her, suggested strip pokerA former member of New York Gov. Andrew Cuomo’s administration who previously accused him of sexual harassment offered new details Wednesday, saying he once kissed her on the lips without consent.
2:19 p.m. Feb. 24, 2021
Biden's pick for trade envoy vows to work more closely with alliesPresident Joe Biden's pick to be the top U.S. trade envoy is promising to work with America's allies to combat China's aggressive trade policies, indicating a break from the Trump administration's go-it-alone approach.
2:15 p.m. Feb. 24, 2021
Biden nominates 3 to Postal Service board, which could further pressure DeJoyPresident Joe Biden on Wednesday nominated three postal experts to the governing board of the U.S. Postal Service, a move that could alter the course of an agency grappling with delivery delays and rumored cuts under its embattled Republican leader.
12:27 p.m. Feb. 24, 2021
- By Victor Reklaitis
Biden signs executive order tied to semiconductor shortagePresident Joe Biden on Wednesday afternoon signs an executive order that aims for a review of supply chains for semiconductors and other critical goods.
10:50 a.m. Feb. 24, 2021
- By Nicole Lyn Pesce
'Get used to me' --- Louis DeJoy says he will stay at the USPS for a 'long time'
Lawmakers grilled the Postmaster General over mail delays as Democrats called for his removal
10:19 a.m. Feb. 24, 2021
- By Meera Jagannathan
As Congress prepares to vote on Equality Act, the share of Americans identifying as LGBT rises22% of LGBT adults experienced poverty vs. 16% for non-LGBT adults, according the Williams Institute.
10:15 a.m. Feb. 24, 2021
- By Steve Goldstein
Why the world's largest fund manager is getting more aggressive — and says climate change boosts the case for equitiesBlackRock makes the case for increasing allocation toward stocks and away from government bonds.
9:43 a.m. Feb. 24, 2021
Powell says strong growth later this year is his ‘base-case’ forecast: live blog recap Fed chairman also talks about digital dollar, climate change Fed Chairman Jerome Powell said Wednesday his “base case” forecast is strong growth later this year.
8:55 a.m. Feb. 24, 2021
The Economy Needs a Push, But Just How Much Is a Trickier Puzzle
While the Fed says the economic recovery still has a way to go, others see pent-up growth ahead.
8:49 a.m. Feb. 24, 2021
Minimum-wage question is next hurdle for $1.9 trillion Democratic stimulus planCongressional Democrats are prepping their legislative package to carry out President Joe Biden's $1.9 trillion coronavirus stimulus plan with an eye to getting it passed by the middle of next month.
8:37 a.m. Feb. 24, 2021
Biden Will Order Supply-Chain Review. Chip Stocks Are Surging.
The order is an early step to address supply chain risks and insulate the U.S. from shortages of critical products, including semiconductors.
5:23 a.m. Feb. 24, 2021
Decision Clearing Path for $15 Minimum Wage Vote Could Come Today
Here’s what you need to know to navigate the markets today.
4:37 a.m. Feb. 24, 2021
Schumer says Senate will work on bill to ease semiconductor shortage, take on ChinaThe Senate will take up a bill this spring aimed at boosting the United States' economic competitiveness with China, Senate Majority Leader Chuck Schumer said Tuesday.
3:37 a.m. Feb. 24, 2021
Here’s One Way the GameStop Speculation Could End
GameStop’s CFO is stepping down, Biden to sign an executive order to address chip shortage, Fed is committed to easy money, and other news to start your day.
3:13 a.m. Feb. 24, 2021
- By Ciara Linnane
Aurora Cannabis reiterated as underperform by Jefferies after earnings 'reinforce concerns on its underlying business'Jefferies analyst Owen Bennett reiterated his underperform rating on Aurora Cannabis Inc. stock on Wednesday, and said "only reinforced our concerns on its underlying business." Canadian sales pressure "were more pronounced than we had assumed, with little improvement on the margin profile," Bennett wrote in a note to clients. "Second, given the near-term debt overhang and its high cash burn rate, we raise questions marks on whether Aurora's balance sheet is strong enough to support a potential US push." The analyst raised his stock price target to C$9.44 ($7.51) from C$4.59, to reflect U.S. developments. The cannabis sector has rallied in recent weeks amid high hopes for reforms of U.S.' strict cannabis laws, that continue to classify the plant as a Schedule I drug, alongside heroin. The new administration is deemed more cannabis-friendly than the last one, and already Senate Majority Leader Chuck Schumer "While Aurora is not as expensive as certain other Canadian peers, for the others you can make a much better case for US optionality," said Bennett. "For example, Canopy takes ownership in an MSO and Cronos is sitting on C$1bn in cash with little debt, so can buy US assets, or at least invest aggressively. The same can't be said for Aurora." The analyst lowered his full-year gross margin forecast and raised his sales, general & administration cost forecasts. Aurora's U.S.-listed shares were up 4.3% premarket, but have fallen 43% in the last 12 months, while the Cannabis ETF has gained 87% and the S&P 500 has gained 16%.
1:00 a.m. Feb. 24, 2021
Election watchdog files federal lawsuit against Iowa group aligned with Sen. Joni ErnstLawsuit seeks a civil penalty against Iowa Values, plus court and attorney fees, and asks that the group be forced to re-register.
12:22 p.m. Feb. 23, 2021
Senate confirms Tom Vilsack as agriculture secretary with a 92-7 voteThe former Iowa governor led the same department for former President Barack Obama's entire administration.
12:16 p.m. Feb. 23, 2021
- By Chris Matthews
Big tech should fear an FTC push against monopoly power, experts sayAntitrust reform has emerged an an issue of bipartisan concern in Washington as leaders in both parties have expressed dismay over growing industrial concentration, particularly in high tech, but experts say investors should pay less attention to what's happening in a Congress distracted by debates over COVID relief and impeachment and look to regulatory agencies like the Federal Trade Commission, if they are hoping to learn how competition policy may impact the bottom lines of some of America's largest corporations.
12:15 p.m. Feb. 23, 2021
Republicans hit interior secretary nominee Deb Haaland as 'left' of Biden on fossil fuels and renewablesPresident Joe Biden’s nominee to head the Interior Department faced sharp questions from Republicans Tuesday over what several called her “radical” ideas that include opposition to fracking and the Keystone XL oil pipeline.
11:41 a.m. Feb. 23, 2021
- By Chris Matthews
Russia assigned more than 1,000 expert engineers to execute SolarWinds hack, says Microsoft execA cyberespionage campaign waged by Russian foreign intelligence on U.S. companies and government institutions was of a scale and sophistication never before seen, technology executives told the Senate Select Committee on Intelligence on Tuesday.
11:08 a.m. Feb. 23, 2021
- By Mark DeCambre
Dow and S&P 500 stage biggest comeback in months as Powell momentarily quells interest-rate fueled selloff The stock-market finished mostly higher on Tuesday as stocks managed a powerful recovery in the final hour of trade on comments made by Federal Reserve Jerome Powell Chairman in testimony in front of the Senate Banking Committee. The Nasdaq Composite Index , closed off 0.5% at around 13,465, after sinking nearly 4% earlier Tuesday to an intraday nadir at 13,003.98, FactSet data show. The move had pushed the Nasdaq down below its 50-day moving average at 13,246.74. A close below that level would have marked the first time the technology-laden benchmark finished beneath the short-term trend line since late October. Meanwhile, the Dow Jones Industrial Average closed up less than 0.1% at 31,537 after being down by as many as 362 points or 1.2%, marking the biggest comeback for the blue-chip index since Dec. 21 when it fell 1.4% and ended 0.12% higher, according to Dow Jones Market Data. The S&P 500 index ended up 0.1% at about 3,881 after hitting an intraday low at 3,805.59, notching its biggest comeback since June 5 when it fell 2.48% to end up 0.8%. Powell in his first of two days of semi-annual congressional testimony said "the economy is a long way from our employment and inflation goals." And the chairman emphasized that the Fed will continue to support the economy with interest rates and asset purchases until substantial progress is made. Markets had been on edge as the 10-year Treasury note had jumped to around 1.36%, around its highest level in about a year, raising the prospects of higher borrowing costs for companies and individuals. Technology shares are particularly sensitive to the move in rates because valuations there are considered rich.
11:08 a.m. Feb. 23, 2021
- By Mark DeCambre
Dow set to stage biggest comeback in 2 months on Powell comments; Nasdaq attempts to erase 4% intraday skidStock-market investors appear to be picking up what Federal Reserve Chairman is putting down on Tuesday in Senate Banking Committee testimony and buying the dip with gusto, as the main equity benchmarks attempt to erase sharp losses from earlier in the day that had been sparked by a sharp rise in bond yields. The Nasdaq Composite Index , for example, was down just about 0.2% at 13,508, after sinking nearly 4% earlier Tuesday to intraday nadir at 13,003.98, FactSet data show. The move had pushed the Nasdaq down below its 50-day moving average at 13,246.74. A close below that level would mark the first time the technology-laden benchmark finished beneath the short-term trend line since late October. Meanwhile, the Dow Jones Industrial Average was up 0.4% at 31,642 after being down by as many as 362 points or 1.2%. A close higher for the Dow would mark the biggest comeback for the blue-chip index since Dec. 21 when it fell 1.4% and ended 0.12% higher, according to Dow Jones Market Data. The S&P 500 index was up 0.4% at 3,894 after hitting an intraday low at 3,805.59. A higher close for the index would mark its biggest comeback since June 5 when it fell 2.48% to end up 0.8%. Powell in his first of two days of semi-annual congressional testimony said "the economy is a long way from our employment and inflation goals." And the chairman emphasized that the Fed will continue to support the economy with interest rates and asset purchases until substantial progress is made.Markets had been on edge as the 10-year Treasury note had jumped to around 1.36%, around its highest level in about a year, raising the prospects of higher borrowing costs for companies and individuals. Technology shares are particularly sensitive to the move in rates because valuations there are considered rich.
10:43 a.m. Feb. 23, 2021
- By Sunny Oh
U.S. Treasury yields pull back from intraday high after Powell testimonyU.S. Treasury yields come off their highs on Tuesday after congressional testimony from Federal Reserve Chairman Jerome Powell, who suggested the central bank remains far from deciding when to taper its asset purchases.
10:34 a.m. Feb. 23, 2021
Security officials blame faulty intelligence for Jan. 6 failures at CapitolTestifying for the first time about the insurrection at the U.S. Capitol, former security officials blamed faulty intelligence for the disastrous failure to anticipate the violent intentions of the mob that invaded the building and interrupted the certification of the presidential election.
9:26 a.m. Feb. 23, 2021
- By Myra P. Saefong
Gold ends lower as the dollar edges up after Powell's first day of congressional testimonyGold futures end with a modest loss on Tuesday, pulling back a day after a rally in prices to their highest in over a week as investors watched the first day of testimony from Federal Reserve Chairman Jerome Powell on monetary policy.
9:03 a.m. Feb. 23, 2021
Powell says economy still ‘long way’ from full health: live-blog recap Fed chairman says rising bond yields show market is confident of improved economyHere is a recap of live blog of Fed Chairman Jerome Powell’s testimony to the Senate Banking Committee.
8:04 a.m. Feb. 23, 2021
Senate confirms Linda Thomas-Greenfield as UN ambassadorThe Senate confirmed President Joe Biden’s choice to lead U.S. diplomacy at the United Nations on Tuesday. The vote for Linda Thomas-Greenfield reflected a divide between the Biden administration’s determination to re-engage with the world body and former President Donald Trump’s diplomacy that often left the U.S. isolated internationally.