Business News

Fed time; Trade optimism; Markets in wait

1. Fed time: Wednesday belongs to Federal Reserve Chair Jerome Powell. The Fed’s latest rate decision will post at 2:00 p.m. ET, followed by a press conference. Investors are looking for Powell to deliver a solidly dovish message, following his remarks two weeks ago that the Fed would act as appropriate to sustain the economic…

Wednesday is 100 days without an on-camera White House press briefing

A version of this article first appeared in the “Reliable Sources” newsletter. You can sign up for free right here. Wednesday will be the 100th day without an on-camera White House press briefing. Up until now, the longest stretch without a briefing lasted 42 days. So this is really the worst kind of record. I’m…

Hershey’s is giving its best candy bar a makeover

Hershey had a problem: It makes a critically acclaimed candy bar that few people have heard about. The Take5 bar, made of chocolate, caramel, peanuts, pretzels and peanut butter, is basically a candy-lover’s dream. It just topped the Los Angeles Times’ candy bar power rankings. Yet only 3% of US households purchased a Take5 bar…

Why Trump might end up regretting the rate cut he wants so badly

President Donald Trump may get his wish for a rate cut. But if the Federal Reserve slashes its funds rate later this year, it won’t necessarily be the political gift he wants. Trump has repeatedly bashed chairman Jerome Powell — his pick to lead the US central bank — accusing the world’s most powerful central…

Asia stocks climb as Trump signals hope for US-China trade talks

Asia stocks spiked early Wednesday, following Wall Street’s rally on signs that US-China trade relations could be improving. Hong Kong’s Hang Seng index jumped 2.6% at the open, while the Shanghai Composite Index gained 1.9%. Tokyo’s Nikkei Index rose as much as 1.7% in morning trade. South Korea’s KOSPI was up about 1%. US futures…

Google is finally getting an Android version of iMessage. It’s called Chat

Google is bringing its version of iMessage to Android. Starting in the UK and France later this month, people with Android phones will be able to opt into the new texting service, which Google calls Chat. Chat is an easier way to text on Android. Like iMessage, it provides read receipts and ellipsis symbols to…

J.J. Abrams close to striking production deal with WarnerMedia

J.J. Abrams and his production company Bad Robot are getting close to striking a major television and film deal with WarnerMedia. The Hollywood Reporter reported on Tuesday that the multi-year deal is valued at $500 million. CNN Business could not immediately verify THR’s report. WarnerMedia declined to comment for this story. Variety previously reported that…

Facebook is soaring, but this investor is concerned it has too much power

With the looming threat of a US antitrust investigation into Facebook, you’d think that the company’s stock would be having an absolutely awful year. But that’s not the case. Far from it, as a matter of fact. Facebook is up more than 45% this year, boosting its market value back above $500 billion and pushing…

Bank of America: Investors are the most bearish since 2008 crisis

Don’t be fooled by the near-record highs in the US stock market: Sophisticated investors are on edge about the health of the global economy and corporate profits. Pessimistic fund mangers are rushing out of stocks and piling into cash and ultra-safe government bonds, according to a Bank of America Merrill Lynch survey published on Tuesday.…

Boeing finds the first buyer for a 737 Max since its grounding

Boeing got a huge vote of confidence for its troubled 737 Max on Tuesday as International Airlines Group announced it plans to buy 200 of the jets. Boeing and IAG, the owner of Aer Lingus, British Airways, Iberia and other European carriers, announced a letter of intent on the purchase of the jets at the…

Planters Peanuts is rolling out a sneaker. Yes, really

Mr. Peanut is hitting the basketball court ahead of the NBA draft this week. Peanut brand Planters announced on Tuesday the release of the Crunch Force 1, a basketball sneaker featuring everyone’s favorite legume-style icon meant to give wearers a “shella strong shoe game.” It’s not a stunt: The nutty new kicks were produced by…

Beyond Meat shares are on a wild roller coaster ride

Shares of Beyond Meat surged in early trading Tuesday after the plant-based protein company announced plans to start selling “ground beef” in grocery stores — but the stock had given up all its gains by late morning in a wild day of trading. Beyond Meat stock opened at just above $200 a share — a…

Boeing ends sales drought, announcing first new airplane orders in three months

Boeing’s sales drought has come to an end. The embattled aircraft maker announced Tuesday that it has sold 30 of its 787 Dreamliner jets to Korean Air, which already had purchased 11 of the wide-body jets for its fleet. Previously Boeing had not announced any new sales since late March, shortly after its bestselling jet,…

Dow closes 350 points higher after word of Trump-Xi meeting sparks rally

Stocks rallied all the way into the close on Tuesday, both in the United States and elsewhere, as positive sentiment about trade took hold of the market. President Donald Trump tweeted this morning to inform the public about a “very good telephone conversation” with Chinese Premier Xi Jinping. He said the two leaders would meet…

Europe just gave the dollar a boost. Here’s why Trump hates it

Europe signaled Tuesday that it could return to printing money to boost its flagging economy, a potential reversal of policy that drew an immediate rebuke from President Donald Trump. European Central Bank President Mario Draghi said in a speech that he was open to boosting monetary stimulus if economic conditions in Europe don’t improve. That…

First on CNN Business: Best Buy starts to sell home exercise equipment

Americans are busy and want everything on demand from their living rooms, including workouts. Best Buy is looking to capitalize on the trend by selling at-home exercise equipment. Best Buy announced Tuesday that it will begin selling $2,000 Flywheel stationary bikes that offer virtual cycling classes; Hydrow rowing machines that give rowers views of Miami…