More than 170 items were struck from the Missouri state budget Friday as Gov. Mike Parson cut $1 billion from the spending plan passed this year by lawmakers. In a statement explaining his cuts, Parson said he vetoed earmarked items that he believes were loaded into the budget for special projects and organizations without considering […]
SPRINGFIELD, Ill. (NEXSTAR) — In a massive ruling, the conservative majority on the supreme court overturned what is known as the chevron deference. The decision kneecaps federal agencies and their ability to regulate industry. The chevron deference, first established by the supreme court in the 80’s, gave federal agencies the power to interpret laws if […]
A new reading from the Federal Reserve’s preferred inflation gauge showed prices increased at a slower pace in May, helping the case for interest rate cuts this year. But despite another positive signal that inflation is easing after running hotter-than-expected in the first quarter, the central bank isn’t likely to cut rates at its next […]
The S&P 500 could see a 10% drop in the second half, according to Stifel’s chief stock strategist.MicroStockHub/Getty Images The S&P 500 could see a 10% pullback, Stifel’s Barry Bannister said. That’s because the benchmark index looks overvalued, according to several metrics. The economic outlook also looks precarious, given stubborn inflation and slowing growth. The […]
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Walgreens’ (WBA) quarterly results are the latest sign that US consumers are increasingly under pressure. Shares of Walgreens Boots Alliance tanked 24% on Thursday after the retail pharmacy chain lowered its full-year guidance due to challenging pharmacy industry trends and a “worse-than-expected” consumer environment, with management citing “a sustained pullback” in discretionary spending. “In US […]
Walgreens Boots Alliance (WBA) stock plummeted 20% Thursday morning on the news the company slashed its profit guidance, the second time it has adjusted guidance downward in the year. Walgreens now estimates earnings per share of between $2.80 and $2.95, down from guidance of $3.20 to $3.35 last quarter — when it narrowed guidance on […]
(Reuters) -Walgreens Boots Alliance on Thursday cut its profit forecast for fiscal year 2024 and said it would close more underperforming U.S. stores as weak consumer spending hurts its retail operations. Shares of the Illinois-based company fell more than 15% in premarket trading, after having declined 40% for the year so far. Without specifying the […]
Winds as high as 86 mph swept through the Topeka area between 1 and 2 a.m. Wednesday, leaving thousands of homes and businesses without electrical power. More than 11,800 Topeka-area customers of the Evergy electrical utility were without power shortly after 6 a.m., according to the power outage map website it maintains. By 7:15 a.m., […]
(Bloomberg) — Traders in the US rates options market are embracing a nascent wager on the Federal Reserve’s interest-rate path: a whopping 3 percentage points worth of cuts in the next nine months. Most Read from Bloomberg Over the past three sessions, positioning in the options market linked to the Secured Overnight Financing Rate shows […]
(Reuters) -FedEx forecast 2025 profit above analysts’ estimates on Tuesday, anticipating that the cost reductions planned for the year would deliver margin gains even as revenue remains challenged by lackluster demand for parcel shipping. Shares of the company rose more than 16% in trading after the bell, while those of rival United Parcel Service were […]
In June 2022, the Consumer Price Index (CPI) measure of inflation hit an annualized rate of 9.1%, which was the highest level in 40 years, and far above the U.S. Federal Reserve’s target of 2%. To bring it down, the Fed aggressively hiked the federal funds rate from a historic low of 0.25% all the […]