1 week Ago
NEW YORK — U.S. stocks slipped Nov.
14 as the market's big burst following Donald Trump's election continued to cool. The S&P 500 fell 0.6 percent, though it's still near its all-time high set on Monday.
The Dow Jones Industrial Average dropped 0.5 percent, and the Nasdaq composite sank 0.6 percent.
Cisco Systems' 2.1 percent drop weighed on the market, even though the technology giant reported stronger profit for the latest quarter than analysts expected. Investors may have been looking for it to raise its financial forecasts more, analysts suggested.
The stock market broadly has been rising faster than corporate profits, which raises the volume on criticism from skeptics that it's gotten too expensive. The S&P 500 is still up nearly 25 percent for the year so far, on top of last year's gain of 24.2 percent.
Some of the stocks that got the biggest bump from Trump's win also lost momentum. Tesla, run by Trump ally Elon Musk, fell 5.8 percent for just its second loss since Election Day.
NEW YORK — Advance Auto Parts is closing more than 500 stores and shedding more than 200 independent locations as part of its efforts to revive its struggling business. The North Carolina-based company said Nov. 14 that it would be reducing its U.
S. footprint as part of a "strategic plan to improve business performance." The company said it is shuttering 523 of its namesake corporate stores, as well as four distribution centers, and exiting 204 independent locations by the middle of next year.
Specific locations and the number of employees expected to be impacted was not immediately disclosed. A spokesperson for Advance Auto declined to comment further. Advance Auto on Thursday posted a loss of $6 million in its third quarter on revenue of $2.
15 billion. The company also lowered its full-year revenue outlook for the second consecutive quarter. The seller of car batteries, motor oil and more has seen some waning sales since the start of the year, and is making efforts to boost its balance sheet.
Advance Auto primarily operates in the U.S., but also has some corporate stores and independent locations in Canada, Mexico and in the Caribbean.
As of Oct. 5, it had more than 4,780 stores and served 1,125 independently owned, Carquest-branded locations. WASHINGTON — Wholesale prices in the United States rose last month, remaining low but suggesting that the American economy has yet to completely vanquish inflationary pressure.
The producer price index — which tracks inflation before it hits consumers — rose 0.2 percent from September to October, up from a 0.1 percent gain the month before.
Compared with a year earlier, wholesale prices were up 2.4 percent, accelerating from a year-over-year gain 1.9% in September.
An increase in services prices drove the October increase. Since peaking in mid-2022, inflation has fallen more or less steadily. But average prices are still nearly 20 percent higher than they were three years ago NEW YORK — Fashion company Tapestry on Nov.
14 said it's terminating its proposed merger with Capri because the two luxury groups don't expect to overcome an antitrust challenge within an acceptable time frame. The companies agreed to a $8.5 billion deal in August 2023 that would have united Capri, the maker of Versace, Jimmy Choo and Michael Kors shoes, handbags and accessories, with Tapestry, which produces the same products under the Coach, Kate Spade New York, and Stuart Weitzman brands.
But the deal has faced numerous obstacles. In April, the Federal Trade Commission sued to block Tapestry's acquisition of Capri, saying the deal would eliminate direct competition between their brands in the so-called affordable luxury handbag arena. The FTC also alleged that the deal threatened to eliminate the incentive for the two companies to vie for employees and could depress wages and workplace benefits.
Last month, a federal judge halted the merger, saying it would reduce competition and hurt consumers. WASHINGTON — A Federal Reserve official has given a lengthy defense of the central bank's political independence, days after former President Donald Trump, previously an outspoken Fed critic, won re-election. Andriana Kugler, a member of the Fed's board, says economic research shows that an independent central bank typically does a better job keeping inflation low.
Kugler spoke just a week after Fed chief Jerome Powell tersely denied that Trump had the legal authority to fire him, as the president-elect has acknowledged he considered doing during his first term. Powell also said he wouldn't resign if Trump asked. WASHINGTON — The number of Americans applying for unemployment benefits fell to the lowest level in six months last week as layoffs remain at relatively healthy levels.
The Labor Department reported Nov. 14 that jobless claim applications fell by 4,000 to 217,000 for the week of Nov. 9.
That's less than the 225,000 analysts forecast. Weekly applications for jobless benefits are considered representative of U.S.
layoffs in a given week. Continuing claims, the total number of Americans collecting jobless benefits, fell to 1.87 million for the week of Nov.
2, in line with analysts' expectations. DETROIT — Ford Motor Co. will pay a penalty of up to $165 million to the U.
S. government for moving too slowly on a recall and failing to give accurate recall information. The National Highway Traffic Safety Administration said Nov.
14 that the civil penalty is the second-largest in its 54-year history. Only the fine Takata paid for faulty air bag inflators was higher. The agency said Ford was too slow to recall vehicles with faulty rearview cameras, and it failed to give the agency complete information, which is required by the federal Motor Vehicle Safety Act.
Ford said it is committed to continuously improving safety. New rules in effect for TV drug ads: WASHINGTON — New rules require drugmakers to be clearer about explaining the risks and side effects of prescription drugs. The updated guidelines from the the Food and Drug Administration are designed to do away with pharmaceutical industry practices that downplay or distract viewers from risk information.
FDA officials spent more than 15 years crafting the rules, which apply to both TV and radio ads. But while regulators were drafting them, a new trend has emerged: pharmaceutical influencers pushing drugs online with little government oversight. A new congressional proposal would compel FDA to police those social media promotions.
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