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The day's rout was sparked by a massive sell-off in Japanese stocks. The Nikkei fell 12.4%, its worst day since the 1987 "Black Monday" crash rattled investors around the world. Spencer Platt / Getty ImagesThe Japanese drawdown, in turn, was partly in response to the worse-than-expected jobs report published Friday that showed U.S. unemployment rising to 4.3% and just 114,000 jobs added in July. As soon as that report was published, stocks started erasing some of their earlier losses, while bond purchases, which had surged as investors sought safe-haven assets, faded. It’s a much easier decision to say I want to take my chips and go home here.”

Persons: Stocks, Spencer Platt, Apple, Warren Buffett's Berkshire Hathaway, ”, Michael Farr, Farr Organizations: Dow Jones, Nasdaq, Dow, Nikkei, New York Stock Exchange, Getty, Federal, Institute for Supply Management, Bank of Japan, U.S . Federal Reserve, Nvidia, Intel, Microsoft, Buffett, Miller & Washington Locations: New York City, U.S, Berkshire

Stocks declined heavily in Friday trading following a weaker-than-expected jobs report. The Dow Jones Industrial Average fell 810 points, or 2.3%. The U.S. added just 114,000 jobs in July, well below the 185,000 expected and down significantly from 206,000 in June. Amazon also saw a large decline, sliding 12.5% after missing quarterly financial estimates and issuing a disappointing forecast. A day earlier, stocks saw heavy declines as they responded to other weaker-than-expected data, including a disappointing manufacturing output report and surprisingly high initial jobless claims.

Persons: Stocks Organizations: Dow Jones, Nasdaq, U.S . Commerce Department, Intel Locations: U.S

But you're going to struggle if you're looking for a new one. "Even a few months ago, the labor market seemed fine, the trajectory looked stable," said Guy Berger, director of economic research at the Burning Glass Institute, a think tank. The Fed therefore believes it can put a floor underneath the labor market that prevents it from deteriorating further, Berger said. "What we need to see is strong private-sector labor market growth, and outside of health care, what we've seen instead is a very, very rapid deceleration that has shown no signs yet of stabilizing," Pollak said. Pollak also said leisure and hospitality jobs — a key entry point into the labor market — have actually declined outright in recent months, putting further pressure on workers to secure employment.

Persons: Guy Berger, Berger, Jerome Powell, Bill Dudley, Julia Pollak, Pollak, we've Organizations: of Labor Statistics, Glass, Federal, Fed, New York Federal, Bloomberg Locations: U.S, haves

Driving for Uber and Lyft has helped bring in some money, but not enough to offset expenses. "What I can tell you is I barely work," Sharp said. "In May I worked two days, in April I worked four days, in March I worked two days, in February I worked two days, in January I worked one day." "I'm not embarrassed about that, but when I’m willing to work — and bust my ass — why is it that I can’t get a living wage?" Ironically, fast-food jobs are now quite difficult to obtain, Sharp said, not least because their hourly wages are higher than in many other industries thanks to California's new $20 minimum wage for workers in the sector.

Persons: Doug Sharp, Lyft, Sharp, Uber, there's, it's, — Sharp, he's, I’ve, ”, I'm Organizations: NBC, Los, University of Massachusetts, Guild, Los Angeles ., Home Depot, Walmart, Fiat, Federal Reserve Locations: Los Angeles, Amherst, Hollywood, UberEats

☆ Target will stop accepting personal checks
▼ + stars: | 2024-07-08 | by ( Rob Wile | ) www.cnbc.com time to read: +1 min

Target will soon stop accepting personal checks as a form of payment at checkout. In a statement to NBC News, the retail giant said it was committed to creating an easy and convenient checkout experience — but that due to "extremely low volumes," it would no longer take personal checks starting July 15. Rival Walmart will still accept personal checks. Target has announced several new store policies aimed at streamlining the checkout process, some of which were also aimed at curbing theft. Last month, Bloomberg News reported Target was allowing employees to stop thefts of $50 or more — lower than the previous $100 threshold.

Organizations: NBC News, Apple, Walmart, Bloomberg News

☆ Portugal 0 France 0: Penalties decide cagey quarter-final as Mbappe progresses and Ronaldo goes out – The Briefing
▼ + stars: | 2024-07-05 | by ( Tim Spiers | Liam Tharme | ) www.nytimes.com time to read: +12 min

Anyone tuning into the first half after the pulsating Germany vs Spain quarter-final was rapidly brought down to earth as Portugal and France played out a largely underwhelming opening 45 minutes. A penalty shootout was the inevitable conclusion and France scored all five of theirs, while Joao Felix missed for Portugal. This was actually a pivotal moment in the contest; a preciously rare France counter, something Portugal had rallied against all game. every one bar their final group game) Ronaldo played every second. Tim SpiersAnd Kylian Mbappe was quiet too…This was billed as Mbappe versus Ronaldo, but the Frenchman had a quiet game too.

Persons: Mike Maignan, Bruno Fernandes, Vitinha, Nuno Mendes, Joao Felix, Tim Spiers, Liam Tharme, Amy Lawrence, Randal Kolo Muani, alf, ortugal, ake, rance, ince, radley, ong, ike, ross, ota, amos, orth, hird, haring, inger, uros, ike M, ogba, lear Organizations: Portugal, Spain, France, ust Locations: France, Germany, Portugal, Hamburg, ely

☆ 'Black jobs'? Trump draws pushback after anti-immigration rant
▼ + stars: | 2024-06-28 | by ( Rob Wile | Char Adams | ) www.cnbc.com time to read: +6 min

What exactly are "Black jobs" — and are they really at risk from the recent surge of immigrants? "They're taking Black jobs, and they're taking Hispanic jobs, and you haven't seen it yet, but you're going to see something that's going to be the worst in our history." It's true that Black workers have historically been overrepresented in certain sectors like government and home health care. When it comes to pay, inflation-adjusted weekly earnings for Black workers reached a two-decade high of $314 under Trump. But amid persistent inflation and a cooling job market, Black workers' average weekly earnings declined in the most recent quarter to $293.

Persons: Donald Trump, Joe Biden, Derrick Johnson, Johnson, Trump, —, Clinton, Keisha Lance Bottoms, Cherron Perry, Thomas, Biden, haven't, Seth Anderson Organizations: Republican, NAACP, NBC, Black, Americans, Biden, Trump, U.S, Former Atlanta, NBC News, Labor Statistics, Economic Policy Institute Locations: Atlanta , Georgia, U.S, U.S ., Pennsylvania

☆ Pennsylvania Sen. Casey warns Amazon, Target and Walmart over 'greedflation' pricing
▼ + stars: | 2024-06-21 | by ( Rob Wile | ) www.cnbc.com time to read: +4 min

Meanwhile, an average Pennsylvania family has paid almost $7,000 more "toward greedflation," Casey says. "Americans deserve to pay fair prices, and corporations must be held accountable for taking advantage of working families," he writes. NBC News has reached out to Amazon, Target and Walmart for comment. "Price increases that consumers have been confronted with have not been inflationary increases but, instead, greedflation-related increases," he writes. Amazon, Target and Walmart have each recently announced moves to lower prices for certain goods or release new value-based products.

Persons: Pennsylvania Sen, Bob Casey, Casey, Walmart's, Someone's, they're, Olivier Blanchard, Blanchard, Price, —, they've Organizations: Target, Walmart, NBC News, Amazon, NBC, Financial Times, Massachusetts Institute of Technology Locations: Pennsylvania, United States

☆ Biden administration moves to ban medical debt from credit reports
▼ + stars: | 2024-06-11 | by ( Rob Wile | ) www.cnbc.com time to read: +2 min

The Biden administration is moving to ban medical debt from credit reports. Medical debt, she said, "makes it more difficult to get by, much less get ahead. A recent study estimated that one in five U.S. households live with medical debt, including people with health insurance; and that on average, a typical American household owes about $4,600 in medical debts. "Medical bills on credit reports too often are inaccurate and have little to no predictive value when it comes to repaying other loans." The association said it had also extended the time before medical collections debt appears on credit reports and deleted resolved debts and medical collection debts below $500.

Persons: Joe Biden, Kamala Harris, North Carolina Governor Roy Cooper, Biden, Harris, Rohit Chopra Organizations: U.S, North Carolina Governor, Chavis Community Center, Consumer Financial Protection Bureau, Consumer Data Industry Association Locations: Chavis, Raleigh , North Carolina, U.S

☆ The FDA reverses its ban on Juul e-cigarettes
▼ + stars: | 2024-06-06 | by ( Rob Wile | ) www.cnbc.com time to read: +1 min

The Food and Drug Administration announced Thursday that it has reversed its ban on Juul e-cigarettes while it reviews new court decisions and considers updated information provided by the vape-maker. The FDA first stopped the company from marketing its products in 2022, but they have stayed on shelves pending an appeal. Even as Juul has pursued its appeal of the 2022 marketing ban, that initial FDA ruling significantly disrupted the company's finances, prompting a bailout from two of its largest investors, The Wall Street Journal has reported. Juul also continues to face lawsuits from consumers saying its products harmed their health. To date, the FDA has given only 23 e-cigarette products, made by just three companies, official approval to be marketed to consumers.

Persons: Juul Organizations: Drug Administration, FDA Locations: Flatbush, Brooklyn, New York City, U.S

☆ How the Astor family became an American dynasty
▼ + stars: | 2024-06-03 | by ( Rob Wile | Talia Lakritz | ) www.businessinsider.com time to read: +1 min

John Jacob Astor built his fortune in the fur business and New York real estate. John Jacob Astor III and William Backhouse Astor Jr. cofounded the Waldorf-Astoria after a feud. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . To this day, the Astors' money and influence still make waves in society. This story is available exclusively to Business Insider subscribers.

Persons: John Jacob Astor, John Jacob Astor III, William Backhouse Astor Jr, Astor, —, you've Organizations: Waldorf, Astoria, Service, Yorker, Business Locations: New York, Astoria, Queens

☆ Walgreens announces price cuts on 1,300 items amid ongoing consumer spending fatigue
▼ + stars: | 2024-05-29 | by ( Rob Wile | ) www.cnbc.com time to read: +3 min

Signage is seen outside of a Walgreens, owned by the Walgreens Boots Alliance, Inc., in Manhattan, New York City, U.S., November 26, 2021. Walgreens announced Wednesday it would continue to cut prices on some 1,300 items — the latest company to pivot to value amid signs U.S. consumers are experiencing spending fatigue. "Walgreens understands our customers are under financial strain and struggle to purchase everyday essentials," said Tracey D. Brown, EVP, President, Walgreens Retail & Chief Customer Officer. Lower-income consumers have been cutting back more substantially. Meanwhile, other areas of the economy more closely tied to wealthier consumers continue to outperform, especially travel.

Persons: Tracey D, Brown, we've, Ramon Laguarta, Jamie Baker Organizations: Walgreens, Walgreens Boots Alliance, Inc, Walgreens Retail, Target, Walmart, Conference Board, PepsiCo, American Airlines, JPMorgan Locations: Manhattan , New York City, U.S

☆ Target lowering prices on 5,000 frequently bought items
▼ + stars: | 2024-05-20 | by ( Rob Wile | ) www.cnbc.com time to read: +2 min

Target said Monday it will lower prices on approximately 5,000 frequently bought items as it seeks to stay competitive amid signs consumers are experiencing price fatigue. It had already cut prices on some 1,500 other items. "Our teams work hard to deliver great value every day, and these new lower prices across thousands of items will add up to additional big savings for the millions of consumers that shop Target each week for their everyday needs." As the rate of annual inflation remains stuck above 3% and the Fed's key interest rate remains unchanged, many consumers are starting to pull back on spending and becoming more selective about what they purchase. One of Target's chief competitors, Walmart , recently signaled that even higher-income consumers were turning toward its offerings as "wallets are still stretched."

Persons: Rick Gomez, Chris Kempczinski, We've, Jack Rainey Organizations: Walmart, CNBC

☆ Red Lobster closing at least 99 locations as its future comes into question
▼ + stars: | 2024-05-14 | by ( Rob Wile | ) www.cnbc.com time to read: +2 min

A sign is posted on the exterior of a Red Lobster restaurant on April 17, 2024 in Rohnert Park, California. At least 99 locations of Red Lobster are being auctioned off amid questions about the stalwart seafood chain's long-term future. Last month, CNBC reported Red Lobster was seeking a buyer as it looked to avoid a bankruptcy filing, but none have materialized. Earlier this year, Thai Union, the largest investor in Red Lobster, announced it was seeking to exit its position. Red Lobster did not immediately respond to a request for comment.

Persons: Neal Sherman Organizations: TAGeX Brands, Business, CNBC, Thai Union Locations: Rohnert Park , California, Denver, Indianapolis, Rochester , New York, Sacramento , California, San Antonio, San Diego, U.S, Thai Union, Thai

☆ Target says Pride collection will appear in 'select' stores, cuts LGBTQ apparel for kids
▼ + stars: | 2024-05-10 | by ( Rob Wile | Matt Lavietes | ) www.cnbc.com time to read: +2 min

A customer walks by a Pride Month merchandise display at a Target store on May 31, 2023 in San Francisco, California. Target will limit which stores sell LGBTQ-themed products following last year's firestorm over its decision to sell products designed for transgender people. It added that in addition to selling LGBTQ-themed home and food and beverage items, apparel from its Pride collection this year will be tailored to adults. No Pride apparel for children will be sold. The latest decision, first reported by Bloomberg News, represents a change from offering the products in all Target stores, as the company has done in previous years.

Organizations: Pride, Bloomberg News, Pride Month, Target Locations: San Francisco , California, Target

☆ Biden administration to require advanced safety tech on all new cars and trucks
▼ + stars: | 2024-04-30 | by ( Rob Wile | Tom Costello | ) www.cnbc.com time to read: +3 min

The Biden administration plans to require that all new cars and trucks come with pedestrian-collision avoidance systems that include automatic emergency braking technology by the end of the decade. They will also require braking at up to 45 mph when a pedestrian is detected. Automatic emergency braking "prevents collisions. It said that technologies like automatic emergency braking have proven "game changing" and that automakers have voluntarily committed to install them on new vehicles. Buttigieg acknowledged the technology is still being perfected — one reason the requirement won't take effect until the end of 2029.

Persons: Biden, Pete Buttigieg, Buttigieg, hadn't, Kathleen Rizk, Power's, Rizk Organizations: U.S ., Transportation Department, Alliance for Automotive Innovation, Governors Highway Safety Association, Research, Consumers, Drivers Locations: San Francisco , California

Federal authorities say a "critical safety gap" in Tesla 's Autopilot system contributed to at least 467 collisions, 13 resulting in fatalities and "many others" resulting in serious injuries. The findings come from a National Highway Traffic Safety Administration analysis of 956 crashes in which Tesla Autopilot was thought to have been in use. Tesla's Autopilot design has "led to foreseeable misuse and avoidable crashes," the NHTSA report said. The agency also said it was opening a new probe into the effectiveness of a software update Tesla previously issued as part of a recall in December. "People are dying due to misplaced confidence in Tesla Autopilot capabilities.

Persons: Tesla, Lars Moravy, Edward J, Markey, Richard Blumenthal, Conn, Walter Huang, Elon Musk, Musk, Philip Koopman, Koopman Organizations: Tesla, Traffic, NHTSA, CNBC, NBC News, Apple, Carnegie Mellon University Locations: U.S, Mountain View , California, Snohomish County , Washington, Sens

☆ How Trump managed to lose $1 billion in net worth in a single day
▼ + stars: | 2024-04-02 | by ( Allison Morrow | ) edition.cnn.com time to read: +3 min

That’s kinda what happened for investors in Trump Media & Technology Group, the troubled owner of Truth Social, on Monday. Even with Monday’s stumble, the stock is still up about 200% over the past six months, giving it a $6.6 billion valuation that defies logic. Trump Media, aka TMTG, generated just $4.1 million in revenue last year. But if history repeats, or even echoes, with Trump Media, investors may want to buckle up. Bottom line: Monday’s slump is hardly game over for Trump and his social media company.

Persons: CNN Business ’, Wile, Coyote, Monday’s, Matt Egan, It’s, ” Axios, Dan Primack, “, Donald Trump, David, dusts Organizations: CNN Business, New York CNN, Trump Media & Technology Group, Truth, Trump Media, GameStop, Trump Locations: New York, selloff

☆ Consumer advocates — and even some Realtors — hail NAR settlement: 'We've opened up the entire industry to competition'
▼ + stars: | 2024-03-24 | by ( Rob Wile | ) www.cnbc.com time to read: +6 min

Now, a landmark settlement with the National Association of Realtors is poised to upend this model. According to consumer advocates, and even some Realtors, it's a win for homebuyers and sellers. And in the months following Covid-19 pandemic reopenings, the hottest U.S. real estate markets were tipped squarely in favor of sellers. It's the same amount of money, but now the buyer gets money instead of a buyer agent, and they can decide what to do with it." What's more, greater competition for clients is likely to result in lower costs across the board, said Ryan Tomasello, a real estate industry analyst with the Keefe, Bruyette & Woods financial firm.

Persons: it's, Mariya Letdin, Letdin, they'll, Doug Miller, Miller, Ryan Tomasello, Keefe, Tomasello, Phil Crescenzo Jr, Crescenzo Organizations: National Association of Realtors, Realtors, homebuyers, Florida State University's College of Business, NBC News, U.S, NAR, Nation One Mortgage Corp Locations: Alhambra , California, Minnesota, Woods

☆ Home buyers and sellers to be spared automatic broker commissions under $418 million settlement
▼ + stars: | 2024-03-15 | by ( Rob Wile | ) www.cnbc.com time to read: +3 min

The National Association of Realtors has agreed to a landmark settlement that would eliminate real estate brokers' long-standing automatic commissions, commonly of up to 6% of the purchase price. Instead, home buyers and sellers would be able to negotiate fees with their agents upfront. If the $418 million legal agreement is approved by a federal court, consumer advocates predict the ranks of real estate agents will thin, further driving down commission prices. "For years, anti-competitive rules in the real estate industry have financially harmed millions," said Benjamin Brown, managing partner at the Cohen Milstein law firm and one of the settlement's negotiators. "It's a bribe," Doug Miller, an attorney and longtime consumer advocate in the real estate industry, said of the commission-splitting arrangements.

Persons: Benjamin Brown, Cohen Milstein, Nykia Wright, Wright, —, Doug Miller Organizations: National Association of Realtors, NAR, MLS

☆ Target to limit self-checkout to 10 items or fewer as Walmart also adjusts
▼ + stars: | 2024-03-15 | by ( Rob Wile | ) www.cnbc.com time to read: +2 min

Target is set to limit the number of items that can be purchased in its self-checkout lanes to 10 items or fewer. Some self-checkout lanes may also close entirely at certain hours depending on foot traffic patterns, it said. Target said it would be also be opening more traditional lanes staffed by team members. Customers at certain Walmart locations may start to notice changes to self-checkout lanes. As the number of shoppers and associate staffing increases, these stores open self-checkout registers to manage the increased customer flow.

Persons: I'm, Brian Cornell Organizations: CNBC, Walmart Locations: Queens , New York

☆ Boeing failed to retain security camera footage showing work on Max jet door that blew out, NTSB says
▼ + stars: | 2024-03-13 | by ( Rob Wile | ) www.cnbc.com time to read: +3 min

Security camera footage showing work being done on a Boeing Max 9 door plug that later blew out mid-air has been overwritten, the head of the National Transportation Safety Board said. "Boeing has informed us that they are unable to find the records documenting this work." She continued: "A verbal request was made by our investigators for security camera footage to help obtain this information; however, they were informed the footage was overwritten. A Boeing spokesperson said the company, like many others, does not retain security footage for longer than 30 days. The Alaska Airlines plane in question was in the factory last year in September and delivered in October.

Persons: Jennifer Homendy, Homendy, Dave Calhoun, Calhoun, John Barnett, Max, Bob Jordan Organizations: Alaska Airlines Flight, Boeing, National Transportation Safety Board, Boeing Max, National Transportation Safety, Commerce, Science, Alaska Airlines, NBC News, Journal, U.S . Department of Justice, South, The New York Times, United Airlines, Southwest, JPMorgan, CNBC Locations: Alaska, Portland , Oregon, U.S, South Carolina, Barnett's

☆ My 93-year-old dad taught me the importance of friendships
▼ + stars: | 2024-02-19 | by ( Amy Abbott | ) www.businessinsider.com time to read: +3 min

He held every office in civic and church clubs, including Lions Club Tail Twister. A highly responsible position, The Tail Twister enforced fines for made-up infractions like wearing the wrong color tie. The punishment: the Tail Twister cut off the offending tie about three inches below the knot. At 66, I've lost my mother and all my grandparents, but I haven't lost any close friends near my age. Like my Dad, I'm a planner and an instigator, always trying to stay in touch.

Persons: Dad didn't, Bob, Dad, Jim, Harry Truman's, I've, it's, Dad's, I'm Organizations: Service, Business, Wrigley Field, Wile Locations: Virginia, Denver, Chicago

☆ Mass layoffs hit Sports Illustrated staff
▼ + stars: | 2024-01-19 | by ( Rob Wile | ) www.cnbc.com time to read: +2 min

The publisher of Sports Illustrated is laying off much of the storied magazine's entire staff. The news, first reported by Front Office Sports, came less than 24 hours after publisher The Arena Group announced "a significant reduction in its workforce," comprising 100 employees. According to FOS, Sports Illustrated's parent company, Authentic Brands Group, has sought to revoke Arena's license to publish SI after Arena missed a payment. The union representing SI's staff said in a tweeted statement that it had been notified of Arena's intention to "lay off a significant number, possibly all" of its union-represented staff. "This is another difficult day in what has been a difficult four years for Sports Illustrated under Arena Group (previously The Maven) stewardship," the union said in a statement.

Persons: Richard Deitsch, Long, Ross Levinsohn, Manoj Bhargava, Bhargava Organizations: Sports Illustrated, Front Office Sports, Arena, Authentic Brands, The, Arena Group, SI, Authentic Brands Group, NBC News, Time Inc, Meredith Corp, Better Homes, Gardens, Sports, Innovations Ventures, Men's, Sports Illustrated Resorts Locations: Dominican Republic

☆ People are grieving the 'death' of their AI companions after a chatbot app abruptly shut down
▼ + stars: | 2023-10-20 | by ( Rob Price | ) www.businessinsider.com time to read: +11 min

A 32-year-old food industry worker in eastern Texas who asked to be identified by her Reddit username, Hilary Coyote, first heard about AI chatbot companions in June. She turned to Reddit's community of Soulmate users for support, and was encouraged to go back to the app and Allur. (EvolveAI and SimplyAI's now-shuttered Soulmate app has no relation to "Soulmate AI: Your AI Companion," another app that appears in smartphone app stores and was developed by Turing App Lab.) Even if Ahoy Labs closed down, Faraday users' chatbots would not be affected. Read more: App, Lover, Muse: Inside a 47-year-old Minnesota man's three-year relationship with an AI chatbot.

Persons: Mike Hepp, Sam, Mike, wile, peppering, he'd, Soulmate, Replika, There's, Hilary Coyote, Allur, Hilary, she'd, Chris, chatbots, —, Julia, Soulmate's userbase, Jorge Ilas, SimplyAI's, She'd, Faraday, Hilary somberly, Sam —, Kindroid Organizations: YouTube, SimplyAI, Turing, Stanford Locations: Michigan, Soulmate, Replika, Florida, Chai, Texas, Bavaria, Germany, Reddit, Los Angeles, Minnesota

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