Elon Musk is on track to become the world’s first trillionaire by 2027, according to a recent report from Informa Connect Academy. Of the world’s billionaires, Musk is the closest to that 13-figure mark, and his wealth is growing. At the start of 2020, Musk was worth about $28.5 billion, according to the Bloomberg Billionaires Index. By the end…
The 10-year Treasury yield, a benchmark for mortgages and car loans, jumped back above 4% on Monday amid stronger labor market readings and despite the start of a Federal Reserve rate-cutting campaign last month. The 10-year yield was up more than 4 basis points to 4.024%, its highest since early August and a big turnaround from its 2024 low…
U.S. Treasury yields jumped Friday as investors digested a better-than-expected September jobs report. The 10-year Treasury yield rose around 12 basis points to 3.971%. The yield on the 2-year Treasury was 21 basis points higher at 3.924%. Yields and prices have an inverted relationship. One basis point equals 0.01%. Nonfarm payrolls grew by 254,000 in September, significantly exceeding the…
A major union for U.S. dockworkers and the United States Maritime Alliance agreed on Thursday to a tentative deal on wages and have extended their existing contract through Jan. 15 to provide time to negotiate a new contract. The move ends a strike that had snarled East Coast and Gulf Coast ports since the beginning of the week and…
An aerial picture taken on September 28, 2024, shows storm damage in the aftermath of Hurricane Helene in Valdosta, Georgia. John Falchetto | Afp | Getty Images The devastation wrought by Hurricane Helene across the southeastern United States could cost upwards of $34 billion, according to early estimates from Moody’s Analytics. And due to the eroded state of the…
Mario Tama | Getty Images News | Getty Images President Joe Biden and his administration are sticking to their position of not invoking the Taft-Hartley Act to force International Longshoremen’s Association dock workers back on the job at East and Gulf coast ports where a strike is hitting day two on Wednesday, a political decision that reflects the power…
Workers picket outside of the APM container terminal at the Port of Newark in Newark, New Jersey, US, on Tuesday, Oct. 1, 2024. Bloomberg | Bloomberg | Getty Images Billions in trade came to a screeching halt at U.S. East Coast and Gulf Coast ports after members of the International Longshoremen’s Association, or ILA, began walking off the job…
The first debate between Vice President Kamala Harris and former President Donald Trump is shown on television at the Juventud 2000 migrant shelter in Tijuana, Mexico, on Sept. 10, 2024. Immigration has been a hot topic throughout the presidential campaign. Carlos Moreno/NurPhoto via Getty Images The idea that immigration has a negative impact on the U.S. job market is…
Vice President and Democratic presidential candidate Kamala Harris speaks at the Philip Chosky Theatre during a campaign event in Pittsburgh, Pennsylvania, on September 25, 2024. Jim Watson | AFP | Getty Images Vice President Kamala Harris on Wednesday said she would work to usher in a U.S. manufacturing comeback, an appeal to the business community and an attempt to…
Port of New York/New Jersey executives tell CNBC they have begun preparations for a potential complete work stoppage by the International Longshoremen’s Association, the largest North American union for maritime workers. The ILA represents more than 85,000 longshoremen and a strike would shut down five of the 10 busiest ports in North America, and a total of 36 ports…