US Pay Inequality Improves, Wealth Gap Widens in Fed ReportThe Federal Reserve said income inequality fell over the last three years, but the change did little to narrow persistent wealth disparities.
Billionaires Might Win This Wealth-Tax Battle But Lose the WarFor months, the billionaires of Silicon Valley (and a few other gilded corners of California) have been scrambling to stop a statewide measure that would levy a one-time 5% wealth tax on their assets. Until now, they haven’t had much luck. But as ballots begin arriving in voters’ mailboxes this week, they arguably have some reason for optimism.
The Trump Stock Market Is Lousy for MostPresident Donald Trump has long viewed the stock market as a referendum on his performance. Although the S&P 500 Index closed at an all-time high this week, it did so on the strength of a handful of companies focused on the booming artificial intelligence sector, papering over signs of growing vulnerabilities in the economy and financial markets. With the midterm elections less than a month away, what Trump sees as an asset for Republicans may in fact be a liability.
AI Powered Bull Market in S&P, Now It Needs More Building BlocksThe bull market in US stocks is showing few signs of stress as it approaches its fourth anniversary: Corporate profits are rock-solid, the S&P 500 Index is near a record and volatility appears subdued.
Stocks Rise Ahead of Earnings as AI Bubble Fears RecedeUS stocks rose as investor concerns around the artificial-intelligence spending spree and an energy crunch eased.
US Mortgage Rates Rise for Seventh Straight Week, Climbing to 7.4%US mortgage rates increased for seven straight weeks for the first time in three years, adding pressure to an already weak housing market.
Kentucky Derby Owner’s Stock Soars as Billionaire Amasses StakeChurchill Downs Inc. is surging after billionaire Mike Repole said late Thursday that he had purchased one million shares of the horse racing and gaming company over the past four days.
Chanel Owner Shakes-Up NYC Power Base for $86 Billion EmpireFor decades, New York City served as the seat of power from where the family behind fashion giant Chanel managed its billions. One member of that dynasty is now building up another outpost in Switzerland.