Former Rep. Billy Long, R-Mo., nominee to be commissioner of the Internal Revenue Service, testifies during his Senate Finance Committee confirmation hearing in Dirksen building on Tuesday, May 20, 2025. Tom Williams | Cq-roll Call, Inc. | Getty ImagesU.S. President Donald Trump is removing Billy Long as the commissioner of the Internal Revenue Service and Treasury Secretary Scott Bessent will temporarily serve as acting commissioner, a White House official and a source familiar with the matter said on Friday.The New York Times, which first reported the news, said Long, a former congressman from Missouri, was expected to be nominated for an ambassador post, but did not name the country.”Secretary Bessent will now serve…
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Suddenly, Wall Street cares about inflation again. After taking a backseat to the jobs report earlier this year, inflation data will take center stage next week as investors try to discern whether the Federal Reserve will cut in September. The latest consumer price index is set to release Tuesday, and the producer price index is due out Thursday. Other economic data such as retail sales is also on deck. A quarter-point cut is widely anticipated at next month’s Fed meeting, fed funds futures pricing shows. But, any suggestion that inflation is getting away from the central bank’s 2% target, just…
James Lovell, the commander of Apollo 13 who helped turn a failed moon mission into a triumph of on-the-fly can-do engineering, has died. He was 97.Lovell died Thursday in Lake Forest, Illinois, NASA said in a statement on Friday.”Jim’s character and steadfast courage helped our nation reach the Moon and turned a potential tragedy into a success from which we learned an enormous amount,” NASA said. “We mourn his passing even as we celebrate his achievements.”One of NASA’s most traveled astronauts in the agency’s first decade, Lovell flew four times — Gemini 7, Gemini 12, Apollo 8 and Apollo 13 — with the two Apollo…
In an aerial view, the Tesla headquarters is seen in Austin, Texas, on July 24, 2025.Brandon Bell | Getty ImagesTesla has been granted a permit to run a ride-hailing business in Texas, allowing the electric vehicle maker to compete against companies including Uber and Lyft.Tesla Robotaxi LLC is licensed to operate a “transportation network company” until August 6, 2026, according to a listing on the website of the Texas Department of Licensing and Regulation, or TDLR. The permit was issued this week.Elon Musk’s EV company has been running a limited ride-hailing service for invited riders in Austin since late June.…
Halfpoint Images | Moment | Getty ImagesConsumers are racing to buy electric vehicles before a fast-approaching deadline to claim tax credits worth up to $7,500, according to auto analysts.Legislation championed by Republicans on Capitol Hill and signed by President Donald Trump in July eliminates the tax breaks — available for new, used and leased EVs — after Sept. 30.The Biden-era Inflation Reduction Act had originally offered the tax breaks to consumers through 2032.”We’re expecting Q3 may be [a] record for EV sales because of the tax incentives going away,” said Stephanie Valdez Streaty, a senior analyst at Cox Automotive.”People are…
Gold futures climbed to a record high on Friday after a report that the United States had imposed tariffs on imports of 1-kg gold bars, while spot gold stayed on track for a second straight weekly gain on tariff turmoil and U.S. interest rate-cut hopes.Srinophan69 | Moment | Getty ImagesGold prices fell from a record high Friday after the White House said it will clarify “misinformation” about the precious metal facing tariffs.”The White House intends to issue an executive order in the near future clarifying misinformation about the tariffing of gold bars and other specialty products,” a White House official…
Goldman Sachs has long been considered the king of Wall Street dealmaking. Now, the bank is increasing its focus on another target: managing money for wealthy clients and institutions. Investment banking services, like underwriting initial public offerings (IPO) and advising mergers and acquisitions (M & A), have long been Goldman’s bread and butter. In fact, the firm was ranked No. 1 in overall global M & A activity for the first seven months of 2025, capturing 32% of market share among its financial peers, according to LSEG data. Most recently, Goldman has had its hand in a number of high-profile…
President Donald Trump ‘s new executive order paves the way to bring alternative assets into 401(k)s, but what that will eventually look like — and how complicated it may be — remains to be seen. The order, signed by the president on Thursday , directs the Secretary of Labor to reexamine fiduciary guidance on alternative investments — such as private equity, private credit and cryptocurrencies — in 401(k) and other defined-contribution plans. Those plans are governed by the Employee Retirement Income Security Act of 1974, or ERISA. Adding alternative assets can be a complex endeavor for 401(k) plan sponsors, thanks…
(Check out Carter’s worthcharting.com for actionable recommendations and live nightly videos.) Cement manufacturers Martin Marietta (MLM) and Vulcan Materials (VMC) are very similar businesses, with the shares in each company having a correlation of 92%. And right now, both stocks are toying with the prospect of breaking out to new 52-week highs and all-time highs. By our work, it is right to be accumulating each stock aggressively. Martin Marietta Materials (MLM) Buy for a breakout to new highs… Vulcan Materials (VMC) Buy for a breakout to new highs… DISCLOSURES: (None) All opinions expressed by the CNBC Pro contributors are solely…
CNBC’s Contessa Brewer breaks down the latest earnings from Expedia. Source link
