Finance
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The May jobs report just blew past expectations—and maybe too far for markets
The labor market delivered another whopping win on Friday: 172,000 jobs in May, when economists had expected 88,000. The even stronger surprise was in the rearview mirror: March was revised up by 29,000 to 214,000, April by 64,000 to 179,000. Combined, the two months were 93,000 stronger than previously reported. Though such a strong labor…
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Current price of oil as of June 5, 2026
At 9 a.m. Eastern Time today, oil was priced at $97.44 per barrel with Brent serving as the benchmark (we’ll explain different benchmarks later in this article). That’s a drop of 51 cents compared with yesterday morning and around $32 higher than the price one year ago. Oil price per barrel % Change Price of…
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Trump promised deportations would protect American jobs. Brookings said ICE raids have cost the economy over 668,000 of them
After campaigning to enact mass deportations on what he said would be “day one” of his second administration, President Donald Trump seems to have largely kept his promise to remove undocumented immigrants from the country. He began the crackdown by targeting primarily Democratic-run cities, leading to the deportation of more than 105,000 people between Jan.…
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Social Security faces a 24% cut in 2032—that’s a $345 billion hit to retirees nationwide, watchdog says
Social Security is barreling toward a 24% across-the-board benefit cut in 2032 that would slash roughly $500 a month from the average retiree’s check — a hit that totals about $345 billion a year nationwide, according to a first-of-its-kind report from the Committee for a Responsible Federal Budget, a Washington fiscal watchdog. Yet as that…
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BofA on the ‘fundamental disconnect’ in the housing market: You’re blaming the wrong person for why you can’t afford a home
American homebuyers have found plenty of villains for today’s brutal housing market: the Federal Reserve, Wall Street landlords, even their baby boomer parents who refuse to move. But Bank of America Research argues the real culprit is hiding in plain sight in your own backyard. In a new housing symposium report, BofA Global Research says…
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SpaceX and Anthropic are about to go public—and your 401(k) may be forced to buy in
Two of the most valuable companies in history are about to go public, and because of their sheer size, they may fundamentally alter what sits inside millions of Americans’ retirement accounts. With SpaceX’s IPO also sparking index providers to change the rules on how stocks are added to major stock market indexes (like Nasdaq or…
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A dying satellite company sold spectrum to Elon Musk—and turned $11.1 billion in SpaceX stock into the Fortune 500’s best shareholder return
A beleaguered satellite company on the verge of bankruptcy a year ago has become the Fortune 500’s latest success story in shareholder returns: its stock price soared 430% since the beginning of last year, including nearly 375% in 2025 alone. EchoStar, which sits at No. 302 on the Fortune 500 list, released this Wednesday, saw…
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What Christie’s $1.45 billion blockbuster art auction tells us about the ‘Great Wealth Transfer’
It was the kind of drama an auction house dreams of. As part of its spring week auction in mid-May, Christie’s was selling a 1948 Jackson Pollock dip-and-splash painting, one of the largest held by a private owner. Bidding seemed to stall around $150 million until suddenly a bidding war among four prospective buyers broke…
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10,000 Boomers a day, $39 trillion in debt, and no benefit cuts: Bessent stakes Social Security on the Trump economy
At Treasury Secretary Scott Bessent’s testimony before Congress on Wednesday, Sen. Bill Cassidy (R-LA) brought up a well-worn data point: 10,000 Baby Boomers enter Social Security every day. “In our plan,” Bessent vowed, “the senior citizen does not pay more taxes and the senior citizen does not get less benefits.” Cassidy, who will be leaving…
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Ray Dalio warns the stock market is approaching 1929 and 2000 bubble levels—but another crisis is ‘past the point of no return’
Billionaire investor Ray Dalio delivered a stark dual warning Wednesday, telling Bloomberg Television U.S. equity markets were nearing bubble territory last seen before two of history’s worst financial crashes—even as a separate debt-driven crisis has already crossed a threshold from which there is no escaping. “We are right now rising close to—not at—the same level…