Cocoa prices have climbed past a record set nearly a half-century ago, costing chocolate makers, bakers and aficionados alike.
Sales of Hybrid Cars Accelerate As Drivers Hesitate to Buy EVs. Hybrids, which combine a gas engine with a battery-propelled motor to boost fuel efficiency, have been a small but steady slice of the U.S. car market since the Toyota Prius ushered in the technology more than two decades ago. The number of hybrid models on sale in the U.S. grew 40% over five years. They're now are available across more vehicle sizes and body styles than in past years: larger SUVs, pickups, jeeps and even sports cars.
Since the end of 2019—a period that includes the covid-19 pandemic and its aftermath—America’s economy has grown by about 8% in real terms. During that same time, the euro area has expanded by only 3%, Japan a piddling 1% and Britain not at all.
Since 2006, managerial wages have been flat in real terms (inflation adjusted), while non-managerial wages have risen 15%. The recent difference is even more stark, with non-managerial earnings rising about 4% in real terms since pre-pandemic 2019 (despite high inflation), while managerial real earnings are down about 8%. It’s far too early to assume that AI-driven productivity gains have driven wages down (there is no evidence of that); but, if advances in technology continue, the wage trend for white collar workers could continue on its downward trajectory.
The Justice Department and 17 states sued Apple on Thursday, alleging the tech giant blocked software developers and mobile gaming companies from offering better options on the iPhone, resulting in higher prices for consumers. Apple said it plans to vigorously defend against the lawsuit.
The Federal Reserve continues to expect three interest rate cuts this year, according to its closely-watched dot plot released on Wednesday. That was enough to push Wall Street to fresh record highs, while gold also scored a new record, jumping above $2,200 an ounce. Meanwhile, the rate remained unchanged at 5.25%-5.50%, but Jay Powell warned that bumpy inflation may mean rates could be restrictive for longer and dialed back on the scope of cuts in 2025 and beyond.
Neuralink has released a clip featuring the first patient with its brain chip implant. Noland Arbaugh, a 29-year-old quadriplegic patient who received the device in January, was able to move a computer cursor to play chess using only neural signals.
Reddit Hits $9.5 Billion Value as IPO Jumps 48%. The shares surged 48% from the offer price in their stock-market debut Thursday, an endorsement for the oftentimes irreverent social-media company and an encouraging sign for other companies that have been waiting to go public. The company's shares closed at $50.44 a piece on their first day trading on the New York Stock Exchange. As the old joke goes, “IPO” usually stands for It's Probably Overpriced.
The benchmark S&P 500 (SP500) on Friday marked its best weekly performance of 2024, snapping a two-week losing streak in the process. Wall Street's bull run was rekindled after the Federal Reserve's updated dot plot stuck to three interest rate cuts this year. Many market participants were fearing much worse, and Fed Chair Jerome Powell further allayed concerns with a relaxed attitude towards recent hot inflation reports.