U.S. Economy

Market analysts said the oil production cut announcement Monday from a powerful oil-rich Saudi-led coalition will drive U.S. gasoline prices higher ahead of peak driving season.

The secondhand clothing market is surging, and both older and younger generations have jumped on the trend. ThredUP CEO James Reinhart says its best years are just ahead.

GasBuddy head of petroleum analysis Patrick De Haan says OPEC's surprise production cut served as a "wild card" to gas prices, warning the Midwest and Florida will see spikes first.

JPMorgan Chase CEO Jamie Dimon wrote about the collapse of Silicon Valley Bank and ongoing turmoil within the financial sector in a letter to shareholders.

Treasury Secretary Janet Yellen said that the decision by OPEC+ to reduce oil production isn't a positive move for global growth amid persistent inflation.

Gas prices may surge as we head into the summer driving season due to the latest productions cut from OPEC+, according to experts.

Surprise oil production cuts announced by OPEC+ on Sunday sent oil prices soaring higher, with Brent crude surging to more than $83 a barrel on Monday.

Bed Bath & Beyond warned in a filing with the Securities and Exchange Commission that it will "likely" file for bankruptcy if it's not able to secure funds from a stock offering.

Housing markets in tech hubs have cooled rapidly as turmoil hits the sector and mortgage rates remain elevated, according to a new report from Redfin.

Michigan has become the first state in decades to repeal a "right-to-work" law. Gov. Gretchen Whitmer, a Democrat, signed the legislation on Friday to praise from President Biden.

Demand for home buying has been "steady" as mortgage rates continue to slip. Mortgage rates fell for the second week to 6.42%, according to Freddie Mac, after the Federal Reserve said it would modestly hike rates.

Gas prices decreased this week to $3.49 per gallon, AAA reported. And prices could hold steady as the price of oil remains low, despite a rise in demand for gas.

Texas-based Indeed is laying off 2,200 employees due to a decrease in job openings following a recent post-COVID boom. CEO Chris Hyams apologized in a Wednesday letter.

Accenture announced that it plans to lay off 19,000 employees as it works to streamline operations amid the uncertain economic environment. However, it's still hiring.

High energy prices are likely here to stay as supply and demand continues to tighten, according to energy expert and FOX Business contributor Phil Flynn.

Shopify became a White Knight for some of its merchants who used Silicon Valley Bank by making what was a rare move in the cutthroat world of big business this week.

Silicon Valley Bank did not employ a chief risk officer from April 2022 to January 2023, leading up to its collapse last Friday; but it did employ a chief DEI officer in that time.

Treasury Secretary Janet Yellen said that Chinese Communist Party-linked (CCP) depositors of Silicon Valley Bank could be "made whole" by the U.S. banking system.

In total, investors and depositors initiated withdrawals equating to about $42 billion in deposits from the bank on Thursday alone, causing a run on the bank, according to a regulatory filing.

Federal regulators approved Canadian Pacific’s $31 billion acquisition of Kansas City Southern late Wednesday morning following a years-long review process.