NEW YORK (Reuters) – U.S. economic growth slowed more than expected in the first quarter, but a surprisingly hot quarterly Personal Consumption Expenditure inflation component suggested that the Federal Reserve would not cut interest rates before September. Gross domestic product increased at a 1.6% annualized rate last quarter, the Commerce Department said in its advance […]

By Mike Scarcella (Reuters) – The U.S. government set up a likely court showdown over the scope of TikTok’s free speech protections under the U.S. Constitution after President Joe Biden signed legislation on Wednesday to ban the social media platform from app stores unless its Chinese owner sells it. While the bill itself does not […]

By Ilona Wissenbach and Christoph Steitz FRANKFURT (Reuters) -Tesla is targeting around 400 job cuts at its German gigafactory near Berlin, or about 3% of the plant’s total workforce, it said on Tuesday, adding it was hoping to achieve this without forced layoffs. That is less severe than group-wide efforts to slash over 10% of […]

(Reuters) – Traders who bet against the “Magnificent 7” group of big U.S. tech stocks booked their biggest-ever weekly profit of more than $10 billion last week, with the biggest gains coming from their short position in shares of Nvidia and Tesla, Ortex data showed. The chip designer shed almost 14% last week to clock […]

By Nicole Jao NEW YORK (Reuters) -Oil settled slightly higher on Friday, but posted a weekly decline, after Iran played down a reported Israeli attack on its soil, a sign that an escalation of hostilities in the Middle East might be avoided. Brent futures settled up 18 cents, or 0.21%, at $87.29 a barrel. The […]

By Laura Sanicola (Reuters) -Oil prices settled down 3% on Wednesday, pressured by a rise in U.S. commercial inventories, weaker economic data from China and U.S. progress on Ukraine and Israel aid bills. Brent futures for June settled down $2.73, or 3%, at $87.29 a barrel, while U.S. crude futures for May settled down $2.67 […]

(Reuters) -Advanced Micro Devices unveiled a new series of semiconductors for artificial intelligence-enabled business laptops and desktops on Tuesday as the chip designer looks to expand its share of the lucrative “AI PC” market. These chips are expected to be available in platforms from HP and Lenovo starting in the second quarter of 2024, AMD […]

By Nichola Groom and Jorge Garcia (Reuters) – A major battery plant near Los Angeles will be among the largest in the world when it comes online later this year, promising to shore up California’s power grid during the peak summer season and help the state a meet ambitious climate goals. Calpine’s billion-dollar Nova Power […]