How to protect your 401(k) in a bear market

Editor’s Note: This is an updated version of a story that originally ran on August 29, 2022. Stocks and bonds are trading in bear territory. And given current circumstances, it’s fair to assume the markets will remain volatile for awhile. Interest rates are rising quickly in the US and Europe amid government efforts to tamp … Read more

Dow on track for its worst month since March 2020

New York CNN Business  —  September has been a horrible month for stocks. The Dow is on track to fall more than 8%, its worst monthly drop since March 2020, when pandemic lockdowns started in the United States. The index was in the red Friday too. The Dow, a widely watched barometer of America’s stock … Read more

Nike is going on sale, and its stock is plunging

New York CNN Business  —  Add Nike to the list of brands and stores discounting excess merchandise to clear it off shelves. Nike (NKE) said Thursday its inventory levels soared 65% in North America, its largest market, and 44% overall last quarter from a year ago. After navigating limited supply in 2021 Nike is now … Read more

Think mortgage rates are high now? Homebuyers in the 1980s were paying 19%

Think mortgage rates are high now? Connie Strait remembers when she was starting her career in real estate in the early 1980s and buyers were contending with rates three times higher. Strait recalled one couple who were actually relieved when they locked in a 30-year fixed-rate mortgage at 19% in September 1981. The couple had … Read more

Used cars have become unaffordable

New York CNN Business  —  High prices and rising interest rates are putting used cars out of reach for a growing number of car shoppers. That’s bad news for CarMax, the nation’s largest used car dealer. CarMax reported Thursday that its earnings plunged 54% as the number of cars it sold in the quarter fell … Read more

Latest GDP reading confirms the US economy shrank for two straight quarters, supporting one definition of a recession

Minneapolis CNN Business  —  The US economy shrank by 0.6% during the second quarter of the year, according to the latest gross domestic product estimate from the Bureau of Economic Analysis released Thursday. That matches the most recent GDP estimate and shows the economy was in contraction for the entire first half of the year … Read more

Student loan forgiveness: Biden administration kicks off student loan debt forgiveness process

CNN  —  The Biden administration on Thursday is kicking off its efforts toward forgiving student loan debt, sending updates on the process via email before the window to apply opens next month. In August, President Joe Biden announced his decision to cancel up to $10,000 in student loan debt for individuals making less than $125,000 … Read more

The UK is gripped by an economic crisis of its own making

London CNN Business  —  A week ago, the Bank of England took a stab in the dark. It raised interest rates by a relatively modest half a percentage point to tackle inflation. It couldn’t know the scale of the storm that was about to break. Less than 24 hours later, the government of new UK … Read more

China’s yuan hovers near record lows against the dollar despite central bank warning

Hong Kong CNN Business  —  China’s yuan hovered near record lows against the US dollar on the offshore market on Thursday, as major currencies around the world continue to tumble after the Federal Reserve’s aggressive hikes. The yuan — also known as the renminbi —has been declining for months despite interventions by China’s central bank. … Read more

Markets in a tailspin get a big dose of chill from the Bank of England

This story is part of CNN Business’ Nightcap newsletter. To get it in your inbox, sign up for free, here. New York CNN Business  —  All the drama out of the UK government is keeping me from catching up on the only UK drama I really want to consume, which is Love Island, season 8, … Read more