Kohl’s — Shares of the retailer tanked more than 17% after reporting dismal quarterly earnings and lowering its profit outlook for the year. The company reported earnings of 74 cents per share on revenue of $4.36 billion. Macy’s — Shares of the department store tanked more than 10% as investors worried weaker results from Kohl’s could mean the same slower spending at Macy’s. Shares of retailer Gap also fell 3% and Nordstrom dropped 6% amid the overall fall in retail stocks. TJX reported earnings

On Monday, CNBC’s Eunice Yoon reported that Chinese officials were pessimistic about a trade deal. The S&P 500 has fallen nine times since Oct. 11, with none of those moves even reaching the 0.4% mark. FactSet data shows S&P 500 companies discussing tariffs in the third quarter fell by 29% from the second quarter of the year. China hurting more from trade war than USThe trade war has taken its toll on both the U.S. and Chinese economies over the past year, but more so on China, according to Gold

(AP Photo/Ross D. Franklin, file)After nearly 50 years in operation, one of the largest coal-fired power plants in the Western United States shut its doors for good on Monday. The plant closure is the latest casualty in the coal industry as consumers shift to cheaper and cleaner sources of power. Since 2010, more than 540 coal-fired plants have closed. In April, for the first time ever, renewable energy sources such as solar and wind farms provided more of the US’ electricity than coal, accordin

Fisher Investments has lost more than $3 billion in assets as government pensions and other institutional partners have left. The Windy City’s police pension fund has about $2.6 billion in total assets as of Oct. 30. The Chicago police pension fund is ending its $67 million relationship with Fisher Investments. Major pension clients to have left Fisher include the Los Angeles fire and police pension, which pulled $522 million and the Michigan Investment Board, which is withdrawing $600 million.

Goldman Sachs senior chairman Lloyd Blankfein on Tuesday seemed to double down on his use of racially loaded language targeting Democratic presidential candidate Elizabeth Warren, who has claimed to have Native American ancestry. “If I could, I would just bury the hatchet and move on,” Blankfein said during an interview on CNBC’s “Halftime Report.” Asked by CNBC’s Scott Wapner on Tuesday if that tweet was a dig at her claims of Native American heritage, Blankfein did not deny that it was. Later

The closure of Waymo’s self-driving car facility in Austin, Texas, this month eliminated jobs for about 100 contractors, some of whom described surprise at the sudden decision. CNBC has now learned that the closure affected many more people, including contract workers from firms Adecco and Genesis10, according to conversations with nine people who worked for Waymo in Austin and elsewhere. Five of these people estimated around 100 workers, or more, were affected. A Waymo spokesperson described th

Lloyd Blankfein, former Goldman Sachs CEO, told CNBC on Tuesday the pay disparity between CEOs and rank-and-file employees is really no different from what on-air television personalities get paid compared with behind-the scenes workers. Blankfein went on to say to Wapner, “Someone must have decided that you in this seat draws more viewers than if your cameraman switched places. 1 box office star … and you think, ‘What is that movie worth with the No. 1 guy in it, what’s that guy worth as a di

Kohl’s CEO Michelle Gass expects the heightened promotional activity is here to stay throughout the holiday season. “Weather clearly had a role,” Gass told CNBC in an interview. “I think for us at Kohl’s we stand for value,” Gass told analysts during a post-earnings conference call. By midday, Kohl’s shares, which have a market value of $7.6 billion, were down more than 18%. Seventy-five percent of retailers are planning to offer sales earlier this holiday season because of the shortened shoppin

CNBC looked at 13 states that are usually considered swing states or have grown more competitive in recent elections. In October, eight had unemployment rates lower than the national mark of 3.6%, while five stood higher. At the same time, six of the states had unemployment rates that rose from the previous year. Arizona had the highest unemployment rate of the 13 states at 4.8%, followed by Pennsylvania and Ohio at 4.2%. Minnesota saw the biggest increase in the unemployment rate among those st

Richard Carson | ReutersIt’s been nearly a decade since the U.S. has flown its own astronauts, a time NASA is eagerly hoping both Boeing and SpaceX will soon end. NASA previously estimated it would pay $58 million to fly its astronauts with either company. But NASA’s Office of Inspector General (OIG), the agency’s auditor, said in a report last Thursday that NASA will pay $90 million to fly with Boeing – and just $55 million to fly with SpaceX. Essentially, that makes it about 60% more expensive

Bloomberg, the 77-year-old billionaire former mayor of New York, has said he will not conduct any fundraising and will self-finance a run for president. A private equity executive told CNBC on the condition of anonymity that a Bloomberg campaign represents an alternative to Biden and Harris. This executive preferred Biden and Harris to the field, but he has felt unimpressed with their campaigns in recent weeks. Biden, Warren, Sen. Bernie Sanders, Buttigieg and Harris will be under intense scruti

As more Americans find it harder to afford a home, rental demand is soaring, especially for single-family homes. The supply of rental homes is shrinking, and that continues to push rent prices higher, particularly on the lower end of the market. Those less expensive rentals, going for less than 75% of the median regional rent, jumped nearly 4% annually in September, according to CoreLogic. “Low rental supply coupled with ongoing demand pushed up rents in September,” said Molly Boesel, principal

D.C. Attorney General Karl Racine brought charges against DoorDash on Tuesday, accusing the company of pocketing tips meant for workers and misleading customers about where their money was going. Transparency is of paramount importance, which is why we publicly disclosed how our previous pay model worked in communications specifically created for Dashers, consumers and the general public starting in 2017. The charges follow an investigation Racine’s office launched in March which found DoorDash

Walmart is constantly evolving to avoid dying off, as plenty of other retailers have, according to the company’s chief executive officer. “Walmart is not arrogant,” CEO Doug McMillon said at CNBC’s Evolve Summit in Los Angeles on Tuesday morning. “We could go away at any minute. If you’re not willing to fail — and we are failing at some things — you’re going to go away.” McMillon went on to say that, at Walmart, “everything is open to change.”

President Donald Trump threatened higher tariffs on Chinese goods if that country does not make a deal on trade. “If we don’t make a deal with China, I’ll just raise the tariffs even higher,” Trump said in the meeting. The U.S. and China agreed to a “phase one” trade deal in October, but Beijing and Washington have since sent mixed signals about how the countries will move forward. Trump later said that he had not agreed to scrap the tariffs, lowering hopes for a deal. White House economic advis

After the accident, the Federal Aviation Administration ordered more checks for cracks in CFM-56 engine fan blades. “We look forward to reviewing the NTSB’s recommendations and working with the manufacturers to prevent this type of event from ever happening again,” the low-cost airline said. The CFM-56 engines on the Southwest plane involved in the April 2018 accident are some of the most popular in the world and made by CFM International, joint venture of General Electric and France’s Safran. ”

Good news, for those squinting at the text in The Outer Worlds: Obsidian Entertainment released an update to its role-playing game that directly addresses that issue, plus other problems that some players had spotted since the game launched last month. Patch 1.1.1.0 for The Outer Worlds adds a toggle to increase font size in conversation text, cinematic subtitles, bark subtitles, and terminal text, according to patch notes published on the Obsidian forums. Those who still spot unresolved issues

November is the peak month for holiday spending pressure, according to Bankrate. Nearly half of gift-givers in the survey said they’re willing to break ranks with traditional, pull-out-all-the-stops spending. Strategies people are willing to embrace: About a quarter (24%) are willing to regift, 19% say they’d buy secondhand items and a few (16%) say they’d consider giving up gift-giving altogether. According to personal finance site Money Under 30, this demographic is positioned to spend the mos

Country Financial polled more than 1,000 adults in October. The average person said they would need $58,673, on average, to be totally free of all their cumulative debts this season, Country Financial found. There are good and bad types of debt, said Troy Frerichs, a vice president at Country Financial. That’s a hefty additional expense considering that credit card interest rates are down just slightly from record highs. The average card interest rate is 17.25%, according to CreditCards.com’s la

If both husband and wife reach age 65, the difference shrinks but persists: age 85.6 for women and age 83 for men. Here are some questions that women should get answered to help them know their full financial picture, in case they find themselves in that situation, based on Geller’s presentation. “Never sign a joint return unless you are comfortable with what it says,” Geller said. Unless it is set up as a corporation, there’s a good chance the income flows through your joint return. Never sign