Bank of America said Wednesday that it raised its U.S. minimum hourly wage to $25 an hour, making the starting salary for full-time employees more than $50,000 a year while committing to doubling its hires for community college graduates.
Why it matters: The move is in contrast to the labor market data indicating weaker wage growth and fewer jobs for young people.
Why it matters: The restaurant-and-retail chain is reeling from a firestorm over an aborted decision to redo its logo and stores, abandoning the "Old Timer" design.
MAGA critics blasted the move, assailing it as an example of the company's "woke" turn.
Wall Street got its wish with the first rate cut of 2025, but the Federal Reserve's mixed signals about the health of the economy could put near-term pressure on stocks, potentially triggering a correction.
Why it matters: With few if any near-term catalysts like earnings or an upcoming Fed meeting to focus on, investors may finally find themselves confronting market risks they've ignored for months.
The Federal Reserve cut its target interest rate by a quarter point Wednesday, reacting to weak job creation over the summer — against the backdrop of high drama over the central bank's leadership.
Why it matters: With President Trump clamoring for cheaper money, policymakers delivered the first rate cut of the year. But new projections showed little appetite for the deeper rate cuts the president seeks.
A dissent from a new Trump appointee to the Fed shows growing divides within the world's most important central bank.
Nvidia shares were trading down 3% Wednesday afternoon as the chip maker's China problem continues to escalate.
Why it matters: The world's most valuable company is being shut out of the second-biggest market in AI computing, a result of U.S. export restrictions and a deepening AI race between Beijing and Washington.
A forgotten collection of drawings discovered at a farm estate sale in upstate New York offers a rare glimpse into the history of automotive design.
Why it matters: The cars depicted in the dusty binder never made it into production, but the student artists who drew them went on to become some of the industry's most influential car designers, including:
It is rare for four words—in a confirmation hearing for a single Federal Reserve governor, for a term that expires in just a few months — to get the attention of bond markets.
But these are not normal times.
Why it matters: Stephen Miran's testimony before the Senate Banking Committee two weeks ago hinted that he and other President Trump appointees will view the Fed's assignment differently than past officials.
StubHub on Tuesday night raised $800 million in its IPO, pricing at the midpoint of its $22 to $25 per share range.
That gives the ticket resale giant an $8.5 billion initial market cap, although that may climb when shares begin trading today on the NYSE under the ticker "STUB."
Axios spoke with StubHub co-founder and CEO Eric Baker about the IPO the business, and President Trump's efforts to end ticket price gouging. What follows is an edited transcript of our conversation:
U.S. trade officials on Tuesday started the formal review process for the U.S.-Mexico-Canada Agreement (USMCA), inviting public comment ahead of next year's renegotiation of the pact.
Why it matters: This starts what is likely to be a highly contentious process, particularly against the backdrop of the tariffs President Trump imposed this year on both countries.
