For: May 7, 2025
>>Watching Wall Street
(New York, NY) -- The opening bell rings this morning after a lower close on Wall Street Tuesday as investors deal with uncertainty over tariffs. At the closing bell, the Dow Jones Industrial Average lost 389 points to 40-829. The S&P 500 fell 43 points to 56-06. The Nasdaq lost 154 points to 17-689.
>>Interest Rate Decision Coming
(Undated) -- The Federal Reserve wraps up a two-day meeting today with a decision on interest rates. The central bank is widely expected to hold its benchmark short-term borrowing rate steady. Today's announcement comes at 2 pm Eastern followed by remarks from Fed Chair Jerome Powell.
>>Mattel Tariff Price Hikes
(El Segundo, CA) -- Toy maker Mattel is warning customers of upcoming price hikes due to tariffs. CEO Ynon Kreiz [[ e-non kreh-itz ]] says he does not foresee toy manufacturing coming to America, rather the company expects to raise prices in the U.S. to offset the 145-percent tariff on Chinese imports. By the end of the year, the company plans to have less than 40-percent of its products sourced from China, with a goal of reducing that to below 25-percent in the next two years. Kreiz says Mattel is committed to creating quality products while finding the right balance of price and value.
>>Tesla Sales Fall In Europe
(Austin, TX) -- Tesla sales are dropping across Europe even though people there are buying more electric vehicles. Sales in April fell more than 60 percent in the UK and Denmark, according to industry groups, more than 70 percent in the Netherlands and more than 80 percent in Sweden. France and Portugal also saw sharp declines. Analysts say some of the decline is due to CEO Elon Musk's unpopularity but some is from increased competition, particularly from Chinese electric automakers.
>>Swiss Bank Settles With U.S. Over Tax Evasion Practices
(Alexandria, VA) -- A Swiss bank has agreed to pay over 500-million dollars to settle a U.S. probe into how it helped rich Americans evade taxes. Credit Suisse [[ Swees ]] pleaded guilty to helping its customers hide more than four-billion dollars from the IRS in offshore accounts, in a practice that had been going on for decades. In 2014, Credit Suisse made a deal with the U.S. to stop the practice, but court documents filed in Virginia claim new crimes have been committed since then. The Justice Department said the charges against the bank would be dropped if it cooperated with authorities.
>>WeightWatchers Filing For Chapter 11 Bankruptcy
(New York, NY) -- WeightWatchers is filing for chapter 11 bankruptcy to cut debt. The over 60-year-old company has been struggling with the increasing use of drugs like Ozempic for weight loss. Officials say they are not going out of business, but getting some "financial flexibility." It will focus more on "digital and member experience, as well as boosting its telehealth business."
