LVMH watch and jewelry CEOs see luxury sales picking up in 2025
After a year of declines, sales of watches and jewelry at luxury giant LVMH rebounded in the latest quarter and continued to shine into January, according to several of the company’s brand CEOs. In its earnings call this week, LVMH reported that sales for its watches and jewelry group increased 3%, after falling in the previous quarters. The division outperformed the company’s core fashion and leather goods segment, which was down 1% during the quarter, as well as wine and spirits, which declined 8%. In interviews during LVMH Watch Week in New York, the CEOs of several of the conglomerate’s watch and jewelry brands said they’re increasingly optimistic about 2025. While China remains slow, they said a rebound in spending by Americans — both in the U.S. and Europe — is driving strong demand for both watches and jewelry.
How hard is it to buy a home right now? The new NBC News Home Buyer Index measures the market
Why is it so hard to buy a home? Prices have far outpaced middle-class incomes. Mortgage rates are above 7% for the first time since 2002. And 3 out of 10 homes are sold above listing price. But none of those factors fully captures the variety of challenges buyers nationwide face in the current market. The conditions on the ground can vary widely across state and even county lines. To better capture how housing market conditions shift at the local level — as comprehensively and in as close to real time as possible — we’re introducing a new monthly gauge: the NBC News Home Buyer Index.
WNBA files trademark application to bring back 'Detroit Shock' as city submits expansion bid
As cities across the country vie for the next Women’s National Basketball Association team, the league quietly filed a trademark application this week for the name “Detroit Shock.” The filing, dated Thursday, notes the intended use is for a basketball team, merchandise, jerseys and in-arena signage that could appear on TV or radio broadcasts. It could offer clues into the league’s ultimate decision for the location of a new franchise. On Friday, Detroit Pistons owner Tom Gores submitted a bid for the Motor City to host a new team. The ownership group would be led by Gores and also includes Detroit Lions principal owner and chair Sheila Ford Hamp; former Detroit Pistons stars Grant Hill and Chris Webber; General Motors CEO Mary Barra; and Detroit Lions quarterback Jared Goff.
From Delta Air Lines to Costco, some companies say they'll stick with DEI
While several major companies and organizations are eliminating or scaling back diversity programs under conservative pressure and amid a push to exorcise them from the federal government, some others, including Delta Airlines and the NBA’s Cleveland Cavaliers, say they’re standing firm in the shifting political winds. “DEI is not something that’s going to stop at Delta Airlines,” said Eric Hendricks, Delta’s director of pilot outreach, adding that the airline still has recruiting and training events for marginalized groups scheduled throughout the year. “We’re pressing on,” Hendricks said.
GDP grew at a 2.3% pace in the fourth quarter, less than expected
U.S. economic growth slowed a bit more than expected in the final three months of 2024, the Commerce Department reported Thursday. Gross domestic product, a measure of all the goods and services produced across the sprawling U.S. economy during the period, showed that the economy accelerated at a 2.3% annualized inflation-adjusted pace in the fourth quarter. Economists surveyed by Dow Jones had been expecting an increase of 2.5% after growth of 3.1% in the third quarter. The report closes out 2024 on a somewhat downbeat note, though growth held reasonably solid. For the full year, GDP accelerated 2.8%, compared with 2.9% in 2023. Growth was 2.5% from Q4 of 2023 to Q4 of 2024. Thursday’s release was the first of three estimates the department’s Bureau of Economic Analysis will provide.
Small investors bought the dip in Nvidia by a record amount Monday
The buy-in from individuals came as Nvidia suffered its biggest one-day loss, tumbling around 17%, since the onset of the Covid pandemic in March 2020. Retail investors rushed into Nvidia on Monday, signaling Main Street support for the chipmaker despite the emergence of an artificial intelligence model from China that battered its shares and caused a historic, $600 billion loss in market value.
Restaurants are rebounding but Starbucks and McDonald's still have work to do
Most casual dining chains have been in turnaround mode, hoping revamped menus and new marketing plans will reinvigorate sales. Starbucks is expected to report its quarterly earnings on Tuesday, kicking off several weeks of reports from restaurant companies as investors anticipate improving demand for dining out. A handful of restaurants released preliminary results earlier in January ahead of presentations at the annual ICR Conference in Orlando. For many, like Red Robin and Noodles & Company, their early report showed sales trends improved during the fourth quarter, giving investors more confidence and pushing their shares higher. Only Shake Shack saw its stock fall; its outlook disappointed shareholders, who were hoping for higher targets.
Over 3 million Social Security Fairness Act beneficiaries may wait more than a year for higher payments, agency says
More than 3.2 million people will see increased Social Security benefits, under a new law. However, individuals who are affected may have to wait more than a year before they see the extra money that’s due to them from the Social Security Fairness Act, the Social Security Administration said in an update on its website. “Though SSA is helping some affected beneficiaries now, under SSA’s current budget, SSA expects that it could take more than one year to adjust benefits and pay all retroactive benefits,” the agency states.
Boeing is working with Elon Musk to deliver Air Force One replacements sooner
Boeing is working with Trump advisor Elon Musk on ways to deliver delayed, overbudget Air Force One replacements sooner, CEO Kelly Ortberg said Tuesday. The pair of Boeing 747s that will serve as the next Air Force One aircraft are more than $2 billion over budget and years late, which the company has attributed to design changes, labor constraints and supply chain problems. President Donald Trump struck a deal for the aircraft during his first term, after threatening to “cancel order!” before he took office in 2017, complaining about high costs.
White House freeze on federal aid won't affect student loans, Education Department says
The freeze, which could affect billions of dollars in aid, also noted an exception for Social Security and Medicare. The Department of Education said Tuesday that the pause on federal grants and loans will not affect student loans or financial aid for college. The freeze, which could affect billions of dollars in aid, noted an exception for Social Security and Medicare. The pause “does not include assistance provided directly to individuals,” according to the White House memo that announced the pause on Monday.