Stock market today: Asian shares sag as worries over US-China trade weigh on outlook for the region
BANGKOK (AP) — Shares sagged Tuesday in Asia as worries over U.S.-China trade friction weighed on the outlook for the region. Tokyo’s Nikkei 225 lost 1.1% to 38,336.73 after markets in Japan reopened from a holiday on Monday. In Hong Kong, the Hang Seng gave up 0.6% to 23,196.33, while the Shanghai Composite index edged 0.1% lower, to 3,368.24. Australia’s S&P/ASX 200 shed 0.7% to 8,252.50. South Korea’s Kospi lost 0.3% to 2,637.45 after the Bank of Korea cut its benchmark interest rate to 2.75% from 3%, its third cut in four meetings as it moves to support the slowing economy.
How major US stock indexes fared Monday, 2/24/2025
U.S. stocks drifted lower following their sharp losses from last week. The S&P 500 fell 0.5% Monday after flipping between small gains and losses through the day. The Dow Jones Industrial Average added 0.1%, and the Nasdaq composite dropped 1.2%. Nvidia fell ahead of its profit report coming later this week and was the heaviest weight on the market. Berkshire Hathaway climbed after Warren Buffett’s company reported a jump in operating profits for the latest quarter, but it also hinted that it’s not seeing many stocks priced well enough to buy. Treasury yields fell ahead of coming updates on consumer confidence and inflation.
Denny's says some locations will start charging extra for eggs amid nationwide shortage
Denny's is the latest nationwide restaurant chain to announce surcharges for meals that include eggs in response to a nationwide shortage that has sent U.S. prices skyward. In a statement, the breakfast giant said that individual markets and restaurants would be responsible for deciding the surcharge price. It declined to quote any pricing examples, describing it as a "fluid situation." "Denny’s remains committed to providing our guests with delicious meals they love at the value they expect," it said. "We do our best to plan ahead with our vendors on items like eggs to minimize the impact market volatility has on our costs and menu pricing." Recommended
Joann to shutter all 800 fabric stores after failing to find a buyer to save its locations
Fabrics outlet Joann will shutter all of its approximately 800 locations after failing to find a buyer who would keep its stores open. In a statement, the company said it would commence nationwide going-out-of-business sales as a stipulation of the group that won its assets at auction. "JOANN leadership, our Board, advisors and legal partners made every possible effort to pursue a more favorable outcome that would keep the company in business," the company said. "We are committed to working constructively with the winning bidder to ensure an orderly wind-down of operations that minimizes the impact on all our stakeholders. We deeply appreciate our dedicated Team Members, our customers and communities across the nation for their unwavering support for more than 80 years.”
Jamie Dimon calls U.S. government 'inefficient' and says Elon Musk's DOGE effort 'needs to be done'
JPMorgan Chase CEO Jamie Dimon on Monday said the U.S. government is inefficient and in need of work as the Trump administration terminates thousands of federal employees and works to dismantle agencies including the Consumer Financial Protection Bureau. Dimon was asked by CNBC’s Leslie Picker whether he supported efforts by Elon Musk’s Department of Government Efficiency. He declined to give what he called a “binary” response, but made comments that supported the overall effort. “The government is inefficient, not very competent, and needs a lot of work,” Dimon told Picker. “It’s not just waste and fraud, its outcomes.”
CEO of Ben & Jerry’s parent company unexpectedly steps down
The chief executive of Unilever, which owns ice cream brands such as Ben & Jerry’s and Magnum, has stepped down after less than two years at the helm, as the UK company works to boost its lackluster sales and profits. Hein Schumacher will be replaced by Unilever’s Chief Financial Officer Fernando Fernandez on March 1, the company said in a statement Tuesday. “The board has been impressed with Fernando’s decisive and results-oriented approach and his ability to drive change at speed,” Unilever Chairman Ian Meakins said in the statement.
Mass layoffs of federal workers could hurt families and local economies — but may not dent the overall economy
Elon Musk, wielding a chainsaw, is overseeing a rapid shrinking of the nation’s largest employer: the federal government. There’s no doubt the federal government’s 3.02 million-person civilian workforce is massive. Yet some economists are confident the widespread terminations spearheaded by Musk’s Department of Government Efficiency (DOGE) will likely not devastate the national economy or even topple the historically strong jobs market. “It’s not going to tip the economy into recession by itself,” said Stephanie Roth, chief economist at Wolfe Research.
Texas to investigate lottery jackpots as questions swirl about online couriers
Texas Gov. Greg Abbott has directed the Texas Rangers to investigate two controversial lottery jackpots amid growing scrutiny over the role of online ticketing firms in the state. Abbott asked the agency to investigate this month’s $83.5 million prize, which involved a lottery courier service, and a $95 million win jackpot from 2023 won by a group of investors. Both practices, according to government officials, affect the public’s confidence in the lottery.
New York’s toll system is the kind of market solution Republicans should be rooting for
Congestion pricing” is the stuffy-sounding name of a New York policy that is, by every available metric, a resounding success. Anyone, including lapsed New Yorker President Trump, saying otherwise is simply ignoring the evidence.
Fabrics retailer Joann to go out of business and close all of its stores
Fabrics and crafts retailer Joann, which has been a destination for generations of quilters, knitters and lovers of crafts projects for more than 80 years, is going out of business and shuttering all its stores. The announcement comes after the Hudson, Ohio-based retailer filed for Chapter 11 bankruptcy protection in January, the second time in a year. It cited sluggish consumer demand and inventory shortages. At the time it vowed it would keep all of its stores open.