This Sept. 19, 2014 file photo shows retail mogul Leslie Wexner, at the Wexner Center for the Arts in Columbus, Ohio. Wexner is severing his last ties with the retail empire that he founded in 1963.A congressional deposition of Leslie Wexner, one of Jeffrey Epstein's closest known associates and top benefactors, kicked off behind closed doors in Ohio on Wednesday, a source familiar with the matter told MS NOW.The deposition is occurring weeks after the Department of Justice released millions of additional E ...

Core Viewpoint - The recent New York Federal Reserve paper suggests that U.S. companies and consumers bear most of the tariff burden, which has been criticized by White House economic advisor Kevin Hassett as flawed and partisan [1][2]. Group 1: Criticism of the New York Fed Paper - Hassett described the paper as "an embarrassment" and the "worst paper" in the history of the Federal Reserve, arguing that its conclusions are based on inadequate analysis [2]. - He emphasized that the researchers failed to consider the broader economic impacts of tariffs, such as the positive effects on wages and benefits from increased domestic production [1][2]. Group 2: Findings of the New York Fed Paper - The paper indicated that approximately 90% of the additional costs from tariffs were passed on to consumers and companies, although the impact diminished over time [3]. - Hassett countered this by asserting that tariffs had minimal effect on prices and contributed to an improved standard of living [3]. Group 3: Economic Indicators - Hassett noted that inflation has decreased over time, with the consumer price index rising only 2.4% year-over-year in January, and core CPI showing its lowest annual gain since March 2021 at 2.5% [4]. - He highlighted that real wages increased by an average of $1,400 last year, suggesting that consumers benefited from the tariffs [4].

Core Viewpoint - The CEO of Palo Alto Networks, Nikesh Arora, emphasized that artificial intelligence will not replace cybersecurity in the near future, expressing confusion over the market's perception of AI as a threat to the cybersecurity sector [1]. Group 1: Company Performance - Palo Alto Networks reported fiscal second-quarter results that exceeded Wall Street estimates, yet the guidance for third-quarter earnings fell short of expectations, leading to an 8% drop in shares [1]. Group 2: Industry Trends - The emergence of new AI tools capable of creating enterprise workflows and websites rapidly has contributed to a recent selloff in software stocks, raising concerns among investors about the potential long-term disruption of business models by AI technologies [2].

Core Viewpoint - The trial involving Meta CEO Mark Zuckerberg is a significant moment for the social media industry, drawing comparisons to the "Big Tobacco" era, focusing on the alleged addiction to social media and its mental health impacts on young users [1]. Group 1: Trial Details - The trial began in late January and centers on a young woman claiming addiction to social media platforms like Instagram and YouTube [1]. - Lawyers for the plaintiff argue that Meta, YouTube, TikTok, and Snap misled the public regarding the safety of their services and were aware that their app designs caused mental health issues for young users [2]. - Snap and TikTok settled with the plaintiff before the trial commenced [2]. Group 2: Company Responses - Meta has denied the allegations, with a spokesperson stating that the jury must determine if Instagram significantly contributed to the plaintiff's mental health issues [3]. - Instagram's chief, Adam Mosseri, testified that while problematic usage of social media exists, it should not be equated with clinical addiction [3]. - Mosseri acknowledged that excessive use of Instagram can be a personal issue, suggesting that the definition of "too much" is subjective [4].

Oil prices rose more than 2% on Wednesday, after Vice President JD Vance said Iran did not address U.S. red lines in nuclear talks this week and President Donald Trump reserves the right to use military force.U.S. crude oil rose $1.56, or 2.5%, to $63.89 per barrel. Global benchmark Brent was up $1.61, or 2.4%, to $69.04 per barrel. U.S. envoys Steve Witkoff and Jared Kushner held nuclear talks with Iran in Geneva on Tuesday. Iran's Foreign Minister Abbas Araghchi described the discussions as "constructive, ...

This is CNBC's Morning Squawk newsletter. Subscribe here to receive future editions in your inbox.Happy Wednesday. I've been craving birria since reading about the Mike's Red Tacos new franchising plan.Stock futures are higher this morning. The three major indexes all ended yesterday's session little changed.Here are five key things investors need to know to start the trading day:1. Delivery troublesThe logo and lettering of online retailer Amazon can be seen on the façade of Amazon Germany's headquarters. ...

Economic Overview - The term "boomcession" describes the disconnect between strong economic indicators and negative consumer sentiment, highlighting that many Americans feel financially strained despite overall economic growth [1][2][4] - Economic output and stock market performance are strong, yet consumer debt is at an all-time high, with many Americans believing the economy is in a slowdown [2][10] Inflation and Consumer Impact - Inflation rates vary significantly across income classes and geographical locations, with lower-income consumers experiencing higher inflation rates, particularly in essential categories like groceries and shelter [6][7][8] - The inflationary gap has widened as overall price growth has exceeded the Federal Reserve's target of 2%, impacting lower-income households disproportionately [7][8] Labor Market Dynamics - The current labor market is characterized as a "jobless boom" or "hiring recession," with job openings at their lowest since 2020 despite stock market gains [12][13] - High-income individuals benefit from stock market performance, while lower-income households face tightening labor conditions and increased anxiety [13][14] Consumer Sentiment and Economic Perception - A significant portion of Americans, nearly three-fifths, believe the economy is in a recession, reflecting a growing skepticism towards government economic data [18][20] - Surveys indicate that financial instability is particularly pronounced among lower-income individuals, with 54% of those earning below $50,000 describing their financial situation as unstable [19]

Core Insights - The article discusses the potential economic shift driven by artificial intelligence (AI) in manufacturing, emphasizing that low labor costs may not be the primary advantage in the future [1][2] - Intrinsic, a robotics company under Alphabet, aims to enhance industrial robotics through AI, making them smarter and more accessible [2] Company Overview - Intrinsic was launched five years ago from Google X, focusing on developing advanced robotics software [2] - Wendy Tan White serves as the founding CEO, overseeing the acceleration of the company's efforts amid the current AI wave [2] Strategic Initiatives - Intrinsic has formed a joint venture with Foxconn to create "the factory of the future," which will integrate intelligent robotics for more versatile manufacturing processes [3] - The company aims to enable the production of a diverse range of products on a single production line, rather than just optimizing existing processes [3] Market Implications - The integration of AI in manufacturing could unlock approximately $2.9 trillion in economic value in the U.S. by 2030, contingent on organizations redesigning workflows to facilitate collaboration between humans and robots [2] - Intrinsic's approach may allow smaller businesses and regions with higher labor costs to enhance their manufacturing capabilities [3][4] Future Outlook - The company is exploring reshoring manufacturing, leveraging software-as-a-service robotics solutions to enable production in various locations, potentially reducing costs [4]

Walmart CEO John Furner, left, and Target CEO Michael Fiddelke.Walmart (L) | Getty Images (R)When Walmart and Target report holiday earnings this quarter, investors may quickly brush off those results. Instead, they will likely focus more on the two big-box retailers' futures under new CEOs and the outlook for U.S. consumers in 2026. Both companies had leadership changes this month: Walmart CEO John Furner and Target CEO Michael Fiddelke, both longtime company insiders, took on their roles on Feb. 1.The riv ...

In this articleARMNVDAGOOGLMETAAMZNMSFTNOKIA-FITSMThe replica of the ARM is an electronic chip board during a collaborative ceremony launching a partnership between Malaysia and ARM Holdings in Kuala Lumpur, Malaysia, on March 5, 2025. Hari Anggara | Nurphoto | Getty ImagesNew York-listed shares of British semiconductor firm Arm ticked 1.4% higher in premarket trading on Wednesday, after documents showed Nvidia sold its stake in the company it once wanted to buy. At the end of the third quarter, Nvidia held ...