Author: Money Mechanics

Key Takeaways Home sales have declined in U.S. cities where vacation rentals and second homes are prominent, according to a new Redfin report.Prices were flat year-over-year in those areas in July, while elsewhere the cost of a home rose 2%.Still, the median price of a home in a seasonal town was $583,000, compared to $451,000 in non-seasonal locales. Beach condos in Boca Raton aren’t selling like they used to. Home sales in “seasonal” towns (where at least 30% of properties are strictly part-time) fell 3% year-over-year in July, compared to a 1% drop in non-seasonal areas, according to a report…

Key Takeaways Experts still look to data from the Bureau of Labor Statistics as a “gold standard” of economic data despite President Donald Trump’s firing of its head last month.BLS statistics are based on massive surveys with data going back decades, which no private provider can currently match.A group of experts said they had seen no evidence that the Trump administration had interfered with BLS reports so far. If you want to know how the U.S. job market is faring, economists still trust the “gold standard” Bureau of Labor Statistics more than alternative sources of information, despite recent turmoil at…

Key Takeaways Crypto’s promise of huge returns and tech-driven innovation has been attracting newer investors. Experts warn that cryptocurrencies can swing far more widely than the most popular exchange-traded funds (ETFs). Broad market ETFs offer built-in diversification, regulatory protection, and professional management, while direct crypto investments expose you to potential hacks, fraud, and the risk of a total loss. It’s no secret that crypto is winning the popularity contest among first-time investors. For many, hopping onto Coinbase is easier than wading through mutual fund prospectuses. Social media amplifies crypto’s “rebellious” ethos, a place to escape Wall Street, and maybe strike…

Key Takeaways Powerball will draw numbers for a $1.7 billion jackpot on Saturday, the third largest in its history. If you want to buy a ticket, it’s best to avoid using a credit card, since you could face unexpected charges. Credit issuers treat lottery ticket purchases as cash advances, making them subject to up-front fees and immediate interest accrual. Americans spent $113.3 billion on state-run lotteries last year, according to the North American Association of State and Provincial Lotteries. The Powerball lottery jackpot has grown to a dizzying $1.7 billion, and you may well be tempted to jump in ahead…

ADL Final Mile has expanded its regional parcel delivery and logistics network to the Southwest with the acquisition of DMC Logistics, the fourth company it has purchased since its founding in 2022 with the merger of ADL Delivery and Capital Express. DMC Logistics provides customized and final mile logistics services across New Mexico, Arizona, Colorado, Nevada, Texas, and Utah. “With this acquisition, our services now reach 27 states and 88 company managed distribution locations, benefitting both new and existing customers,” said ADL Final Mile CEO Monte O’Hara in a news release issued Wednesday. “DMC shares our commitment to quality service…

Tesla Inc. TSLA CEO Elon Musk says that he was invited to the Rose Garden event at the White House by President Donald Trump, but he wouldn’t be able to attend.Elon Musk Says He ‘Unfortunately Could Not Attend’ The EventTaking to the social media platform X on Thursday, the billionaire responded to a post by user Natalie F Danelishen who questioned the White House’s decision to invite Microsoft Corp MSFT founder Bill Gates but not Musk at the exclusive event with eminent business and tech personalities, including Meta Platforms Inc. META CEO Mark Zuckerberg and OpenAI founder Sam Altman.”I was…

“Unreasonable noncompete agreements have proliferated for too long in the dark,” said Kelse Moen, deputy director of the FTC’s Bureau of Competition and co-chair of the agency’s Joint Labor Task Force. “With the assistance of the employees and workers most burdened by them, the Trump-Vance FTC intends to uproot the worst offenders and restore fairness to the American labor market.” Noncompete clauses restrict workers from joining a competitor or starting a rival business after leaving an employer. The FTC said it wants to better understand their scope, prevalence and effects to guide future enforcement actions. The approach marks a shift…

Key Takeaways American Eagle stock is soaring thanks to celebrity endorsements and strong summer numbers.Despite recent fluctuations in its performance, the company seems to have made real progress with its loungewear and intimates label, Aerie, UBS said.Some analysts are skeptical that the recent bump in business has staying power. American Eagle is trending. Celebrity endorsements have expanded its reach, and its stock is flying. But can it stay in style? For the moment, American Eagle Outfitters’ (AEO) shares have completed a remarkable turnaround. They finished Thursday up about 38%, a dramatic jump that pulled them back into positive territory for…

Broadcom (AVGO) on Thursday reported record quarterly sales as demand for its AI offerings surged, the latest indication of sustained growth associated with the emerging technology. The chipmaker posted adjusted earnings per share of $1.69 on revenue that jumped 22% year-over-year to a record $15.95 billion in its fiscal third quarter. Both the revenue and EPS topped analysts’ estimates compiled by Visible Alpha. Broadcom’s AI revenue jumped 63% to $5.2 billion. CEO Hock Tan said the company expects AI semiconductor revenue could climb to $6.2 billion in the current quarter, “delivering eleven consecutive quarters of growth, as our customers continue to…

(Oil Price)– Russia and China used a Eurasian summit this week to manifest closer ties in defiance of the U.S., pledging increased cooperation and signing about two dozen agreements, including in the energy sector. During the Shanghai Cooperation Organization (SCO) summit in China, Russian President Vladimir Putin met with Chinese President Xi Jinping for bilateral talks and multi-lateral discussions agreements with the leaders of about 20 non-Western nations, including India. The Chinese signaled to the West a new world order in which Eurasian strongmen will not be bullied by the United States, and threats and tariffs will only push closer…