Category: Business

(NEW YORK) — Gas prices are hovering near their lowest summer level in four years as millions of people ready themselves to hit the roads over the Fourth of July holiday weekend.

The national average for a gallon of gas on Thursday stood at $3.16, which amounts to a nearly 10% decline from a year ago, AAA data showed. Gas prices dropped in recent weeks as crude oil erased a spike set off by the outbreak of war in the Middle East.

Twenty states boast average gas prices below $3, spanning from New Mexico to Missouri to South Carolina. Mississippi, the state with the nation’s lowest gas prices, offers drivers an average gallon for $2.71.

More than 61 million people are expected to travel by car over the July 4 holiday, AAA forecasted.

“The lower gasoline prices provide welcome relief for travelers,” Timothy Fitzgerald, a professor of business economics at the University of Tennessee who studies the petroleum industry, told ABC News.

Cheap crude oil is the main driver of low gas prices, analysts told ABC News.

The U.S. West Texas Intermediate futures price — a key measure of U.S. oil prices – has plummeted more than 17% since a recent peak in January.

Oil prices have dropped as forecasters predicted a slowdown in global economic growth, which would slash demand for oil.

Meanwhile, the alliance of oil-producing countries known as OPEC+ has increased output in recent months, boosting supply. The extra oil on the market has helped accommodate an annual surge in demand that takes hold over the summer traveling season, Aixa Diaz, a spokesperson for AAA, told ABC News.

“Most of what we pay at the pump is in direct correlation to the price of crude oil,” Diaz said.

Crude oil prices surged as war broke out in the Middle East last month, but prices have returned to where they stood before the recent conflict between Israel and Iran.

“The resolution in the Middle East does help,” Patrick de Haan, the head of petroleum analysis at GasBuddy, told ABC News.

President Donald Trump has touted the low gas prices on numerous occasions since he took office.

“We have everything down at levels that nobody ever thought possible,” Trump said in a social media post in April.

Speaking at an event in Ochopee, Florida, on Monday, Trump claimed gas prices had fallen below $2 per gallon in five states.

GasBuddy, which tracks prices at thousands of gas stations nationwide, found zero locations offering gasoline below $2 per gallon, de Haan said in a post Monday on X. That remained true as of Thursday, de Haan told ABC News.

Trump could be referring to wholesale gas prices but such price levels hold little relevance since they are not paid by consumers, de Haan said.

“This does not pass the sniff test,” de Haan added.

Gas prices will likely remain at current levels over the remainder of the summer — and they may even drop lower, some analysts said. Gas supply typically increases over the course of the summer, alleviating price pressures, they added.

Still, prices could rise in the event of a geopolitical conflict, disruptive hurricane season or major oil refinery outages, de Haan said, adding the national average price for a gallon of gas could drop below $3 by September.

“It could happen if we don’t see any of those caveats,” de Haan said. “If it’s a normal year.”

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(NEW YORK) — Hiring surged in June as businesses navigated uncertainty surrounding President Donald Trump’s tariffs, federal government data on Thursday showed. The reading exceeded economists’ expectations.

The U.S. added 147,000 jobs in June, according to data from the U.S. Bureau of Labor Statistics. That figure showed a slight increase from 139,000 jobs added in the previous month. The unemployment rate ticked down to 4.1%, putting it at near-historic lows.

Key measures of the economy have proven resilient in recent months, defying fears of resurgent inflation and a possible economic downturn. Hiring has kept up a solid pace, humming along with less disruption than some economists anticipated.

Federal government employment declined by 7,000 jobs in June, bringing total losses in the federal government to 69,000 since January, when Trump established the Department of Government Efficiency, or DOGE. The Elon Musk-led organization has sought to slash federal spending, in part by eliminating some federal jobs.

Employment showed little change in the manufacturing sector, which Trump has sought to boost with levies on foreign goods.

The fresh data arrived less than a week before a deadline established by the Trump administration for the completion of dozens of trade deals with countries facing the threat of so-called “reciprocal tariffs.”

So far, the White House says it has reached trade agreements with the United Kingdom and Vietnam, as well as a preliminary accord with China.

In recent weeks, Trump has dialed back some of his steepest tariffs. Another batch of tariffs remains in legal limbo following a pair of federal court rulings in May, though the levies remain in place for now.

Prices accelerated slightly in May, the most recent month for which such data is available, but inflation remains near its lowest level since 2021.

Warning signs point to the possibility of elevated prices over the coming months, however. Nationwide retailers like Walmart and Best Buy have voiced alarm about the possibility that they may raise prices as a result of the levies.

The Fed held its benchmark interest rate steady last month, continuing a wait-and-see approach adopted by the central bank in recent months as it observes potential effects of Trump’s tariff policy. Four meetings and six months have elapsed since the Fed last adjusted interest rates.

The Fed is guided by a dual mandate to keep inflation under control and maximize employment. In theory, a lowering of interest rates could help stimulate economic activity and boost employment, especially while inflation remains low.

Powell, in recent months, has warned about the possibility that tariffs may cause what economists call “stagflation,” which is when inflation rises and the economy slows.

Stagflation could put the central bank in a difficult position. If the Fed raises interest rates as a means of protecting against tariff-induced inflation under such a scenario, it risks stifling borrowing and slowing the economy further.

On the other hand, if the Fed lowers rates to stimulate the economy in the face of a potential slowdown, it threatens to boost spending and worsen inflation.

On Tuesday, Powell appeared to signal an openness to cutting interest rates as early as this month.

When asked about a possible interest rate cut at the Fed’s upcoming meeting, Powell said, “I wouldn’t take any meeting off the table or put any on the table. It depends on how the data evolves.”

Powell affirmed that a majority of members of the Fed’s policy-making board support additional interest cuts this year. The central bank will hold four rate-setting meetings over the remainder of 2025, and the first will happen on July 29 and 30.

“A majority of us do feel it will be appropriate in the remaining four settings of the year to begin reducing rates again,” Powell told the audience at the European Central Bank forum in Sintra, Portugal.

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(NEW YORK) — The United States dollar is suffering its worst start to a year in more than five decades, likely triggering a price hike for some everyday items and a jump in expenses faced by travelers abroad, some analysts told ABC News.

The greenback has fallen more than 10% in value this year relative to a group of foreign currencies that belong to top U.S. trading partners.

Investors have fled U.S. dollars out of fear inflation could devalue the currency, especially as Congress has moved forward with a large spending bill set to worsen a decades-long trend of ballooning U.S. debt, analysts said.

Even more, they added, President Donald Trump’s fluctuating trade policy and sharp criticism of the Federal Reserve have prompted uncertainty about the nation’s economic stewardship, eroding trust in the dollar as the world’s preeminent “safe haven” asset.

Here’s what to know about the weakening of the U.S. dollar and what it means for you:

Why has the U.S. dollar weakened this year?

The value of the U.S. dollar – like most assets – is set by supply and demand.

For decades, the U.S. dollar has garnered eager demand due to the strength and stability of the U.S economy, which offers foreign investors a safe place to park their funds. In periods of global economic or political crisis, the U.S. dollar often receives a burst of interest from asset holders.

As a result, the value of the U.S. dollar has proven robust for generations.

The unusually sharp decline at the outset of this year owes in part to concern about a resurgence of inflation, which would reduce the spending power of the dollar and put downward pressure on its value, analysts said.

Trump’s tariff policy has stoked worry about price increases, since importers typically pass along a share of the tax burden in the form of higher prices. A potential increase in the national debt could also push up inflation, as the U.S. issues bonds to cover the cost burden.

“If I’m a central bank holding half a trillion dollars of U.S. Treasuries, essentially the value of that would decline with more inflation if I don’t take action now. If I think it might happen, I might shift to other assets like gold or the [Japanese] yen.”

Investors’ faith in the continued stability of the U.S. economy has also diminished, analysts said, pointing to growing U.S. debt, fluctuating tariffs and Trump’s attacks on the central bank.

Paolo Pasquariello, a professor of finance at the University of Michigan, attributed the decline of the dollar to “the recent erratic policy making by U.S. authorities.”

U.S. Treasuries, Pasquariello said, are no longer viewed as quite as safe an asset, meaning investors are less likely to “park their money during normal times and especially during times of distress.”

What does a weaker U.S. dollar mean for you?

A weaker U.S. dollar could result in higher prices for imported goods and steeper costs for travelers abroad, analysts said.

The anticipated rise in prices for U.S. consumers stems from the uptick in costs faced by importers paying for goods in U.S. currency. A foreign firm would likely demand a higher price since the dollars paid by a customer carry less purchasing power than they previously did, analysts said.

“If you’re buying light fixtures from a firm in India and they’re taking dollars, and they get fewer rupees for those dollars, they’re going to start to charge more dollars,” Richard Michelfelder, a professor of professional practice at Rutgers University, told ABC News.

The potential surge in the price of imports could compound the inflation risk posed by tariffs, analysts said, but the dollar-related price hike would hit just about every import entering the U.S.

“If you go online and buy a product that doesn’t come from the U.S., the price is likely to go up,” Michelfelder said.

A weaker dollar also means U.S. travelers abroad are likely to face higher costs since what’s in their pocket will exchange at a lower rate with foreign currencies, analysts said.

“If it takes more dollars to buy a euro and you’re going to Europe, everything you buy will cost more,” Michelfelder said.

The decline in the dollar does deliver some benefits, however. Foreign buyers face lower prices for purchasing U.S. goods, meaning exporters could receive a boost as their products become more competitive on the global market.

The favorable outcome for exporters could improve employment in industries like car manufacturing or advanced technology, while the relative strength of foreign currencies could bring additional tourists and expand the hospitality sector, Michelfelder said.

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(WASHINGTON) — Federal Reserve Chair Jerome Powell said on Tuesday he would not rule out a potential interest rate cut as soon as this month. The remarks come amid a public pressure campaign from President Donald Trump, who has repeatedly urged Powell to slash interest rates.

When asked on Tuesday about a possible interest rate cut at the Fed’s meeting this month, Powell said, “I wouldn’t take any meeting off the table or put any on the table. It depends on how the data evolve.”

Speaking on a panel at the European Central Bank forum in Sinatra, Portugal, Powell deflected a question from the moderator about challenges posed by Trump’s barbed criticism.

“I’m very focused on just doing my job,” Powell said, drawing applause. The central bank remains “100% focused” on its dual mandate of controlling inflation and delivering maximum employment, Powell added.

The moderator then asked European Central Bank President Christine Lagarde whether she would do anything differently if she were in Powell’s position.

“I speak for myself but I speak for all my colleagues on this panel, who would do the exact same thing as Jay Powell,” Lagarde said. “The exact same thing.”

Since Trump took office he has criticized Powell on numerous occasions, despite a longstanding norm of political independence at the central bank. The Fed is an independent government agency established by Congress.

In a social media post on Monday, Trump said Powell and other central bankers “should be ashamed of themselves.”

“We should be paying 1% Interest, or better!” Trump said, calling for a sharp reduction in interest rates from a current level of between 4.25% and 4.5%.

The social media post included an image of an apparent hand-written letter to Powell, which bore Trump’s signature.

The Fed held its benchmark interest rate steady last month, continuing a wait-and-see approach adopted by the central bank in recent months as it observes potential effects of Trump’s tariff policy. Four meetings and six months have elapsed since the Fed last adjusted interest rates.

The Fed last month forecasted two quarter-point interest-rate cuts over the remainder of 2025, carrying over a prediction issued in March.

On Tuesday, Powell affirmed that a majority of members of the Fed’s policy-making board support additional interest cuts this year. The central bank will hold four rate-setting meetings over the remainder of 2025 – and the first will happen on July 29 and 30.

“A majority of us do feel it will be appropriate in the remaining four settings of the year to begin reducing rates again,” Powell said.

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(NEW YORK) — A bankruptcy court this week approved the $305 million sale of genetics testing firm 23andMe to a nonprofit organization led by the company’s former CEO Anne Wojcicki, the company announced.

The 23andMe bankruptcy earlier this year elicited fears about the security of genetic data belonging to the company’s roughly 15 million customers.

The TTAM Research Institute, or TTAM, a California-based nonprofit set to acquire 23andMe, plans to maintain the company’s customer privacy policies and add further data security measures, 23andMe said in a statement.

The sale replaces a previous $256 million bid announced in May by Regeneron Pharmaceuticals, which said the genetic information could improve drug development.

Last month, 27 states and the District of Columbia filed a lawsuit to block the sale of customers’ genetic information without their consent.

Wojcicki, 23andMe’s co-founder and former chief executive, said TTAM aims to operate for “the public good.”

“I am thrilled that TTAM will be able to build on the mission of 23andMe to help people access, understand and benefit from the human genome,” Wojcicki said. “As a nonprofit, TTAM will be a champion of improving our knowledge of DNA – the code of life – for the public good, creating a resource to advance human health globally.”

“Core to my beliefs is that individuals should be empowered to have choice and transparency with respect to their genetic data and have the opportunity to continue to learn about their ancestry and health risks as they wish. The future of healthcare belongs to all of us,” Wojcicki added.

The acquisition of 23andMe will include Lemonaid Health, a telemedicine service that 23andMe purchased for about $400 million in 2021.

In March, 23andMe filed for Chapter 11 bankruptcy, saying it would enter a “court-supervised” sale process. At the same time, Wojcicki resigned from her role as chief executive.

The move followed a series of setbacks for the company, including a 2023 class-action settlement over a data breach and a mass resignation among its board of directors in 2024.

Founded in 2006, 23andMe helped pioneer consumer genetic testing but faced difficulty turning the service into a sustainable business.

The sale received approval on Monday from the U.S. Bankruptcy Court for the Eastern District of Missouri. The transaction is expected to close in the coming weeks, 23andMe said in a statement.

All customers will receive an email informing them of the sale prior to closure of the acquisition, the company said.

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(NEW YORK) — The S&P 500 hit an all-time record high on Friday, extending breakneck gains achieved in recent weeks as investors shrugged off concerns about newly imposed tariffs and war in the Middle East.

The S&P 500 climbed 0.3%, clocking in for the first time ever at 6,156.

Over the past month — even as U.S.-China trade tensions resurfaced and conflict grew in the Middle East — the S&P 500 climbed more than 5%.

In all, the S&P 500 has soared more than 20% since an April low in the wake of President Donald Trump’s “Liberation Day” tariff announcement. Over that period, the tech-heavy Nasdaq has climbed 28%, while the Dow Jones Industrial Average has jumped 12%.

Concern among investors about topsy-turvy economic policy has given way to cautious optimism about a dialed-back tariff posture and continued economic growth, some analysts previously told ABC News.

In recent weeks, Trump has rolled back some of his steepest levies, easing costs imposed upon companies and alleviating concern about a sharp surge of inflation.

A trade agreement last month between the U.S. and China slashed tit-for-tat tariffs between the world’s two largest economies and triggered a surge in the stock market. Within days, Wall Street firms softened their forecasts of a downturn.

The downshift of tariffs has coincided with data demonstrating a healthy economy.

Fresh inflation data earlier this month showed a slight acceleration of price increases, but inflation remains near its lowest level since 2021. Hiring slowed but remained sturdy in May as the uncertainty surrounding on-again, off-again tariffs appeared to curtail hiring less than some economists feared, a government report this month showed.

The outbreak of tit-for-tat strikes between Iran and Israel earlier this month sent stocks falling and hiked oil prices. Those challenges proved short-lived, however, as stocks resumed their gains and oil prices eased amid a ceasefire.

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(NEW YORK) — The stock market has been on a tear in recent weeks, shrugging off newly imposed tariffs, caution at the Federal Reserve and war in the Middle East.

The S&P 500 has soared 20% since an April low suffered after President Donald Trump’s “Liberation Day” tariff announcement. Over that period, the tech-heavy Nasdaq has climbed 28%, while the Dow Jones Industrial Average has jumped 12%.

Over the past month — even as a U.S.-China trade tensions resurfaced and the Iran war broke out — the S&P 500 climbed more than 5%.

Concern among investors about topsy-turvy economic policy has given way to cautious optimism about a dialed-back tariff posture and continued economic growth, some analysts told ABC News. While day-to-day price swings will likely persist, they added, the current outlook points to further gains over the remainder of the year.

“The market is making a pretty concerted effort to try to look past some of these near term disruptions,” Yung-Yu Ma, chief investment strategist at PNC Financial Services, told ABC News.

In recent weeks, Trump has rolled back some of his steepest levies, easing costs imposed upon companies and alleviating concern about a sharp surge of inflation.

A trade agreement last month between the U.S. and China slashed tit-for-tat tariffs between the world’s two largest economies and triggered a surge in the stock market. Within days, Wall Street firms softened their forecasts of a downturn.

The downshift of tariffs has coincided with data demonstrating a healthy economy.

Fresh inflation data earlier this month showed a slight acceleration of price increases, but inflation remains near its lowest level since 2021. Hiring slowed but remained sturdy in May as the uncertainty surrounding on-again, off-again tariffs appeared to curtail hiring less than some economists feared, a government report this month showed.

The outbreak of tit-for-tat strikes between Iran and Israel earlier this month sent stocks falling and hiked oil prices. Those challenges proved short-lived, however, as stocks resumed their gains and oil prices eased amid a ceasefire.

“The stock market doesn’t care about geopolitical events,” Ivan Feinseth, a market analyst at Tigress Financial, told ABC News. “The market might react for a day or two, but it was nothing sustained.”

Investors have also placed hope in an expected lowering of interest rates at the Fed. So far this year, the central bank has taken up a wait-and-see approach, holding interest rates steady as policymakers await the potential effects of tariffs. A recent Fed forecast suggested a likely pivot, however, predicting two quarter-point cuts this year as well as two quarter-point cuts next year.

“The stock market’s recent strength reflects growing optimism around a soft landing, improving corporate earnings and the potential for lower interest rates ahead,” Brian Buetel, managing director at UBS Wealth Management, said in a statement last week.

Still, the market faces meaningful risks, analysts said.

Trade tensions could worsen and tariffs could escalate, some analysts said, while noting the difficulty of anticipating exactly where the levies will land. A resumption of hostilities in the Middle East could drive up oil prices and hamper global economic growth, they added. A burst of tariff-induced inflation could nudge the Fed toward a cautious approach and delay potential interest rate cuts.

“Despite the market getting close to its highs, getting too enthusiastic is probably not what’s called for at this point,” Ma said. “It’s still a back-and-forth market.”

Nevertheless, analysts expect an upswing in the stock market over the remainder of 2025. Feinseth forecasted an uptick in the S&P from its current level of 6,090 to 6,500, which would mark an increase of 6%. Ma predicted similar gains, saying the market would rise at least 5%.

“We think the overall end destination is one that will be palatable for markets,” Ma said. “But it will be a bumpy path from here to there.”

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(NEW YORK) — Nearly two million student loan borrowers are at risk of having their wages garnished next month, credit-reporting agency TransUnion said on Tuesday.

Fresh data shows a sharp increase in the number of delinquent student loan borrowers in recent months, following the end of a pandemic-era pause on student debt payments.

Student loan borrowers are considered delinquent if they fail to make a loan payment for 90 days. When late payment stretches on for a total of 270 days, then the borrower falls into default.

Roughly 6 million student loan borrowers entered delinquency between February and April, TransUnion said, estimating that about one-third of those borrowers could enter default in July.

When a federal student loan enters default, the government can send it for collections, garnishing wages or even taking money from Social Security payments or tax refunds.

The Trump administration started collecting defaulted student loan payments in May, lifting a pause initiated in 2020 at the onset of the COVID-19 pandemic.

“We continue to see more and more federal student loan borrowers being reported as the 90+ days delinquent, making a larger number of consumers vulnerable to entering default and the start of collections activities,” Michele Raneri, vice president and head of U.S. research and consulting at TransUnion, said in a statement.

Some borrowers’ credit scores have also suffered. Student loan holders who have entered delinquency in recent months have suffered an average credit-score reduction of 60 points, TransUnion data showed.

Roughly one in five of the newly delinquent borrowers held relatively strong credit ratings of prime or above.

“This underscores the fact that student loan borrowers of any credit risk tier can find themselves falling behind in their payments and at risk for default, even during a time in which we’ve seen most consumers are managing their debt relatively well,” Joshua Turnbull, senior vice president and head of consumer lending at TransUnion, said in a statement.

The risk to borrowers’ credit scores dates back to policy decisions made when former President Joe Biden’s administration resumed federal student loan payments after a period of relief that had been enacted during the COVID-19 pandemic.

When the Biden administration lifted the pause in the fall of 2023, the White House set in motion a 12-month moratorium. The administration did not count late payments toward delinquency. That moratorium ended in October, meaning borrowers could be considered delinquent if they didn’t make payments for more than 90 days, returning to the way the process worked pre-pandemic.

In all, some 42 million borrowers owe more than $1.6 trillion in student debt, the Department of Education said in April.

Despite the surge in newly delinquent borrowers, many of the loan holders still have time to avert garnished wages. Just 0.3% of the newly delinquent borrowers have already entered default, TransUnion said.

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(NEW YORK) — Consumer confidence soured in June, erasing some of the boost in shopper attitudes that took hold last month as President Donald Trump rolled back tariffs, Conference Board data on Tuesday showed. The reading fell short of economists’ expectations.

The fresh data resumes a trend of worsening consumer confidence that stretches back to the outset of 2025. Last month, a burst of enthusiasm appeared to snap the malaise but fresh data suggests shoppers remain concerned about the path of the U.S. economy.

The decline in consumer confidence took hold across all age, income demographics and political affiliations, the Conference Board said, noting an especially large dropoff among Republicans.

“Consumer confidence weakened in June, erasing almost half of May’s sharp gains,” Stephanie Guichard, senior economist for global indicators at the Conference Board, said in a statement.

In recent weeks, Trump has dialed back some of his steepest levies, easing costs imposed upon companies and alleviating concern about a sharp surge of inflation. Importers typically pass along a share of the higher tax burden in the form of price hikes.

A trade agreement last month between the U.S. and China slashed tit-for-tat tariffs between the world’s two largest economies and triggered a surge in the stock market. Within days, Wall Street firms softened their forecasts of a downturn.

Still, an across-the-board 10% tariff applies to nearly all imports, except for semiconductors, pharmaceuticals and some other items. Those tariffs stand in legal limbo, however, after a pair of federal court rulings late last month.

Warning signs point to the possibility of elevated prices over the coming months, however.

Nationwide retailers like Walmart and Best Buy have voiced alarm about the possibility they may raise prices as a result of the levies.

The Organization for Economic Co-operation and Development, or OECD, said this month it expects U.S. inflation to reach 4% by the end of 2025, which would mark a sharp increase from current levels.

Federal Chair Jerome Powell, in recent months, has warned about the possibility that tariffs may cause what economists call “stagflation,” which is when inflation rises and the economy slows.

Stagflation could put the central bank in a difficult position. If the Fed were to raise interest rates, it could help ease inflation, but it may risk an economic downturn. If the Fed were to cut rates in an effort to spur economic growth, the move could unleash faster price increases.

The Federal Reserve held its benchmark interest rate steady last week, continuing a wait-and-see approach adopted by the central bank in recent months as it observes the potential effects of tariffs.

Speaking at a press conference in Washington, D.C., Powell said tariffs would likely “push up prices and weigh on economic activity” over the course of this year. But, he added, the effects would depend on the “ultimate level” of tariffs, which have frequently fluctuated.

“For the time being, we are well positioned to wait to learn more about the likely course of the economy before considering any adjustments to our policy stance,” Powell said.

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(NEW YORK) — A group of cybercriminals hacked into data systems at insurance company Aflac, possibly gaining access to sensitive information such as Social Security numbers and health reports, the company said on Friday.

Aflac, which boasts millions of customers, “identified suspicious activity” and “stopped the intrusion within hours,” the company said.

The company attributed the attack to a “sophisticated cybercrime group” but did not identify the organization.

The cyberattack marks the latest in a string of data breaches targeting insurance companies, including attacks earlier this month against Philadelphia Insurance Companies and Erie Insurance.

“This attack, like many insurance companies are currently experiencing, was caused by a sophisticated cybercrime group. This was part of a cybercrime campaign against the insurance industry,” Aflac said in a statement.
The company has opened an investigation into the cyberattack, saying initial findings indicate the cybercriminals deployed “social engineering tactics” or measures that rely on manipulation to gain network access.

Information tied to customers’ insurance claims and personal data may also have been breached in the cyberattack, Aflac said.

“We regret that this incident occurred,” Aflac said. “We will be working to keep our stakeholders informed as we learn more and continue investigating the incident.”

Aflac generated nearly $19 billion in revenue last year, which marked a 1.2% increase over the previous year, according to an earnings release.

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