Fed Chair Powell meets with Trump, but says he didn't discuss expectations for monetary policy
CNBC's Megan Cassella joins 'Halftime Report' to report on Fed Chair Powell's meeting with President Trump.
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Business Insider
an hour ago
- Business Insider
3 Economic Events That Could Affect Your Portfolio This Week, June 2-6, 2025
Here are three key economic events that could affect your portfolio this week. For a full listing of additional economic reports, check out the TipRanks Economic Calendar. Confident Investing Starts Here: » May's S&P Global Manufacturing PMI – Monday, 06/2 – This report measures business activity in the manufacturing sector, a critical component of U.S. GDP. As a leading economic indicator, this index provides timely insight into current and future economic conditions. Investors closely monitor this data for signs of strength or weakness in industrial output, which can influence corporate earnings, inflation trends, and Fed policy expectations. » May's S&P Global Services PMI – Wednesday, 06/4 – This report gauges activity in the services sector, which accounts for more than two-thirds of the U.S. economy. This index is closely watched as a bellwether of broader economic momentum. Because it reflects both consumer and business sentiment, movements in the Services PMI often precede shifts in overall economic performance. » May's Nonfarm Payrolls and Unemployment Rate – Friday, 06/06 – The Nonfarm Payrolls and Unemployment reports present the number of new jobs created during the previous month, along with the percentage of people actively seeking employment in the previous month. These reports are two of the most important economic indicators, as the shift in the number of positions since it is strongly associated with the overall health of the economy. One of the Federal Reserve's mandates is full employment, and it considers labor market changes when determining its policy decisions.
Newsweek
6 hours ago
- Newsweek
List of Walgreens Stores Closing This Month
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. Walgreens is closing more than 20 stores this month as the drug store giant looks to boost revenue and shutter underperforming locations. The closures arrive after Walgreens announced in October it would be closing roughly 1,200 underperforming stores across the U.S. over the next three years. In 2025, 500 locations will say goodbye to shoppers. Why It Matters Many retail giants have slimmed down their national footprint in the years following the COVID-19 pandemic. Lower brick-and-mortar demand as a result of online shopping as well as inflationary effects on spending have played a role. Malls have long been falling out of favor, with almost 25 percent of America's largest anticipated to close by 2027, according to research from real estate services firm Green Street Advisors. Facade of a Walgreens store in Laurel Heights, San Francisco, on April 30, 2025. Facade of a Walgreens store in Laurel Heights, San Francisco, on April 30, 2025. Smith Collection/Gado/Getty Images What To Know While Walgreens operates roughly 8,500 stores nationwide, the pharmacy and drug store chain has closed about 2,000 locations over the past decade. Why is Walgreens Closing Stores? The closures arriving this month as CEO Tim Wentworth said Walgreens is embarking on a "turnaround plan." "We are confident it will yield significant financial and consumer benefits over the long term," Wentworth previously said. Because more consumers are using online prescription services like pharmacies have felt pressure on their bottom line as costs rise. In the last quarter of fiscal year 2024, Walgreens reported a $3 billion loss, an increase from $180 million the year before. Only 6,000 of its stores are still profitable, Wentworth said. "This solid base supports our conviction in a retail pharmacy-led model that is relevant to our consumers, and we intend to invest in these stores over the next several years," he said. Walgreens had sales of $37.55 billion for the fourth quarter, a year-over-year increase of 6 percent and fourth-quarter sales and adjusted profit above Wall Street expectations, according to CNBC. The $3 billion loss reflects the so-called valuation allowance that is meant to reduce deferred tax assets mainly related to opioid settlements, CNBC reported. Which Walgreens Locations Are Closing in June? In June, Walgreens is closing stores across several states, including: California Salinas, N. Sanborn Road – June 25 Florida Jacksonville, Dunn Avenue – June 26 Miami, NW 7th Avenue – June 25 Illinois Chicago, N. Sheffield Avenue (Northstar Health Care) – June 23 Massachusetts Brockton, Pleasant Street – June 23 Fall River, S. Main Street – June 26 Gloucester, Eastern Avenue – June 23 Springfield, Boston Road – June 24 Swansea, Wilbur Avenue – June 23 Webster, Main Street – June 24 Worcester, Grafton Street – June 25 New Jersey Pleasantville, N. Main Street – June 23 New York New York City, Lexington Avenue (Duane Reade) – June 24 Syracuse, Genesee Street – June 26 North Carolina Durham, Broad Street – June 24 Raleigh, Wake Forest Road – June 26 Ohio Garfield Heights, Turney Road – June 24 Reynoldsburg, Brice Road – June 10 Washington Bremerton, State Highway 303 NE – June 23 West Virginia Clendenin, Elk River Road N. – June 25 Follansbee, Main Street – June 11 Mullens, Moran Avenue – June 23 New Martinsville, 3rd Street – June 10 Oceana, Cook Parkway – June 26 Whitesville, Lewis Street – June 24 Which Stores Have Already Closed? Walgreens shuttered many other locations in 2025 so far. The full released list is: California Hayward, Jackson Street – May 22 Los Gatos, Blossom Hill Road – May 22 Colorado Lakewood, 7665 W. Jewell Avenue – May 22 Connecticut East Hartford, Silver Lane – May 20 East Haven, Main Street – May 22 New Britain, Stanley Street – May 19 New Milford, Danbury Road – May 21 Florida Jacksonville, Soutel Drive – May 19 Georgia Decatur, Hairston Road – May 22 Lawrenceville, Old Norcross Road – May 19 Macon, Mercer University Drive – May 21 Snellville, Hewatt Road – May 20 Stone Mountain, Memorial Drive – May 19 Indiana Indianapolis, E. Thompson Road – May 20 Maryland Essex, Marlyn Avenue – May 20 Massachusetts Framingham, Waverly Street – May 19 Lakeville, Main Street – May 21 Peabody, Andover Street – May 20 Salem, Boston Street – May 19 New Jersey Cherry Hill, Kings Highway N. – May 19 New York Brooklyn, 5th Avenue – May 21 Middletown, Fitzgerald Drive – May 21 North Carolina Richlands, Richlands Highway – May 21 Sanford, Spring Lane – May 20 Pennsylvania Norristown, Dekalb Pike – May 19 Southampton, 2nd Street Pike – May 22 West Chester, E. Street Road – May 22 Wyncote, W. Cheltenham Avenue – May 15 Texas Dallas, Camp Wisdom Road – May 21 Newsweek reached out to Walgreens for comment via email. What People Are Saying Kevin Thompson, the CEO of 9i Capital Group and the host of the 9innings podcast, told Newsweek: "Walgreens is just the latest casualty in the private equity game of cost-cutting. This is about reducing retail footprint, shrinking lease obligations, and driving return on equity. It's textbook: slash costs, close underperforming stores, and try to recoup the investment." Drew Powers, the founder of Illinois-based Powers Financial Group, told Newsweek: "Not that long ago it seemed like there was a drugstore on every corner, and many of those were Walgreens. But foot traffic has slowed for Walgreens as more big-box stores and online outlets added pharmacy services. Add to slower sales the evermore stringent regulations, decreased reimbursements, and increased cost of staff and Walgreens posted a $3 billion loss in the 4th quarter of 2024. While they can weather that storm for a while, the only survival plan is to close more retail locations." Alex Beene, a financial literacy instructor for the University of Tennessee at Martin, told Newsweek: "Walgreens is encountering what many other large nationwide retailers are: higher prices combined with more online competition, particularly in groceries and pharmaceuticals, have meant some locations are less profitable. After trying to turn business around at these locations the last few years, Walgreens has made the decision to close them." What Happens Next Thompson said more store closures are likely in the months ahead. "Consumers should prepare for fewer nearby locations, longer drive times or in some areas, no local access at all," he said. Powers said Walgreen's financial situation is indicative of the larger pharmacy industry, and a shift is already underway. "It's an unfortunate situation that's not limited to their stores," Powers said. "Other pharmacies will more than likely have to make similar tough decisions in the years ahead."
Yahoo
10 hours ago
- Yahoo
Trump's birthday military parade could cause $16 million of damage to DC's streets
Donald Trump's birthday military parade could cause as much as $16 million worth of damage to the streets of Washington, D.C., officials estimate. The June 14 parade, which will celebrate the Army's 250th anniversary, is being held on the president's own 79th birthday and will cost around $45 million. That price tag includes the estimated damage. Trump himself has called the cost of the parade 'peanuts compared to the value of doing it.' Organizers say that the parade will consist of around 130 vehicles, including 28 M1A1 tanks, 28 Bradley Fighting Vehicles, 28 Stryker armored fighting vehicles and artillery launchers being towed. A flyover of the U.S. capital will be undertaken by more than 50 helicopters, while 7,000 soldiers will march in the streets. There will also be at least eight bands, three dozen horses and two mules. The Army has said that it will cover all repair costs to the District's streets, which it estimates will be $16 million, according to NBC News. It has already said that it would place thick metal plates as long as 20ft down where tanks will turn on the parade route, at a cost of $3 million. Earlier this week, D.C. Mayor Muriel Bowser said she was 'concerned' about the scope of damage that the tanks and armored vehicles could cause. "These are, for the most part, local streets, and if they're rendered in unusable, we have to make them usable,' she said. "Probably we would fix it and then go seek our money from the Fed," she said. "That gives me some concern about fronting costs and waiting for them to get back." Trump told NBC News' Meet the Press earlier this month that the 90-minute parade would be well worth its eye-watering cost. 'We have the greatest missiles in the world. We have the greatest submarines in the world. We have the greatest army tanks in the world. We have the greatest weapons in the world. And we're going to celebrate it,' Trump insisted.
