Federal cuts claim new victim: Virginia's status as top state for business
Virginia lost its coveted 'Top State for Business' ranking from the CNBC financial news network, falling to No. 4 thanks to Trump administration action that the network said 'hits The Old Dominion where it lives.'
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Yahoo
11 minutes ago
- Yahoo
Two new Target stores coming to New Jersey. Here's where.
Target recently announced plans to expand its footprint by adding dozens of stores in 22 states, including two new Target stores in New Jersey, with one much larger than an average store. In March, Target announced plans to drive more than $15 billion in sales growth that included investing in opening or remodeling stores that offer "space and flexibility to incorporate the best of Target's shopping experience." The big box store had plans to open a total of 300 stores over the next decade. According to Target's website, the two stores opening in New Jersey are: (Hunterdon County): 325 Route 202 (75,525 square feet, smaller than average store) (Essex County): 235 Prospect Ave. (150,000 square feet, larger than average store) Target notes they chose locations across 22 states based off several factors including community need, site constraints and nearby Target stores. According to the website, there is a Target within 10 miles of most doorsteps in America (although if you live in a rural area, take that with a grain of salt). In addition to two stores opening in New Jersey, two Target stores are opening in New York State and two in Pennsylvania, according to Target's website. States with multiple opening include: California (4) Florida (6) North Carolina (4) South Carolina (3) Texas (6) A tentative opening date for the Target store in West Orange is set for Fall 2025, according to reporting by Patch. Construction was underway in May at the former Kmart in the West Orange Plaza, which is anchored by a Whole Foods supermarket, according to The Target store in Flemington, the first in Hunterdon County, is expected to open this summer, according to Target. It will be open Monday to Saturday from 7 a.m. to 11 p.m. and Sunday from 8 a.m. to 11 p.m. The store will be the 53rd to open in the state. Target's new store designs are meant to better service guests and team members, with a more open layout and localized elements to inspire and serve guests, according to Target. Stores will continue to open in all sizes, although the plan is to focus on a larger footprint in the coming years. The new stores will offer updated larger layouts, enhanced in-store pickup options and a larger assortment of merchandise, from food and beverages to entertainment, clothing and accessories. New Jersey currently has 52 Target stores, according to the Target website. Find a store near you by checking out their store directory. Lori Comstock is a New Jersey-based journalist with the Mid-Atlantic Connect Team. This article originally appeared on Two new Target stores coming to NJ. See list of stores in 22 states
CNBC
16 minutes ago
- CNBC
Gold ticks higher with focus on US inflation data
Gold inched higher on Tuesday, ahead of the release of U.S. inflation data later in the day that could shed more light on the Federal Reserve's interest rate path. Spot gold was up 0.1% at $3,346.94 per ounce, as of 0151 GMT. U.S. gold futures were flat at $3,355.60. "Gold has shown in the past that it is an asset of choice when tariff tensions are ratcheted up, and the precious metal's move towards $3,350 is evidence of this pattern playing out again," KCM Trade Chief Market Analyst Tim Waterer said. "However, higher treasury yields and USD appreciation have created gold to make further progress towards $3,400 a pullback in the USD or treasury yields may be required in the absence of heightened geopolitical events." U.S. President Donald Trump on Saturday threatened to impose a 30% tariff on imports from Mexico and the European Union starting on August 1, after weeks of negotiations with the major U.S. trading partners failed to reach a trade deal. Traders' focus now shifts to U.S. consumer price data for June, due at 1230 GMT on Tuesday. Economists polled by Reuters expect headline inflation to increase to 2.7% on an annual basis, up from 2.4% in the prior month. Core inflation is expected to rise to 3.0%, from 2.8%. Trump on Monday renewed his attacks on Fed Chair Jerome Powell, saying interest rates should be at 1% or lower. Markets are pricing in 50 basis points of rate cuts by year-end, with the first reduction expected in September. Gold, often considered as a safe-haven asset during times of economic uncertainties, tends to do well in a low-interest-rate environment. Elsewhere, spot silver gained 0.3% to $38.24 per ounce, after hitting its highest level since September 2011 on Monday. "Silver is benefitting from supply concerns and growing industrial demand. Also, gold's rise over the past 18 months has had investors looking elsewhere for value and silver has been one of the metals to rise as a result," Waterer said. Platinum rose 0.3% to $1,368.30 and palladium edged 0.1% higher to $1,194.52.
CNBC
17 minutes ago
- CNBC
Dollar holds near three-week high before CPI data; Bitcoin hovers above $120,000
The dollar hovered near a three-week high versus major peers on Tuesday as traders awaited the release of U.S. inflation data later in the day that could provide clues on the path for monetary policy. The U.S. currency was also buoyed by elevated Treasury yields, with investors weighing a potential exit of Jerome Powell from the Federal Reserve as President Donald Trump continued his criticism of the central bank chairman. The Aussie dollar dipped from last week's eight-month peak ahead of a report on gross domestic product in China, Australia's top trading partner. Bitcoin changed hands at $120,067, after pushing to an all-time high $123,153.22 on Monday as investors bet on long-sought legislative policy wins for the cryptocurrency industry this week. The dollar was little changed at 147.75 yen early in Asia's day, trading just below Monday's high since June 23 at 147.78. The dollar index, which tracks the currency against the yen and five other major rivals, stood at 98.104, just below the overnight peak of 98.136, the highest since June 25. The euro was steady at $1.1662 after slipping to $1.1650 on Monday for the first time since June 25. Fed Chair Jerome Powell has said that he expects inflation to increase this summer as a result of tariffs, which is seen keeping the U.S. central bank on hold until later in the year. Economists polled by Reuters expect headline inflation to increase to 2.7% on an annual basis, up from 2.4% the prior month. Core inflation is expected to rise to 3.0%, from 2.8%. "Should inflation fail to materialize or remain steady, questions may arise regarding the Fed's recent decision not to cut rates, potentially intensifying calls for monetary easing," James Kniveton, senior corporate FX dealer at Convera, wrote in a client note. "Calls from the White House for leadership changes at the Fed may increase." Trump on Monday renewed his attacks on Powell, saying interest rates should be at 1% or lower, rather than the 4.25% to 4.50% range the Fed has kept the key rate at so far this year. Fed funds futures traders have been pricing in 50 basis points of interest rate cuts by year-end, with the first reduction expected in September. Meanwhile, China's economy is likely to have cooled in the second quarter after a solid start to the year, as trade tensions and a prolonged property downturn drag on demand, raising pressure on policymakers to roll out additional stimulus to underpin growth. Data due on Tuesday is expected to show GDP grew 5.1% year-on-year in April–June, slowing from 5.4% in the first quarter, according to a Reuters poll. "Should the data disappoint, and China's economic situation continue to underwhelm expectations, this could maintain downward pressure on the Australian dollar," said Kniveton. The Aussie edged down slightly to $0.6542.
