Robinhood slashes 23% of its workforce amid trading slump
CEO Vlad Tenev says soaring inflation and cryptocurrency crash is discouraging customers from trading.
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CEO Vlad Tenev says soaring inflation and cryptocurrency crash is discouraging customers from trading.
Billionaire Elon Musk said Tuesday he intends to reverse Twitter's ban against former President Donald Trump. CBS News' Tanya Rivero and Dan Patterson break down this announcement with CBS News tech reporter Dan Patterson.
The Federal Reserve, as expected, announced it is raising interest rates by three-quarters of a percentage point to help tamp down inflation. CBS News' Tanya Rivero and Christina Ruffini get analysis of the economic and political impact from Ted Rossman, senior industry analyst at Bankrate.com; CBS News political correspondent Caitlin Huey-Burns; and Michelle Singletary, Washington Post personal finance columnist.
The rise in the federal funds rate, which is what banks charge each other for overnight loans, comes as several significant pieces of economic data are released this week.
More than 250,000 people applied for unemployment benefits last week, the highest number since November.
But sales of previously occupied homes have slowed sharply amid higher mortgage rates and rising prices.
The ongoing aluminum can shortage is changing the way some craft breweries are conducting business.
After months of increases, some costs associated with transportation -- namely fuel -- are finally starting to go down.
Skyrocketing inflation is impacting many business sectors, but it is also hitting Bay Area food lovers right in the gut.
After billionaire Elon Musk said that he was abandoning his $44 billion buyout, Twitter vowed to pursue him in court.
The hospitality sector in San Francisco is recovering jobs and the labor market is hot, but a recession may be coming, comments from the city's chief economist and the most recent report from the city Controller's Office reveal.
Investors are monitoring economic data for clues on inflation trajectory, with eye on Friday release of June employment numbers.
California's gas tax will go up just as people hit the road for the holiday weekend. There's a new effort in Sacramento to try to lower prices.
Tourists are already arriving in San Francisco for Pride and local businesses say it's an important boost to the economy. Shawn Chitnis reports. (6-23-22)
Bitcoin fell below the psychologically important threshold of $20,000 on Saturday for the first time since late 2020 in a fresh sign that the selloff in cryptocurrencies is deepening.
One expert warned Friday that a solid California jobs report for May doesn't tell the full story and changing economic factors will likely make for a more challenging hiring environment later this year.
The state saw an increase of nearly 43,000 jobs last month but experts say finding a job is about to get tougher. Shawn Chitnis reports. (6-17-22)
All the major metropolitan areas in the country have seen rent prices jump back to pre-pandemic pricing levels, except for the city by the bay. Andria Borba reports. (6-16-22)
CBS News business analyst Jill Schlesinger talks about impact the Federal Reserve's .75% interest rate hike will have (6-16-2022)
"Inflation is much too high," Fed Chair Jay Powell said of the U.S. central bank's largest rate hike since 1994.
Most stocks on Wall Street dipped Tuesday in their first trading after tumbling into a bear market on worries that high inflation will push central banks to clamp the brakes too hard on the economy.
May figures show inflation rose more than 8%, the highest jump in more than four decades. Sara Donchey reports. (6-10-22)
May surge in consumer prices raises odds that the Fed will continue to sharply hike interest rates.
Tesla shares fell more than 7% on a report the CEO is considering layoffs over a "super bad feeling" about the economy.
As the San Francisco economic rebound continues, business travel is finally beginning to come back to life. Max Darrow reports. (5-19-22)
Elon Musk reached a deal to buy Twitter in April 2022. On May 13, 2022, he declared his plan "temporarily on hold" over the number of spam and fake accounts on the platform. Twitter's stock tumbled as a result.
A San Francisco Bay Area woman who was dubbed a "party mom" by prosecutors has been convicted in connection with hosting parties for her teenage son and her friends, in which she encouraged drinking and sexual acts during the pandemic.
The San Jose Sharks signed forward Kiefer Sherwood to a five-year, $28.75 million extension six weeks after acquiring him in a trade from Vancouver.
Holtz coached Notre Dame from 1986 to 1996, winning 100 games with the school, including a 12-0 national title-winning season in 1988.
Anthropic CEO Dario Amodei said his company and the Department of Defense "have much more in common than we have differences."
Elon Musk reached a deal to buy Twitter in April 2022. On May 13, 2022, he declared his plan "temporarily on hold" over the number of spam and fake accounts on the platform. Twitter's stock tumbled as a result.
A San Francisco Bay Area woman who was dubbed a "party mom" by prosecutors has been convicted in connection with hosting parties for her teenage son and her friends, in which she encouraged drinking and sexual acts during the pandemic.
The San Jose Sharks signed forward Kiefer Sherwood to a five-year, $28.75 million extension six weeks after acquiring him in a trade from Vancouver.
Holtz coached Notre Dame from 1986 to 1996, winning 100 games with the school, including a 12-0 national title-winning season in 1988.
Google is accused in a wrongful death lawsuit filed by the family of a man who committed suicide in October, allegedly at the direction of the tech giant's AI chatbot, Gemini.
A man has been arrested and accused of a hate crime after a San Francisco church was vandalized over the weekend, police said.
The number of homeless encampments in San Francisco, along with RVs sheltering the unhoused reached a new low in the latest quarter, Mayor Daniel Lurie's office announced Wednesday.
The daily prompts at the San Francisco grocery store have led to new friendships, and regular customers say they look forward to seeing what the question will be.
The design process for the floats began in November, with a crew of nearly 30 people working to put the final product together.
The analysts say the United States currently sits on a glut of domestic oil, so the nation will be insulated from the immediate supply shortage. But California imports most of its crude oil from foreign countries, so we are liable to feel the effects faster than other states.
Friday, March 6, marks 100 years since the historic location opened its doors, but they'll be celebrating a little early with free movies on Wednesday.
Former Oakland police chief Floyd Mitchell has been appointed to lead the police department in the city of Fremont.
A person riding on a watercraft at Discovery Bay died on Sunday after it flipped over. The person did not know how to swim and was not wearing a life vest at the time, the sheriff's office said. Two other people on the watercraft were able to swim to safety.
The Bay Area learned in December about the passing of legendary Bay Area Park Ranger Betty Reid Soskin, but they waited until Sunday to hold a public tribute to her.
The gathering, held on a pedestrian bridge above a freeway in Berkeley, brings together community members waving signs and dancing as passing drivers honk in support.
A San Francisco Bay Area woman who was dubbed a "party mom" by prosecutors has been convicted in connection with hosting parties for her teenage son and her friends, in which she encouraged drinking and sexual acts during the pandemic.
Dozens of residents of an apartment complex in the South Bay have been displaced following a fire that began in a carport Monday afternoon.
One of the people at the rally said she believes going to war with Iran could continue to exacerbate socio-economic issues here in the United States.
More than 100 residents of a condominium complex in Santa Clara remain evacuated after structural issues were found in the building over the weekend.
Police in San Jose released body camera footage of a deadly shootout earlier this year involving a man suspected in a lengthy crime spree that included shootings with law enforcement, along with armed robberies and carjackings.
The California Highway Patrol arrested two drivers on Highway 101 in Sonoma County early Monday morning after they allegedly took part in a street race in which a third driver was filming.
Officers arrested a suspect with an outstanding out-of-state murder warrant in Vallejo, police said Friday.
A suspect is accused of animal cruelty after hundreds of birds and evidence consistent with bird fighting were located at a home just outside of Santa Rosa city limits on Wednesday, authorities said.
Authorities in the San Francisco Bay Area have arrested three people from the East Coast on suspicion of identity theft in an alleged bank fraud case, including a woman who was reported missing several months ago.
Police in Vallejo said they arrested a driver on multiple felony charges following a pursuit over the weekend that covered nearly 16 miles.
The San Jose Sharks signed forward Kiefer Sherwood to a five-year, $28.75 million extension six weeks after acquiring him in a trade from Vancouver.
Holtz coached Notre Dame from 1986 to 1996, winning 100 games with the school, including a 12-0 national title-winning season in 1988.
Macklin Celebrini had a goal and three assists, Kiefer Sherwood scored the tiebreaking goal on a power play with 3:26 remaining, and the San Jose Sharks beat the Montreal Canadiens 7-5.
Along with the "True Lies" co-stars, the California Hall of Fame's new inductees will include Olympians Carl Lewis and Janet Evans and Mariachi Reyna de Los Ángeles.
Kawhi Leonard had 23 points, eight rebounds and four assists, and the Los Angeles Clippers erased a 17-point deficit to beat the short-handed Golden State Warriors 114-101.
A San Francisco Bay Area woman who was dubbed a "party mom" by prosecutors has been convicted in connection with hosting parties for her teenage son and her friends, in which she encouraged drinking and sexual acts during the pandemic.
A man has been arrested and accused of a hate crime after a San Francisco church was vandalized over the weekend, police said.
Former Oakland police chief Floyd Mitchell has been appointed to lead the police department in the city of Fremont.
The California Highway Patrol arrested two drivers on Highway 101 in Sonoma County early Monday morning after they allegedly took part in a street race in which a third driver was filming.
A trial has been set in the San Francisco Bay Area for a Florida woman accused of providing a cosmetic injection that killed a woman who was known as a Kim Kardashian lookalike, prosecutors said.
Anthropic CEO Dario Amodei said his company and the Department of Defense "have much more in common than we have differences."
At the meeting, Waymo said there are about 70 dispatchers at a call center in the Philippines to assist cars in the company's global fleet that require human intervention. But on the night of Dec 20, they said the system was simply overwhelmed.
After the Trump administration cut it off, Anthropic CEO Dario Amodei told CBS News in an exclusive interview Friday night he wants to work with the military — but only if it addresses the firm's concerns.
President Trump said he will give federal agencies six months to phase out their use of Anthropic's AI products.
The 20-year-old plaintiff alleges that using YouTube and Instagram from a young age intensified her depression and led to suicidal thoughts.
Tests of dozens of baby formulas by Consumer Reports found that nearly half contained potentially dangerous chemicals.
A trial has been set in the San Francisco Bay Area for a Florida woman accused of providing a cosmetic injection that killed a woman who was known as a Kim Kardashian lookalike, prosecutors said.
USALESS.COM is recalling its Rhino Choco VIP 10X product due to the undeclared presence of Tadalafil, which is the active ingredient in Cialis.
A Santa Clara County resident with measles may have exposed others while dining at a restaurant in Burlingame earlier this week, health officials said.
Multiple elephant seal pups along the Northern California coast have tested positive for the deadly avian influenza, or bird flu, according to new research from the University of California.
Anthropic CEO Dario Amodei said his company and the Department of Defense "have much more in common than we have differences."
The U.S. is "accelerating, not decelerating" war on Iran, Hegseth says, as strikes intensify in the region and reach 1,000 miles away.
California Democrats are showing signs of division as the race to replace Gov. Gavin Newsom grows increasingly crowded ahead of the June primary.
Last week, Bill Gates apologized to the staff of his philanthropic Gates Foundation for his ties to Jeffrey Epstein, which he said began in 2011 and continued through 2014.
San Francisco city departments have been told they will need to eliminate at least 500 budgeted positions, including some currently filled roles, as part of a sweeping effort to reduce a projected $400 million annual deficit.
A man has been arrested and accused of a hate crime after a San Francisco church was vandalized over the weekend, police said.
A Yosemite park ranger was fired last year after helping to display a transgender pride flag from El Capitan.
After more than two years of renovations, the historic Castro Theatre is back open for business.
A large Pride flag has been removed from the Stonewall National Monument in Greenwich Village. The National Park Service said it did so under guidance from the federal government.
The billionaire and philanthropist MacKenzie Scott donated $45 million to The Trevor Project, a nonprofit focused on suicide prevention and advocacy for LGBTQ young people.
Friday, March 6, marks 100 years since the historic location opened its doors, but they'll be celebrating a little early with free movies on Wednesday.
Along with the "True Lies" co-stars, the California Hall of Fame's new inductees will include Olympians Carl Lewis and Janet Evans and Mariachi Reyna de Los Ángeles.
The design process for the floats began in November, with a crew of nearly 30 people working to put the final product together.
Organizers of the annual Outside Lands Music Festival at Golden Gate Park in San Francisco announced the lineup for the upcoming 2026 event.
A trial has been set in the San Francisco Bay Area for a Florida woman accused of providing a cosmetic injection that killed a woman who was known as a Kim Kardashian lookalike, prosecutors said.
Ever since the COVID-19 pandemic, the Oakland Unified School District has seen an alarming spike in the number of unhoused students in the school system who deal with a host of challenges far beyond what most children face.
Meteorologist and CBS News Bay Area's resident pilot Lt. Jessica Burch got a treat during Fleet Week, taking to the skies with one of the Blue Angels.
A Bay Area man discovered his devastating loss left him with a new opportunity to rethink how he lives -- follow his journey in virtual reality, 360-degree video.
A groundbreaking medical study involving the UCSF Medical Center has shown some colorectal cancer patients can safely skip radiation treatment and enjoy a potentially higher quality of life.
Every day, San Francisco bar pilot Captain Zach Kellerman goes through what might just be the world's most dangerous commute.
Elon Musk took the stand in a San Francisco courtroom Wednesday in a trial where he is accused of making false statements about Twitter to allegedly drive down the stock price of the social platform before his 2022 purchase.
Santa Clara County District Attorney Jeff Rosen speaks to reports after Shannon O'Connor was found guilty of more than 60 charges for hosting alcohol-fueled sex parties in her Los Gatos home.
Following a cloudy start, expect highs in the 60s Wednesday, along with significant winds in the afternoon. Jessica Burch has the forecast.
Loureen Ayyoub reports on how a local grocery store cashier is helping build connections.
Amanda Hari reports on a beloved Oakland movie theater. Website: http://kpix.com/ YouTube: http://www.youtube.com/CBSSanFrancisco Facebook: https://www.facebook.com/CBSSanFrancisco Instagram: https://www.instagram.com/kpixtv/ Twitter: https://twitter.com/KPIXtv
In 2025, KPIX is moving to a new community service award: the CBS News Bay Area Icon Award. Submit nominations for an outstanding community hero at kpix.com/icon.
It's the most wonderful time of the year for a South Bay woman who has played Mrs. Claus for more than 40 years for the children of North San Jose's Alviso District.
For residents of the Oakland Hills, the prospect of another wildfire always remains a concern. This week's Jefferson Awards winner has made it his mission to make the hills and other high-risk areas safer.
In East Palo Alto -- where state education numbers show more than nine in ten public school students are low income and more than half are English learners -- many are finding hope and connection at the Boys & Girls Clubs of the Peninsula.
This week's Jefferson Award winner is Army veteran who continues to live a life of service into his 80s, by feeding hundreds of San Francisco families a week.
A Bay Area man who overcame tremendous obstacles to excel in school has made it his mission to gear up other students for success in the classroom and in life.
For Students Rising Above scholar Josh Collins it took moving across the country to realize the value of his Bay Area family.
Samir Hooker had to grow up fast after his stepfather was shot dead 12 years ago. Now he is watching over his mom and sister while attending UC Berkeley.
It's hard enough to graduate from one of the most prestigious schools in the country when you're the first in your family to go to college. Imagine doing that while you're also trying to protect your parents from being deported?
Some students who are the first in their families to go to college face the challenge of balancing a rigorous academic load while still working to help support their family back home.