S&P 500 posts best month since November 2020
Investors have been cheered by better-than-expected corporate earnings, offsetting recession fears.
Inflation
This week on "Face the Nation with Margaret Brennan," July 31, 2022
Sens. Joe Manchin and Pat Toomey, and Federal Reserve Bank of Minneapolis President Neel Kashkari, will appear on "Face the Nation with Margaret Brennan" this Sunday.
Oil drillers reap unprecedented profits as Americans struggle
Soaring energy prices baked into delivery costs are driving up the cost of everything from apples to toilet paper.
U.S. GDP falls 0.9% in second quarter
The Commerce Department Thursday reported that the U.S. economy shrank for the second quarter in a row. Between April and June, the GDP fell at an annual rate of 0.9%. Peter Morici, a professor at the Robert H. Smith School of Business at the University of Maryland, joined CBS News to discuss what this could mean.
Key inflation gauge jumped 6.8% in June as prices surged
"Consumer sentiment sure stinks but Americans nevertheless continue to increase their spending," said one economist.
7/28: Red and Blue
U.S. economy shrinks for second consecutive quarter; Mega Millions jackpot tops $1 billion
Growing homelessness among baby boomers
A growing number of baby boomers are experiencing homelessness amid rising rents and inflation. The number of homeless people over 55 is expected to swell to 225,000 nationwide by 2026, according to one study. Jonathan Vigliotti takes a look.
White House adviser weighs in on recession fears
President Biden said the economy is in a good place despite GDP falling for two consecutive quarters. Debra Alfarone reports from the White House. Then, Gene Sperling, senior adviser to the president, joined "Red and Blue" to discuss the state of the economy.
Baby boomers facing spike in homelessness
The number of homeless people over 55 is expected to spike to 225,000 nationwide in the next four years, a 32% jump since 2017, according to a study.
U.S. economy shrinks, raising recession fears
President Biden downplayed growing fears that the U.S. is headed into a recession after the economy shrunk for two quarters in a row. Mr. Biden argued that a new budget deal agreed upon by top Democrats would help fight inflation and urged Congress to pass it. Caitlin Huey-Burns reports.
Biden speaks on inflation and climate bill
President Biden says the budget bill agreed to by Senate Democrats Joe Manchin and Chuck Schumer will be "the most important investment that we've ever made in our energy security." Watch his full remarks.
Major rent surge in Tampa Bay
Housing prices nationwide are up about 20%, but they've soared far more in the Tampa Bay area. Tampa Bay's home prices spiked nearly 36% and rents are up about 22% from last year. Mark Strassmann reports.
Federal Reserve expected to hike interest
The Federal Reserve is expected to hike interest rates for the fourth time since March in an effort to curb inflation and avoid a recession. Kris Van Cleave reports.
Business analyst on interest rate hike
With the highest inflation rates in four decades, the federal reserve has raised the short-term interest rate for the fourth time this year. CBS News business analyst Jill Schlesinger joins "CBS Mornings" to discuss the impact this has on borrowers with mortgages, credit card debt and loans.
7/28: CBS News Mornings
Federal Reserve raises interest rates; lawmakers grill gun manufacturers.
What the Fed's latest interest-rate hike means for your money
"Extraordinary" rate hike comes on the heels of another sharp increase in June. That means debt is about to get more expensive.
Senate Democrats reach deal on bill
Senators Joe Manchin and Chuck Schumer say they have reached a deal on the Inflation Reduction Act, a bill that includes measures to fight inflation, lower drug costs and address climate change. CBS News congressional correspondent Nikole Killion breaks down the legislation and other measures that Congress is working to pass.
CBS Evening News, July 27, 2022
Fed hikes interest rates again amid recession fears; FBI honors 1st female special agents 50 years later
Fed raises interest rates again
For the fourth time this year, the Federal Reserve has raised its benchmark interest rate in a bid to slow record-high inflation. Megan Cassella, a reporter for Barron's, joined CBS News' Lana Zak to discuss.
Fed hikes interest rates yet again
The Federal Reserve raised interest rates 0.75% on Wednesday. It's the fourth rate hike this year, aimed at curbing inflation while also preventing a recession. Naomi Ruchim reports on the news. Then, Major Garrett is joined by Adam Phillips, managing director of portfolio strategy at EP Wealth Advisors, to discuss what this could mean for the economy.
7/27: CBS News Mornings
New interest rate hike expected today; Russia's space shake-up.
Federal Reserve announces interest rate hike
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.
Fed hikes interest rates amid recession fears
The Federal Reserve made another move to try and tamp down rising prices by raising interest rates by 3/4 of a percentage point, the fourth hike this year. Kris Van Cleave shares the latest.
Federal Reserve hikes key interest rate by another 75 basis points
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.
Federal Reserve to hike interest rates
Economists and investors are bracing for another aggressive rate hike from the Federal Reserve today. The expected move would mark the fourth rate increase this year. Frances Stacy, the director of portfolio strategy for Optimal Capital, joins CBS News' Tanya Rivero and Christina Ruffini to discuss the central bank's upcoming meeting and its significance.
Live
U.S. conducts retaliatory strikes on Iran for downing of Apache helicopter
The two helicopter pilots were uninjured. After the retaliatory strikes were announced, President Trump said, "I believe the response should be very strong, very powerful."
Graham Platner to win Maine Democratic Senate primary and face Sen. Susan Collins
The primary victories set up a race that could be key to Democrats' hopes of winning control of the Senate.
Hilton to face Becerra for California governor, CBS News projects
Republican Steve Hilton, a former Fox News host and adviser to former British Prime Minister David Cameron, will advance to November's general election in the race to become California's next governor, CBS News projects.
House passes $70 billion bill to fund ICE for rest of Trump's term
The House passed Republicans' $70 billion bill to fund immigration enforcement agencies for the rest of the Trump administration.
House passes pro-union bill after 20 Republicans defy party
It's the seventh time this session that a discharge petition has secured the necessary 218 signatures to force a vote on legislation.
Trump stands by decision to name Pulte to intel role despite revolt in Congress
Bill Pulte will begin serving as acting director of national intelligence in a week and a half, President Trump said, effectively standing by his decision to name the housing regulator and Trump loyalist.
Texas teen sentenced to 35 years in prison for deadly stabbing at high school track meet
A Texas jury sentenced Karmelo Anthony to 35 years in prison for the 2025 Frisco track meet murder of 17-year-old Austin Metcalf.
Evette, Wilson head to runoff in primary for SC governor, CBS News projects
Rep. Nancy Mace, who led a high-profile campaign after sparring with President Trump, did not advance.
GOP Rep. Valadao to face progressive Villegas in key California House district
Progressive Randy Villegas' win is an embarrassing defeat for establishment Democrats amid an intraparty feud about the party's future.
U.S.
More U.S.
Nevada GOP Gov. Lombardo projected to face Democrat Ford in highly competitive race
Democrats are aiming to unseat Nevada GOP Gov. Joe Lombardo in one of the country's most tightly contested gubernatorial contests this year.
Graham Platner to win Maine Democratic Senate primary and face Sen. Susan Collins
The primary victories set up a race that could be key to Democrats' hopes of winning control of the Senate.
Evette, Wilson head to runoff in primary for SC governor, CBS News projects
Rep. Nancy Mace, who led a high-profile campaign after sparring with President Trump, did not advance.
Democrat Annie Andrews projected to face off against Sen. Lindsey Graham
Sen. Lindsey Graham has held the seat since 2003, and Democrats have an uphill battle in any attempt to unseat him.
House passes pro-union bill after 20 Republicans defy party
It's the seventh time this session that a discharge petition has secured the necessary 218 signatures to force a vote on legislation.
MoneyWatch
More MoneyWatch
May inflation likely topped 4% for first time in 3 years, economists say
Economists expect the Consumer Price Index this week to show U.S. inflation continuing to rise due to higher energy costs.
Here's the retirement challenge nobody talks about
Many Americans spend decades saving for retirement, but lack a plan for using that money once they stop working, a new survey finds. Here's what to know.
A bidding war is underway for the world's oldest bank
Banca Monte dei Paschi di Siena has been operating for well over 500 years, and some Italian officials reportedly want to ensure it stays in Italian hands.
Social Security's insolvency date is projected for end of 2032
Medicare's hospital insurance trust fund will be unable to pay full benefits in 2033, which could lead to higher health care costs for Americans over 65.
Meta launches program to train workers for data center jobs
Meta pledged to invest $115 million to train electricians, plumbers and other workers needed to operate data centers.
Politics
More Politics
Nevada GOP Gov. Lombardo projected to face Democrat Ford in highly competitive race
Democrats are aiming to unseat Nevada GOP Gov. Joe Lombardo in one of the country's most tightly contested gubernatorial contests this year.
Graham Platner to win Maine Democratic Senate primary and face Sen. Susan Collins
The primary victories set up a race that could be key to Democrats' hopes of winning control of the Senate.
Evette, Wilson head to runoff in primary for SC governor, CBS News projects
Rep. Nancy Mace, who led a high-profile campaign after sparring with President Trump, did not advance.
GOP Rep. Valadao to face progressive Villegas in key California House district
Progressive Randy Villegas' win is an embarrassing defeat for establishment Democrats amid an intraparty feud about the party's future.
Democrat Annie Andrews projected to face off against Sen. Lindsey Graham
Sen. Lindsey Graham has held the seat since 2003, and Democrats have an uphill battle in any attempt to unseat him.
HealthWatch
More HealthWatch
HealthWatch
FDA approves new sunscreen ingredient
The FDA approved a new ingredient for sunscreen that's been in use in Europe for years. Dr. Jon LaPook has more details.
New sunscreen option wins FDA approval after years of delay
A sunscreen ingredient that's been available in Europe, Japan and South Korea for years has finally been approved by the FDA for sale in the U.S.
Safety concerns over weight loss drug
There's a new safety concern about doctors prescribing one experimental weight loss treatment, retatrutide, that hasn't even been FDA approved yet. Adam Yamaguchi reports.
How an experimental weight-loss drug is being openly promoted by physicians
Doctors are jumping the gun to prescribe a medication lacking FDA approval that has gone viral on social media. "Why are we waiting?" one physician asked.
The promises and pitfalls of GLP-1 drugs
Approved 20 years ago as a diabetes treatment, GLP-1 drugs have been found to help patients reduce weight, changing the lives of more than 30 million people in the U.S. But there also have been troubling side effects reported.
World
More World
Vance: Iran deal could happen in a week or months from now
In an interview airing on "CBS Sunday Morning," Vice President JD Vance said the U.S. will reach a deal with Iran before November's midterm elections.
Dozens of 7,000-year-old headless human skeletons found in ditch
Researchers have discovered dozens of headless human skeletons in a ditch in Slovakia, which they believe date back 7,000 years.
Ukraine winning war with Russia, retired U.S. generals say
Several retired U.S. generals and the former director of a U.S. intelligence agency told CBS News they believe Ukraine now has the upper hand in the war with Russia.
Afghan Taliban forces open fire at protest sparked by dress code arrests
Afghanistan's Taliban rulers deny shooting at protesters and claim no women or girls have been arrested because they're all following strict dress code rules.
A bidding war is underway for the world's oldest bank
Banca Monte dei Paschi di Siena has been operating for well over 500 years, and some Italian officials reportedly want to ensure it stays in Italian hands.
Entertainment
More Entertainment
Entertainment
Broadway stars at the Tony Awards
Hollywood stars like Daniel Radcliffe and Rachel Dratch took to the stage this Broadway season. CBS News' Taylor Masi spoke with some of the stars at the 2026 Tony Awards.
Logan Marshall-Green on "Killing Castro"
"Marshals" actor Logan Marshall-Green joins CBS News 24/7 Mornings to discuss his recent work on "The Odyssey," "Boiúna: Legend of the Amazon" and "Killing Castro."
Expert on UAPs, Spielberg's "Disclosure Day"
Garry Nolan, a professor of pathology at Stanford University School of Medicine and the executive director of the board for The Sol Foundation, joins CBS News 24/7 to discuss Steven Spielberg's new movie, "Disclosure Day," and its exploration of the existence of aliens on Earth.
Biggest winners from the 79th Tony Awards
CBS News New York's Dave Carlin breaks down the biggest wins and performances from the 79th Tony Awards.
Steven Spielberg talks "Disclosure Day"
Oscar-winning director Steven Spielberg talks to CBS News about his 34th feature film, "Disclosure Day," which explores what would happen if all of the evidence about UFOs and alien life was released to the entire world and proved we are not alone. He also discusses his opinion on aliens, saying they "have been here and they are here."
Technology
More Technology
Technology
OpenAI announces plan to go public
Last week, Anthropic, valued at almost a trillion dollars, filed to go public. Yesterday, its chief rival OpenAI confidentially filed for an initial public offering. Later this week, SpaceX is set to go public in what could be the largest IPO ever. Jon Krohn, the co-founder and CEO of Y Carrot, joins CBS News to discuss.
Meta launches program to train workers for data center jobs
Meta pledged to invest $115 million to train electricians, plumbers and other workers needed to operate data centers.
How AI powered robots are helping small farms
From labor shortages to environmental impacts, farmers are looking to AI to help revolutionize the agriculture industry. One California startup, Farm-ng, is tapping into the power of AI and robotics to perform a wide range of tasks, including seeding, weeding and harvesting.
New Apple features to keep kids safe
Apple is rolling out an update with new parental controls to help navigate screen time and keep kids safe. Jo Ling Kent explains the changes.
How to buy SpaceX shares as its blockbuster IPO readies for liftoff
SpaceX is setting aside a large chunk of shares for ordinary investors as it seeks to raise a record $75 billion. Here's what to know.
Science
More Science
NASA names 4 astronauts for next Artemis mission
NASA's Artemis III astronauts plan to carry out rendezvous and docking procedures with commercial moon landers being built by SpaceX and Blue Origin.
Great white shark captured on video in Mediterranean in rare sighting
Great white sharks are classified as "critically endangered" in the Mediterranean Sea, and underwater sightings are incredibly rare.
El Niño could bring more widespread coral bleaching, NOAA warns
The expected arrival of El Niño this summer could trigger another mass coral bleaching event, which would be the fifth on record, researchers said.
Scientists find yeast in frozen mummy's guts, use it to make bread
More than 5,300 years ago, Oetzi the Iceman was strolling through the Alps on the border of Austria and Italy when he was killed by an arrow in the back.
Meteor lights up southern Michigan
Days after a meteor exploded over New England, another fireball was spotted, visible in the Midwest to the Northeast. Rob Marciano has more.
Crime
More Crime
Crime
Nick Reiner seeks trust fund release
Nick Reiner, who's accused of killing his parents, Rob and Estelle Reiner, last December, wants a judge to order the release of money from his trust fund. Carter Evans reports.
Karmelo Anthony found guilty of murder
Emotions were high after a jury in Texas found 19-year-old Karmelo Anthony guilty of murder in the fatal stabbing of 17-year-old Austin Metcalf at a high school track meet last year. Immediately after the verdict, tension erupted outside the courthouse. Jonah Kaplan reports.
Details on Karmelo Anthony's sentencing
A jury on Tuesday found Karmelo Anthony, 19, guilty of murder for the 2025 stabbing of 17-year-old Austin Metcalf at a Texas track meet. CBS News correspondent Jonah Kaplan reports.
Karmelo Anthony convicted of murder in stabbing
Karmelo Anthony was convicted of murder Tuesday for the 2025 stabbing of 17-year-old Austin Metcalf at a Texas track meet. CBS News Texas reports.
Charlotte train stabbing suspect found incompetent
Decarlos Brown Jr, the man accused of fatally stabbing Ukrainian refugee Iryna Zarutska on a Charlotte, North Carolina, light rail train, has been ruled incompetent for trial "at this time." CBS News correspondent Shanelle Kaul has more.
Space
More Space
NASA names 4 astronauts for next Artemis mission
NASA's Artemis III astronauts plan to carry out rendezvous and docking procedures with commercial moon landers being built by SpaceX and Blue Origin.
Space station crew briefly moves to "safe haven" amid concerns over leaks
Out of an abundance of caution, NASA briefly directed five of the seven crew members aboard the International Space Station to wait inside the docked SpaceX Crew Dragon "Freedom" spacecraft.
Sun erupts with 3 solar flares, raising chances of northern lights for U.S.
Three solar flares burst from the sun this week, raising the chances of seeing the northern lights for people across the United States.
NASA reluctantly gives up on lost orbiter: "Best Mars mission ever"
NASA officials said the $582 million MAVEN orbiter could not be recovered after a problem on the far side of Mars late last year, and that its extraordinarily successful mission was at an end.
Blue Origin vows to resume New Glenn launches despite explosion
Damage to Blue Origin's lone launch pad in the wake of last week's spectacular explosion was not as severe as initially feared, the company said.
Latest Galleries
More Latest Galleries
Notable Deaths in 2026
A look back at the esteemed personalities who've left us this year, who'd touched us with their innovation, creativity and humanity.
Summer music highlights of 2026
Summer is the time to enjoy live music, indoors and out. Scroll through our gallery of some of 2026's leading musical acts, featuring images by CBS News photojournalist Jake Barlow and photographers Ed Spinelli and Kirstine Walton.
Evidence in the Barbara Kendhammer case
Does the evidence show a cover-up, or was Todd Kendhammer wrongfully convicted for the murder of his wife?
Timeline: The disappearance of George Smith
Family seeks answers in death of newlywed who disappeared in 2005 while on Mediterranean honeymoon cruise.
Who is Alix Tichelman?
Meet the tattooed beauty charged in the death of Google executive Forrest Hayes.
Latest CBS News Videos
More Latest CBS News Videos
Latest CBS News Videos
6/9: CBS Evening News
A 19-year-old is convicted of murder after a track meet stabbing; the U.S. launches new strikes on Iran.
Graham Platner wins primary, CBS News projects
CBS News projects that Graham Platner has won Maine's Democratic Senate primary, setting up a November battle with Sen. Susan Collins for her seat. Platner had faced a bevy of scandals in recent weeks. Jessi Mitchell anchored CBS News' special report.
The goals and challenges for Artemis III
Four astronauts are expected to launch into Earth orbit next year as part of NASA's goal to return to the lunar surface. Retired NASA astronaut Clayton Anderson joins "The Daily Report" to discuss the mission's goals and challenges.
New research on remote work and mental health
New research suggests that working remotely full-time can negatively affect people's mental health, despite polls that show people are willing to get paid less for that flexibility. CBS News MoneyWatch reporter Megan Cerullo has more.
Artemis III mission: What to know
NASA on Tuesday named the four astronauts who will participate in Artemis III mission, they are expected to launch into Earth orbit next year to test rendezvous and docking procedures with moon landers being built by SpaceX and Blue Origin. CBS News space contributor Christian Davenport has more.