Kevin Warsh was sworn in as the new leader of the US Federal Reserve on Friday, a pivotal moment for monetary policy and the American economy. Accompanied by his wife, Jane Lauder, Warsh took the oath administered by Supreme Court Justice Clarence Thomas.
Estee Lauder announces plan to cut 3,000 additional jobs, raising total layoffs to 10,000 as CEO Stephane de La Faverie shifts focus to online sales channels like Amazon and TikTok Shop. The restructuring aims to generate $200 million in additional savings. Shares rose 13%.
US stock markets reached new record highs on Friday as Apple rose 3.3% and Estee Lauder climbed 4.2% after both companies reported stronger-than-expected quarterly earnings. The S&P 500 added 0.6% to its all-time high, while the Dow Jones gained 226 points and the Nasdaq composite rose 0.7%. Colgate-Palmolive also beat estimates, though its CEO warned of continued volatile macroeconomic conditions. Easing oil prices helped steady markets amid uncertainty related to the Iran war.
