Economists and financiers have compared stockmarkets to gambling since 1936, when Keynes warned of “the capital development of a country becom[ing] a by-product of the activities of a casino”. In 1999 Jack Bogle of Vanguard decried the “Wall Street casino” where only croupiers got rich, and in 2023 Warren Buffett wrote that “markets now exhibit far more casino-like behaviour than…when I was young”. More
Pity the bond trader without Truth Social on their phone. All it took was one after-dinner missive, fired off by the president on his social network, to turn the White House’s tussle with the Federal Reserve into something more worrying. On August 25th Donald Trump posted a letter saying he had fired Lisa Cook, a Fed governor, for alleged mortgage fraud. More
Centers for Disease Control and Prevention Director Susan Monarez has left the role just weeks after being sworn in, the Health and Human Services department said.
At least four other officials also submitted their resignations in a massive shakeup at the health agency.
The departures come at a tumultuous time for the agency, which is reeling from a gunman’s attack on its Atlanta headquarters on Aug. 8.
Susan Monarez, President Donald Trump’s nominee to be the Director of the Centers for Disease Control and Prevention (CDC), testifies during her confirmation hearing before the Senate Committee on Health, Education, Labor, and Pensions in the Dirksen Senate Office Building on June 25, 2025 in Washington, DC.
Kayla Bartkowski | Getty Images
Centers for Disease Control and Prevention Director Susan Monarez has left the role just weeks after being sworn in, the Health and Human Services department said on Wednesday.
In a post on X, the department said Monarez is longer director and thanked her for “her dedicated service to the American people.”
In a statement, attorney Mark Zaid said he was representing Monarez and that she had not actually been fired yet or stepped down, adding that she would not resign.
At least four other officials also submitted their resignations on Wednesday in a massive shakeup at the agency: Dr. Debra Houry, the CDC’s chief medical officer; Dr. Demetre Daskalakis, director of the National Center for Immunization and Respiratory Diseases; Dr. Daniel Jernigan, the director of the National Center for Emerging and Zoonotic Infectious Diseases; and Dr. Jennifer Layden, director of the Office of Public Health Data, Surveillance and Technology.
Houry, in a resignation letter obtained by NBC News, wrote about the dangers of the spread of vaccine misinformation and said proposed budget cuts and reorganization plans would negatively impact the CDC’s ability to address conditions like hypertension, diabetes, cancer, overdoses and mental health issues.
In his resignation letter, also obtained by NBC News, Daskalakis said he was leaving the agency “because of the ongoing weaponizing of public health.”
Monarez, a longtime federal government scientist, was sworn in on July 31. She is the first CDC director to be confirmed by the Senate following a new law passed during the pandemic that required lawmakers to approve nominees for the role.
The Washington Post first reported her ousting on Wednesday.
Her departure comes at a tumultuous time for the agency, which is reeling from a gunman’s attack on its Atlanta headquarters on Aug. 8. A police officer died in the shooting.
Monarez on Friday canceled a meeting with CDC workers that had been scheduled for Monday, according to an email obtained by NBC News. She said she wanted to assure staff that the agency is working to restore their “trust in the safety and security of all CDC workplaces.”
President Donald Trump nominated Monarez after withdrawing his first pick to lead the CDC, former Republican congressman Dave Weldon, hours before his confirmation hearing. Weldon has been criticized for his views on vaccines.
— CNBC’s Michele Luhn contributed to this report. More
Criminal investigations do not usually start with tweets. They very rarely start with tweets by government officials asserting someone’s guilt before a charge has even been laid. That, however, is how the case against Lisa Cook, a governor of the Federal Reserve, began on August 20th, when Bill Pulte, head of the Federal Housing Finance Agency, published a letter alleging that Ms Cook had “falsified bank documents and property records to acquire more favourable loan terms, potentially committing mortgage fraud”. Mr Pulte then tweeted a screenshot showing her signature on two documents. It is on the basis of this evidence that President Donald Trump sought to sack Ms Cook on August 25th. She has refused to resign; the courts will consider what is required to remove a Fed governor “for cause”. More
It is not hard to see why Jamie Dimon owns a lot of shares in JPMorgan Chase. He is the bank’s boss and its shareholders want his interests to be aligned with theirs. Paying him mostly in stock, rather than cash, helps ensure that they are. An executive with a significant proportion of savings invested in their firm’s shares has tied their future to the company’s. This discourages them from doing things that might pad their wallets in the short term at the expense of shareholders’ long-term returns, such as expanding the firm unsustainably fast. The incentives are stronger still if—as with Mr Dimon—the boss is promised shares for delivery some time hence, or if any sales prompt newspaper headlines. More
The Food and Drug Administration on Wednesday approved the latest round of Covid vaccines in the U.S., but only for those at higher risk of getting severely sick from the virus.
Health and Human Services Secretary Robert F. Kennedy Jr. said the shots are available for all patients who choose them after consulting with their doctors.
But it’s unclear how easily patients without high risk factors will be able to get a Covid vaccine, and whether insurance plans will still cover the shots for healthy Americans.
Pfizer’s Covid vaccine Comirnaty, seen at a CVS Pharmacy in Eagle Rock, California, Sept. 14, 2023.
Irfan Khan | Los Angeles Times | Getty Images
The Food and Drug Administration on Wednesday approved the latest round of Covid vaccines in the U.S., but set new limits on who can get them.
The agency ended its broader authorization of the shots, only clearing them for people at higher risk of severe illness. That includes those 65 and up and younger adults with at least one underlying condition that puts them at higher risk.
The move could complicate access to the shots for millions of Americans, and raises questions about whether insurance plans will still cover them for healthy adults.
“The emergency use authorizations for Covid vaccines, once used to justify broad mandates on the general public during the Biden administration, are now rescinded,” Health and Human Services Secretary Robert F. Kennedy Jr. said in a post on X.
“The American people demanded science, safety, and common sense,” he said. “This framework delivers all three.”
More CNBC health coverage
It follows several efforts by Kennedy, a prominent vaccine skeptic, to change immunizations in the U.S. The new limited authorizations are a break from U.S. vaccine policy in previous years, which recommended an annual Covid shot for all Americans 6 months and up.
A key panel of vaccine advisors to the Centers for Disease Control and Prevention must vote to recommend the Covid shots. But Kennedy earlier this year gutted that panel and named new members, some of whom are widely known vaccine critics.
In the post, Kennedy said the shots are available for all patients who choose them after consulting with their doctors. But it’s unclear how easily patients without high-risk factors will be able to get a Covid vaccine.
Kennedy said the FDA has authorized Moderna’s shot for those 6 months and up, Pfizer’s vaccine for people ages 5 and up, and Novavax’s jab for those ages 12 and up, but only for those specifically at higher risk of getting severely sick from the virus.
Adults ages 65 and up are at higher risk of severe Covid, and so are younger adults who are immunocompromised or have underlying medical conditions such as cancer, obesity, diabetes, chronic kidney disease and heart diseases, according to the CDC’s website.
The end of the so-called emergency use authorizations means that Pfizer’s shot is no longer cleared for children ages 6 months to 4 years. It comes after Pfizer in August said it has requested that the FDA keep that authorization in place for the upcoming fall and winter season.
In a release, Pfizer confirmed that the FDA had cleared its updated Covid shot for use in adults 65 and above and those ages five through 64 with at least one underlying condition that puts them at high risk for severe illness. The company will begin shipping the shot immediately, and it will be available in pharmacies, hospitals and clinics nationwide “in the coming days.”
In a separate release, Moderna also confirmed that its updated Covid shot is approved for those 65 and up and people 6 months through 64 years of age who are at higher risk of severe illness. The company added that its new, next-generation Covid vaccine is approved for older adults and high-risk patients ages 12 through 64. Moderna said it expects the shots to be available in the coming days.
Shares of Pfizer and Moderna were trading slightly higher Wednesday afternoon, while Novavax shares dipped.
In May, the CDC dropped the recommendation that pregnant women and healthy children receive Covid shots. But the American Academy of Pediatrics diverged from the agency earlier this month, recommending Covid shots for children between 6 months and 2 years old.
In a statement on Wednesday, Dr. Susan Kressly, president of the American Academy of Pediatrics, called the FDA’s more limited approval “deeply troubling.” She said respiratory illnesses like Covid can be “especially risky for infants and toddlers, whose airways and lungs are small and still developing.”
“Any parent who wants their child vaccinated should have access to this vaccine,” she said. “Today’s unprecedented action from HHS not only prevents this option for many families, but adds further confusion and stress for parents trying to make the best choices for their children.”
She said the AAP urges the administration to “allow these choices to remain with medical experts and families.”
The American College of Obstetricians and Gynecologists also advised pregnant women to get the Covid vaccine to protect themselves and their infants, who cannot be immunized until they are 6 months old.
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Shares of Cracker Barrel Old Country Store rose more than 8% on Wednesday after the restaurant said it would discard its new logo amid widespread backlash.
The switch occurred just hours after President Donald Trump weighed in on the rebranding.
Cracker Barrel shares are close to restoring their original losses from when the new logo was first announced last week.
A Cracker Barrel sign featuring the old logo is seen outside of a restaurant on August 21, 2025 in Homestead, Florida.
Joe Raedle | Getty Images
Shares of Cracker Barrel Old Country Store rose more than 8% on Wednesday after the restaurant chain said it would scrap its new logo and return to the original one, amid mounting criticism from social media users and even President Donald Trump.
The stock moves on Tuesday night and Wednesday morning have brought Cracker Barrel shares close to restoring their original losses from when the new logo was first announced last week.
“We thank our guests for sharing your voices and love for Cracker Barrel. We said we would listen, and we have. Our new logo is going away and our “Old Timer” will remain,” the company said in a statement Tuesday.
The switch occurred just hours after Trump weighed in on the rebranding, writing on social media “Cracker Barrel should go back to the old logo, admit a mistake based on customer response (the ultimate Poll) and manage the company better than ever before.”
After Trump’s message, shares of Cracker Barrel were up more than 6% at Tuesday’s close.
Trump congratulated the company in a social media post later Tuesday evening after the announcement that the original logo would remain.
“Congratulations ‘Cracker Barrel’ on changing your logo back to what it was. All of your fans very much appreciate it. Good luck into the future. Make lots of money and, most importantly, make your customers happy again!” the post read.
Taylor Budowich, White House deputy chief of staff, also said in a post on X that he had spoken with the company earlier in the evening and Cracker Barrel had thanked the president for weighing in on the matter.
Cracker Barrel’s old and new logo.
Courtesy: Cracker Barrel
The proposed logo redesign, which the company announced last week, removed the image of the restaurant’s “Uncle Herschel” character leaning against a barrel that was prominently featured in the original, leaving behind just the words “Cracker Barrel” against the outline of a yellow barrel. The phrase “Old Country Store” was also removed.
The colors, which the company said were inspired by the restaurant’s eggs and biscuits, stayed close to the original.
Social media users were quick to blast the new logo, calling it “generic,” “soulless” and “bland.” Conservatives in particular accused the restaurant chain of going “woke,” by doing away with the classic American branding.
A YouGov poll of 1,000 adults over the weekend found that 65% of Americans were aware of the new logo and 76% preferred the old one.
The company addressed the backlash in a statement Monday, saying it has “shown us that we could’ve done a better job sharing who we are and who we’ll always be.”
Cracker Barrel has repeatedly stated that the new branding would not change the core values of the company.
“At Cracker Barrel, it’s always been – and always will be – about serving up delicious food, warm welcomes, and the kind of country hospitality that feels like family,” the statement from Tuesday night read. “As a proud American institution, our 70,000 hardworking employees look forward to welcoming you to our table soon.”
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Shares of American Eagle rose Wednesday after NFL star Travis Kelce announced a partnership with the apparel brand.
The announcement came just a day after Kelce proposed to singer Taylor Swift.
The stock previously got a bump last month when it joined a class of meme stocks after a collaboration with actress Sydney Sweeney.
American Eagle launches AE x Tru Kolors by Travis Kelce.
Courtesy: American Eagle
Shares of American Eagle rose Wednesday morning after the apparel company announced a collaboration with football star Travis Kelce, just a day after he and singer Taylor Swift said they were engaged.
The stock was up roughly 5% in early trading.
Kelce’s sportswear brand, Tru Kolors, is launching a limited-edition collaboration with American Eagle, pairing the jeans brand with Kelce’s picks, including vintage-inspired T-shirts and “reimagined” varsity jackets. The collaboration was more than a year in the making, Kelce said, but the announcement came just a day after his proposal caused a global internet stir among fans.
“It was an awesome opportunity to team up with an established brand where both sides were excited to truly collaborate on every decision in the design and creative process that brought the ‘AE x TK’ collection to life,” Kelce, the creative director of the collection, said in a statement.
The new pieces are launching in two drops on Wednesday and on Sept. 24.
American Eagle wasn’t the only stock to get a bump from the NFL star’s engagement announcement this week. Shares of Signet Jewelers popped briefly following the proposal as fans focused on Swift’s “cushion cut” engagement ring.
Other companies wasted no time in using the proposal to promote their products, such as Domino’s, Grubhub and Solidcore, among others.
Kelce’s American Eagle collaboration comes after the jeans brand announced a collaboration with actress Sydney Sweeney in July. That team-up captivated the internet over what some critics deemed a tone-deaf campaign for its wordplay of good “jeans” and “genes.”
Shares of the company soared in a meme-stock fashion after the Sweeney promos were unveiled, aided by President Donald Trump calling the campaign the “hottest ad out there.”
The stock is up about 20% since mid-July.
Clarification: This story has been updated to clarify that Travis Kelce and Taylor Swift announced their engagement on Tuesday.
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