Ticker: Supreme Court agrees to hear watchdog lawsuit

The day’s business news at a glance

The Supreme Court has agreed to hear arguments in a watchdog's lawsuit seeking public records about billionaire Elon Musk's Department of Government Efficiency. The high court said on Tuesday that it will intervene for a second time in Citizens for Responsibility and Ethics in Washington's case, which seeks access to DOGE records.

Last year, the high court reined in a district court's order for the government to produce DOGE-related records to CREW. The high court concluded that the district judge ruled too broadly in ordering documents to be turned over. A CREW attorney said Tuesday it will "continue to pursue transparency for the American people, who deserve to know the details" of the Trump administration's efforts "to unilaterally remake the federal government."

US stocks edge back from their record

The first big batch of summertime profit reports from U.S. companies made waves on Wall Street after topping analysts' expectations, but many canceled each other out. That left U.S. stock indexes little changed near their records on Tuesday.

The S&P 500 edged down by less than 0.1% to pull a bit further from its all-time high set last week. The Dow Jones Industrial Average fell 0.3%, and the Nasdaq composite dipped 0.2%. Those modest moves masked some big swings happening underneath the market's surface. Goldman Sachs and others flipped between gains and losses following their profit reports. Treasury yields eased after oil prices fell.

Banks post strong profits, but warn rates could bite

Wall Street's biggest banks have reported another strong quarter as U.S. consumers continue to pay bills and businesses invest in AI. Despite this, JPMorgan Chase, Citigroup, Wells Fargo, and Goldman Sachs are warning about the long-term impact of higher interest rates and inflation.

JPMorgan posted a $15.3 billion profit in the third quarter, but missed analysts' expectations. CEO Jamie Dimon cited strong business investment and consumer spending but warned of challenges like inflation and rising interest rates. Goldman Sachs reported increased profits due to stock-trading revenue, but bond trading slowed. Citigroup and Wells Fargo also reported strong profits, beating Wall Street forecasts.

Kroger to lay off 3,000 corporate employees

Grocery store chain Kroger says it will lay off 3,000 corporate employees over the next three years as it ramps up its use of artificial intelligence to streamline operations. In a memo to Kroger employees on Monday, CEO Greg Foran said the company needs to take advantage of recent advances in technology.

Kroger last month outlined its AI strategy with the goal of improving the customer experience and making work easier for its employees. Cincinnati-based Kroger is the largest standalone U.S. supermarket chain with 409,000 employees and more than 2,700 stores operating under various brands, including Ralphs, King Soopers, Smith's and Fred Meyer.

CVS agrees to pay $315M to settle opioid case

CVS Pharmacy Inc. and various subsidiaries have agreed to pay $315 million to resolve a Justice Department case alleging it unlawfully dispensed medically unnecessary prescriptions of highly addictive opioids.

The settlement announced Tuesday resolves a lawsuit brought in 2024 that accused the healthcare giant of providing massive amounts of opioids and other controlled substances "to fuel its own profits at the expense of public health and safety." It's the latest effort by the federal government to hold accountable companies that officials have alleged helped fuel the U.S. addiction and overdose crisis.