Shoppers increased their spending in November from October as holiday shopping kicked into full gear.

Retail sales rose a better-than-expected 0.6% in November, following a revised 0.1% decline October, according to the Commerce Department. The report on Wednesday was delayed more than a month because of the 43-day government shutdown.

Luxury retailer Saks files for bankruptcy

Luxury retailer Saks Global has filed for bankruptcy, preparing to reposition itself after obtaining about $1.75 billion in financing commitments.

The private company that owns retailers Saks Fifth Avenue and Neiman Marcus said in a release Wednesday that it had filed for Chapter 11 bankruptcy in the Southern District of Texas.

Producer prices rise a mild 0.2% in November

U.S. wholesale prices rose modestly in November, the government said in report delayed by federal shutdown.

The Labor Department reported Wednesday that its producer price index — which measures inflation before it reaches consumers — rose 0.2% in November from October and 3% from a year earlier.

Wall Street slumps as bank and tech stocks fall

Losses for several banks and Big Tech stocks pulled U.S. indexes lower, even though the majority of stocks on Wall Street rose.

The S&P 500 slipped 0.5% Wednesday for its second straight loss after setting its all-time high. The Dow Jones Industrial Average dipped 0.1%, and the Nasdaq composite lost 1%. Wells Fargo, Bank of America and Citigroup all dropped following their latest profit reports.

Verizon outage disrupts calling, data services

Many Verizon customers are experiencing a major outage on Wednesday, disrupting calling and cellular services across the U.S.

The New York-based carrier has acknowledged an issue impacting wireless voice and data services. Verizon hasn’t specified the outage’s cause, but says engineering teams are working to resolve it.

Big banks report soaring profits amid tensions

Wall Street is seeing positive results as big banks report increased profits. Bank of America, Citigroup, and Wells Fargo have all shown strong earnings.

Bank of America CEO Brian Moynihan says the U.S. economy remains resilient despite risks. However, tensions with the White House are rising. President Donald Trump is pushing to cap credit card interest rates at 10%, which banks oppose.

2025 home sales stuck at 30-year low

The U.S. housing market slump dragged into its fourth year in 2025, as sales remained stuck at a 30-year low with rising home prices and elevated mortgage rates keeping many prospective home shoppers shut out of the market.

The National Association of Realtors said Wednesday that sales of previously occupied U.S. homes totaled 4.06 million last year, flat versus 2024, when sales sank to the lowest level since 1995.

Food companies target weight-loss drug users

Meals and snacks with “GLP-1 Friendly” labels on the packaging are becoming more common in U.S. supermarkets as a growing number of Americans try obesity drugs like Wegovy and Zepbound to lose weight.

But the labels aren’t regulated by the U.S. Food and Drug Administration, unlike the popular medications themselves. Dieticians say people taking GLP-1 drugs need to read ingredient lists and talk to experts about what nutrients they need — and don’t need.