The IRS opened an escape hatch from one of its major tax-enforcement campaigns, giving employers the ability to withdraw pending claims for a pandemic-era tax credit that has become a headache for the agency. https://ift.tt/qL3f5re

Union Pacific’s profit fell 19% in the third quarter to $1.5 billion, while the company reported declining freight rail volumes and revenue across key industrial commodities. https://ift.tt/RAJ9Q6M

Economic activity is set to weaken in the U.S., leading to a likely shallow recession next year, according to an economic index that measures business cycles. https://ift.tt/yaVAeTw

CVS pulled some of the most common decongestants from its shelves and will no longer sell them, after advisers to the FDA determined that an ingredient doesn’t work. https://ift.tt/UCQSPWO

Home sales fell in September to the lowest rate in 13 years, showing the corner of the economy most weakened by high interest rates remains in decline. https://ift.tt/zf59Z8d

The SEC said it would drop its lawsuit against two cryptocurrency executives who oversaw $1.5 billion in sales of a digital coin known as XRP, in a move that boosts the industry’s battle against traditional regulation. https://ift.tt/1sicd9A

The Fed chairman’s remarks whipsawed the stock market, with major U.S. indexes finishing lower. The S&P 500, Nasdaq and Dow retreated 0.8%, 1% and 0.7%, respectively. https://ift.tt/PMhUnuW

Apple Chief Executive Tim Cook is crisscrossing China, one of the company’s largest markets, where challenges are mounting amid weak iPhone 15 sales and heightened government scrutiny. https://ift.tt/NHt5EAQ

Jerome Powell suggested the run-up in long-term Treasury yields could allow the Fed to suspend a historic run of interest-rate increases as long as progress on inflation continues. https://ift.tt/FRXoPdl

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